Do you have a backup plan if there’s no Social Security funds when you retire? It’s never too late to start Plan B! – SRC
As you may know, the Trustees for the Social Security Trust Fund have estimated the Trust Fund will be depleted by the year 2035.
This is if you accept the polite fiction that the Trust Fund is completely filled with assets which of course it’s not.
But, as long as the accounting sleight of hand remains inviolate, the Old Age Trust Fund will continue to pay benefits until 2035.
But what happens after that date? According to these two new studies just published by the Congressional Research Service:
Congress could restore balance by reducing scheduled benefits by about 23%; the required reduction would grow gradually to 27% by 2091.
That’s a quarter of your Social Security income cut immediately.
And this is a best case scenario. If the economy tanks, the Trust Fund will drain even faster moving up the date of benefit cuts dramatically.
Here you can read the grim facts for yourself.