The looming government shutdown has some Americans worried about what would happen to their Social Security payments if the end-of-the-month deadline passes with no resolution to the gridlock in Washington and parts of the federal government start to grind to a halt.
Failure to pass the bills would mean many government operations are halted and hundreds of thousands of federal employees are furloughed-including those at the Social Security Administration, which administers the Social Security system.
While some Social Security operations might be affected by a shutdown, legal experts say Social Security recipients need not worry about one thing-their money.
"When the government shut down in 1995 and again in 2013, all social security payments continued to be sent out in time. This included social security disability," the team at Gray, Sowle, Iacco, Richards, a Michigan-based law office, wrote in a blog post.
With the issue of Social Security benefits on the minds of retirees ahead of the looming government shutdown, a recent survey showed that the vast majority of Americans aged 50 and over are worried that Social Security will completely run out of money within their lifetime.
Ten years ago, 66 percent of U.S. adults above the age of 50 worried that Social Security would run dry within their lifetime, according to the Nationwide Retirement Institute, which has been polling Americans annually about their perceptions of and concerns about the Social Security system.
The increased worry about the state of the Social Security fund is eclipsed by the growth in the share of adults aged 50 and above who say they have no source of retirement income aside from Social Security.
https://www.zerohedge.com/political/what-happens-social-security-payments-if-government-shuts-down
No comments:
Post a Comment