Back in March, the pandemic caused massive fluctuations in the stock market and created one of the fastest unemployment spikes in history. Against that grim backdrop, many people decided to claim their Social Security benefits early. Now, some think tanks are estimating that the influx of new Social Security claimants, in addition to the reduced income from fewer people working, will cause the Social Security system to run out of funds even faster than projected – rather than 2035 as the last Social Security Trustees report indicated, it could be as early as 2029.
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