What would you like to do?

When will the social security system go bankrupt?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

For the first time since 1983, Social Security will pay out more than it takes in this year (2010). Decreased tax revenue caused by the recession is to blame. This situation should be temporary assuming that unemployment trends downward. A new tax on health care benefits will also help. The Congressional Budget Office currently estimates a date of 2037 for the end of solvency.

The huge demographic bubble of baby boomer retirees will take a toll on Social Security. There are 3.2 workers for each recipient today. According to the Social Security Administration, that number will drop to 2.1 by 2034.

The fund for Social Security has a surplus which will take care of negative balances (including this year), but the money will begin to completely dry up when the program's solvency ends.
6 people found this useful
Thanks for the feedback!

When can you go bankrupt?

You can file a petition for bankruptcy if you are "balance-sheet bankrupt"; that is, if your liabilities exceed your assets. Alternatively, you can file a petition if you are

Can someone go to college without a social security card?

actually you can, in the state of Texas that is legal. I guess its because we are near the border. You won't be able to apply for financial aid, but you CAN get scholarships o

Can you stop your Social Security payments if you go back to work?

Yes, you can, but if you took early retirement you will have to pay back all the benefits you received before the Social Security Administration will starting counting earned

The social security system?

It is defined as any government system that provides monetary assistance to people with an inadequate or no income. It is the best to have for the cheerful retirement program.