According to a recent Nationwide survey, 71% of adults are worried that Social Security will run out of money in their lifetimes. The pandemic has only increased those fears. This CNBC article further explains the results of the survey, and how while the program's trust funds are running low many experts believe that Congress will step in to fix the funding issues.
Covisum Founder and President Joe Elsasser, CFP®, was interviewed for the article.
"Benefit cuts would likely be less than 25%, if they happen at all, based on research. The likelihood of it going to zero is as close to zero as you can get."
To help calm those fears, and enable people to plan, Covisum recently debuted an online tool to show how Social Security benefit cuts would affect a person’s monthly checks. Notably, the calculator does not include a scenario where benefits disappear altogether.