In this episode, Ben and Kaitlin share some important updates from the annual Social Security Trustees Report.
In today’s episode, we’re going to share some updates from the annual Social Security Trustees Report. With Social Security serving as a cornerstone for countless retirees, understanding its current state and future projections is important. Listen in as Ben highlights the key takeaways from the 277-page report that you need to know about.
With projections pointing to a depletion of funds by 2035, it’s high time for the government to roll up its sleeves and tackle the solvency issue head-on. Ben will highlight some of the solutions being considered in today’s conversation, such as increasing the FICA tax limit or cutting benefits for new beneficiaries.
If you’re concerned about the future of Social Security and what it means for your retirement, Ben and Kaitlin are here to remind you that, while the unknown can be scary, it’s important to not make any decisions out of fear. Trusting in the planning process and staying informed can help alleviate some of that anxiety.
Here’s some of what we discuss in this episode:
– The projected depletion of Social Security reserves by 2035
– Our office’s proactive approach to Social Security planning
– Raising FICA taxes to address Social Security solvency issues
– Cutting benefits for current recipients or for new beneficiaries
– Avoiding fear-based decisions and trusting in long-term planning
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