Is Social Security Going to Bust?
Audio version available here:
Length: approx. 1 min. 15 sec.
For years, there have been warnings of Social Security’s trust fund running out and the program becoming defunct. How true are these warnings? While it's true that the fund is projected to be exhausted by 2033, Social Security will not cease to exist entirely. After that point, taxes taken out of working Americans’ paychecks will be enough to cover about 77% of SS benefits, leaving recipients with about a quarter decline in benefits. The implications for individuals planning to retire after 2033 are significant, as they may experience lower benefits during their retirement years despite paying their fair share of taxes. Fortunately, members of Congress have been actively addressing the issue, proposing various measures to prevent Social Security from running out. Despite the hope for a resolution, it is crucial to exercise caution and consider alternative means of financial security for your retirement. If you own and run a business, implementing smart retirement strategies is pivotal to increasing your savings in the long run. If you are interested in reading more about this, go to Will Social Security run out — and what will happen if it does? - CBS News. And if you want to understand your retirement options via proactive tax planning, feel free to reach out to us at 832-295-3353 or schedule an appointment on our website, www.xqcpahouston.com, to take charge of your retirement investment journey.