Are we EVER going to fix Social Security?

"Seniors - save your nickels and dimes. When 2035 comes, the good times will have come and gone. The time for fixing Social Security will have come and gone. Keep a good relationship going with your kids and grandies - you might be living with them from 2035 onward." 

If you ever want to really tick off a Democrat, refer to Social Security as a "Ponzi scheme". Why? It really is one. This fund, which was set up decades ago, seems to have morphed in form and purpose. More people were supposed to have died prior to reaching the age to access it. And the number of people putting into the fund was very plentiful in the old days. Today - not so much. What does all this add up to? Social Security might be running out of enough money to pay full benefits by 2035.

How has it changed in its purpose? This once "safety net" fund, is now a critical part of many seniors' retirement plans. Why? Fewer companies are offering pension plans. Plus, some self-directed IRA accounts, 401K or 403B accounts - imploded. And money in the bank pays peanuts for interest these days. The bottom line is this - some seniors had the opportunity to plan a good retirement sans Social Security, and others did not. Those who did not, really and truly need Social Security to live on.

Unfortunately, the term Social Security is still the third rail in politics. Just mention the term, and the other side instantly accuses you of trying to "gut" the fund. Even suggesting it needs to be fixed or reformed, is a Washinton DC "no-no". Instead of acting bold and decisive, the DC crowd just ignores it, and lets it get worse and worse every year. What some prognosticators are now saying, is by 2035 seniors will need to take a 25% to 35% cut in benefits to keep the fund going for a few more years. Who wants to deliver that ugly message?

When is the best time to fix Social Security? A few years back would be the best answer. The second-best answer is right now. To wait until the hammer comes down in 2035 would be the worst answer. I will say this however - having the DOGE Team go into the fund to look for fraud, waste and abuse was a good start. Will that fix the problem? Probably not, but it will give us some more runway to operate on. 

Years ago, before he became the Speaker of the House, Paul Ryan had some good ideas on how to reform Social Security. What happened to those good ideas? Gone. Too hard. Too political. It seems many think having a broken and dying system is better than trying a new one. Then so be it.

Seniors - save your nickels and dimes. When 2035 comes, the good times will have come and gone. The time for fixing Social Security will have come and gone. Keep a good relationship going with your kids and grandies - you might be living with them from 2035 onward.