Current State of Social Security
Social Security is a critical component of the country's retirement system, and in fact provides the greatest share of retirement income for many retired workers. The last major reform legislation in 1983 acted to raise tax revenue and increase retirement ages over time with the intent of building a reserve that would secure the system into the 2060s. Due to a number of factors, this reserve is rapidly being drawn down, and current projections indicate that the trust fund will be depleted around 2034. Absent another round of substantial reform legislation, current law requires an estimated 25% cut in promised benefits for current and future recipients to align benefit payouts to current payroll tax income. While nobody realistically expects drastic benefit cuts, political compromise in this area has proved very difficult. SO, what can we realistically expect to happen? Join us for this CCA retirement series webinar to learn more.
Speakers:
Jerry Mingione
Mr. Craig P. Rosenthal
Troy L. Ware