{"id":875,"date":"2020-06-02T20:35:00","date_gmt":"2020-06-02T20:35:00","guid":{"rendered":"https:\/\/www.simplywise.com\/blog-2023\/?p=875"},"modified":"2023-06-22T21:55:53","modified_gmt":"2023-06-22T21:55:53","slug":"the-future-of-social-security","status":"publish","type":"post","link":"https:\/\/www.simplywise.com\/blog\/the-future-of-social-security\/","title":{"rendered":"The Future of Social Security"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"875\" class=\"elementor elementor-875\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7c1e3cc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7c1e3cc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0838d5f\" data-id=\"0838d5f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-833d7e3 elementor-widget elementor-widget-template\" data-id=\"833d7e3\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"section\" data-elementor-id=\"196\" class=\"elementor elementor-196\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-339b45e0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"339b45e0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3f771e94\" data-id=\"3f771e94\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44435407 elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"44435407\" data-element_type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/elementor\/css\/custom-pro-widget-call-to-action.min.css?ver=1764022918\">\t\t<a class=\"elementor-cta\" href=\"https:\/\/simplywise.app.link\/Iv0wVANrvfb\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-content-item elementor-cta__content-item elementor-icon-wrapper elementor-cta__icon elementor-view-default\">\n\t\t\t\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-lightbulb\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<h2 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">DID YOU KNOW?<\/h2>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tRetirement is 99% easier when your paperwork is organized. \n\nJoin 250,000+ Americans securely storing their important receipts, bills &amp; documents with the SimplyWise app.\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<span class=\"elementor-cta__button elementor-button elementor-size-md\">\n\t\t\t\t\t\tGet the App\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-50a7a6b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"50a7a6b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-254a09c\" data-id=\"254a09c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-600694e elementor-widget elementor-widget-text-editor\" data-id=\"600694e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.3 - 28-05-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Back in 2002, the Social Security Administration noted that, unless there was significant reform, the Social Security system would become insolvent by around 2041. In order to make up the shortfall, the government would either need to cut Social Security benefits by more than 25% or increase Social Security payroll taxes to more than 18%.<\/p><p>At the time, Robert C. Pozen, a senior lecturer at MIT Sloan School of Management and a senior fellow at the Brookings Institution, wrote in a\u00a0<a href=\"https:\/\/hbr.org\/2002\/11\/arm-yourself-for-the-coming-battle-over-social-security\">Harvard Business Review article<\/a>\u00a0\u201cbecause of the demographic bulge of working baby boomers, Social Security contributions exceed payments for the time being. This \u2018surplus\u2019 enables the government to mask what otherwise would be a much larger budget deficit. However, as the baby boomers retire, the demographics of Social Security will move in the opposite direction\u2014adding to the overall budget deficit.\u201d<\/p><p>We\u2019re nearing that time. The last of the baby boomers will reach retirement age in 2031, resulting in roughly 75 million people over the age of 65 in the United States.<\/p><p>The implications of this milestone are twofold: Less money will be going into the Social Security system by way of payroll taxes, and more people than ever will be receiving Social Security benefits.<\/p><p>Despite nearly annual\u00a0increases to the Social Security wage base (it was raised just over 3% for 2020 to $137,700), these increases have not been enough to ensure solvency in the future.\u00a0In fact, the situation is a bit worse than those 2002 predictions set forth. The\u00a0Social Security Board of Trustees\u2019\u00a0<a href=\"https:\/\/www.ssa.gov\/oact\/trsum\/\">2020 annual report<\/a>\u00a0noted that the\u00a0trust funds\u00a0that disburse retirement, disability and other Social Security benefits will actually be depleted by 2035, six years sooner than thought in 2002.<\/p><p>So what does this mean for the future of Social Security?\u00a0<\/p><p>First, it doesn\u2019t mean it will no longer exist. Rather,\u00a0<a href=\"https:\/\/www.moneycrashers.com\/social-security-bankrupt-solutions\/\" target=\"_blank\" rel=\"noopener\">the system will exhaust its cash reserves<\/a>\u00a0 and so will only be able to pay out each year what it brings in. It\u2019s estimated that, when this happens, the Social Security Administration will be able to pay roughly 79% of annual benefits due to recipients.<\/p><p>While that seems a surmountable shortfall, particularly if Congress acts to increase Social Security payroll taxes or reduce benefit amounts (or both), these projections in the 2020 annual report did not foresee the impact of COVID-19 and its potential long-term effects.