Mailbag Question:

“Everything I hear about Social Security is bad, and it sounds like the program will run out of money in a few years.  Is there a good reason I shouldn’t file for benefits now before the money runs out?”

 

Intro:

“Many retirees are concerned about the state of Social Security, and some of them even expect the program to crumble in the next few years.  Does that mean you should get your money out now before it does?  This week we respond to a listener question about by explaining what’s going on with Social Security, how long it’ll be before the Social Security trust runs out of money, and what will happen when it does.  We also cover an article from Consumer Affairs about why car insurance premiums are rising so much, and review a very strong rebound in the markets”

 

Resources

The 2024 OASDI Trustees Report

ssa.gov/OACT/TR/2024/

A Summary of the 2024 Annual Reports  

ssa.gov/OACT/TRSUM/index.html

 Auto insurance is outpacing inflation and getting worse

consumeraffairs.com/news/auto-insurance-is-outpacing-inflation-and-getting-worse-081524.html