Is Social Security Going To Run Out Of Money || Is Social Security Really at Risk
Full Video Here: https://youtu.be/a63przm0ydI
Is Social Security going to run out of money? Is your Social Security benefit in danger of being cut, changed, or taken away? What year will Social Security run out of money? These are some of the questions I want to answer in this Social Security video and podcast.
Is Social Security going to run out of money? The quick answer is no. No, Social Security will not run out of money. Let me say that one more time, Social Security will not run out of money. You are not going to lose your Social Security benefits or your Social Security Check.
Now, is there a concern that Social Security won’t be able to pay out full benefits at a certain point in time. Yes! There is a real risk that Social Security will not be able to pay 100% of promised Social Security benefits at some point in the future.
When is that year? It depends.
It depends on who you ask or what Government or non-profit think tank is doing an analysis on Social Security. Most experts agree that Social Security will begin to struggle to pay 100% of promised Social Security benefits around the years 2034-2035. What does this mean for you and your Social Security.
Well, whenever Social Security does stop paying out full Social Security benefits, your benefits will most likely be cut 25%. That means you’ll only receive 75% of your total Social Security benefit. BUT be confident in know this: Social Security is FULLY FUNDED for the next 25 years.
So, how can Social Security be fully funded for the next 25 years yet have the risk to not pay out 100% of promised Social Security benefits?
FICA taxes. FICA taxes are the taxes you pay into Social Security to pay out benefits to current individuals who are on Social Security. Currently, there are enough workers to pay for 75% of benefits somewhere around the year 2034-2035.
Here is what you need to know. Social Security is not going to run out of money. Yes, benefits could be cut and yes this will hurt a lot of Americans. But the fear that Social Security will disappear seems overblown.
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