New Report Says Social Security Will be Insolvent by 2029

No matter how you look it, our Social Security program is a mess. Less than a month ago the Social Security Trustees released their annual report on the program which reflected what most Americans already assumed; the program is insolvent.

See Also: It’s Time To Face The Facts About the Future of Social Security

Social Security is currently the single largest federal program which, in 2016 alone, is projected to cost Americans $929 billion. According to its own grim report, the Social Security Trustees found that the program will be completely unsustainable past 2034.

However, before the dust from the Trustees report has even had time to settle, the Congressional Budget Office (CBO) released their own annual report on long-term federal spending and revenue which put the Social Security insolvency date closer to 2029. Though neither entity agrees on the date, one thing both agencies realize is that Social Security is not sustainable and the clock is running out.

What does this all mean? Most importantly, it means that Millennials need more options when it comes to planning for our futures. Today’s young Americans are unlikely to retire before 2029 or 2034 and though many of us never planned on having Social Security benefits available to us, the time to prepare for our retirement is now.

Millennials need more opportunities to build our careers and save our money in order to prepare for the time when we are no longer able to work. We can do this by working to provide more opportunities to the millennial generation by reducing government regulations that hold us back.

We are a generation capable of incredible things and it is time to take our futures into our own hands and find alternative solutions to our broken Social Security system.

Author Brittany Hunter

Brittany Hunter is a Staff Contributor at Generation Opportunity.

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  • Christian_Prophet

    You had better get your facts correct. Below is one statement from the social security system annual report.
    “The year when the combined trust fund reserves are projected to become
    depleted, if Congress does not act before then, is 2034 – the same as
    projected last year. At that time, there will be sufficient income
    coming in to pay 79 percent of scheduled benefits.”
    The statement that social security will not be available to those under age 34 is simply false. People will receive less, but not nothing. The system isn’t going bankrupt. In addition, It would take a small 2.66% of payrolls to prevent the depletion of the fund for 75 years. The 2.66% of payrolls is a small amount to SAVE in order to guarantee a retirement income in the amounts currently paid by the Social Security System.
    The retirement crisis is not caused by government, it has been caused by private industry reducing the amount which corporations contribute to their workers retirement funds – whether 401K’s or pensions.
    True Americans don’t save enough for their retirement, Corporations don’t help workers provide for their retirement. If anyone thinks that by eliminating the Social Security System of the US Government you will be better off, you are in a fantasy world. The only people benefiting from an elimination of the Social Security system will be investors who immediately will see 6.5% of their corporation payrolls become additional profit. Wouldn’t all the conservatives with big business interests love that additional income in their pockets.