Social Security to Pay Out More than Takes In this Year

Thursday, 25 March 2010 | by Pat's Picks

We’ve reached the tipping point much earlier than expected. The New York Times says Social Security will pay out more than it receives this year. Experts predicted that this situation wouldn’t happen until 2016 and place blame on the recession. Many people claimed their benefits earlier than expected, making the system pay out more than it received in payroll taxes. Government officials stress this won’t affect retirees, who will continue to get their checks on a normal schedule.

SOURCE: New York Times