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How much the shortfall could cost you

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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.

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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

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