In recent years, there has been a growing concern around Social Security going insolvent.
There are some truths to these concerns, but there are also many misunderstandings. The biggest misunderstanding is that Social Security will be going away entirely.
The confusing part is that the Social Security trust fund could be running out in the future, but Social Security is a pay-as-you-go system. This just means that the dollars received every year in taxes are paid out every year in benefits.
So, as long as taxes are being received, something will be paid out. How much will be paid out though? That's the question that is on everyone's mind.
In this episode, I break down:
- The details of the latest Trustee Report that was published on May 6th, 2024.
- The problem at hand
- Ideas for how the system can be sured up
- What the trustees suggest and the magnitude of this needing to be fixed
- How you should react as a retiree or pre-retiree.
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Website: https://www.rivertreewealth.com
LinkedIn: https://www.linkedin.com/in/jacobduke
Jacob Duke, CFP, MBA is the founder of Rivertree Wealth and the host of the Retirement Answers podcast.
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DISCLAIMER: This video is not meant to be taken as tax, legal, or investment advice. All content is for educational purposes only.
