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Q: I’ll be retiring in the next five to ten years . Can I expect my pres- ently scheduled benefits to be paid to me at retirement?
A: Most reform plans preserve scheduled benefits, including cost- of-living increases, for near-retirees. President George W. Bush has defined a “near-retiree” as someone aged 55 and older. However, with- out change, it is expected that the program will no longer be able to pay current benefits in full starting 2033. At that time it is expected that only 75% of currently scheduled benefits will be payable.
Q: My parents are receiving Social Security payments . Should I be worried that their monthly checks will be cut and that I will have to make up the difference?
A: No, there are no plans to reduce benefits for current retirees. In fact, benefits will continue to grow annually with inflation. Even without any changes, current benefits are expected to be fully payable on a timely basis until 2033.
Q: I am receiving disability benefits from Social Security . Should I be worried that my monthly check will be cut?
New Views About Retirement