You better plan for a smaller Social Security check, says WestWingReport
Social Security checks could be cut 23% by fiscal year 2034—14 years from now—unless steps are taken to shore up the program.
We’re at a tipping point. The report says that starting in fiscal year 2020—which begins Oct. 1—the Social Security Trust Funds will spend more than then it takes in, something that hasn’t happened since 1982. The cash burn will accelerate until reserves are depleted in 2034—and that’s when checks start getting smaller.Funding your retirement is often compared with a three-legged stool. One leg is Social Security. Another is pensions, and the third is personal savings.
And keep in mind that Social Security isn’t much to begin with. Last year it paid out nearly $989 billion to some 63 million beneficiaries. That works out to $1,308 per person, a month. Remember, Social Security is meant to be a supplement for retirees, but given the above data, it’s clear that for millions of Americans, it’s all they have. Among elderly Social Security beneficiaries, 21% of married couples rely on it for 90% or more of their income.
Meantime, if you’re one of the millions of Americans who doesn’t have enough saved, you’re probably aware of this terrible Catch-22. But it’s worth mentioning again. If you want to start receiving Social Security as soon as you can because you need the money, you can do so at 62. But your monthly checks will be smaller. If you can afford to wait a few years, you get more—a lot more.
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