Reduced Benefits? Extended Solvency and Future Benefits | Social Security Update 2024

Learn about the latest updates on Social Security and what they mean for your future benefits. Discover how economic factors contribute to the sustainability of the trust funds and the actions Congress might take to secure them.

In this update, you’ll explore the crucial aspects of Social Security, focusing on the financial health of the Trust Funds and what that means for future benefits, including SSI and SSDI. You’ll learn about the significant role the economy plays in supporting Social Security through wage growth and employment rates. Understand the consequences if Congress doesn’t act by 2035, which could result in reduced benefits. Additionally, we cover potential solutions that Congress could adopt, including tax adjustments and benefit changes, to ensure the system remains supportive for all. This is a great way to get informed about how these issues might impact your financial planning for the future.

Reduced Benefits? Extended Solvency and Future Benefits | Social Security Update 2024

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Money Instructor does not provide tax, legal, or investment advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or investment advice. You should consult your own tax, legal, and investment advisors regarding your own financial situation. Although the information has been researched and vetted beforehand, it may not be current at the time of viewing. Please note, the context of financial investments can be complex and dynamic, necessitating professional advice tailored to your unique circumstances.

Categories Budgeting, Financial Planning, Investing and Financial Planning, Retirement

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