While payments are still going out, Social Security could be in trouble in 2024.
Some may say the program has been struggling for a while. This is true, but efforts and discussions have been in motion to secure the future of retirement for everyone.
There’s just one big problem with this attempt to turn the tide of retirement resources – more people are heading toward retirement than ever before.
Peak 65: The Milestone That May Break Social Security
This year, more Americans than ever before will reach 65. Peak 65 as some call it, represents a pivotal moment that could push Social Security over the proverbial fiscal cliff in the coming years.
Some analysts have already said that this point is inevitable. Many projections said the trouble for Social Security, in terms of partial insolvency, would happen in 2035. Now with a struggling economy, this date could come even sooner than once imagined.
As more people than ever become eligible for retirement, it’s a statistical worst-case scenario that could drain an already dwindling fund. Add in the fact that many individuals nearing retirement don’t have the savings necessary to support themselves, and retirement could be much less rewarding than it should be for millions of seniors.
What’s the solution to this issue?
Some say that Social Security tax caps should be raised to provide more funding. Others talk about changing the retirement age. Some say we should leave Social Security alone, saying the problem isn’t all that bad. But if Peak 65 is here, it won’t be long before more people are claiming benefits than ever before. The question is, how do we prepare?
Consider signing our petition, The Social Security Lock-Box Act, which would help to secure the retirement seniors have earned.
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