A new law adds to Social Security's benefit costs at a time the program's funding is already running low. Here's what that means for retirement planning.
The Social Security Fairness Act adds to Social Security 's benefit costs when the program's funding is already running low.
In 2024, Social Security's trustees projected the program's combined funds may last until 2035, at which point 83% of benefits would be payable. The newly enacted changes bring that date closer That doesn't mean Social Security benefits won't exist at all, Blanchett said. But he said it would be wise to assess how receiving just 80% of today's benefits, or even 50% of the current value for dual-income households, affects your retirement plan.
Joe Elsasser, a certified financial planner and president of Covisum, a Social Security claiming software company, said he recommends a "stress test" for retirement plans in light of the possibility of benefit cuts.
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