Social security

One of the reasons that social security is running out of money is that the benefits are adjusted according to inflation. During the late 70's and early 80's inflation reached 14% and this put a strain on the budget. This past year the average benefit increased by $140 per month and this will cause the fund to run out before the estimate 2034. People my age will collect far more than was paid in but that is not the case for recent retirees. SS retirement benefits are very progressive, that is, lower income people get a higher percentage benefit. For example if your life time income averaged $60,000 per year your monthly benefit would be $1,500 and if your average lifetime earnings were $30,000 your benefit would be $1,000.