The Cost of Doing Nothing About Social Security
About 40 years ago, significant reforms were enacted to Social Security to shore up the program and ensure the sustainability of its essential retirement benefits for millions of Americans. Unfortunately, the need for reform has arisen again.
In less than 10 years, Social Security’s Old Age and Survivors Insurance (OASI) Trust Fund is likely to be depleted, at which point, all beneficiaries would see a significant cut in payments. What’s worse, that significant cut would disproportionally affect the nation's most vulnerable recipients. Any change to Social Security will impact how Americans approach retirement decisions, but the costliest choice would be doing nothing. Follow link to read more from The Peter G. Peterson Foundation. https://www.pgpf.org/article/the-cost-of-doing-nothing-about-social-security/