The Social Security program currently pays more in benefits than it collects in revenue.
If no changes are made, Social Security will become insolvent by the year 2034…
…and all beneficiaries (regardless of age or income) will face a sudden 22% benefit cut.
Even more, some proposals to fix Social Security include stripping 100% of benefits from high-income retirees.
This has led a lot of retirement savers to ask:
“Should I include Social Security in my retirement planning projections?”
If you have the same question, you’re going to love today’s episode.
- Almost 70 million Americans collected Social Security in June of 2020
- 97% of those collecting Social Security are elderly
- The average Social Security benefit amount is approximately $1,500/month
- Social Security is in need of reform but it isn’t going away
- High-income retirees might consider removing Social Security (or reducing their anticipated benefit amount) by 70%-80%
How to Listen to Today’s Episode:
Episode Links & Resources:
- 👉 Get Your One-Time Retirement Plan
- Resources Mentioned:
- The Social Security Retirement Age
- How to Fix Social Security
- Actuarial Status of the Social Security Trust Funds
- The History of Social Security’s Taxable Maximum
- What is the Average Social Security Check?
- Top Facts About Social Security
- Facts and Figures About Social Security in 2020
- Including Social Security in Your Financial Plan
- Interactive Social Security Reform Tool