Happy Birthday from Social Security!
Each year, if you’re an American over a certain age, you receive a Social Security statement right before your birthday. Mine arrived this week.
This statement details how much money you can expect to be paid in retirement.
Last year, they wrote:
Without changes, by 2041 the Social Security Trust Fund will be exhausted.
This year, they wrote:
Without changes, by 2040 the Social Security Trust Fund will be exhausted.
Hey, I feel like I’m playing a giant game of Musical Chairs. So each year, they’re going to threaten that we have one less year before the money runs out?
Here is some advice on how to ‘read’ your Social Security statement from The Motley Fool financial team.
April 4th, 2007 at 8:59 am
Apparently, while baby boomers countdown to the day they can collect Social Security, the Social Security Administration is also counting down. Unfortunately for many, these two countdowns will collide in the not too distant future. And then what?!?!?!!
April 4th, 2007 at 9:18 am
Somehow it doesn’t seem right that the SS admin could promote a political agenda within it’s mailings. It is like musical chairs or roulette, but hopefully it will be fixed or I’ll be gone by the time it runs out!
April 4th, 2007 at 11:24 am
I got one of them this week, but my birthday is still almost three months away.
April 4th, 2007 at 12:22 pm
I hope you retire before it runs out completely!
April 4th, 2007 at 5:17 pm
My statement also says that I will, more than likely, have my benefits reduced by 25% by the time I can start collecting.
April 4th, 2007 at 6:01 pm
Don’t you love getting info and being threatened at the same time?
*snorts*
April 4th, 2007 at 6:04 pm
They’ve been saying this about our generation since the day I graduated high school. Time will tell won’t it?
April 4th, 2007 at 8:16 pm
Well, maybe they figure that by 2040 we will have either forgotten about that or have expired ourselves! And I hate the fact that I’ve been paying into this since I was 17 and it might not be there when I need it. Where is MY money??
April 5th, 2007 at 6:45 am
Here in Canuckia, our “Social Insurance” program will also go the way of the dinosaur… most likely just before *I* become a dinosaur. The difference here is, OUR government doesn’t warn us about anything. Instead, it will most likely reply to any future inquiries about it with, “What’s Social Insurance? We are not aware of Social Insurance. Whatever it is, it is the fault of the previous party in power that it’s gone. Unless you wanted it gone. Then we did it.”
April 5th, 2007 at 11:11 am
Don’t worry Rhea…I should be gone by then so you can have mine….you are only 25 aren’t you?
April 5th, 2007 at 11:56 am
Rosemary: Thanks for the offer. I am not 25. I’m 48.
April 5th, 2007 at 7:51 pm
Remove the cap for witholdings on income greater than $90,000 and your problem is solved. About a third of all income is collected by wage earners who exceed the $90k/yr cap.
In terms of wealth, the top 1% now own more that the bottom 95%.
March 24th, 2009 at 7:43 pm
[...] as if you haven’t got enough on your plate Rhea at The Boomer Chronicles tells us how Americans over a certain age receive statements from social security every year around [...]