How Secure is Social Security?

July 31, 2018

“The Social Security Board of Trustees will begin tapping its nearly $3 trillion trust fund to cover payouts this year – the first time since 1982 that the trust fund will pay out more than it takes in,” according to Kiplinger’s Personal Finance Advisor (Source: The Kiplinger Washington Editor, Inc. 2018).

While this may feel alarming, it’s important to know the facts. In a time of ballooning government debt, one might wonder, “How Secure Is Social Security?”

This article reasons that, “If you’re retired or close to retiring, then you’ve got nothing to worry about – your Social Security benefits will likely be paid to you in the amount you’ve planned on.” (Source: Broadridge Investor Communications Solutions Inc. 2018)

At Laurel Wealth Planning we strive to create reliable financial plans for our clients, based on a solid foundation. For many Americans, Social Security benefits are one “pillar” that supports this foundation.

As you might expect, we will continue to monitor any changes to the social security system, and the various areas of retirement planning on your behalf. As always, do let us know any questions!

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