Social Security is predicted to go negative in 2037, at which point it must reduce benefits.
\n\n\nOK, 2037 -- no worries. Except that, as I said, I turn 41 this summer, which means I\u00e2\u0080\u0099ll turn 67 and qualify for full Social Security benefits in mid-2036. The very next year, the Social Security trust fund will be exhausted, according to the \u00e2\u0080\u009cintermediate\u00e2\u0080\u009d scenario contained in the most recent Social Security Trustees Report, available here (see Section IV-B and Appendix E). The program will still pay out some benefits -- but less than 3/4s of what it now promises. So what happens then? That\u00e2\u0080\u0099s not a good question if you\u00e2\u0080\u0099re my age or younger.
\nBut suppose you\u00e2\u0080\u0099re not my age or younger. Suppose you\u00e2\u0080\u0099re 10 years older than me, and will have collected 10 years of benefits by 2037. Don\u00e2\u0080\u0099t feel smug -- you\u00e2\u0080\u0099ll be asking \u00e2\u0080\u009cSo what happens next?\u00e2\u0080\u009d when you\u00e2\u0080\u0099re 77. That\u00e2\u0080\u0099s not a good question at your age, either.
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Me, I figure I will never see a Social Security payment. That, or the currency will be so devalued as to be worthless for planning purposes. Via A Birthday Gift from Paul Krugman | Cato @ Liberty.
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