What geniuses our elected representatives are.....reducing the contributions to a program that was already in financial trouble. For the sake of a few votes, they sold the under-educated masses the idea they were doing them a favor by reducing the FICA tax. However, they never told us that the end result was that instead of fixing the problem, they were making it even worse. I routinely advise any of my clients that are under the age of 40 to not expect to receive their full benefits when they reach retirement age. Every actuarial study in the last twenty years has concluded that the social security system will eventually run out of money. The only variable is whether it will bi in 2030 or earlier. Thanks to this misguided contribution reduction, it will now occur even earlier.
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