Many retirees rely on Social Security to carry them through retirement. However, future retirees may not have the same experience. Financial analysts have warned that the trust fund could hit a breaking point as early as 2032. News flash: that’s only six years from now. And once the well runs dry, it will cause automatic benefit cuts if lawmakers don’t act now.
That’s not to say that the entire system would disappear, but it does mean that the monthly Social Security check could shrink overnight. Changes across the board are accelerating the timeline. So, what can you do to prepare? Here’s what you need to know.
