And for God's sake, man -- declare Social Security
According to DailyFinance 1 of the biggest myths on Social Security is that it’s going bankrupt, not only is this false but it’s actually not possible for it go bankrupt in our current system.
Here’s the source of the confusion: Historically, Social Security has collected more than it paid out. The extra money built up in a trust fund that collects interest. But due to demographic and economic changes (more on that in a minute), it’s expected that insurance payments will begin to exceed income in 2021. Around 2033, the fund will run out.
But even then, the revenue Social Security collects each year would still be enough to pay out about three-quarters of scheduled benefits as far as the eye can see.
Read more on myths about Social Security here
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