Anil Vazirani Scottsdale Investment Advisor shares Social Security insolvency — and lower benefits — could arrive sooner than expected
Nearly $3 trillion that acts as a barrier against the cuts to Social Security benefits from insolvency could run out even sooner than previously expected.
The Old-Age and Survivors Insurance Trust Fund will begin sustaining annual deficits of more than $100 billion by next year — and vanish by 2031, according to a Sept. 2 report by the nonpartisan Congressional Budget Office.
Without any legislative fix, the depletion would automatically slash benefits for some retirees by 20% to 25%. In a projection earlier this year that didn’t include the economic impact of the coronavirus, the Social Security trustees had predicted cuts due to insolvency by 2035.
Referenced link: https://www.financial-planning.com/news/cbo-projects-social-security-trust-fund-depletion-in-2031
Anil Vazirani is president of Secured Financial Solutions, independent insurance advisor investment advisor rep with a fiduciary obligation and in the financial services industry since 1994. A+ rating with the Better Business Bureau for over a decade and a half, members in good standing with the National Association of Insurance and Financial Advisors.
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