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-478b005 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"478b005\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-65696a5\" data-id=\"65696a5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-92a5a84 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"92a5a84\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-a52cddc\" data-id=\"a52cddc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-170e72a elementor-widget elementor-widget-image\" data-id=\"170e72a\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.3 - 28-05-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"576\" src=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-20-at-3.37.42-PM.png\" class=\"attachment-large size-large wp-image-879\" alt=\"\" srcset=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-20-at-3.37.42-PM.png 688w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-20-at-3.37.42-PM-300x270.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-d114be6\" data-id=\"d114be6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bdbe7c6 elementor-widget elementor-widget-text-editor\" data-id=\"bdbe7c6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><b>How COVID-19 will impact Social Security now and in the future<\/b><\/p><p>The economic downturn resulting from the pandemic will almost certainly result in a reduction in average earnings for 2020. That means less money into the Social Security system by way of taxes, but it also could result in a reduction in the indexed lifetime earnings for many people, especially those turning 60 this year.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c766bd6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c766bd6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7420d4f\" data-id=\"7420d4f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a147034 elementor-widget elementor-widget-text-editor\" data-id=\"a147034\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Before getting into the full explanation of why, let\u2019s quickly look at\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/social-security-retirement-benefits\/\">how Social Security benefits are calculated<\/a>:<\/p><p>Your Social Security benefits are based on your lifetime earnings. The Social Security Administration adjusts or \u201cindexes\u201d your actual earnings to account for changes in average wages since the year the earnings were received.\u00a0<\/p><p>Called the average wage index (AWI), this figure basically amounts to the total U.S. wages paid in a given year divided by the number of W-2 earners who report wages to the Internal Revenue Service. Before the pandemic, there was a record number of people employed in the U.S., but given mass unemployment since the pandemic, the total wages for this year will be significantly lower.\u00a0<\/p><p>With this figure in hand, Social Security calculates your average indexed monthly earnings for the 35 years in which you earned the most. The resulting figure is your \u201cprimary insurance amount.\u201d<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2180cc5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2180cc5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-85a7c01\" data-id=\"85a7c01\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-601f6b2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"601f6b2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-3f57625\" data-id=\"3f57625\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a507617 elementor-widget elementor-widget-text-editor\" data-id=\"a507617\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3><b>Near-retirees could be hit hard<\/b><\/h3><p>Here\u2019s why all of this is going to impact people turning 60 this year especially hard: The higher the index in the year a wage earner turns 60, the bigger the adjustment for their basic benefit.\u00a0<\/p><p>\u201cDue to how the Social Security benefit formula interacts with the sharp economic downturn due to the Coronavirus, some groups of near-retirees are likely to suffer substantial permanent reductions to their Social Security retirement benefits, Andrew Biggs wrote in a\u00a0<a href=\"https:\/\/repository.upenn.edu\/cgi\/viewcontent.cgi?article=1677&amp;context=prc_papers\">recent working paper<\/a>\u00a0for the Wharton Pension Research Council.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-6adb279\" data-id=\"6adb279\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c270b24 elementor-widget elementor-widget-image\" data-id=\"c270b24\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"491\" src=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-20-at-3.39.32-PM.png\" class=\"attachment-large size-large wp-image-880\" alt=\"\" srcset=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-20-at-3.39.32-PM.png 682w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-20-at-3.39.32-PM-300x230.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-77e2dc4 elementor-widget elementor-widget-text-editor\" data-id=\"77e2dc4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Biggs, a former principal deputy commissioner of the Social Security Administration, and an American Enterprise Institute resident scholar, found that median income workers turning 60 this year will lose $2,511 annually. And that\u2019s if they wait until the full retirement age of 67 to take their benefits. That\u2019s a loss of $45,859 in total retirement benefits over an 18-year period.