Social Security PONZI SCHEME begins to unravel. CUTS begin in 2017 for anyone under 62...(

Social Security benefits will be cut at the start of 2017 for everyone who has yet to turn 62. Those cuts will grow in each year to 2022, reaching 7% for everyone now 56 and under, as the official retirement age rises two months per year to 67.

1) Once the retirement age rises to 67, Social Security's early retirement penalty will cut annual benefits by 30% for those who retire at 62, up from 25% today.

2) The Congressional Budget Office affirmed last week that Social Security's Trust Fund is on course to run out in 2029, which will end the program's authority to run cash deficits funded by new government debt. At that point, a massive 29% across-the-board benefit cut — affecting the disabled and retirees of all ages — would be needed to bring benefits in line with program revenue.

3) If you take that 29% cut on top of a 30% early retirement penalty, those retiring at 62 would get just 50% of their current full-retirement benefit, essentially abandoning the idea of a Social Security safety net for early retirees.

4) In January, the CBO will release updated budget projections that extend for an additional year, through fiscal 2027. That's likely to a show a Social Security cash shortfall of $450 billion in 2027

[link to www.investors.com]