The SSTF has stated that the date in which the TF falls to zero will be 2033. The actual termination date of the TF is much closer than that. It could come as early as 2023. Anyone who is 55 or older should be worried about this. Based on current law, all SS benefit payments must be cut by approximately 25% when the TF is exhausted. This will affect 72 million people. The economic consequences will be severe. The drop in SS transfers translates into a permanent drag on GDP of 2%. In other words, when this happens, the country will be unable to have any significant positive growth for a long time to come.

via Bruce Krasting: Bernanke – My Goal is to Wreck Social Security.

TF = Trust Fund

Y’all better start planning for a much smaller Social Security payout.  Interesting viewpoint in this blog post.  Ignore at your own risk.