There is no way to "save" Social Security any more than there is to save any Ponzi scheme. Sooner or later, the fund is depleted by early payouts, and the people who paid in later and collected later in the scheme are left with not getting their money back. The money that has been previously collected for Social Security that was in excess of payouts in prior years has already been spent by using the SS surpluses to buy US Treasury debt. As the collection/payout curves cross on Social Security in the coming years, the SS funds will redeem their US Treasury paper, and send that money out in outflows, and then the SS funds have redeemed all their Treasury paper, the Trustees will have to cut benefits in order to maintain the viability of the SS system. They can do this, the SS enabling legislation allows for this to happen. The public is often widely mis-informed about what the Social Security system is and is not. The Social Security system is not a pension fund; there is no legal claim you can make that the money you've paid in is "yours." The United States Supreme Court has long ago decided that Social Security is an "old age insurance scheme" and there is no vested property right in Social Security, regardless of how many years and how much you've paid into the system. The cases that lays this out is Flemming v. Nestor, 1960. It is so important that the US Social Security Administration lays out for people what the case said on the Social Security website: https://www.ssa.gov/history/nestor.html The current projections for the ability of the Social Security system to pay out on the current obligations are contained in the Social Security Administration Trustee's Report, which is published every year. The current summary for the public gives a short and sweet estimation of their projections on when they'll "run out of money," ie, when the SSA will have to start reducing the payout on obligations to maintain the viability of the fund: https://www.ssa.gov/OACT/TRSUM/index.html |