2026-09-15
The Mountaineer
You Decide: How will Social Security be fixed?
This “pay as you go” system can periodically set up Social Security for a funding problem. This happens when the generations funding Social Security are not able to generate enough money for retirees. Forty years ago, during the 1980s, this happened when the number of retirees was increasing faster than the number of workers.
We are seeing the same situation happen today, although, fortunately, not to the degree as in the 1980s. Still, today’s demographics will require adjustments to Social Security to allow the program to continue operating. It is estimated that 2032 will be the year when Social Security will not have enough funds to prevent cuts in payments to retirees. - Author: Mike Walden, a William Neal Reynolds Distinguished Professor Emeritus at North Carolina State University.