It’s getting worse at Social Security—and it’s not your imagination. Here, as promised, are the latest updates – and some thoughts on the recent SS Trustees report of approaching “insolvency.”

Below, my thoughts on that issue – but first some important links for you.

CBS’ 60 Minutes updated our Social Security Horror Story report on Sunday, June 22nd. Clearly, the horrors are growing for those caught in the clawback web. Here’s the link:
60 Minutes – Full Episodes Video – CBS News

Also making headlines — the latest Social Security Trustees’ report showing the “Trust Fund” will be unable to pay full benefits starting 8 years from now, in 2033. That’s created a rush to take Social Security early, while presumably funds are still available.

My Social Security Horror Stories co-author Larry Kotlikoff debunks that idea forcefully here:
Social Security’s Trustees Report Is Scary. But Don’t Rush to Take Benefits Early Kotlikoff points out that even in the worst case scenario — a 23 percent benefit cut starting in 2033, the gains from delaying Social Security receipt can still be huge.

And, my co-podcaster Richard Eisenberg has written the definitive story on how messed up the Social Security offices are, the loss of employees who understand the system, and the difficulties of getting anything fixed if you have a Social Security problem. Read his column “What The Heck is Happening at Social Security” here:
https://www.nextavenue.org/what-the-heck-is-happening-at-social-security/

Finally, kudos to TruthinAccounting.org for this short and sweet video explainer of how the Social Security Trust Fund is neither a fund with assets, nor a trust! They don’t use the word “Ponzi” in the video – but can’t help thinking that!
Watch that cartoon video here.

And now my thoughts on the latest news.
It’s no surprise that the trust fund “balances” are impacted because of the Fairness Act. The Agency has been sending out huge “catch-up” checks, since the law required repayments dating back to Jan 1, 2024. (Yes, most have received their new higher monthly payments, and the catch-up deposit. The Commissioner recently promised the process would be completed by November 2025.)

But the advanced date on which the “trust fund” (please watch that video!) will be unable to make full payments should not trigger bad decisions on your part. It SHOULD trigger an urgency on the part of Congress to FIX the situation!
Why do I think that will happen??

Let’s start with the 74 million current Social Security beneficiaries, including those who receive SSI. At least 69 million of them are receiving only retirement benefits. They come from both parties. And they vote!

By 2030, all baby boomers will be at least 65 years old. Roughly 10,000 people turn 65 each day, which is just over 3.6 million per year.

The U.S. Census Bureau and PRB project that the population age 65 and older will increase from 58 million in 2022 to 82 million by 2050. That’s an additional 25 million people who will be nearing Social Security age in the next 25 years. AND THEY VOTE, TOO!

While Congress can’t unite on taxes, war powers, immigration, and the budget – the one thing they will recognize is the power of the vote!! And I expect they will come to that reality sooner rather than later.

Please click on the link above to read Larry’s well-reasoned argument, that you’re just punishing yourself with lifetime reduced benefits if you take SS early now, out of fear.

His analysis: “ If it paid to wait to collect benefits, assuming no benefit cuts, it will surely still pay to wait even if the politically impossible happens — benefits are cut by 23 percent starting in 2033. True, the gain from waiting won’t be as large, but it will likely still be substantial.”

Don’t believe him? Read the full article to see his algorithm give you the exact proof. And his thoughts on how to potentially solve the funding problem.

If nothing else, these headlines are a reminder for younger workers to save more in their 40lk retirement plans and IRAs. If the government “prints” the money for your retirement, it won’t be worth the “paper” its printed on. Save the trees – and Social Security!
Now it’s time to let Congress know this is a bi-partisan issue of National Security! Social Security. And that’s The Savage Truth!