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For many elderly Americans, Social Security is critical.
Social Security makes up at least 50% of income for half of people aged 65 or over, and is the only source of income for about 20%.
Imagine you are one of these beneficiaries, and then you read articles with titles such as “Social Security Trust Funds Now Expected To Run Out Of Money Sooner Than Expected Due To Covid,” says the Treasury, or “Covid took one year of Social Security’s financial life.” pension fund,” or “Social Security may be insolvent” within 8 years, the economist warns.
If you depend on Social Security to survive, these are scary things.
But if you’re concerned about the viability of Social Security, here’s something that might provide relief: These same kinds of stories have been circulating since I became an investment advisor 40 years ago.
Why do they repeat periodically? First, because there is some truth to them: Social Security has funding challenges. But I suspect it’s also at least in part because scary titles sell stories.
However, changes will almost certainly occur if the system is to remain viable. But what could these changes involve? More importantly, how can you best position yourself to maximize your monthly checks when it’s time to claim Social Security benefits?
Let’s find out. This is “money!” podcast about. We’ll talk about how much Social Security is in trouble, the changes that are likely to happen, and the strategies you can use now to get the most benefit from your contribution when you retire.
As usual, journalist Miranda Marquette will be giving presentations. He listens and sometimes contributes to producer and novice investor Aaron Freeman.
Sit back, relax and listen to this week’s song “Money!” Audio notation:
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