The only good thing about a hurricane is that you get ample warning that it’s coming.
If you were in the path of a catastrophic category 5 hurricane, you would have options as to what to do. If you’re like most people, you would explore ways to protect your family, your home, and other property.
Another, less sane alternative, would be to pretend as if the hurricane wasn’t a threat.
I live in Southeast Texas, an area familiar with hurricanes, so I have some experience with how to prepare. Protecting your property entails things like boarding-up windows and storing away objects which could become projectiles in 150-plus mile per hour winds.
Often times depending on how close you are to the coast or projected path of the eye, the only way to truly protect your family is to evacuate, moving them out of harm’s way.
Many people don’t realize there is the equivalent of a category 5 hurricane set to impact Social Security, and it will likely hit in the 2032-2033 timeframe.
That is when the OASI Trust Fund will run out of money and result in Social Security beneficiaries absorbing a cut of approximately 23% to 24% out of their benefits
(See: Social Security Retirement Trust Fund May Be Depleted in Less Than a Decade; and: Social Security Benefits Face 24% Cut).
Unlike hurricanes, where most people are usually fortunate enough to escape complete destruction, the coming Social Security hurricane will affect all beneficiaries and their families to some degree.
Those at the lower end of the income scale will bear the brunt of the impact.
Most beneficiaries rely on Social Security as a major source of their retirement income.
Many will not be able to survive such a cut and will have to rely on children and grandchildren to help make up the shortfall. (More here: Social Security Fact Sheet).
Sadly, some of our politicians in Washington, D.C. have chosen the method of insanity for dealing with this coming storm, by pretending it’s not there, while doing absolutely nothing to prepare.
In this space, I’ve previously outlined some of the excuses I’ve received for the lack of action, when I’ve actually met with congressional lawmakers. (You can read about those excuses here: Let’s Make Our Voices Heard to End Social Security Excuses | Newsmax.com).
If you wonder why Social Security is facing a shortfall, it’s because it was set up to be a pay as you go program, with active workers and their employers each paying 6.2% of the worker’s salary in FICA taxes, that were intended to cover benefits.
For years, this funding was more than sufficient.
As a matter of fact, it worked so well that the program ran surpluses, which were then placed into “trust funds.” (Details: Understanding the Social Security Trust Funds | Center on Budget and Policy Priorities)
Things changed during the COVID-19 pandemic.
In 2021, when so many baby boomers began retiring that there was not enough income from active workers and employers to pay benefits, the program began dipping into the OASI Trust Fund to make up the difference.
Projections are that this trend will continue until the main Trust Fund is depleted within a few years. Benefits will have to be cut at that time to match current program income, and the latest Social Security Trustees report estimates that only about 76% to 77% of benefits would be paid when this happens. (Access: Trustees Report Summary)
Short of a plan to address and make up for this shortfall, the only way that benefit cuts could be avoided is if Congress were to vote to cover this shortfall from the general fund.
Given our current debt of $37 trillion and rising, this seems neither responsible nor likely though.
I have had numerous conversations with dozens in Congress who acknowledge the coming storm but don’t see the urgency to act.
Unlike them, I’m deeply concerned about what will happen if we don’t take steps to address this future shortfall, sooner rather than later. I’m working with a group of others who share my concerns about Social Security and our national debt.
We are convinced that millions of our fellow citizens also share these concerns; however, most don’t understand the problem and what steps to take to advocate for solutions.
For this reason, I recently announced the Joe From Texas Social Security Tour. Dates and locations for this tour will be available soon.
Please visit our website listed below or email info@joefromtexas.com to receive information as it becomes available.
At these events, we will discuss options to address the Social Security shortfall, including the possibility of asking President Trump to appoint a presidential commission, similar to the one President Reagan appointed during the early 1980s.
That commission made recommendations that extended the viability of Social Security by over 50 years, and this can be accomplished again.
On some of our stops, we will be joined by my good friend, Dave Walker — former Comptroller General of the United States — to discuss how Social Security and Medicare relate to the overall financial challenges of our country.
Please plan to attend one of our tour stops. Let us hear from you via email.
For more information, please visit www.JoeFromTexas.com.
Joe from Texas is a family man with children, grandchildren, and great grandchildren. He’s experienced tremendous success and lived the American Dream. His beliefs are both straightforward and deeply held. He believes in God, his family, and the United States of America. Read Joe Penland’s Reports — More Here.
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