Why Your Social Security Checks Could Be Coming Up Short
By 2035, Social Security’s trust funds are projected to be tapped out.
You heard that right.
According to a recently released annual trustees report, if Congress doesn’t take action soon, tens of millions of Americans will only get about three-quarters of their Social Security benefits when they retire.
After 2035, the program will pay out that three-quarter rate for the foreseeable future – through 2093. And by next year – 2020 – Social Security’s total cost is expected to surpass the income that goes into the program.
So, all we have to worry about is Congress getting its act together and making the needed changes to get the full benefits into the hands of Social Security’s rightful recipients – those of us who’ve paid into the system.
These days, many more Social Security recipients are no longer receiving paper statements, as the government has moved to reduce costs. A nice idea.
Problem is, under half of the 39 million Americans currently registered for the online “my Social Security” accounts checked their earnings statements in the past year, meaning these folks have no idea whether they’re actually getting the benefits they’re entitled to, according to a recent report from the inspector general.
The federal government actually uses your highest-earning 35 years to calculate your benefits, so if it’s not doing that correctly, that’s a problem.
But it can get even worse.
See, several audits by the U.S. Inspector General have found that employees of the federal government put an enormous amount of money up for grabs for countless unknowing Americans.
In fact, this cash remains in the pocket of the Social Security Administration. And if you’re eligible for just one of these common Social Security benefits, and were underpaid, you could collect your share as a lump-sum payment.
That sum could total as much as $23,441.