Will Congress Wait Until the Last Minute on Social Security?

I listened to an interview with a former Social Security deputy commissioner, and one point stuck with me: Social Security isn’t going to vanish, but Congress still needs to deal with its funding problem.

I’m getting close to retirement, so I’d like to know what to plan for. I can run the numbers with a smaller benefit. What I can’t do is guess which changes Congress might make—or whether they’ll wait until the trust fund is nearly depleted before making them.

I know neither party wants to be the one proposing higher taxes or changes to benefits. But the longer they wait, the harder the fix becomes. I’d rather hear the options now and have time to adjust than get a last-minute deal after years of reassuring headlines and political finger-pointing.

What would a fair compromise look like for current retirees, people nearing retirement, and younger workers? Do you think Congress will act before it has to? Does anyone think Congress will act early? Or is this destined to be another deadline-driven deal?

Jeff

Here is the interview if you want to watch. Social Security Will Change—Here’s Who Gets Hit First | Jason Fichtner

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