Paces Ferry’s Zach Morris Speaks to The Atlanta-Journal Constitution on Social Security Solvency
The Atlanta Journal-Constitution recently published an informative piece on Social Security solvency, and Paces Ferry managing partner and founder Zach Morris is quoted throughout. Read on for a brief synopsis and be sure to read the full news article here for all the details.
Why Might Social Security Become Insolvent?
According to the 2022 Social Security Trustees Report, benefits may be cut beginning in 2035 if Congress does not act to shore up the program for retirees. Although the reasons behind the program’s pending insolvency are complex, concerns are partly due to the high number of retiring Baby Boomers and the shrinking workforce paying into Social Security. In essence, the program is paying out more in Social Security benefits than it is bringing in through Social Security taxes.
Is Social Security Going to Disappear?
So, is this entitlement program destined to go bankrupt and cost current and future retirees their expected benefits? Not necessarily.
“Members of Congress regularly propose changes that may extend the solvency of the Trust, and the Office of the Chief Actuary will typically provide a response with projections in how the proposed change may or may not help and other implications it may have,” Morris explained to the AJC.
To learn more about potential solutions and what they could mean for you, read the full article.