Social Security Running out of Money || Social Security Benefits Explained || Retirement Income
In this video I want to discuss the new forecast showing Social Security running out of money in 2033. This is an update to last years Social Security forecast that showed Social Security running out in 2034. Here are some quick highlights from the video:
-Primary Social Security fund for Retired Individuals will run out in 2033.
-Social Security is expected to pay out more retirement income to retired individuals than it takes collects in 2021.
-Old Age & Survivors Insurance Trust fund which provides Retirement Income to retired social security claiming individual’s will from out in 2033, Medicare in 2026.
-Tax Revenue will only cover 76% of social security benefits after 2033.
-Higher inflation and Social Security COLA increase in 2022 will also deplete Social Security faster than expected.
-Retirement Income should be protected with tactical retirement investment and retirement income planning.
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Other videos you might like:
Big Social Security Increase in 2021: https://www.youtube.com/watch?v=0WoEI80SruM&t=12s
Max 401k Contribution 2021: https://www.youtube.com/watch?v=288ivBvYgM0
Retirement Planning & Retirement Income: https://www.youtube.com/watch?v=jUQytd4qAjg
Retirement Savings & Retirement Investing: https://www.youtube.com/watch?v=CbwZSYKRpXs
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