Even Current Retirees May Not Get Their Full Social Security
Social Security's Trustees recently released their 2017 report on the health of the program and its trust funds. Just like last year's report, this year's sounds the alarm that Social Security's trust funds are on track to run out of money by 2034, just 17 short years from now. If nothing changes, when the trust funds empty, benefits will need to be cut by around 23% in order to match expenses with income.
Unfortunately, the inevitable ticking of the clock, with no action being taken to shore up the program, means that you have one less year to invest to cover the gap you'll face if the trust funds do empty. It also means that many current retirees are at risk of seeing their benefits cut near the end of their lives.
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Source: Fool.com