What Advisors Say about Concerns Regarding Social Security’s Ability to Pay Retirement Benefits

A recent Bankrate survey found that the majority of Americans, including both retired and non-retired individuals, are concerned about the future of Social Security once its retirement trust fund is depleted in 2033. Older Americans, such as baby boomers and Gen Xers, expressed more worry about receiving their benefits. Despite these concerns, financial advisors recommend waiting to claim Social Security benefits until full retirement age or even later to maximize payments. They also emphasize the importance of saving early and consistently to avoid relying heavily on Social Security in retirement. Social Security is seen as a form of inflation-indexed longevity insurance by experts, providing unique benefits that may not be replicated by other financial products. While many Americans expect to rely on Social Security in retirement, experts suggest taking steps to save and invest for the future to supplement retirement income. Overall, while Social Security remains a concern for many, individuals are encouraged to take proactive steps to ensure financial stability in retirement.

Photo credit
www.nbcnews.com