I recently received my annual Social Security statement. I'm not sure if these are mailed out at the same time to everyone, or if they're mailed throughout the year, but I have mine here. If you have yours, go get it and play along at home.
Near the bottom of the second page, in bold, is the following footnote:
*Your estimated benefits are based on current law. Congress has made changes to the law in the past and can do so at any time. The law governing benefit amounts may change because, by 2040, the payroll taxes collected will be enough to pay only about 74 percent of scheduled benefits.
There it is, in black and white.
Labels: Social Security