Carolyn Bigda, PARADISE POST
(Paradise Post) — With Social Security celebrating its 80th anniversary, now might be a good time to review the benefits you can expect — even if you’re skeptical about ever getting those benefits.
A new survey by the Transamerica Center for Retirement Studies found that 76 percent of all workers are concerned that Social Security won’t be around when they retire.
Young workers are especially pessimistic: More than 80 percent of 20-, 30- and 40-somethings feel they won’t get benefits in old age.
It’s true that Social Security faces a funding shortfall.
According to its latest annual report, Social Security estimates that reserves for the program will be depleted in 2034. Thereafter, payroll taxes will cover only about three-quarters of scheduled benefits through 2089, the latest year through which projections currently are made.
Does that mean you can’t trust the estimates provided on your Social Security statement?