Bad News For Social Security in Western New York
It's been a rough last 18-20 months in America, and that's an understatement. The pandemic has made things much more difficult on families and businesses alike and the uncertainty of money and stability in the economy has everyone on edge.
Social Security is another thing that many are worried about, because of the fear of full benefits running out in the not-so-distant future. That estimate might be sooner than originally thought.
The pandemic recession has pushed up the estimated year for full benefits with Social Security running out, according to WIVB.
The new projections this week say that Social Security's massive trust fund will be unable to pay full benefits in 2034, instead of the previously thought 2035.
The cost of delivering those benefits will exceed the program's total income payroll for the first time in nearly 40 years, which means they will have to dip into savings for the money.
If you're wondering about Medicaid's date for trust fund depletion, that will happen in 2026, or at least that's the estimated year.
I remember my mom and dad talking about a Social Security crisis in the 1980s, back before I was even born, and it appears we're at another crossroads for Social Security's full benefits running out.
It's certainly not good news for many here in Western New York. The pandemic is to blame for the accelerated timeframe.