by JoeTheEconomist
February 7, 2013 15:37 PM
Jed Graham, who writes for IBD, discusses new Congressional Budget Office projection showing a worsening financial outlook for Social Security:
“Social Security's financial outlook took another hit this week, as the Congressional Budget Office hiked its estimate for cash deficits from 2013 to 2022 by $212 billion.” (Read "Social Security Trust Fund Likely To Run Out In 2031")
The article says that "Meanwhile, workers 44 years old who may be more than halfway through their working careers face the prospect of retiring after the trust fund is bust." It appears that the writer assumes people will retire at 62, which is an option for less than half of Americans. For people who expect to retire at full retirement age, 49 years-old is the point where workers expect to retire after the trust fund is gone. Anyone 66 or younger expects to live long enough to have benefits cut.
