Changes coming to Social Security benefits by 2022

(FOX NEWS) — Big changes are coming to the nearly 23 million people receiving Social Security benefits.

By 2022, Social Security will be paying out more than it takes in.

This could mean cuts as much as 23 percent in order to keep payouts going through 2091, if Congress doesn’t take stronger measures.

The department blames longer lifespans, lower interest rates, and more baby boomers entering the system.

Again, these changes won’t be implemented until as early as 2022.

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10 comments

  • swagoner

    Reminder: Government took in bucks while boomers all worked and had surplus then, so Bush administration borrowed $4.7 trillion from social security pension fund and never repaid. Please repay now with interest just like we have to with taxes.

    • Jim Davis

      With all due respect, in the interest of accuracy this can’t be laid solely on the doorstep of the Bush administration; over the years Congress (both GOP and Democrats); who by the way is actually responsible for the budget; has raided the Social Security trust fund to help pay for a variety of things – including Social programs.

  • swagoner

    Reminder: Government took in bucks while boomers all worked and had surplus then, so Bush administration borrowed $4.7 trillion from social security pension fund and never repaid. Please repay now with interest just like we have to with taxes.

  • Old Bob

    Nothing to worry about. Just go to Mexico, they will take care of you. After all we have been taking care of them for years.

  • J-D Stenberg

    Baby Boomers are already in the system and have been for a few years. The current employed are making more money and are paying more into the system. My family alone had many die before they ever received social security and I know my family is not an exception. There should be plenty of money in Social Security. We need politicians that don’t steal and know what a budget means!

  • Scott Snyder

    Last year the cap was $127,200. Meaning any money a person earned over that was not taxed by social security. Sorry, that cap needs to be raised. As far as I’m concerned there shouldn’t be a cap, but it should be at least $250,000.

  • Kevin Rahe

    “The department blames longer lifespans, lower interest rates, and more baby boomers entering the system.”
    Those factors are nothing compared to the effects of declining birth rates coming a little further down the line. When that starts to hit we will really see the system turn upside down. Artificial contraceptives cannot absolutely prevent pregnancy, but they sure can reduce the number of children a woman will have over a period of time, to the detriment of all of us. Being able to legally exterminate a certain class of young people doesn’t help, either.

  • RG

    It may take a generation but Social Security as we know it should be discontinued. Make people fund their own retirement account.

  • Neil Barron

    Swagoner get it right! Socialist Pinko ( commie for short) F D Roosevelt built the biggest Pyramid in the history of the world and your one of the suckers off the system there is.