The Last Social Security Fix Failed 26 Years Earlier Than Expected. New Reforms Will Need This 1 Thing to Avoid the Same Mistake.
If we don't want to face these tough choices again in another 50 years, we need to learn from the past.
Overview
Social Security is facing a problem today that would have seemed unfathomable 40 years ago. It's now just six years away from insolvency, with beneficiaries staring down the threat of a 22% benefit cut unless Washington intervenes.
The 1983 reforms were intended to keep Social Security solvent for at least 75 years, but they're now expected to fail after just 49 years. And unless Congress learns from its past mistakes, we could be doing this all over again in a few decades.
Image source: Getty Images.
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Originally published at www.fool.com.
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