Pixel Tracker

Wednesday, November 21 , 2018, 12:58 am | Fair 50º


Justin Anderson & Bibi Taylor: What Does the Future of Social Security Look Like?

If you're under age 60, you will no longer receive an annual statement from the SSA

[Noozhawk’s note: One in a series of Social Security-related columns by Ameriflex representatives. Click here for a related article.]

Q. What does the future of Social Security look like?

A. This is a commonly asked question. In a recent poll, 64 percent of working people are “not too” or “not at all” confident that Social Security will continue to provide benefits of at least equal value to the benefits retirees receive today*. This is certainly a hot topic in the media and the political arena especially in an election year.

Beginning in 2022, expenses will start to exceed revenues and the securities fund will gradually be liquidated in order to pay promised benefits.

According to the 2012 trustees’ report released in April, in 2033 all the securities will have been liquidated and trust fund reserves will be exhausted. At that time, revenues will be sufficient to pay 75 percent of scheduled benefits.

While the Social Security system is not in imminent danger of being “bankrupt” or “going broke,” the pressure is on for changes to be implemented to ensure the continuation of the system long term.

Q. Did you know that if you are under age 60 you will no longer receive an annual statement from the Social Security Administration?

A. In 2011, the Social Security Administration stopped sending statements to everyone and has just recently began sending statements to those age 60 and over**.

Statements used to be sent annually to U.S. workers age 25 or older around their birthdays, detailing earnings, expected benefits and disability benefits. This detail is important as it allows workers to verify their earnings and taxes paid and check for any errors. As of May 1, the Social Security Administration added a new feature to its website. Anyone can now create an account and see their statements online.

Readers: Email your Social Security questions to .(JavaScript must be enabled to view this email address).

*http://www.ebri.org/pdf/briefspdf/EBRI_IB_03-2012_No369_RCS2.pdf, Figure 38, Page 30
**www.ssa.gov — A Summary of the 2012 Annual Reports

— Justin Anderson, CFP, CRC, CLU, is a financial planner and Bibi Taylor, MBA, is the Social Security project coordinator at AmeriFlex, 3700 State St., Suite 310, in Santa Barbara. Call 805.898.0893 for more information. Financial advisors and registered representatives associated with AmeriFlex Financial Services offer securities and advisory services through SagePoint Financial Inc., member FINRA/SIPC. Insurance services offered through AmeriFlex Financial Services, which is not affiliated with SagePoint Financial Inc. or registered as a broker-dealer or investment advisor. Registered representatives may only discuss and/or transact securities business with residents of the following states: AR, AZ, CA, CO, FL, GA, IL, IN, MI, MO, NC, ND, NJ, NM, NV, NY, OH, OR, PA, PR, SC, TX, VA, WA, WI.

Support Noozhawk Today

You are an important ally in our mission to deliver clear, objective, high-quality professional news reporting for Santa Barbara, Goleta and the rest of Santa Barbara County. Join the Hawks Club today to help keep Noozhawk soaring.

We offer four membership levels: $5 a month, $10 a month, $25 a month or $1 a week. Payments can be made using a credit card, Apple Pay or Google Pay, or click here for information on recurring credit-card payments and a mailing address for checks.

Thank you for your vital support.

Become a Noozhawk Supporter

First name
Last name
Select your monthly membership
Or choose an annual membership

Payment Information

Membership Subscription

You are enrolling in . Thank you for joining the Hawks Club.

Payment Method

Pay by Credit Card:

Mastercard, Visa, American Express, Discover
One click only, please!

Pay with Apple Pay or Google Pay:

Noozhawk partners with Stripe to provide secure invoicing and payments processing.
You may cancel your membership at any time by sending an email to .(JavaScript must be enabled to view this email address).

  • Ask
  • Vote
  • Investigate
  • Answer

Noozhawk Asks: What’s Your Question?

Welcome to Noozhawk Asks, a new feature in which you ask the questions, you help decide what Noozhawk investigates, and you work with us to find the answers.

Here’s how it works: You share your questions with us in the nearby box. In some cases, we may work with you to find the answers. In others, we may ask you to vote on your top choices to help us narrow the scope. And we’ll be regularly asking you for your feedback on a specific issue or topic.

We also expect to work together with the reader who asked the winning questions to find the answer together. Noozhawk’s objective is to come at questions from a place of curiosity and openness, and we believe a transparent collaboration is the key to achieve it.

The results of our investigation will be published here in this Noozhawk Asks section. Once or twice a month, we plan to do a review of what was asked and answered.

Thanks for asking!

Click Here to Get Started >

Reader Comments

Noozhawk is no longer accepting reader comments on our articles. Click here for the announcement. Readers are instead invited to submit letters to the editor by emailing them to [email protected]. Please provide your full name and community, as well as contact information for verification purposes only.

Daily Noozhawk

Subscribe to Noozhawk's A.M. Report, our free e-Bulletin sent out every day at 4:15 a.m. with Noozhawk's top stories, hand-picked by the editors.

Sign Up Now >