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Some projections forecast funds running out as soon as 2033.
As of February 2024, approximately 67 million people collected Social Security benefits.
That breaks down to about one in every five U.S. residents.
What will happen toretireeswithout Social Security, the financial bedrock for so many?
Its terrifying to think about, but we must get ready for such a possibility.
This entire thing is a ticking time bomb, Stephen said.
Lets dig intothree of hisrecommendations for future retirees.
Without exaggeration, Ive been meticulously tracking all of my expenses for more than a decade, Stephen said.
And if theres one thing thats going to dramatically put you ahead of everyone else, its this.
Thats because so few people actually take the time to understand where they spend their money.
Even fewer people make a reasonable budget.
Whats worse, its money that doesnt generate compound interest over time.
This is where Social Security becomes problematic for some.
You pour money into it, but dont get very much back once its your turn to collect.
Granted, this wont be easy.
Stephen asserted that most people have absolutely no idea how to manage their own money.
He recommended investing in a broad index fund.
Stephen said he has a feeling well see higher taxes ahead.
And most likely a delayed retirement age so that theres fewer people drawing on those reserves.
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