Home Business How much the shortfall could cost you

How much the shortfall could cost you

1 min read
0
0
65

The Social Security Administration needs more money.

The government agency’s latest report shows that the combined trust funds used to pay Social Security retirement, survivor and disability benefits will only be able to pay out as scheduled through 2033.

After that, the program will be able to pay 78% of benefits as scheduled.

Major solutions to fix the shortfall will most likely need to come from increasing taxes or slashing benefits.

Check out this video for a case study based on a solution that will leave retirees with less money.

SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox.

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.


Source link

Load More Related Articles
Load More By The Texas Chronicle
Load More In Business

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Tesla is replacing faulty Autpilot cameras in some Model S, X, 3 cars

Robotics arms install the front seats to the Tesla Model 3 at the Tesla factory in Fremont…