Probably not. They are either going to have to take more money from people, dump general fund money/borrowed money into the fund or greatly reduce what they pay out. The OP says 22% cut to payouts in 2022. 35 years of maxing out contributions to SS and pulling it at 62 heats you pretty much what my SS statement says I will get. Take 22% of of those totals it becomes a lot less. Mind you very few actually will get close to max cause they havenโt maxed contributions. By 2032 with a 22% cut and pulling at 62 I wouldnโt be surprised if most Americans get but 10k-15k a year from it. The less you make in your working/contributing years the less you get. The program was designed to only make up 40% of your working income if you take it at full retirement age of 67. Take at 62 it will only be around 25% of your working income and then the 2032 cuts it will only make up Teens percentage of working income.
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BOHICA ·