Grim outlook for Social Security funds

Social Security funds could dry up by 2034

SPRINGFIELD, Mass. (WWLP)–Each year more Americans reach retirement age and begin collecting from the social security funds they paid into during their working lives. Like Richard Libiszewski of Wilbraham, who now fears his 24-year-old daughter and 37-year-old son won’t be able to do the same.

“I hope that the United States can work something out to make it work for them, everyone deserves Social Security and especially the people that have paid in so far, and that will be cut off,” Libiszewski told 22News.

Confirming Richard’s fears, this week, trustees who oversee Social Security and Medicare released their annual report that suggests a dismal outlook for the programs’ long term life. In it, they found that Medicare funds may only to last until 2030, and that in just 20 years, Social Security funds could be dried up; leaving many who are paying in now with nothing to get back later.

But whether or not either program has a long term future, financial experts here in Springfield say it’s still important for 20 and 30-something’s to plan ahead.

“Make it habit just like working out everyday. If you save 10% of your income and you will never have to worry about money when you retire,” Mark Teed of Raymond James and Associates told 22News.

Teed also told 22News that he believes an encouraging future in manufacturing and energy production in the country could help our nation’s financial growth, and in turn help the longevity programs.

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