Unless Congress Acts, Social Security Will Run Out of Funds by 2037February 16, 2012
Experts believe that unless the U.S. Congress pushes needed legislation, the Social Security program is bound to run out of funds by the year 2037.
While it had just celebrated its 75 years in 2010, there are already fears that Americans who are expecting to have a sound retirement on the years to come may find themselves empty-handed; especially if Congress will sit on laws that will address pressing issues about inflation and COLAs.
As a matter of fact, over 58 million retirees did not get an increase from their Social Security benefits in 2011, a repeat of 2010’s woes.
Inflation, according to the Social Security Administration, had been too low since its increase in 2009 and it is quite not enough to guarantee the 2011 increase.
Each year, the cost of living adjustments (COLA) were routinely set through the inflation measure. After congressional elections, a bill that gives $250 payments to Social Security beneficiaries is bound to be passed subject for the Senate approval.
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