Social Security, a lifeline for millions, needs its own life preserver investinyou (In partnership with acorns.)
It has historically been a powerful force against old-age poverty and the foundation of financial security for all those in retirement. But unless something is done, Social Security will morph into a major source of stress and insecurity, as people worry about how much they can rely on promised benefits.
For the most desperate beneficiaries, tacking on a 23% automatic reduction would be ruinous. Yet this is what the trustees project in 2034 will happen by law when the program no longer has any reserves and is forced to restrain its benefits to annual income.The OASI trust fund will deplete in these intervening years because the program is now paying out more in benefits than the payroll taxes that are collected.
It is not hard to develop a package to meet these objectives. Over the years, many studies, working groups, commissions and others have recommended combinations of reforms that helped the oldest beneficiaries, raised up the poorest seniors and put Social Security on a sustainable path. Many financial experts talk a lot about how important Social Security is, proclaim how badly reforms are needed and issue white papers on the nuts and bolts of a fix. But in a program that has traditionally been considered the third rail of politics, policymakers have taken no action. That needs to change.
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