Social Security Retirement Planning: Understanding the Looming Crisis
Monday, 19 August 2024, 17:07
Social Security Income Versus Payouts
The Social Security program is currently struggling with a deficit as it receives less income than it distributes in benefits. This financial imbalance is predicted to worsen.
Impact of Cost-of-Living Adjustments
While higher-than-average Cost-of-Living Adjustments (COLAs) are beneficial, they are unlikely to remedy the underlying issues.
Potential Cuts by 2035
By 2035, without intervention, beneficiaries may face substantial cuts which could significantly affect retirement planning.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.