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With many reports that Social Security benefits may run out by 2035, its unclear what the future holds.
As stated by theSSA Trustees report, the current surplus will run out by 2035.
However, this doesnt mean the program will no longer pay benefits.
Instead, the program will be able to pay only about 83% of the scheduled benefits.
This means your monthly check could be potentially slashed by 17%.
This means retirees are losing money each month as their bills surpass their benefits.
If inflation keeps outpacing COLA, retirees will lose purchasing power on their benefits yearly.
So the relationship between our national debt and Social Security is not what most people think it is.
What Can You Do To Protect Yourself?
While Social Security faces uncertainty, it will not disappear anytime soon.
However, the real question is how much it will provide when its your turn to collect.
That said, you’re gonna wanna protect your financial future if Social Security runs out.
Also, set realistic expectations about Social Security and stay informed about any changes to the program.
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