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.
Covisum Founder and President Joe Elsasser, CFP®, was quoted in the article.
"Though I think it far more likely that some combination of reforms will eliminate the need for cuts of the magnitude the trustees report suggests, people should be aware of the impact a cut would have on their overall financial situation."
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