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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.

OMAHA, Neb. –Social Security is a significant source of income for many retired Americans, but the solvency of the system is currently in question. Many experts suggest that high unemployment combined with an influx of new claimants will cause the Social Security system to run out of funds even faster than initially projected. "It's no secret that the Social Security system is facing challenges and people are nervous, but claiming Social Security early could significantly impact their ability to meet retirement goals. Don't make decisions based on fear alone," said Joe Elsasser, CFP®, Founder and President of Covisum, the financial tech company that created Social Security Timing®, Tax Clarity®, SmartRisk™, and Income InSight®. In a new Covisum white paper, "Is Time Running Out on Social Security," Elsasser explains how Social Security will continue to be an essential retirement income stream. The white paper outlines why claiming early in response to potential cuts to Social Security benefits is not advantageous for most people.