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However, the important benefits program often feels at risk of being dismantled or depleted now more than ever.
That said, it has escaped disaster before, but will it do it again?
GOBankingRates talked with retirement planners to seewhats on the horizon for Social Security.
If this happens, it could end up triggering a 17% cut to benefits.
The experts GOBankingRates spoke to are also keeping a close eye on this.
The program has evolved multiple times since its creation.
Looking ahead, Dr. ONeill outlined several potential reforms that could be made.
Trumps Plans
The president is already making waves with his proposals for Social Security.
Hes made promises to cut taxes on benefits, which might sound great for retirees wallets.
That could mean Social Security would be gone sooner rather than later.
Changing Demographics
The uncertainties facing Social Security arent entirely political.
Aaron Cirksena ofMDRN Capitalexplained a fundamental challenge.
Life expectancies are getting longer, too.
So the system has to support retirees far longer than it was originally designed for.
The Program Will Likely Survive With Changes
But it isnt all bad news.
Experts agreed that Social Security isnt going away entirely.
Its not productive to worry about what changes may or may not happen to Social Security.
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