When it comes to income in retirement, one looming question confronts most individuals: How much money is enough?
While the answer to that question in never black-and-white, recent headlines about the solvency of Social Security could be injecting more fear into that dilemma.
Last week, the Social Security Administration released its annual trustees report. Its new projections moved up the date for when the fund that pays retirement benefits would be exhausted to 2033, at which point 76% of promised benefits would be payable.
Lawmakers are expected to address the program’s solvency at some point. But the question is when. And, when they do, the changes are generally expected to include benefit cuts, higher taxes or a combination of both.
Polls show many Americans already have shaky faith that Social Security will be there for them when they retire.