This week, I’m explaining social security retirement benefits and a few of the more important considerations you’ll want to keep in mind as you decide when to begin collecting your checks.

Today, I’m talking about one of the most common fears among retirees - cuts to social security. My clients fret about this all the time, and for good reason - if you’re the average American worker, social security makes up about 40% of your income in retirement. With it being such a big source of income for many of us, potential cuts to social security is a big deal and would be catastrophic for many. 

Just like a wasteful and frivolous trust fund baby who has squandered every last dime of their inheritance, the U.S. has done the same thing. The social security trust fund is projected to go broke in just 15 years - in 2035. 

For a variety of reasons, and mostly because it will be so unpopular to address, lawmakers just keep kicking the can down the road, and will keep doing so until social security is in a true crisis and must be addressed. Which looks to be about 15 years away. 

What’s important for retirees or those planning for retirement to realize is that with so many Americans dependent on social security, it’s unlikely that you’ll see cuts to your social security once you start collecting your check. 

However if you’re 35 like me, or even 45 or 55, I think there is more cause for concern about whether or not you’ll have the same social security benefits that many retired Americans are enjoying today. 

In all likelihood, the empty trust fund will be replaced with a combination of tax increases on working Americans and a delay in the age in which you can receive benefits. 

That’s it for today, but before you go...If you haven’t already left a review for the One Minute Retirement Tip, please consider leaving an honest review in Amazon or Apple Podcasts. I read them all, so feel free to leave any feedback or topic suggestions there too. 

Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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