[2024-05-10] Is Social Security Really Running Out of Money?

[2024-05-10] Is Social Security Really Running Out of Money?

Terry O'Grady

Is Social Security Really Running Out of Money?

Friday, May 10, 2024

🔄 Running Out of Money? Debunking Social Security Spin: What the Headlines Don't Tell You 📰

Description:
🔍 It's all about the spin – whether it's a Djokovic backhand or a media narrative. Let's cut through the sensational headlines and dissect the recent Social Security Trustees report.

Despite alarming headlines, the report reveals a nuanced reality. Yes, Social Security faces financial challenges, but it's not as dire as some portray. The combined Trust Funds can cover all benefits until 2035, with 83% coverage thereafter.

Imagine your household expenses are $5,000 monthly, but your income falls short at $4,150. You dip into savings to bridge the gap, but it won't last forever. Similarly, Social Security's backup funds will deplete in 11 years unless action is taken.

Congress must act, but solutions aren't easy. Increasing revenue (like raising taxes) or reducing expenses (like cutting benefits) are politically sensitive. High earners may face increased taxes, and younger workers might see a higher retirement age.

My advice? Don't rely solely on Social Security. Work as if it's up to you because it is. For younger generations, it's about preparing for a different retirement landscape.

In the end, remember Grandpa's wisdom: "Social Life, Social Security. Neither comes with guarantees." Stay informed, stay proactive, and I'll catch you in the next video. 🚀💼

Watch this next:

How to Calculate Social Security Break-Even

https://www.youtube.com/watch?v=oZZDT8868BY

https://ogradyfinancial.com

O’Grady Financial LLC is a Registered Investment Advisor. Information presented on this channel is only for educational and informational purposes. It is not intended to be financial advice for any individual or entity.

This video is not sponsored.

https://www.youtube.com/watch?v=6TVb55DfNLs

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