“How much of a cut to social security benefits can you expect based on your age?”

“How much of a cut to social security benefits can you expect based on your age?,” by Robert Powell, USA Today

Quote:

“Come 2034, incoming revenues will be enough to pay about 76% of scheduled Social Security benefits, a 2020 Social Security Administration trustees report predicts. Given that, how might different generations plan for this? Should they plan for a 24% decline in their scheduled benefit? Should they not factor Social Security benefits into their retirement income plan at all? Or might they do something else.”

 

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

Never mind the likely political tinkering this article describes. The real answer is that Social Security will pay all its benefit obligations, but in vastly inflated dollars that won’t buy much. So invest as much as you can in hard assets before the inevitable happens.