The Social Security program celebrated its 80th birthday in mid August, and with its celebration came discussion of whether or not a big overhaul is in its future. If you are coming up on your Social Security eligibility age, it may be wise to keep informed of what changes and newfound issues may impact you.
One of the most threatening issues to newly eligible Social Security recipients is the fact that the Social Security disability fund is projected to be exhausted by next year. Although there is enough money to pay full benefits from now until 2035, if the fund becomes depleted, which it is projected to do, the reserve will quickly be gone.
This is not a good time for people to hear about the possibility of Social Security benefits being no more. More and more American families are struggling to save for retirement, making a necessity; the numbers of benefit recipients is projected to increase from the current 60 million to over 90 million in the next 20 years. That is, if the program still exists.
While the programs struggle is due in large part to the massive number of retired baby boomers, it also has a lot to do with that generation not having as many children as the ones before it. Retirees are using more Social Security funds than their children can put into it. While some decision makers are looking toward the upcoming Social Security struggle as a good time to revamp the program, others are simply worried about the inevitable benefit cuts the fund depletion will cause.
If you are receiving Social Security benefits or are about to, it may be wise to speak to a trusted elder law or estate planning attorney. With their help, you may be able to better protect your assets and plan for whatever the future of Social Security has in store.