For years, I’ve been reading about how Social Security is a Ponzi scheme and that it’s running out of money. Alarmists are telling people that there will be nothing in the coffers for them when they retire. If they don’t accumulate a gigantic portfolio they risk living on cat food in their twilight years.
Before jumping off a cliff — take a deep breath. DO NOT PANIC. Repeat — DO NOT PANIC.
Recently, I read on the government’s own site, that benefits are expected to be fully payable until 2037. After that point, if no changes are made, then payroll taxes will still be able to cover… drumroll… 76% of predicted benefits.