Among the more unhappy headlines you may have read in recent days was this one atop an article by The Associated Press: “Social Security heading for insolvency even faster.”
Alas, that also is an appallingly realistic headline. And without serious reform of entitlements such as Social Security and Medicare, the situation is unlikely to get better anytime soon.
To be specific, Social Security is expected to become insolvent in 2033, according to the federal government. One needn’t be mathematically inclined to realize that is only about two decades away. So if you’re in your mid- to late 40s today, the funds may be running dry right about the time you are expecting to retire and to start relying on Social Security to support yourself.
The trends are in the wrong direction, too. As the government pointed out, the 2033 projection for Social Security’s insolvency is three years earlier than previously projected.
The factors behind this alarming — but woefully ignored — state of affairs are many. But among them is the simple fact, long noted by anyone who has been paying attention, that millions of baby boomers are beginning to retire, putting additional strain on the program.