When looking at her social security statement, Myra Adams discovered that the government is starting to quietly tell rising retirees to manage their expectations and expect benefit reductions from the program they have been forced to contribute to since their first paycheck.
She penned a column describing her discovery for National Review:
At first glance, the statement did not appear menacing. I was told I could expect to receive a benefit of “about $2,136 a month” upon reaching age 70 — which certainly seems like good news. But immediately I thought of a parallel of President Obama’s infamous Obamacare promise: “If you like your Social Security, you can keep your Social Security.”
Then, as if on cue, I saw an asterisk with the following message: “The law governing benefit amounts may change because, by 2033, the payroll taxes collected will be enough to pay only about 77 percent of scheduled benefits.”
I could not believe I was seeing the equivalent of what I was just thinking, but with a new twist, “If I like my Social Security, I can keep 77 percent of it.” With an asterisk, my beloved government was informing me that they will be unable to fulfill their part of a financial arrangement into which, as their statement attested, I had been making mandatory contributions starting in 1971 at age 16.
The entire commentary is worth the read. Government has been burying its head in the sand for too long when it comes to entitlements. We need to reform entitlements, and we need to let young Americans opt out of failed programs before it’s too late.