Social Security benefits paid to recipients are primarily funded from two sources — payroll taxes collected from workers and the Social Security Trust Fund. Of these two sources, payroll taxes bear most of the burden, making Social Security primarily a pay-as-you-go system. Today, roughly 20% of all Americans are retired and supported by Social Security which would amount to over 60 Million (or 1 out of every 5) people *Source: Wiki.
Our aging population combined with all the headlines about the Social Security Trust Fund running out of money in 2033 may light a fire for younger generations to save more aggressively for their retirement.
Note: Consider to visit the Social Security Administration to help get you on your way to making the best decisions for your retirement, disability, survivors and Medicare enrollment options.
If you have any specific questions on your retirement and Social Security planning or would like to register for a no-obligation portfolio check-up, do not hesitate to give us a call at (561) 210-7887. For more information on working with us please visit Getting Started.