Earlier this month we addressed the question of whether or not Social Security is going broke. If you recall we told you it is not. We spoke of increased longevity and more women in the workforce. We also informed you that trust funds are in better shape than some folks would have you believe, though there will be a short-fall in the retirement fund in about 20 years and much earlier in the disability fund.
As always, politics plays a part and it becomes complicated as things often do when politicians get involved. One of the Presidential candidates, Bernie Sanders, made some noise when he proposed raising the ceiling on earnings subject to the payroll tax from the current level of $118,500 to $250,000. This solution has its problems, as do others. Raising the ceiling should be part of the solution to the long-term funding of Social Security.
Social security will affect nearly all of us and those of us who are Baby Boomers are acutely interested in its near future. As it pertains to this topic, as well as wills and probate, no one in the Seattle area is better equipped to discuss it with you than Bellevue, WA Social Security attorney Lyle Clark. Call him today at (425) 452-3092.