Amid uncertainty around Social Security, here's what financial advisers are telling clients
Will Social Security Collapse by 2035?
The 2024 Social Security and Medicare trustees report indicates that the combined retirement and disability trust fund reserves might deplete by 2035, potentially reducing benefits by 17% if no corrective action is taken. This has heightened concerns among Americans, particularly those nearing retirement, about the future reliability of their Social Security benefits.
Financial advisers are recommending clients to plan for potentially reduced Social Security benefits by increasing their savings and delaying benefit claims until the age of 70 to maximize their monthly payments. Amid these uncertainties, there is a push for legislative action to address the program's impending shortfall, emphasizing the urgency of reform to ensure its sustainability for future generations.