The impact of the pandemic has been far-reaching throughout our entire society. From mandated closures of small businesses to the increasing death, COVID-19 has caused major and profound societal disruptions.
One potential effect of COVID-19 on our financial system that has gone largely unnoticed is the potential for negative impacts on future Social Security benefits. New studies indicate that Americans who become eligible for Social Security benefits in 2022 and beyond may, absent changes to the programs, receive lower benefits over the course of their lives than those who have become entitled prior to that date. This lowering of benefits for future beneficiaries need not be the case, however, and a number of prominent politicians have continued to advocate expanding the social safety net. Silver & Silver supports such growing calls for expansion, not contraction, of the vital social safety net provided by the Social Security programs for the elderly and the disabled.
Here are some troubling current trends that could affect the viability of the Social Security trust fund absent identification of addition sources of funding.
