6. The Social Security Trust Fund will face insolvency in 7 years
Seven years may sound like a lot of time, but time flies rapidly. Meaning that the reduction in your Social Security benefits is approaching. This reduction could translate to a 23% cut that would force future beneficiaries to save up to $150,000 in order to cover the shortfall.
It may not be seen as an overwhelming issue as we speak, but that day will eventually come if proper measures aren’t taken.
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