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Social Security faces potential trust fund depletion by 2034, but ongoing payroll taxes will still cover about 81% of promised benefits even if Congress doesn't act. Mike Skrynecki shares insights on optimizing claiming strategies, understanding benefit calculations, and navigating potential future changes to maximize your retirement income.

• Most Americans rely heavily on Social Security, with 69% expecting it to be a significant retirement income source
• The Social Security system consists of retirement, survivor, and disability benefits funded primarily through payroll taxes
• Recent tax changes in the "One Big Beautiful Bill" may actually accelerate trust fund depletion from 2034 to 2032-2033
• Claiming benefits early (age 62) results in a permanent 30% reduction compared to full retirement age (67)
• Delaying benefits until age 70 increases your monthly payment by 8% per year beyond full retirement age
• Only about 4% of Americans optimize their Social Security claiming strategy, leaving $3.4 trillion in potential benefits unclaimed
• For married couples, having the higher earner delay benefits can maximize survivor benefits
• Up to 85% of Social Security benefits may be taxable depending on your income level
• Working while collecting Social Security before full retirement age can result in benefit reductions
• Potential solutions to funding gaps include raising the payroll tax cap, increasing retirement age, or modifying cost-of-living adjustments

To learn more about Medicare enrollment or Social Security optimization strategies, register for Mike Skrynecki's upcoming webinar on September 15th at 4:00 PM or visit skryneckifpg.com.