When does Social Security kick in for you? Check this out.

I'm a lucky guy, I love my job, I love doing it every day, even though I do have to get up early to do it. It's a great job and I don't really see myself retiring anytime soon. But, in this economy, with this job market, I find it difficult to think about the concept of retiring. 

The latest news on Social Security is better than I expected.
According to cbsnews.com,
“The timeline to replenish Social Security is being extended. The federal retirement program said Monday it may not need to cut benefits until 2035, one year later than previously forecast, because of stronger performance by the U.S.” 

Social Security relies on trust fund accounts that provide the check that you will receive. Most of that money is provided by payroll taxes but what most experts are concerned about is that these trust fund accounts are depleting. When those trust funds run out of money, your benefits won't disappear instantly, but you would probably see at least a 17%. Reduction on your check. 

The saying goes that “Social Security is the third rail of politics”, Don't touch it because it will probably kill you. (politically speaking) However, sometime, someday down the line politicians are going to have to step in and fix it.  

according to cbsnews.com,
“Lawmakers have yet to take action despite being aware of the looming funding crisis, noted Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a think tank that focuses on the federal fiscal policies, in a statement.
"Every year we get closer to the deadline, we seem to get further away from the solutions," 

Just keep in mind if the problem isn't fixed soon anyone 58 and younger reaching the retirement age of 71 will find the Social Security Retirement Trust Fund will be empty. 

This is not a happy thought to finish this story on.
But this is the real world we live in.
Welcome to it. 

 Social Security projected to cut benefits in 2035 barring a fix - CBS News 

Trustees Report Summary (ssa.gov) 

Press Release | Press Office | SSA