Social Security’s Finances: Reality Versus Common Misconceptions
In a Forbes column, NIRS Executive Director Dan Doonan writes time is on the side of those who save early, and this is just as true for Congress and Social Security as it is for an office worker putting savings into their 401(k).
The options for strengthening Social Security’s finances only become more expensive the closer we get to the date of the trust fund’s exhaustion, and potentially making up the shortfall with general fund revenues would be one of the most expensive options of all. Congress could demonstrate a real commitment not just to the growing senior population, but to fiscal responsibility by acting soon to shore up Social Security’s financing.
80% of Americans Say U.S. Faces Retirement Crisis Amid Affordability Pressures and Debt
New national research from the National Institute on Retirement Security finds that 80 percent of Americans believe the nation faces a retirement crisis, as rising costs, debt, and other affordability pressures make it harder to save. The survey also finds widespread caution about AI-generated financial advice and cryptocurrency in workplace retirement plans, while 85 percent say Washington should make retirement security a higher national priority.
