Social Security trust funds will not run out of money until 2035, at which point Seniors can expect their benefits to be reduced by 17% unless Congress takes steps to shore up the program.
Social Security benefits are still projected to start running out, but a recent report released by the Treasury said benefits may not need to be cut until 2035, one year later than previously forecast. Trustees said that the Social Security trust funds will begin to run out of money by 2035 and senior citizens can expect their benefits to be reduced by 17% unless Congress takes steps to shore up the program.
"People's 'magic number' to retire comfortably has exploded to an all-time high, and the gap between their goals and progress has never been wider," Aditi Javeri Gokhale, the chief strategy officer, head of institutional investments and president of retail investments at Northwestern Mutual, said. "Inflation is expanding our expectations for retirement savings, and putting the pressure on to plan and stay disciplined.
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