This spring, Gallup reported that increasing numbers of Americans of all ages say that they'll rely more on Social Security payouts when they retire. Unfortunately, if Congress doesn't act to shore it up, Social Security could be insolvent by 2034.
That's according to new number crunching of the official SSA 2017 Trustees Report by Yahoo Finance, which finds that some key aspects of the system will be in trouble in as few as 17 years: "Insolvency is on track for 2028 for the disability fund and 2034 for seniors." It is important to note that "insolvent, however, does not mean empty; it means that the funds would not be able to completely fulfill its debts to the public. It's not as bad as a $0 check sent to American seniors, but the stakes are still high."
The stakes are even higher if Americans really are expecting to rely more on these payouts instead of using them as supplemental funds. According to Gallup, "25 percent of those aged 18 to 29 plan to rely on Social Security in their retirement" as a "major source" of income. That's up significantly from 2007, when the share was only 13 percent.
And 43 percent of those aged 50-64 say it will be "a major source" of their retirement income, up from 38 percent in 2007.