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Covisum Founder and President, Joe Elsasser, CFP®, was recently a guest on the InvestmentNews podcast, Retirement Repair Shop where he spoke with host Mary Beth Franklin about the good, the bad and the ugly of Social Security. You can listen here. Retirement Repair Shop includes interviews with industry experts who offer solutions for navigating tricky retirement situations. This podcast is brought to you by InvestmentNews.  

A 5.9% cost-of-living adjustment for 2022 and ongoing conversations about inflation have left many Americans worried about the solvency of the Social Security program. It's possible that this will contribute to Social Security depletion dates moving forward another year, however claiming early out of fear is not a good financial decision. Once reserves are depleted, income from taxes will allow the program to continue to pay 76 percent of scheduled benefits, that's before you even consider the high likelihood of new legislation that will shore up the system. Advisors have the opportunity to educate clients and help them make smart Social Security claiming decisions–even in this uncertain time. 

According to the 2020 Social Security Administration trustees report, without any action the Social Social trust fund will run out in 2034. Incoming revenue will only cover 76% of scheduled Social Security benefits.  Does this projection change how different generations plan for retirement? Should Social Security benefits continue to be a factor in their retirement plans? This USA TODAY article takes a closer look at how people of all ages should prepare for potential cuts to Social Security benefits.