Social security is one of the most widely used materials and Understanding Government programs in America. With newspaper headlines, a deficiency in financing and political networks, middle -class retired and those under the age of 55 are wondering whether the federal safety network program will be there when they need it.
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Gopangerstez spoke to experts to reveal whether the middle class is Really, you should be concerned about the state of social security.
Social security remains a The cornerstone of pension planning For millions of Americans. However, its financial foundation is under increased pressure. Money is expected to be exhausted by confidence in the program by 2035.
“This does not mean that social security disappears completely or that he is running out of money,” said Sean Drafak, an economist at the Afrio Institute. “This means that the program no longer has enough money to cover the scheduled benefits.”
This deficiency, which is primarily waving on the horizon, is due to demographic transformations, such as the Baaby Boomers retirement and an increase in the average life expectancy, which led to a higher percentage of beneficiaries of workers. In 2024, the Social Security Administration paid approximately $ 1.5 trillion of benefits for more than 72 million beneficiaries, highlighting the wide spread of the program.
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“If no changes are made, social security payments will depend exclusively on salary taxes, and these taxes are expected to cover only 77 % of the table advantages,” Dophavak said. “So, social security does not run out of money, but benefits can be reduced unless action is taken.”
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The Americans of the middle class should be concerned about the possibility of low benefits, and the delay Retirement ages Or higher taxes.
Reduced benefits may mean that retirees get 20 % -25 % of the expected, which may be particularly destabilized for those who have no pensions or great savings. Late retirement ages may require people to work longer than the plan, and perhaps in the late 1960s or seventies of the last century, while high salary taxes may shrink home salaries during the main earning years.
“The middle layer should worry about the decrease in future benefits, especially if the Congress is late,” said Dobravak. “It is possible that certain parts of the middle class will gain a lot of qualification for the programs based on needs, but very little of retirement completely. These families will feel the most pressure.”
