Graham: Social Security Retirees Expected to Outlive Trust Fund
The Investor's Business Daily's Jed Graham makes a nice catch: the most recent retirees cannot expect to receive full benefits throughout their lives:
The hastening of the Social Security Trust Fund's demise to 2033 means that workers just becoming eligible for Social Security at age 62 face steep future benefit cuts if they live to the average life expectancy, now about 84.
This development could quickly change the political rhetoric regarding Social Security and make benefit cuts more politically feasible, Graham writes:
...the argument that benefit cuts would break a near-sacred contract is no longer valid now that full benefits are no longer prepaid. Benefit cuts are built into current law and, in effect, written into the contract with workers.