Here is a fearful set of statistics. “. . . 65% of all beneficiaries rely on Social Security to provide 50% or more of their incomes, while 36% rely on benefits for 90% or more of their incomes. For non-married beneficiaries, including widows, the reliance is higher with 74% relying on benefits for 50% or more of their incomes and 46% relying for 90% or more of their incomes.”
The program was officially designed to provide supplemental income. But for a lot of people, it’s not supplemental income. It’s primary income.
The system is going bust, along with Medicare and Medicaid. If you are planning to retire on your Social Security income, re-design your plan. The combined shortfall of revenue to expenses is $222 trillion. That’s the present value of the shortfall.
Will the federal government default? Yes. Will those who are counting on this income be stiffed? Yes. Will it be tax money down the drain? Yes. Is it a Ponzi scheme? Yes.
Is it exactly what voters deserve? Yes.
The welfare state is going belly-up. Should we rejoice? Yes.
You had better not count on support from Social Security. Stay in the work force. Or start a small business. Or invest wisely. But abandon hope now in Social Security if you are under age 50.