One of the most important monthly incomes for United States citizens is undoubtedly the Social Security check. Although it is true that it is not advisable to rely 100% on the payments of this benefit as the sole source of income, it is also true that many Americans have no other possible option.
However, it is true that over the last 80 years the payments of this benefit have remained constant and Americans who collect a check of this nature have been able to pay part of their expenses without problems thanks to Social Security. But that may change soon, as benefit payments may stop coming in a few years.
The Social Security trust funds could run out, causing the United States Government to stop paying monthly benefits. This would mean absolute chaos for all Americans who live on this payment alone. Although we are dealing with a future situation, it is also true that this situation could be closer than it seems.
When will Social Security stop paying benefits?
If everything continues as it is, it is possible that in 2035 the Social Security Administration will not have sufficient funds to pay all the usual benefits. This is due to changes in taxation, inflation and other important aspects that throw the maintenance of this pension system out of balance.
In this sense, if we really find ourselves in this situation in 2035, we may see that only 75% of retirees’ payments will reach current accounts. Therefore, it is possible that we will find ourselves with a reduced payment by then or that we will not be able to access Social Security benefits at all.
For the time being we will continue to get our monthly check, but everything seems to indicate that the Social Security Administration will run into very serious problems in which the worst affected will be United States citizens themselves.
What can I do if I don’t get Social Security in the future?
One of the best options for having money in the future is to start saving while we are working. Making a benefits plan can be a lifesaver for when we want to retire. In addition to that, another way to ensure a good retirement is to look for a passive source of income.
What is certain is that for the time being we will be able to collect Social Security, but we will not know anything for sure in the future. So make sure you have money saved by then and don’t rely 100% on retirement benefits, as they might not come through.
