CHICOPEE, Mass. (WWLP) – Millions of americans rely on the social security fund to supplement their retirement incomes.
Our sister station WWLP reports that Social Security taxes are taken out of our paychecks with the hope that, one day, we’ll be able to retire, and collect.
However, the Social Security Administration says that money is running out.
“I feel sorry for my kids. We’re going to have to start doing something right now,” said Orlando Rodriguez of Springfield. “If the old people don’t get protected when they get old, what kind of future are we going to have for the younger ones?”
The average Social Security check is $1,220 a month. The latest Social Security check-up, found there’s only enough money to pay out those benefits until the year 2035. It’s simple economics. People are living longer, so the Social Security Administration is paying out more money in benefits, than it receives in contributions.
That scares a lot of young adults. “I just keep putting money away and saving and hoping for the best,” said Celeste Brenton of West Springfield. “It’s really hard to be a saver these days. A lot of people just have a hard time budgeting and what not.”
The savings are impoortant. Social Security is meant to supplement your other retirement accounts such as IRA’s and 401k’s. Many people are also working longer, well into their 70’s, to ensure they have enough money for the remainder of their life.