Retirement & Income Planning
The Big Question #3: Will social security exist, for me, in the future, as it stands today?
Will Social Security exist for me in the future as it stands today? This episode addresses the common fear of disappearing benefits, explaining how the program is funded, what the projected trust-fund shortfall actually means, and why most planners assume benefits will continue, possibly in modified form, for future retirees.
Will Social Security exist for me in the future as it stands today? This episode addresses the common fear of disappearing benefits, explaining how the program is funded, what the projected trust-fund shortfall actually means, and why most planners assume benefits will continue, possibly in modified form, for future retirees.
Key takeaways
- Social Security is funded primarily through ongoing payroll taxes, not a single trust fund.
- Projected shortfalls would reduce, not eliminate, benefits absent any legislative changes.
- Most retirement plans reasonably assume Social Security will continue in some form.
- Building a plan that accounts for a range of benefit outcomes reduces this uncertainty.
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