People in their 50s who are still working can start to see an eventual end to daily work down the road. In another 15 years or so, these 50-plus workers will look forward to exploring retirement and enjoying the benefits of more leisure time. Having spent a life dedicated to employment and contributing to society, now comes the time when promises of an easier life are fulfilled and realized.
At least, that’s been the idyllic dream for 70 odd years, since the start of social security.
Today, the financial crisis is hitting social security, and it’s not pretty for many Americans. In June, Americans got to see the annual report from The Social Security Board of Trustees. The big news? Well, the board restated last year’s projection that the Social Security fund would be dry by 2033 – that’s 20 years from now, just about the time when 50-somethings today may be relying on Social Security as their sole income.
Social security money comes from a variety of trust funds, several of which are expected to deplete their financial resources before 2033. Some of these trust funds will run out of money long before 2033. CNN Money reports that the federal Disability Insurance Fund is expected to run out of money soon, possibly as early as 2016. Another fund, the Old-Age and Survivors Insurance fund is expected to last longer.