this post was submitted on 14 Mar 2024
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The intent is for it to completely disintegrate by the time you need to claim benefits and can’t remember your SSN.
j/k, the completely disintegrating part is true, the last part is that there won’t be any SSN benefits by the time Gen Y and later gets around to retiring.
There will be benefits. Congress has at least five courses of action they can take but will just leave it till the last minute for drama and to make people vote.
The whole design of the SS system is that current workers pay benefits for current retirees. The trust fund was created later in preparation for retiring boomers.
At worst, it goes back to the original system and benefits get reduced to match what workers are putting in. That might be as high as a worst case 20% reduction, but it's not going to go away entirely. As others have mentioned, even that is completely avoidable.
This is right wing rhetoric meant to convince people that cuts to social programs are needed as a way to make social services solvent, fyi.
Social security is funded by the current tax payers, taxes were raised so that the social security could have some extra money to buy us bonds, allowing them to cash in those bonds later when boomers retire en masse. Eventually the bonds will be gone and social security will be 'insolvent' but this is ok! Social security is always being paid into and social security can be paid out with general funds, or by increased tax rates, or by increasing the cap on SS taxes.
There is not actually any indication that social security is going anywhere other than Republican fear mongering.