(image: Social Security Administration Facebook)
Social Security is celebrating its 90th anniversary this month, but some believe it’s future is unclear past the year 2032.
AARP Minnesota State Director Cathy McLeer says Social Security is likely to continue to be around, but it’s up to Congress to act in order to avoid making cuts to the program…
“Social Security is not going broke. As long as people are paying into the system, workers like you and I, Social Security will continue to make payments. But it’s not without its challenges. We know that if Congress doesn’t do anything in the next 8, 9 , 10 years, those payments will be reduced by 20 percent.”
McLeer says while overall it is a federal issue, past moves with the state have helped…
“Right now, about 75 percent of those 65 and older who receive those monthly social security payments in Minnesota are not paying income taxes on those benefits. That would be something we could look at down the road to see if we need to eliminate all income taxes for social security at the state level.”
McLeer says Minnesota is still one of the states that taxes Social Security benefits. She says Social Security keeps 278,000 Minnesotans from falling below the poverty level.
(content: courtesy MNN)
