3 Reasons You'll Be Disappointed with Your Social Security Benefit and How to Fix It
Banking on Social Security to keep you afloat in retirement? You'll have to rethink that plan. While Social Security normally replaces about 40% of your working income -- which often isn't enough for many to survive comfortably -- there's a good chance you'll get even less. Here are three factors that could degrade your Social Security benefit, and what you can do about it.
According to the latest projections, Social Security's asset reserves will run dry by 2035. Those asset reserves cover the shortfall between the Social Security revenue collected through payroll taxes and the funds paid out to beneficiaries. If no changes are made to the Social Security system, the shortfall would have to be addressed by reducing benefits, to the tune of about 24%.
Image source: Getty Images.
Source Fool.com
