Mountain Times - Volume 48, Number 24: June 12-18, 2019

30 • COLUMNS
The Mountain Times • June 12-18, 2019
Social Security: The
elephant in the room
For most Americans, Social Security has represented nothing more than some unavoidable
payroll deduction with the positively cryptic initials of “FICA” and “OASDI”
(Federal Insurance Contributions Act and Old Age, Survivors and Disability Insurance).
It hinted at a future that seemed both intangible and faraway.
Yet, a new generation has begun drawing on the promise that
was made with those payments.
As the wave of Baby Boomers enters retirement, questions
and concerns abound. Is Social Security financially healthy? How
much will my income benefit be? How do I maximize benefits for
me and my spouse? When should I begin taking Social Security?
Questions & elephants
Answering these questions may help you derive the most from
your Social Security benefit, and potentially enhance your financial
security in retirement. Before you can answer these ques-
Money
Matters tions, you have to acknowledge the elephant in the room.
By Kevin Theissen The Social Security system has undergone periodic scares over
the years that have inevitably led many people to wonder if Social
Security will remain financially sound enough to pay the benefits
they are owed.
Reasonable concern
Social Security was created in 1935 during President Franklin D. Roosevelt’s first term.
It was designed to provide income to older Americans who had little to no means of support.
The country was mired in an economic downturn and the need for such support
was acute.
Since its creation, there have been three basic developments that have led to the
financial challenges Social Security faces today.
The number of workers paying into the system (which supports current benefit payments)
has fallen from over eight workers for every retiree in 1955, to 2.8 workers in 2016.
That ratio is expected to fall to 2.2 by 2035.
A program that began as a dedicated retirement benefit later morphed into an income
support for disabled workers and surviving family members. These added obligations
were not always matched with the necessary payroll deduction levels to financially
support them.
Retirees are living longer. As might be expected, the march of medical technology and
our understanding of healthy behaviors have led to a longer retirement span, potentially
placing a greater strain on resources.
Beginning in 2010, Social Security tax and other non-interest income no longer fully
covered the program’s cost. According to the Social Security Trustees 2017 annual report,
this pattern is expected to continue for the next 75 years; the report projects that the trust
fund may be exhausted by 2034, absent any changes. Should that happen, it is estimated
that current deductions may only be able to pay about 75 percent of promised income
benefits.
Social Security’s financial crisis is real, but the prospect of its failure seems remote.
Money Matters, page 33
Extended bus service
supports commuters to
Killington and Rutland
Community entities to raise over $50,000 for extended
The Killington Pico Area Association
announced Tuesday, June 11, that
extended operations of the Rutland
Killington Commuter bus began on
Monday, June 10, as the result a collaboration
between the Killington
business community, the town of Killington,
Killington Resort and Marble
Valley Regional Transit.
The business community,
led by Killington
Select Board member Jim
Haff, took initiative to find
a solution to the limited
summer transportation.
As the summer economy
has grown, so has the
opportunity for gainful
employment. Where once
there was very little need
for The Bus to run past
6 p.m. in the summer and fall, now
employees and visitors will be utilizing
this service until as late as 11 p.m.
“Businesses took ownership and
stepped to the plate with funds to help
support the additional and didn’t just
look to the town or resort to solve the
problem,” said Michael Coppinger,
executive director of the Killington Pico
Area Association. “This endeavor is an
excellent example of what we refer to as
out three-legged stool approach. Helping
to be the conduit for which these
entities can come together to solve
challenges is the most important part
of our mission.”
Extended bus service in Killington
has been a growing issue over the last
summer and fall bus service
five years as summer and fall events
became more plentiful and popular.
After Ken Putnam, executive director of
The Bus secured funding from VTrans
and the town of Killington voted to
contribute $5,500, Coppinger began
reaching to area businesses to raise
the remaining funds, speaking to over
40 businesses in the greater Killington
“PEOPLE HAVE BEEN VERY
COOPERATIVE ABOUT SUPPORTING
THIS INITIATIVE. EVEN IF
THEY DON’T HAVE EMPLOYEES
THEMSELVES THAT USE THE BUS,”
STATED COPPINGER.
region.
“People have been very cooperative
about supporting this initiative. Even
if they don’t have employees themselves
that use The Bus, they recognize
the value for continued growth to the
area,” stated Coppinger. The business
community has not completely met
its goal yet, and Coppinger continues
to connect with people to complete
the last portion of funding. He said,
however, “I am extremely confident
that the business community will meet
its funding goal.”
The new schedule for evening bus
hours between Killington and Rutland
is yet to be released but will be coming
soon.
CROSSWORD PUZZLE
CLUES ACROSS
65. A way to change color
1. Mathematical term (abbr.)
4. Seaport (abbr.)
CLUES DOWN
7. “Unforgettable” singer
1. Belongs to the daughter of Chaos
10. The GOAT
2. Wardrobe
11. Used to harvest agave cactus
3. Derek and Jeff are two
12. Luke’s mentor __-Wan
4. Disfigured
13. Muses
5. Hawaiian dish
15. IBM operating system
6. What a hack drives
16. Hungarian village
7. Horse gear
19. Popular conversation topic
8. Do away with
21. N. Atlantic island
9. Narrow straits between Sinai and
23. Fail to discern correctly
Arabian peninsulas
24. The President has one
13. Corrie
25. Irish Gaelic language
14. Hawaiian flower necklace
26. Gasteyer and Ivanovic are two 17. Midway between northeast and
27. Garnished
east
30. National capital
18. Insecticide
34. Basics
20. Comfort
35. Initial public offering
22. Town in Galilee
36. Winged horse
27. Informal greeting
41. English synthpop duo
28. Relative biological effectiveness
45. Mars crater
(abbr.)
46. A lot
29. Used to check the heart
47. Small organelles
31. Western India island
50. By reason of
32. Credit card term
54. “Growing Pains” actor Kirk
33. Female deer
55. Free from contamination
37. British football team
56. Genus in the mahogany family 38. Persian jurisdiction
57. Body part
39. Freshwater mussel genus
59. A belief in a supreme being
40. Opposite of happiness
47. Part of (abbr.)
53. Electronic countermeasures
60. Talk a lot
41. Ban on trade
48. Indigenous people of Thailand 58. Swiss river
61. Actors’ group
42. Bitterly regrets
49. A man of your stature (abbr.)
62. Unit of measurement
43. Assented
51. Advantageous
63. Slick
44. Well-proportioned
52. Female sibling
64. No seats available Solutions on page 36
SUDOKU
Each block is divided by its own matrix of nine cells. The rule for solving Sudoku
puzzles are very simple. Each row, column and block, must contain one
of the numbers from “1” to “9”. No number may appear more than once in any
row, column, or block. When you’ve filled the entire grid the puzzle is solved.
Solutions on page 36