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It used to be, that the longer you worked (and the more money you made) the higher your Social Security benefits would be. But that isn’t true anymore.

Today, Social Security pays out more in annual benefits than revenue it brings from taxes on payroll and benefits.

After 2034, Social Security will not have the money to pay full benefits to retirees. After 2034, retirees can generally expect a return of about 79 cents on every dollar of their scheduled benefits, and benefits could continue to be reduced thereafter.

The Current Social Security Landscape:

  • Unless changes are made, anybody 48 years old or younger faces a 21% reduction in benefits once the Social Security trust fund is gone.
  • The reduction in benefits would total $5,325 per retiree and could affect 89 million beneficiaries.
  • Former Congressional Budget Office Director Douglas Elmendorf has acknowledged that today's college aged student will not receive the Social Security benefits they paid if we continue down this same course.
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