julie: one of country s biggest social safety net celebrating anniversary. franklin d. roosevelt signed social security into law. one predicting that social security will run out of money in 2037. today president obama saying uncle sam has an obligation to make sure the program remains funded. president also claiming that republicans will push to privatize social security if the mid materials bring them a majority in congress. meanwhile, the gop using the weekly address to accuse democrats of falling short on another hot button election issue the economy. in the spirit of making health care a little easier, some doctors are taking a new
benefits. if no changes are made, we get to 2037 and you have to plane crash a cut in benefits. that s assuming the trust fund is there in whole and that that money is not allocated or dispensed elsewhere. here it s fair to say both parties are to blame for raiding that lockbox. we re none convinced the money is in the lockbox. i m asking, when your grandfather started this 75 years ago, 13 or 14 folks were paying in for every beneficiary getting something out. we re close to two to one and son one to one. that s not a good direction. well social security is totally actuarially sound, based on an annual report that came out last week from the trustees based on the actuarial of social
security say there will be enough money to fund the trust funds to pay for benefits until the year 2037, which is good news because social security is coming up on a big anniversary. just about this week, isn t it, john? big anniversary, joe. in this tough economy, many people are making a very tough choice. deciding to opt into social security and get their benefits before they reach the full retirement age. if you re 65 years old and you retire, on average, if you made 15,000 a year you get about $661 a year. if you made $45,000 a year, you get a little over 1,100 a month and if you made $100,000 you ll get $2,000 a month. let s look at it this way, if you retire early. 65, you get the full dollar. $1,100 and if you wait until you re 70, you get more.
welcome back to the most news in the morning. minding your business now. social security hits the tipping point this year. the feds say for the first time in 30 years the system will pay out more than it takes in. this year and next. the government report goes on to say unless the system is reformed the social security trust fund will be exhausted by 2037. a point on that is the social security trust fund is just a promise of payment. there is no money. no money sitting in a bank or anything like that to draw from. just adds to the deficit to pay out social security. president obama s top economic mind is leaving the administration. christina roemer, head of the council of economic advisors, is stepping down. her resignation taking effect on september 3rd. the white house says romer will
the work force. so it is in dire straights. sure. this is happening sooner. people always predicted that social security would at some point go broke or have sort of an upside down model that it has right now but it s happening a year earlier than they predicted just last year. remember that president wanted to address this a while ago and it didn t go over big. they thought this could be solved with private accounts and different ways of saving your money. in the long run, we know this. from 2012 to 2014, we ll pay out more than we take in. by 2015, according to this small group, it will be fine. we ll have enough money for the pay rolls for 2037. but not if people, i imagine, continue to retire early as a boston college study shows, last year about a third more people decided i m going to call it a career than did ever before. you ve just touched on something really important. there are a lot of people who lost a lot of money as the stock market crashed and home values have g