Everyone has read the story that reassures today's retirees: “Your Social Security benefits aren't in trouble.”
It claims that even after the Social Security trust funds run dry in 15-20 years, the system will have enough money from pay-as-you-go tax collections to fund about 80% of promised benefits.
With a few “tweaks,” such as a 2% increase in payroll taxes and a one-year delay in normal retirement age, everything will be fine for decades to come. Or so the story goes.
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