2016 – The projected year in which Social Security will begin to incur cash flow deficits, as outlays exceed revenues. Year of trust fund exhaustion – 2037.
2017 – Projected year in which Medicare’s Hospital Insurance Trust Fund reserves will be exhausted.
Raise your hand if you’d like to depend on Social Security to fund your retirement. Not me! For those who are in the accumulation phase of life, do you need help knowing how much to save and what to invest in? Our firm can help.
Source: Journal of Financial Planning