Latest News
Unsettling Forecast for Social Security’s Future
It’s not really new news that Social Security will be facing future financial difficulties because the program’s costs now exceed the amount of revenue received from working Americans. At the end of last year, Social Security’s Trustees were predicting that its Trust Funds would run dry in 2035, necessitating about a 21% across-the-board cut in benefits, unless Congress acted sooner to fix the issues. But that prediction was before the Coronavirus pandemic ravaged the U.S. economy, resulting in millions of lost jobs and major government spending to stem the tide of economic crisis. This article by Tobias Salinger appearing at Financial-Planning.com explores how the pandemic may affect Social Security. Click here to read more.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.