A new report shows that Social Security will not be able to pay full benefits by the year 2035. This means that your retirement benefits will be 20% less than they should be in about 12 years.
Your retirement benefits are calculated based on your earnings and work history. If you go to SocialSecurity.gov right now, you can see what your estimated retirement benefits are based on what year you claim them. You get the maximum amount of benefits if you wait to claim them at age 70.
You have paid into this fund every time you made a paycheck or paid your taxes. This money is auto-deducted from your check with the promise that you will be able to draw from it when you retire. But you will not if the government mismanages the money, which it currently is!
So let’s say your current Social Security statement tells you that you are entitled to $1,000 per month when you retire. Based on this projection, you would only receive $800 per month, even though you did your part and paid into this fund for your entire working career. Medicare Part A benefits will face similar cuts. This is outrageous!