Delayed: Projected Social Security Trust Fund Depletion

 Unless Congress takes action, the Social Security Trust Fund has been projected to be depleted. 

On June 6th of this year, the Social Security Administration estimated that would occur during Q4 of 2032. The monthly payment would be reduced to 83% of the usual. By 2021, that would drop to 65%.

Well, there may be a bit of a stay of execution on that. CNBC reports that the Penn Wharton Budget Model came up with a different estimate. Here is that model.

According to PWBM, the depletion won't occur until February 2034, with 86% payable. By 2021, that would plummet to 60%.

However, lots could happen before February 2034. For the better or for the worse. A significant variable is how effectively those concerned about Social Security lobby Congress. 

In coaching, I guide clients on how to live below their income in order to sock away more for retirement. Given increasing longevity that could go on for 30 years.

Careers? So Over. It’s about Earning a Good Living. No matter what.

Complimentary consultation. No Pressure. Street-smart Guidance. Contact Jane Genova janegenova374@gmail.com.


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