Social Security Funds Could be Depleted by 2035

The Social Security Trustees released a report review on the health of the Social Security and Medicare Trust Fund in early June...

and confirmed that ...

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the combined assets of the Old-Age, Survivors, and Disability Insurance (OASI and DI) Trust Funds will...

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...will run out in 2035 if nothing is done to change the law.

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According to the report, it is expected that 80 percent of benefits will be paid out by that time.

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Ron Mastrogiovanni, CEO and founder of HealthView Solutions, wrote on the site ThinkAdvisor that...

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Around 2045, youngsters will start to turn 65, causing them to be especially scared...

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...of having their benefits cut by a huge margin.

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They should use this estimated 80 percent benefit amount as a starting point for planning...

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...how much money they will need in pension.

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Relying less on Social Security than previous generations...

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...Millennials who stop working by 2035 should create supplemental income to mitigate the reduced benefits.

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Mastrogiovanni argues that the extra money needed to rectify the gap is easily achievable.

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Let's hope for the best.

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