Our fantastic Social Security Expert Tom Clark (Twice a speaker and counting) – Wow that was way back in 2019 and the second visit five or so years after our initial speaking engagement garnered a 15 Part Series ! Hit this link for the series! …
Back to a comment by Clark “Social Security will never stop, the economic benefit to the economy and the elder community is WAY too great!”
While we agree, one cannot help but see some of the terrible headlines saying the government retirement plan will run out on X date!
Hat tip to Michael Kitces and his team for having a nice update of about 90 minutes yesterday to bring some clarity to the subject…
Of a smaller than normal slide deck, this one jumped out and was surprising!
Here is the take:
Social Security Asset Reserves ARE rolling over – Mustard line – but they were underfunded in the beginning too – see 1970’s
They are not crashing and with minor adjustments can level or even head upwards
This is not surprising for a system set up when Longevity was no where near what we have today – Yay on that last part
Likely possible shortfall not addressed until it becomes more critical – No one wants to fix it right now!
Agreement with Clark – this is not going away
Very unlikely to change benefits after they have commenced
As many of you know that have done retirement projections together… Candid thinking on the subject:
“Means testing, just like Medicare is the template. Higher incomes will be taxed higher, in effect giving a lower benefit.!”
So higher incomes lead to lower benefits…. most would say that is ok ! Going away…nahhh
Have a Great “Social Security NOT going away” Day!
John A. Kvale CFA, CFP
AI Content Authenticity: All of the following text content has been completed by myself and has not been edited or created by AI. Occasionally we do use AI for images and will note when appropriate.
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
