The annual review of the financial health of Social Security recently released by the Social Security board of trustees predicts that the trust fund will be exhausted by 2033.  That is three years sooner than previous suggestion.  Some economists suggest keeping the current program for those 55 and older and offering younger workers the chance to invest into private retirement plans.  Social Security Works co-director Nancy Altman says the program is efficient the way it is currently constructed.

Click to hear Nancy Altman:

Altman-1

Some Missourians are beginning to sound the alarm but  Altman says the program’s foundation is strong and can be made solvent with some modest changes.

Click to hear Nancy Altman:

Altman-2

One suggestion by some policymakers is to increase the tax cap which is currently at 110 thousand dollars per year, meaning no contributions go into Social Security for income above that amount.  However, Altman believes the program is strong and provides guaranteed benefits.