2034
Yes, the year. According to an annual report, Social Security Trust Fund is expected to run out in 2034. I know, this sounds threatening, and it surely shouldn’t be ignored.
But there is good news! That doesn’t mean Social Security is disappearing, but it shows how important it is to restructure the whole program so that Americans won’t have their benefits reduced. Since Social Security is such an important political issue, some changes are likely to happen before 2034.
It’s essential to understand that SSA doesn’t plan to discontinue payments but rather monthly benefits will be cut down unless some changes are made. Having this in mind, when organizing your lifetime investments, it’s wise to take into account the possibility that your benefits may not be exactly what you’re expecting.
NJ should be on your list of “12” as Social Security is taxed federally.