<br><div><aside class="gnt_em gnt_em__fp gnt_em_vp__tp gnt_em__el" aria-label="Video - Social Security funding, explained"/><p class="gnt_ar_b_p">Come 2034, incoming revenues will be enough to pay about 76% of scheduled Social Security benefits, a <a target="_blank" href="https://www.ssa.gov/oact/TRSUM/index.html" rel="noopener" data-t-l=":b|e|inline click|${u}" class="gnt_ar_b_a">2020 Social Security Administration trustees report predicts</a>.</p><p class="gnt_ar_b_p">Given that, how might different generations plan for this? Should they plan for a 24% decline in their scheduled benefit? Should they not factor Social Security benefits into their retirement income plan at all? Or might they do something else.</p><p class="gnt_ar_b_p">“Though I think it far more likely that some combination of reforms will eliminate the need for cuts of the magnitude the trustees report suggests, people should be aware of the impact a cut would have on their overall financial situation,” says <a target="_blank" href="https://www.covisum.com/about#tm-1" rel="noopener" data-t-l=":b|e|inline click|${u}" class="gnt_ar_b_a">Joe Elsasser</a>, a certified financial planner and president of Covisum.</p><figure class="gnt_em gnt_em_img"><img class="gnt_em_img_i" style="height:372px" data-g-r="lazy" src="https://www.gannett-cdn.com/presto/2021/07/13/USAT/bbb53785-c931-4ccc-a184-d2a0143e6504-GettyImages-1184163314.jpg?width=660&height=372&fit=crop&format=pjpg&auto=webp" srcset="https://www.gannett-cdn.com/presto/2021/07/13/USAT/bbb53785-c931-4ccc-a184-d2a0143e6504-GettyImages-1184163314.jpg?width=1320&height=744&fit=crop&format=pjpg&auto=webp 2x" decoding="async" alt="Contact your Congressional representatives and make sure they hear your concern that Social Security needs a solution. Use every tax-advantaged vehicle available to you. Learn to be a better investor so the savings you do have delivers more in the long run."/></figure><p class="gnt_ar_b_p">What are some of those reforms? Tax increases, benefit cuts or a combination of both are the oft-mentioned reforms. But to date, there seems little to no interest on the part of lawmakers to tackle the <a target="_blank" href="https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html" rel="noopener" data-t-l=":b|e|inline click|${u}" class="gnt_ar_b_a">coming shortfall between incoming revenue and scheduled benefits</a>.</p><p class="gnt_ar_b_p">What to do then? “The implications with Social Security’s solvency tend to fall on generational lines,” explains <a target="_blank" href="https://mantellretirementconsulting.com/about/meet-marcia-mantell/" rel="noopener" data-t-l=":b|e|inline click|${u}" class="gnt_ar_b_a">Marcia Mantell</a>, a principal with Mantell Retirement Consulting. </p><p class="gnt_ar_b_p">She agrees with Elsasser that Social Security beneficiaries and would-be beneficiaries ought to consider the following actions:</p><h2 class="gnt_ar_b_h2">Baby boomers: On target</h2><p class="gnt_ar_b_p">Social Security benefit estimates for those born 1946 through 1964 should be on target and will be unlikely to be reduced if Congress fails to put a solution in place...</p></div> <style> .wrapper { text-align: center; } </style> <div class="wrapper"> <a class="button" href ="https://www.usatoday.com/story/money/personalfinance/retirement/2021/07/18/social-security-cuts-what-can-you-expect-get-based-your-age/7950130002/">Read more <span>➤</span></a> </div>
