IN THE NEWS | Jul 19, 2021 3:21:36 PM | by Lauren Laferla, Director of Communications
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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