Ada-Icon
Required

Social Security Is Not as Doomed as You Might Think, Elder Law Attorney, Woodstock, GA


If you listen to some politicians and alarmist headlines, then you might reach the conclusion that the Social Security system is doomed to fail at any time. The reality is that while the system needs adjustments the situation is not completely broken.

For the most part Social Security pension benefits have always operated on a pay-as-you go basis. The money collected in taxes is quickly spent on benefits. The system requires that there be enough people working and paying taxes to cover the current pension benefits.

The U.S., however, has an aging population. It is predicted in the future that benefit obligations will exceed the amount of money taken in by taxes.

However, as My San Antonio explains in “Will Social Security Last Until I Retire?” that does not mean that Social Security will go broke soon nor does it mean that Social Security will disappear when its benefits exceed its revenues.

Currently, Social Security has another source of revenue.

In years when taxes exceed benefits the extra money is invested in Treasury securities and earns interest. For now the total revenue from taxes and interest is still greater than the amount paid out in benefits.

That is expected to continue for another few years.

In fact, the situation does not become too problematic until 2034 based on current projections, which gives ample time to fix the system. Even if the system is not fixed by 2034, that does not mean that Social Security would disappear entirely in that year. At that time revenue would still cover approximately 79% of projected benefits.

In a worst case scenario, people would most likely just receive smaller benefit checks.

Given that there is still plenty of time to make corrections and that the two major political parties are in vehement disagreement over how to make those corrections, a solution might not come quickly.

Fortunately, it does not have to.

Reference: My San Antonio (March 19, 2016) “Will Social Security Last Until I Retire?

Hear From Our Clients
tes-prev
tes-next

“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce