It’s no secret that Social Security is insufficiently funded. For as long as I’ve been dealing with personal finance, the Trustees (of the Old-Age and Survivors Insurance Trust Fund) have been putting out an annual report that the fund is expected to deplete somewhere around 2033, give or take a couple of years.
As Tara Siegel Bernard notes this week, the pandemic will have a negative effect on that projection as well, due to the reduced tax revenue this year (if a person is out of work, they aren’t paying payroll tax). The sooner we enact a solution, the less drastic the solution will have to be.
- Social Security Seemed Like a Future Problem. The Virus Changed That. from Tara Siegel Bernard
Other Recommended Reading
- The 3 Breaks You Need to Take Every Day from Laura Vanderkam
- Out of Work in America from The New York Times
- Fidelity Allowing Fractional-Share ETF Orders from Harry Sit
- New Insights on Self-Employment of Older Adults from Joelle Abramowitz
- Transitions from Career Jobs to Bridge Jobs and Retirement from John Ameriks et al.
- ESG Investing and Public Pensions: an Update from Jean-Pierre Aubry et al.
- New ETF Players May Bring Back the Price Wars from Claire Ballentine
Thanks for reading!