Here's how Social Security's looming shortfall could affect your retirement plans

Here's how Social Security's looming shortfall could affect your retirement plans

Here's how Social Security's looming shortfall could affect your retirement plans A new report from the Social Security Administration showing benefits could be reduced sooner than anticipated could set off alarm bells — especially among those planning to retire within the next decade. Social Security's surplus reserves are expected to run out in 2033, one year earlier than previously estimated, according to the Trustees of the Social Security and Medicare trust funds. That means the entitlement program will only be able to pay out 76% of scheduled benefits at that time if nothing is done to boost the fund. “People who are looking to retire in their early 50s or in the next 10 or 15 years can probably expect less than 80% of that benefit,” Kristen Carlisle, general manager …
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