Wednesday June 27, 2018
Report shows that keeping people out of the country will hurt U.S. bottom line.
Looking forward to that magical day when you can retire and begin to reap the benefits of all those years of hard work? I know I am.
But will your money be there? Maybe.
The 2018 Social Security Trustees Report has some good news and some not-so-good news. One big surprise is that he report mentions immigration.
Unfortunately, the Trump administration's decision to end the Deferred Action for Childhood Arrivals program will have a negative impact on the fund, especially during the next 10 years when participants in that program (who are young) were expected to pay heavily into Social Security.
It gets worse. Immigrants pay into Social Security. Cutting the immigration rate in half as this administration proposes would also cut in half the funds going in. On the other hand, doubling the immigration rate would almost make the fund solvent through the foreseeable future.
Illegal immigrants? They pay into Social Security as well but are not entitled to collect. That's right, those illegal immigrants help fund your retirement.
Read the report at www.ssa.gov/OACT/TR/2018/.
Immigrants help keep Social Security solvent