An Overview On The Financial Capacity Of Social Security
By Jinky C. Mesias, Fri Dec 9th
There have been so many reports confirming the distressing stateof the finances of Social Security and so many members by noware wondering if they can really get the benefits that are dueto them when their time to claim for such benefits arises.
In spite of the financial crisis that the Social Security isfacing today, the Social Security Administration is confidentthat it can pay all benefits that are due to their members. Theyassured further that there would be no cuts on the benefits tobe received by the current retirees but rather there would be ayearly increase on the benefits due to cope with inflation.
There are also so many reforms planned to be implemented inSocial Security including those set forth by the President’sCommission that would further strengthen Social Security. Thereforms are also set to ensure that scheduled benefits,including cost of living increases for would-be retirees.Moreover, the reforms will not reduce the benefits of currentlydisabled Social Security members as well as disabledbeneficiaries.
However, in spite of all the reforms to be made in the SocialSecurity Administration there is still the present problem interms of finances since there is a foreseen 26% reduction in thebenefits to be given for future Social Security retirees andunless the social security administration does something todiminish such problem then there would be an
