Social Security could be depleted by 2032
Jackson, TN. (WNBJ)-
The social security administration announced that recipients will see monthly checks jump by five-point-nine percent next year. Those monthly payments will rise about 92-dollars to an estimated one-thousand-657-dollars for 2022. But - it's not time for a shopping spree. Many working-class residents are worried about how this increase will impact future recipients. Joyce Taylor (resident)“I think that’s a bad idea because by my age now, if they start giving away all the money by the time it’s time for me to draw I wont be able to.”
This increase is extremely concerning due to the hit covid-19 has had to many working-class citizens. Many are not eligible or, cannot afford other plans to insure stability after retirement. Michael Mayes (resident) “most employers have 401k plans, but most employees can’t take advantage of it. They should.”
This increase of social security could mean a complete depletion by the year 2032. Larculia Woods (resident)
“With social security being something that my parents benefited from, and so many others. Knowing that that’s not an opportunity that we need in order to build finical wealth. It really impacts us.” Not only are residents worried for their own social security, but future generations as well.