ATLANTA — People looking toward retirement need Congress to act soon or else that Social Security check they may be counting on may not be much help.
Channel 2 consumer investigator Justin Gray looked into what needs to happen and what you need to do to be prepared to retire.
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What needs fixing? The Social Security Trust Fund.
It covers the difference between what comes out of paychecks and benefits paid out. It’s projected to run out in seven years.
Josh Stillwagon is the chair of the economics department at Babson College.
“So after 2032, without a change in law, they could only distribute what they’re collecting from workers today in social security tax. but that would amount to about a 22% reduction in how much the average retiree is receiving,” Stillwagon said.
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Right now, the tax is only collected on the first $184,000 a person earns. One plan to replenish the funds: Some lawmakers on both side of the aisle are pushing to raise that cap to include higher earners.
The nonpartisan Peter G. Peterson Foundation estimates that could raise over $3 trillion in 10 years.
“You know, I don’t think fear is the answer,” said consumer adviser Joel Larsgaard.
He said instead of being scared, be prepared and plan for social security to be just one part of your retirement.
“But saying it’s not going to be enough, whether there’s a haircut or not, it’s not going be enough for me. I have to do my part in terms of getting the match in my 401k at work. Investing in a Roth IRA, building little by little over time, a nest,” Larsgaard said.
There’s a lot of different proposals out there for how to fix this and some people want to raise retirement ages or trim benefits.
But the key according to Larsgaard is no matter what happens to Social Security is not only count on it for retirement.
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