The Social Security check is without a doubt one of the most important monthly incomes for US citizens. Although it is not recommended to rely solely on these benefits for income, many Americans have no other option.
However, it is true that over the last 80 years, payments for this benefit have remained consistent, and Americans who receive a check of this nature have been able to pay a portion of their expenses without difficulty thanks to Social Security. However, this could change soon, as benefit payments may stop 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 current trends continue, the Social Security Administration may not have enough funds to pay all of the usual benefits in 2035. This is due to changes in taxation, inflation, and other important factors that have thrown the pension system out of balance.
In this sense, if we truly find ourselves in this situation in 2035, we may discover that only 75% of retiree payments reach current accounts. As a result, we may receive a reduced payment or be unable to access Social Security benefits at all.
For the time being, we will continue to receive our monthly checks, but everything appears to point to the Social Security Administration running into serious problems, with US citizens bearing the brunt of the consequences.
What can I do if I don’t get Social Security in the future?
One of the best ways to have money in the future is to begin saving while we are working. Making a benefits plan can be a lifesaver when we decide to retire. Another way to ensure a comfortable retirement is to seek 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 for certain in the future. So make sure you have money saved by then, and don’t rely solely on retirement benefits, as they may not come through.
