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According to the Social Security Administration’s recent estimates, funds will be depleted in 2035, at which point just 79% of promised benefits will be payable–stoking fears for many who are nearing retirement. A recent CNBC article outlined some of these concerns and highlighted a few potential potential solutions that could shore up the Social Security system. Additionally, the article detailed how financial advisors can educate clients about the state of the Social Security system, the potential changes on the horizon and how all of this could impact their retirement strategy.

It's been predicted that Social Security will run out of funds even faster than originally predicted due to the pandemic. This recent InvestmentNews article outlined how financial advisors can calm their clients' fears and prepare for potentially stormy days ahead. Covisum Founder and President Joe Elsasser, CFP® was interviewed for this article. “As financial planners, all we can do is operate under current law and stress-test those assumptions against possible economic futures. We create a plan based on today, but if that changes tomorrow, we analyze whether that plan still works."