WWLP- It’s a fund millions of Americans rely on during their retirement years. The working class pays for it in taxes, hoping one day they’ll be able to retire, and collect Social Security; although that might not be the case.
The average Social Security check is $1,220 a month. The latest Social Security check-up, found there’s only enough money to pay out those benefits until the year 2035. It’s simple economics. People are living longer, so the Social Security Administration is paying out more money in benefits, than it receives in contributions.
The lack of funding has also changed the dynamic of retirement. Many people are working longer, well into their 70’s to boost their benefits. The longer you wait to retire, the more money you’ll get from the SSA.