The concepts of solvency, sustainability, and budget impact are common in discussions of Social Security, but are not well understood. Currently, the Social Security Board of Trustees projects program cost to rise by 2035 so that taxes will be enough to pay for only 75 percent of scheduled benefits… adjustments to taxes or benefits that offset the effects of the lower birth rate may restore solvency for the Social Security program on a sustainable basis for the foreseeable future. Finally, as Treasury debt securities (trust fund assets) are redeemed in the future, they will just be replaced with public debt. If trust fund assets are exhausted without reform, benefits will necessarily be lowered with no effect on budget deficits.
— Chief Actuary of the Social Security Administration.
This week on the David Lukas Show, David continues the theme of Who’s Supporting You… Who Can You Trust by talking about a very important player in retirement. Social Security. And why is Social Security a vital part of planning your retirement correctly? It’s crucial because depending on when and how you choose to start collecting your benefits can greatly affect the security of your financial future.
Important topics discussed in today’s show:
- Social Security, the history
- When, why, and how Social Security affects your finances
- Concerns about the solvency of Social Security
- How Social Security impacts upon your retirement planning
- How the WorryFree Retirement® provides security in retirement
To get all of this important information, and more, listen to the entire episode today.
Articles referenced on today’s show:
PDF: When You Should Claim Social Security
Wikipedia Article: Social Security Trust Fund
Important information from last week’s episode:
Who are the five players in retirement ? The five players in retirement are as follows:
- The Government- offers support via Social Security, Medicaid, Medicare
- Your Employer- offers support by offering a defined benefit plan (pension) or a defined contribution plan (401k plan).
- Wall Street- provides opportunity for growth of investments, but no guarantees.
- Insurance Company(ies)- focused on guarantees and certainty
- Bank(s)- offers support by having a “safe” place to keep money.
Want to know more about how David Lukas Financial can benefit you and your retirement portfolio—call all David Lukas, (501) 218-8880, today to learn more about The WorryFree Retirement® process. David Lukas Financial is conveniently located right here in North Little Rock, Arkansas.
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