<\/p><p>On top of that, the Consumer Price Index (CPI) for 2020 will likely be low or even negative. That will result in no cost of living increase (COLA) for Social Security benefit recipients in 2021.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d7269d6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d7269d6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-adac04d\" data-id=\"adac04d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-ff4c207 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ff4c207\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-9d92761\" data-id=\"9d92761\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5507675 elementor-widget elementor-widget-image\" data-id=\"5507675\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"495\" src=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-20-at-3.40.33-PM.png\" class=\"attachment-large size-large wp-image-881\" alt=\"\" srcset=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-20-at-3.40.33-PM.png 698w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-20-at-3.40.33-PM-300x232.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-2fd803d\" data-id=\"2fd803d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3d192e8 elementor-widget elementor-widget-text-editor\" data-id=\"3d192e8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3 dir=\"ltr\">Many will likely postpone retirement<\/h3><p dir=\"ltr\">Even before the pandemic, more and more retirement-age people continue working. In a poll from <a href=\"http:\/\/www.apnorc.org\/Pages\/default.aspx\">The Associated Press-NORC Center for Public Affairs Research<\/a>, 23% of workers said they don\u2019t expect to stop working ever. And new statistics show that people above the age of 65 are already working at all-time high rates since record keeping began.\u00a0The May 2020 Retirement Confidence Index found that 67% of people today plan to continue working in retirement.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-b8c7a49 elementor-widget elementor-widget-text-editor\" data-id=\"b8c7a49\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<section class=\"elementor-element elementor-element-27976726 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"27976726\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-77034eb8 elementor-column elementor-col-100 elementor-top-column\" data-id=\"77034eb8\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-c525625 elementor-widget elementor-widget-text-editor\" data-id=\"c525625\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><p dir=\"ltr\">Fortunately, today\u2019s seniors today are more physically healthy than ever. Also, better, <a href=\"https:\/\/www.simplywise.com\/blog\/fastest-growing-jobs-for-seniors\/\">more flexible and more fulfilling work options are now at their disposal<\/a> through recent technological advances. Many seniors, realizing how much they have left to offer and discovering the ease of finding ways to get paid, are choosing to extend their careers into their retirement years and <a href=\"https:\/\/www.simplywise.com\/blog\/work-and-maximize-ss-benefits\/\">complement income<\/a> coming from their own earned benefits, <a href=\"https:\/\/www.simplywise.com\/blog\/guide-to-social-security-spousal-benefits\/\">spousal benefits<\/a> or <a href=\"https:\/\/www.simplywise.com\/blog\/guide-to-social-security-and-death\/\">survivors benefits<\/a>.<\/p><p dir=\"ltr\">As Pozen noted in his 2002 article, \u201cIf workers retire later, they can make significant contributions to American business. Older workers are often quite productive because they tend to have more skills and experience. Yet older workers may not be able to handle the physical demands of certain jobs as well as younger workers. And workplace tensions may arise, as younger employees perceive that their careers are being blocked by older employees who refuse to retire.\u201d<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-2a1dff25 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"2a1dff25\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-1e88ade3 elementor-column elementor-col-100 elementor-top-column\" data-id=\"1e88ade3\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-4de8d5cb elementor-widget elementor-widget-text-editor\" data-id=\"4de8d5cb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><h3 dir=\"ltr\">The future of Social Security is not all bleak<\/h3><p dir=\"ltr\">As you look at all of these figures, it\u2019s important to keep a few things in mind.\u00a0First, there\u2019s still time for Congress to take action, though the window of opportunity has narrowed significantly. Proposals to shore up Social Security have been debated for decades and typically fall into two categories: increasing Social Security taxes, reducing benefits or both. Unfortunately, agreement between Democrats and Republicans on what the future of Social Security should look like has been elusive.