Trumps presidency has offered promise of economic growth in America, but economic growth doesn’t mean that everyone in the country is going to have more money and suddenly be in a better place. In fact, the bulk of Trumps plan, or at least what we can see so far, relies heavily on giving more money in the corporations and people of America. But as far as social security there hasn’t been much mention of repair. This is not good news to the more than 60% of those dependent on the system. In fact many believe that much more of the government’s efforts should be directed towards fixing the Social Security system. The Trust fund for Social Security holds about 2.8 trillion in it right now, but many experts say it could be depleted by 2034. This is because of the rate that people are exiting the work force and the amount of time they are pulling from Social Security. In fact there are 10,000 people retiring every day. Not to mention that the average American life expectancy has increased by 9 years since the 1960’s. With this as well as the unemployment rate continuing to tug along, means that there aren’t going to be as many new workers as necessary to support the increasing number of those drawing from the Social Security fund.
This isn’t to say that Social Security will be done by 2034 as a fact, but more to say that its not going to be as large a part of your retirement income as you may have expected, or as your parents may have had before you. So what can you do instead? Well the first step would be to figure out how much you need for your retirement, and finding out how much of that Social Security will be able to cover. The next step would be creating a dependable retirement income with a financial professional. In fact there are certain ways of filing for Social Security that could increase your monthly income by thousands, depending on your situation. Coupled with your social security, your retirement savings could create an income that you can not only depend on but thrive on as well with the right direction from a financial advisor. If you need help figuring out your social security as well as the rest of your budget afterwards Call David now, finding solutions is what he does.