Monthly Social Security retirement checks are a mainstay of United States society. Millions of citizens live on this money alone as a source of income. For this reason, when we talk about Social Security funds being at risk, we are talking about a very serious problem at the national level.
Although there is still a long way to go before the funds as such run out, we must be very cautious. Without Social Security funds, retirement checks would not be the same as they are now. Still, there are many ways to cover this, so the United States government will end up doing what is in its best interest.
Among other things, retirement checks could be smaller. Not only that, but many future retirements would be at direct risk. It is still too early to be catastrophic, but we must be cautious in order to avoid major problems. We must ensure that in the future all citizens will have access to a Social Security retirement check.
WILL WE COLLECT OUR SOCIAL SECURITY RETIREMENT IN THE FUTURE?
One of the big questions regarding the background problems of the retirement checks is whether we will continue to collect a pensioner’s pension in the future. Experts are talking about a cut in pensions, but not in current pensions. In other words, citizens who are already drawing a pensioner’s pension should have no problem continuing to collect the same monthly check.
However, citizens who intend to claim a benefit in the future could have problems. There may come a time when Social Security will not be able to cover 100% of retirement benefits. At that point, citizens who apply for a check will see a reduction in their monthly pension.
HOW CAN WE SOLVE SSA’S FUNDING PROBLEMS?
As of today, it is very difficult to know 100% whether or not we will run out of funds in the future. But what is certain is that if the government does not take action we will run into underfunding sooner or later.
So there are many actions that the government can start taking. On the one hand, tax increases for those citizens with more money is something fundamental for everyone. Already for some time now they have been thinking about extending taxes for the higher monthly income groups.
On the other hand, cuts in current pensions could also be a solution, but not the best one. Retirement is a time of peace and rest, so citizens should be able to access it without problems.
On a personal level, the biggest recommendation is always to maximize one’s Social Security check as much as possible. Likewise, it is also important to save as much money as possible. This, along with cutting back on superfluous spending, will make for a better time in the golden years.