Report Offensive Message

From my memory of stuff I heard recently.

There are 2 different issues with SS.
1) There is definitely enough money to pay benefits into the near future in the SS account, so it is not insolvent.

HOWEVER:

2) The amount of money being paid into SS by taxpayers has already or by next year will reach the crossover point where more money is being paid out in benefits than is being received from taxpayers.

Obviously this means that at some point in the future the reserves will be depleted and benefits will have to be cut to match what is coming in, or perhaps SS taxes will have to be raised. Since the large "Baby-Boomer" generation is now reaching retirement age and will start drawing SS - it may be "bankrupt" sooner than later.

Hope that helps.