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Will Social Security Run Out?

Recently, reports have come out about social security disappearing by 2033, which has instilled fear among retirees. The truth is 76% of social security is funded by employees. This means the money pulled from a worker’s paycheck for social security, 6 1/2% of pay for each employee, is being redistributed to retirees.

So, where are people getting the idea that social security is running out? Historically, more people were working than those who were retired. As a result, the surplus funds were distributed into a social security trust fund. According to reports, this trust money is expected to run out by 2033 . Because of this, we will fall 25% short of satisfying our obligations each year. Thankfully, there are solutions to this complication. The most popular solution is to remove the social security income cap. This would cover almost 98% of the deficit! You can now worry less and stick with your financial plan!

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Casey Smith
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Wiser Wealth Management, Inc. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Happy Birthday to Kylie, our Marketing Assistant! Kylie works hard behind the scenes on our website, podcast, social media, and so much more.

Meet Daphne, our Financial Planning Intern. She is studying Finance at The University of Georgia. We are excited she's joined us for the summer!

https://conta.cc/3Ov1Fub

Your Medicare premium is affected based on which tax bracket you fall within after age 63. IRMAA is your income-related monthly adjustment amount. Watch today's video to learn more about how IRMAA works.

https://conta.cc/3zK9WGw #irmaa #medicare

The big question is, will we have a recession in 2022? Watch this video to find out!

https://conta.cc/3Mz2z7D #recession2022 #recession
https://youtu.be/45TvHaZf4z4#recession2022

Happy birthday to LJ our Video Production Manager! LJ works behind the scenes producing all of our podcasts and videos that we post every week. 🎉

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