Retirement income from Social Security may no longer be a sure thing once you stop working. The Social Security Administration (SSA) has announced that a shortfall in funds will occur in 2034 and that Social Security benefits will be reduced by about 23 percent. It means that people planning to depend on Social Security for their retirement income should start saving more money to make ends meet during their senior years.
The people impacted the most are those who are closest to retirement because they have little time to save more money before reaching their retirement years. People in their 20s and 30s have the best opportunity to prepare and not need to depend on Social Security benefits alone to get by after they retire.
