Anybody concerned that social security will run out?

Vote carefully in November. Some want Social Security abolished/drastically cut, others do not!

We have never planned on SS being available by the time we retire. The writing has been on the wall with that for a long time.

And yes, vote carefully. One party has made it clear that they don’t want SS to continue.

Social Security reserves are supposed to be depleted by 2035 or 2037. After that, they estimate they will be able to pay out about 75% of benefits, based on the current taxes they will still be collecting from workers. It will be up to Congress to do something.
www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html

SO and I are lucky to be working for companies with a 401K and a pension (my company). We have never planned on SS being around when we retire, although we will retire before 2035.

I never expected SS to be around when we retire either. Pretty sure it has been tossed around for years that it would run out in a few years. 2035 is longer than I thought it would last.

I am 62 and could start collecting as soon as I retire (hopefully next year). I never planned onSS still being available, so we will be okay without it.

I fully expect to see means-tested eligibility before I reach full retirement age (67 for me), so I might take mine early. DH is already drawing his full amount.

I first heard this when I started to work at age 21. Just a few years short of ss myself so this is an old warning that gets resurrected, often in election years. Since any hint of a threat to ss and medicare is a campaign killer, I think there are a lot of things that would go before ss. The reality is there is no big pot of money where ss is collected and saved. It comes out of the federal budget just like everything else.

We won't be allowed to stop paying because we need to keep paying for all the people currently receiving it, most (not all) of whom vote for the party that wants to end it before our generation can benefit.

I think there are those who have been saying "SS will run out of money" for YEARS and YEARS. I don't believe it will go away.

It began as a way to keep people from living on the street or going without food. It was never intended to be the entire retirement fund for our citizens. It is supposed to ensure the that your very basic needs are funded. We are supposed to be saving something to go with that basic fund when we are no longer working.

I have been hearing this since I was in my 20's. I'm now in my 50's. If it was allowed to run out, there would be so many elderly people living on the streets. Vote carefully. The lives of generations to come depend on it.

They don’t believe they would really cut it because over 50 million seniors receive it and depend on it. I asked my MIL and it’s just a few that want to cut it and it will never happen. So she doesn’t believe any that say Republicans will cut it.

It's ok with me if the wealthy pay a fair share. No need to raise the benefit cap- they are wealthy.

As it stands right now, they will still pay out, it just won't be at 100% of what your benefit would be right now in 2024. Your benefits after 2035 will be lower than what it is in 2025 because they no longer have a reserve to cover 100% of your benefits. If you receive $100/month in 2025, you may only get $75/month in 2035. 

I say this as someone who will be fortunate enough not to need SS money in the future - people like us should not receive SS checks, even though we paid in. I fully support raising the earnings cap AND means testing for payouts. There is no other similar entitlement benefit that is paid out to the wealthy or even the comfortable middle class, even though we pay taxes for those programs. This should be the same. Leave the money to keep the elderly who need it off the streets and from starving.

This is an interesting conversation. I just retired after working for 30 years and paying in my required taxes accurately annually. I am 53, so not planning to draw anything for quite a while. I have gotten mail over the years from the govt and through my work retirement services telling me annually what I can expect from SSN when I am at the age I can start withdrawing it. Will I require it to live off of, no. Will I draw on it if available, possibly. I think the original intent and the more recent communications have evolved. I think the government 100% should continue to provide SSN checks to those who qualify. I also think even from reading this thread, there is a gap between how the govt communicates the purpose and intention of SSN and what people believe about what it is and how it's used. Merge makes some great points, AND, it would be meaningful if our government actually framed and communicated the intentions of SSN as for those who can't make it other wise. But they don't. And so people have expectations based on being told it is a benefit for everyone. And maybe that makes sense in a different economy, but it seems to be something that will eventually be unsustainable. I don't think it's fair to "sell" it for everyone if it's not and I think communicating it as such would be helpful.

I remember at 16 getting my first paycheck and hearing people talk about SSN running out. I know my mom relies on it and I am grateful she can receive those funds. I don't love the fact that I have paid into something for 30+ years and may see none of it, but I also understand plenty of systems and ways of doing things that work at one point in history, do not continue to make sense. We will need something, but if they do make a decision to exclude people as a way to intentionally direct the funds to those who need it most, then start planning an approach to pivot the benefit and communicate that clearly to everyone.