Navigating Social Security: What You Need to Know for Your Financial Future

Social Security is a crucial income source for millions of Americans, providing benefits to retired and disabled workers, as well as their dependents. However, concerns about the program's future have arisen, with the Social Security Board of Trustees projecting that the combined asset reserves of the trust funds will be depleted by 2034. While Social Security is not expected to run out completely, it is projected that only 80% of benefits will be payable at that point. Despite these challenges, it is worth noting that Social Security solvency has been addressed in the past, and discussions on how to protect Americans who rely on the program are ongoing.