{"id":333120,"date":"2021-09-01T04:22:00","date_gmt":"2021-09-01T01:22:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/outside-the-box-your-retirement-is-years-away-can-you-count-on-social-security\/"},"modified":"2021-09-01T04:22:00","modified_gmt":"2021-09-01T01:22:00","slug":"outside-the-box-your-retirement-is-years-away-can-you-count-on-social-security","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/outside-the-box-your-retirement-is-years-away-can-you-count-on-social-security\/","title":{"rendered":"#Outside the Box: Your retirement is years away. Can you count on Social Security?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4024d32c80f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4024d32c80f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/outside-the-box-your-retirement-is-years-away-can-you-count-on-social-security\/#More_than_70_of_adults_worry_about_Social_Security_running_out_in_their_lifetime\" >More than 70% of adults worry about Social Security running out in their lifetime<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/outside-the-box-your-retirement-is-years-away-can-you-count-on-social-security\/#Morey_Stettner\" >Morey Stettner<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Outside the Box: Your retirement is years away. Can you count on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> Security?<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"More_than_70_of_adults_worry_about_Social_Security_running_out_in_their_lifetime\"><\/span>\n  More than 70% of adults worry about Social Security running out in their lifetime<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\" role=\"region\" aria-label=\"article body\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000387652\" role=\"document\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0000387652\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       In the 86 years since President Franklin D. Roosevelt signed the\u00a0Social Security Act, Americans have come to expect their benefits. But today\u2019s preretirees may wonder if those benefits will survive over the next few decades.<\/p>\n<p> Read: Why I won\u2019t wait to take Social Security<\/p>\n<div class=\"paywall\">\n       As the federal government spends trillions of dollars amid a pandemic, fears of Social Security\u2019s demise grow. Nearly half of millennials (47%) believe they \u201cwill not get a dime of the Social Security benefits they have earned,\u201d according to a recent Nationwide Retirement Institute study. Overall, 71% of adults age 25+\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/news.nationwide.com\/americans-are-failing-in-social-security-education\/\" class=\"icon none\">worry about the Social Security program running out<\/a>\u00a0during their lifetime. <\/p>\n<p>Read: Social Security could be \u2018insolvent in 8 years\u2019, economist warns<\/p>\n<p>Perhaps they\u2019ve heard that Social Security trust funds might empty out in 2034, leaving recipients with only 76% of their promised benefits payable at that time. The Social Security Board of Trustees <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ssa.gov\/news\/press\/releases\/2021\/#8-2021-2\" class=\"icon none\">just announced its latest projections<\/a> that indicate the trust funds would be depleted one year earlier than they estimated in last year\u2019s report.<\/p>\n<p>Pandemic-driven federal spending put a strain on the system. And administration officials said plummeting employment numbers in 2020 resulted in less payroll tax revenue, which in turn affected Social Security\u2019s reserves.<\/p>\n<p>Yet experts aren\u2019t overly worried. They argue that Congress can modify Social Security\u2019s financing mechanisms to preserve its longevity.<\/p>\n<p>\u201cSocial Security is so popular among Republicans and Democrats,\u201d said Eric Kingson, co-author of \u201cSocial Security Works for Everyone!\u201d \u201cNo politician wants to deliver the message that it can\u2019t pay\u201d its promised benefits.<\/p>\n<p>He adds that there are straightforward ways that Congress can address any shortfall, such as raising the payroll contribution cap from its current $142,800 to, say, $400,000. (Any income earned above the wage cap amount is excluded from the Social Security payroll tax.)<\/p>\n<p>The government can also rethink how it invests Social Security\u2019s financial reserves. Because it buys U.S. Treasury bonds\u2014and no stocks\u2014the investment returns often underperform the broader market.\u00a0<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>\u201cIt\u2019s not unreasonable to invest some of that in equities,\u201d said Kingson, a professor of social work at Syracuse University. While diversifying into more volatile assets poses risks, it can also strengthen the program\u2019s long-term viability and address at least some of the anticipated shortfall in the 2030s.<\/p>\n<p>Read: When claiming Social Security at age 66 makes sense<\/p>\n<p>Even without these and other potential changes in financing, financial advisers aren\u2019t especially concerned about the program\u2019s likelihood of collapse. They may point out that Social Security has never missed paying benefits in its long history. And most of its revenue flows from payroll contributions so that creates a continuous income stream.<\/p>\n<p>\u201cI\u2019d be surprised if anyone over age 40 sees any change in their Social Security benefits,\u201d said Jeff Branson, a certified financial planner in Biddeford, Me.\u00a0\u201cBut for people under 40, there will be changes based on the numbers right now.\u201d<\/p>\n<p>Another adviser, Beau Henderson, is slightly less optimistic. He predicts that people over age 50 need not worry about a benefit cut.<\/p>\n<p>\u201cBut if you\u2019re below 50, Social Security might not be as big of a piece of income for you,\u201d said Gainesville, Ga.-based Henderson. \u201cYou may be responsible for a bigger piece, so it\u2019s important to prepare now for that.\u201d<\/p>\n<p>Henderson assures his younger clients that even with modifications to the program, they can still count on Social Security.<\/p>\n<p>Read: How to extend your life by as much as two years<\/p>\n<p>\u201cWhat government does really well is kick the can down the road,\u201d he said. \u201cSo we\u2019ll see small, incremental changes to keep the system viable.\u201d<\/p>\n<p>He urges clients to start calculating what they might receive from Social Security well before they near retirement. Younger Americans receive printed statements from the Social Security Administration every five years that estimate future monthly benefits based on retirement age.<\/p>\n<p>Rather than wait for these statements to arrive in the mail, create an account at\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/myaccount.socialsecurity.gov\/\" class=\"icon none\">myaccount.socialsecurity.gov<\/a>. That can help you track estimated benefits for you and your spouse with each passing year.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Morey Stettner\",\"subhead\":\"The Wall Street Journal\",\"list\":[{\"type\":\"link\",\"icon\":\"bio\",\"url\":\"https:\/\/www.marketwatch.com\/author\/morey-stettner\",\"text\":\"Biography\"},{\"type\":\"link\",\"icon\":\"email\",\"url\":\"http:\/\/www.marketwatch.com\/news\/mailto:contributors@marketwatch.com\",\"text\":\"contributors@marketwatch.com\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\" aria-label=\"links to  author page\"><span class=\"ez-toc-section\" id=\"Morey_Stettner\"><\/span>Morey Stettner<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-75EA-44F5A93BDC3F%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Outside the Box: Your retirement is years away. Can you count on Social Security?&#8221; More than 70% of adults worry about Social Security running out in their lifetime In the 86 years since President Franklin D. Roosevelt signed the\u00a0Social Security Act, Americans have come to expect their benefits. But today\u2019s preretirees may wonder if those&#8230;<\/p>\n","protected":false},"author":1,"featured_media":333121,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-333120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/333120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=333120"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/333120\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/333121"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=333120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=333120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=333120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}