Episode #80
Social Security Will Be Insolvent in 2033: How to Start Planning Now
01.24.2025
The Social Security Trust Fund will be exhausted by 2033. If Congress does nothing both before and after that date, there is projected to be across the board cuts for all recipients. If the Federal government does choose to fund the program fully, hundreds of billions will be added to the budget deficit each year. With all this uncertainty about the program, how should you plan for retirement? What assumptions should be made in your financial plan? Today, Drew walks through the history of when and what went wrong with the Social Security, drawing on his recent conversation with former Social Security Deputy Director, Andrew Biggs. With the historical context in mind, he provides answers on how to make rational assumptions regarding your retirement income.
Securities offered through Raymond James Financial Services, INC., member FINRA/SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors, INC. Benson Wealth management is not a registered broker/dealer and is independent of Raymond James Financial Services. Raymond James is not affiliated with Andrew Biggs.
