You Can Still Count on Social Security


Father, techie, and money geek. Sometimes I write about personal finance.

2 Responses

  1. Sherri B. or Steven J. Saines says:

    George, the Reagan Administration took at swipe at public employees back in the 1980s – a swipe that helps preserve the Social Security coffers. It’s called the Windfall Elimination Provision, which purportedly prevents people from drawing fully on multiple pensions. In our case, we are eligible for a significant public employee retirement pension, but the WEP formula will probably reduce our SS benefits by as much as 2/3. I’m sure the government can think of other ways to reduce benefits to people who have other sufficient funds for retirement.

    • georgesaines says:

      Wow, so you would have made 67% more from your pension pre-Reagan? That’s pretty crazy. But, it proves the point I’m trying to make that there are plenty of existing levers to pull to keep Social Security solvent for some definition of solvent.

      I don’t think any Millennial thinks we’re going to get really good Social Security benefits, but I think the meme that Social Security won’t exist at all is probably inaccurate.

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