What a relief! I’m one of the many millenials who has been worried about social security not existing when we retire, so much that I started a 401k already at the young age of 21. Although, I assumed there would be some sort of solution to the social security “bankruptcy” or some new type of program by the time I get there. So for me, this was so nice to hear. I always just went by what I was told about the social security problem and never looked into it much on my own as I didn’t know enough about it before to make my own judgments.
One of the things that shocked me was that it’s just the trust fund that will be depleting, not actual social security. And that this was expected and supposed to happen because of the baby boomers. Everyone had seemed so worried about having no social security, so I assumed there was already just too much going out vs. what was coming in. It seems that is not the case.
Another shocker was that there are 4 years worth of benefits in the trust fund- wow! I didn’t think there was nearly that much in the trust fund, especially the way people have been talking about it!
So now, I’m just shocked about how much uproar is coming from this “problem” of social security going bankrupt. How did all this talk get so out of hand when clearly isn’t a big deal right now? I’m not sure, and I don’t pretend to know enough about social security to answer that.
All I know is- whew! It is so relieving to realize that we won’t be in as much trouble as everyone has been thinking when it’s about my time to retire.