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The Social Security Board of Trustees is once again raising concerns about how long the program will be viable. According to their latest report, the trust fund meant to pay for the program could be completely depleted by the year 2033.
This is leading to many Americans wondering where exactly things went so wrong with the Social Security Administration. Economist Vance Ginn explained that there isn't just one issue, saying, "People are relying on Social Security for a longer period, and baby boomers are retiring at a faster rate than new workers are entering the system, which has led to this major problem."
Ginn went on to warn that while the official estimates say 2033, the truth is, those are just estimates, and Social Security could go bankrupt sooner. He said, "That's all subject to change, and if we hit a recession that makes it so fewer workers are working, compared to retirees, that could deplete it faster."
Ginn also lamented the fact that we've even managed to get to this point in the first place, saying, "This problem has been around for so long now, that it's really unfortunate we're not doing something about it. It's really putting some uncertainty into the economy as well. I think we should be doing something sooner rather than later."
The good news is, for those nearing retirement, Social Security should still be available when you need it. However, he advised younger Americans to prioritize their own private retirement savings, as the Social Security landscape is likely to change drastically before they can draw on the system.