"By 2034, he says, Social Security's reserves are expected to run out of money if nothing changes. "Depending on what Congress does (or doesn't do), future retirees might need to prepare for the possibility of reduced benefits, and workers might see a hike in Social Security taxes," added Ramsey. Bottom line - we can't count on the government to take care of us in retirement."
"At the moment, more than four million Americans are turning 65 between now and 2027. "That's over 11,000 people hitting this milestone every single day. The program's cash surplus is expected to run out in less than a decade," according to NPR. That also means that when more people go to retire, they'll be met with limited resources from Social Security. With that being the case, many of us need to figure out how to make the most of our finances to have a safe, healthy retirement."
Social Security reserves are projected to run out by 2034 if no changes occur, creating risks of reduced benefits or higher Social Security taxes. More than four million Americans will turn 65 between now and 2027, with over 11,000 reaching that milestone daily, increasing strain on the program. Many retirees may face limited Social Security resources, making sole reliance on the program risky. Individuals should maximize contributions to tax-advantaged retirement accounts such as 401(k)s, IRAs, and HSAs, contribute enough to secure employer matches, and use the April 15, 2026 deadline to apply 2025 contributions to lower taxable income.
Read at 24/7 Wall St.
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