Don’t blame me !

This year: Social Security’s first deficit.
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Let me get this straight …

On Monday, I announce my retirement.

On Tuesday, the Social Security Trust Fund – the lockbox that doesn’t have a lock – announces that Social Security will run a deficit this year… 3 years ahead of last year’s future projection.

According to the WSJ:

The Social Security program’s costs will exceed its income this year for the first time since 1982, forcing the program to dip into its nearly $3 trillion trust fund to cover benefits.

That is, outflows (payments to 61.5 million people like me) – will exceed inflows (taxes collected from current workers and their employers … and, interest earned on the trust’s assets).

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I know there may be a temptation to accuse me of being the straw that broke the camel’s back, but ….

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Except to the reality of hitting the crossover point, this isn’t new news.

Everybody knows that Social Security (and Medicare) are on shaky financial grounds.

Current forecasts have Social Security running out of money in 2034 … thanks mostly to us baby boomers dipping into the pot … and, accelerated by the surging number of disability claimants.

As a retired boomer, I may be contributing to the problem, but …

I sleep well at night knowing – based on my robust Excel analyses – that I personally won’t be playing on house money until about 2033.

Until then, I’ll simply be drawing out the bucks that I threw into the hopper when I was gainfully employed.

After that, if Social Security still exists, I’ll be a burden on younger generations.

But realistically, I probably won’t care.

And for now, I have more important things to worry about … like waxing my boat.

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One Response to “Don’t blame me !”

  1. Carol sapoznik Says:

    Congratulations on your retirement. Well deserved. Spend it now. You can’t take it with you. These are the GoGo Years. Ox

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