Social Security helps retirees, of course, but also the disabled and families if a spouse or parent dies. People at or close to retirement can count on receiving Social Security benefits as promised. But when the Baby Boomer generation began retiring in force, the number of Social Security recipients increased dramatically, while the ratio of workers to retirees continues to decline. This means that making of the most of outside investments is essential.
It is projected that Social Security can pay 100 percent benefits until 2042, reports the Social Security Administration. However, the news that without changes, the Social Security Trust Fund will be exhausted by then is no longer startling — it is simply true. Benefits will have to be reduced or provided on a means-tested basis, or full-retirement age extended, or the entire system privatized long before then.
How that will affect individual investors depends on the person's age, situation, and what changes are made to the program (and when). To find out what benefits are projected to be at retirement, people can request their Social Security Statement (available online at http://www.socialsecurity.gov, by calling 1-800-772-1213, or visiting a Social Security office).
Ohio National is not affiliated with, nor does it endorse or sponsor, any particular prospecting, marketing or selling system.