Will Social Security still exist when I retire?
- How does Social Security work?
- Does Social Security cover retirees only?
- How does my work now equal benefits later?
- Am I eligible for Social Security benefits?
- How do I know I'm getting credit for the years I worked?
- What about my eligibility for Medicare benefits?
- When can I start getting payouts?
- Why should I wait past age 62 to start collecting?
- How much will my payouts be if I collect at 62?
- How much will my payments be if I wait until age 70?
- Can I start collecting benefits if I'm still working?
- What's the best age to start getting payouts?
- How big will my payouts be?
- What if I want to work part-time in retirement?
- Will my spouse and kids receive benefits when I die?
- How do Social Security disability payments work?
- Will I get taxed on my Social Security payouts?
- Will Social Security still exist when I retire?
- How does Social Security fit into my retirement plan?
Ah, the question everyone loves to debate. It's true that Social Security will soon start paying out more benefits than it receives in contributions, as the bulk of the baby-boom generation phases into retirement.
The government's official position is that there is enough money saved to pay benefits at the currently scheduled amounts until 2041. The Social Security Administration admits on its Web site that benefits will likely be reduced after that, barring changes that improve the financial strength of the system.
Some critics say that benefits could be at risk as early as 2016 or 2017, when Social Security cash flow turns negative. They claim that since the money paid in over the last few decades is part of the government's overall budget, it is available only on paper; other branches of the government have spent it and left IOUs. In order to pay benefits through 2041, the government would have to borrow.
