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Determine when the social security surplus expires

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Not being able to receive full benefits when the social security surplus expires will raise a lot of stress and commotion over how certain people will be able to continue living without that source of income. With that being said, upcoming generations and those currently living off Social Security benefits will have to prepare for the funds to run out. Preparing for that would include saving money ahead of time and possibly even working more than one job to increase the level of income. As long as the income is higher than the amount of money being paid in bills or towards debt, the concept of saving money to put towards a 401K or even a personal savings account would become a lot easier.

Question 1: When the social security surplus expires ,Does the social security benefits will have to prepare for the funds to run out? why or why not?

Question 2: the ramifications of not being able to rely on Social Security and how that impacts their own deferred compensation planning in the future?

Reference no: EM132465535

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