“Covid raises awareness, concerns about Social Security”

“Covid raises awareness, concerns about Social Security,” by Mary Beth Franklin, InvestmentNews

Quote:

“More than 70% of American adults worry about the Social Security program running out of money during their lifetime, according to the Nationwide Retirement Institute’s eighth annual Social Security Consumer Survey released Wednesday. The Covid-19 pandemic has contributed to this pessimistic outlook. Nearly six in 10 Americans (59%) say they worry more now than they did before about Social Security running out of money, according to the online survey of more than 1,900 adults aged 25 and older. Nearly one in five (19%) say the pandemic has affected their plans to file for Social Security benefits, with 9% planning to file for it earlier and 11% of respondents saying they now plan to claim benefits later.”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

I have good news and bad news. The good news is the federal government will pay every dollar it owes for Social Security in perpetuity. The bad news is that by printing so much money not backed up by produced goods and services inflation will reduce the value of the dollar so that Social Security benefits will have little value. “Social Security’s cost-of-living adjustment isn’t keeping up with prices retirees pay.” Your COLA (Cost of Living Adjustment) may not buy a cola.