Anxiety Over Social Security Benefits Grows As Funding Cliff Looms

ByJanet Novack,

Forbes Staff.

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n an age when faith in most institutions has cratered, Americans still love Social Security. But they’re anxious about the future of the 90-year-old retirement income program and how changes to it might affect their own personal finances and those of their parents and children.

With good reason. Around 2033 the Social Security Old-Age and Survivors Insurance Trust Fund (essentially a credit balance at the Treasury) will run dry. At that point, the Social Security tax dollars flowing in will not be enough to pay all the benefits. If Congress doesn’t act, retirement checks would have to be sliced 23% across the board.