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Ask The Compound
Is Social Security Going Bankrupt?
May 9, 2024
Bill Sweet, RWM CFO, joins the podcast to discuss the future of Social Security, Thrift Savings Plan, tax planning, and more. They cover topics like asset allocation, retirement income strategies, and the importance of seeking financial advice.
35:40
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Quick takeaways
- Social Security projected insolvency by 2035, potential solutions include benefit reductions or tax increases.
- Rule of 55 allows penalty-free withdrawals from retirement accounts at 55, careful tax planning optimizes financial outcomes.
Deep dives
Social Security Solvency and Future Projections
Concerns about Social Security solvency arise due to projected insolvency by 2035. Despite potential shortfalls, approximately 83% of scheduled benefits could still be covered by 2035. Various solutions are proposed, including benefit reductions, tax increases, or additional government borrowing to sustain the program. The future outlook indicates a need for action by policymakers to address potential financial strains and ensure continued benefits for recipients.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode