Running on Empty: Social Security's Deficit and the Impact of your Future Benefits

Описание: Millions of Americans wondered whether or not their Social Security benefits would be affected as part of the new debt deal that was passed by Congress on August 2. As it turned out, no cuts were made to Social Security, but the program is still projected to run at a deficit of $46 billion dollars this year. That remains a problem for future workers who will see the Social Security Trust Fund exhausted by 2036.

Unfortunately, Social Security will run at a projected deficit of $547 billion dollars between 2012-2021 through really no fault of its own. The U.S. Treasury has borrowed money over the years from the trust fund, which had built up a surplus of $2.5 trillion dollars in the 1980s. That money was used to pay for other less-funded government programs and to reduce the national deficit. Unless the government pays back that money or restructures the program, workers who retire after 2036 will only get 75% of their promised benefits due to this mismanagement of funds.

Choosing the right time to retire is an important decision that can impact how much money you receive from Social Security during your golden years. Watch this week's CBTV show to learn how you can determine your full retirement age and max out your benefits!