The Future of Social Security
Are you depending on Social Security to provide for your needs in your retirement
years? If so, you should consider the following:
- Social Security provides only 45% of the retirement income a low-income worker will
require, only 20.25% of the retirement income a married high-income worker will
require, and a mere 13.5% of the retirement income required by a single high-income
worker.
- In 1950 the worker-to-Social Security recipient ratio was 16-to-one. Currently the
ratio is 3.3-to-1. Within 40 years, that number will shrink to 2-to-1.
- In its current state, the Social Security trust fund is scheduled to run out of
money in the year 2037.
- Depending on your income, the Federal government may subject up to 85% of the benefits
you receive from Social Security to Federal income tax.
- If Social Security funding and distribution of benefits continue
at their current levels, the Social Security Administration indicates that a worker
who is currently 35 years old could, at age 73, see his/her scheduled Social Security
benefits be reduced by 27 percent from current levels, and they could continue to
be reduced every year thereafter.
This Web site is intended for general information purposes only. It does not nor is it intended to constitute legal, tax or investment advice. United Financial Systems, Corporation is not a lawyer, registered investment advisor or investment advisor representative, and is not engaged in the practice of law or the business of investment advice.