<\/p><p>Second, knowing your options is key to ensuring you maximize your benefit amount. As we explain in our\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/social-security-retirement-benefits\/\">guide to Social Security benefits<\/a>, beneficiaries are rewarded with a larger monthly payment for every month they wait after turning 62 and until age 70. However, waiting to receive a larger monthly benefit also means forgoing retirement benefits during that time. With doubt around the solvency of the program, some may feel pressure to take the sure money earlier instead of gambling on the outcome of whatever policy is introduced. For others, speculation may impact\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/work-and-maximize-ss-benefits\/\">decisions around work and collecting Social Security<\/a>.<\/p><p>Each individual\u2019s\u00a0<a href=\"http:\/\/www.simplywise.com\/socialsecurity\" target=\"_blank\" rel=\"noopener\">Social Security calculation<\/a>\u00a0is different, but fear or speculation about one outcome or another could dictate how people decide to apply for their benefits. Additionally, should talk arise around changes to\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/taxes-and-social-security\/\">how Social Security income is taxed<\/a>, rules on\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/guide-to-social-security-and-death\/\">benefits for widows and widowers<\/a>\u00a0or adjustments to\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/guide-to-social-security-spousal-benefits\/\">spousal benefit<\/a>\u00a0eligibility, seniors may be inclined to change their claims strategies.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d420b2f elementor-widget elementor-widget-template\" data-id=\"d420b2f\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"section\" data-elementor-id=\"196\" class=\"elementor elementor-196\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-339b45e0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"339b45e0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3f771e94\" data-id=\"3f771e94\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44435407 elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"44435407\" data-element_type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<a class=\"elementor-cta\" href=\"https:\/\/simplywise.app.link\/Iv0wVANrvfb\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-content-item elementor-cta__content-item elementor-icon-wrapper elementor-cta__icon elementor-view-default\">\n\t\t\t\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-lightbulb\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<h2 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">DID YOU KNOW?<\/h2>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tRetirement is 99% easier when your paperwork is organized. \n\nJoin 250,000+ Americans securely storing their important receipts, bills &amp; documents with the SimplyWise app.\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<span class=\"elementor-cta__button elementor-button elementor-size-md\">\n\t\t\t\t\t\tGet the App\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Back in 2002, the Social Security Administration noted that, unless there was significant reform, the Social Security system would become insolvent by around 2041. In order to make up the shortfall, the government would either need to cut Social Security benefits by more than 25% or increase Social Security payroll taxes to more than 18%. [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":876,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Future of Social Security - SimplyWise Cost Estimator<\/title>\n<meta name=\"description\" content=\"What does this mean for the future of Social Security? First, it doesn\u2019t mean it will no longer exist. 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Rather, the system will exhaust its cash reserves..","og_url":"https:\/\/www.simplywise.com\/blog\/the-future-of-social-security\/","og_site_name":"SimplyWise Cost Estimator","article_published_time":"2020-06-02T20:35:00+00:00","article_modified_time":"2023-06-22T21:55:53+00:00","og_image":[{"width":1000,"height":668,"url":"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/original_625314959.jpeg","type":"image\/jpeg"}],"author":"Allie Fleder","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Allie Fleder","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.simplywise.com\/blog\/the-future-of-social-security\/#article","isPartOf":{"@id":"https:\/\/www.simplywise.com\/blog\/the-future-of-social-security\/"},"author":{"name":"Allie Fleder","@id":"https:\/\/www.simplywise.com\/blog\/#\/schema\/person\/e1e876d7736d540f0047b6adc84e2ba1"},"headline":"The Future of Social Security","datePublished":"2020-06-02T20:35:00+00:00","dateModified":"2023-06-22T21:55:53+00:00","mainEntityOfPage":{"@id":"https:\/\/www.simplywise.com\/blog\/the-future-of-social-security\/"},"wordCount":1283,"publisher":{"@id":"https:\/\/www.simplywise.com\/blog\/#organization"},"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.simplywise.com\/blog\/the-future-of-social-security\/","url":"https:\/\/www.simplywise.com\/blog\/the-future-of-social-security\/","name":"The Future of Social Security - SimplyWise Cost Estimator","isPartOf":{"@id":"https:\/\/www.simplywise.com\/blog\/#website"},"datePublished":"2020-06-02T20:35:00+00:00","dateModified":"2023-06-22T21:55:53+00:00","description":"What does this mean for the future of Social Security? First, it doesn\u2019t mean it will no longer exist. 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