2023 - ERB FINANCIAL

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Closing the Social Security Funding Gap

According to the 2021 Social Security Trustees Report, the reserves that help fund Social Security retirement and disability benefits will be depleted in 2034, one year earlier than last year’s projection due to the pandemic. At that time, the program will be able to pay only 78% of scheduled benefits. Numerous bills have been introduced to address the shortfall, but lawmakers have stalled because potential fixes require increased taxes and/or benefit reductions. The chart below shows the estimated percentage of the 75-year Social Security funding gap that would be closed by some proposed changes.

Source: Social Security Administration, December 13, 2021

 

Link to Printable PDF:    2022 05 May Newsletter

 

IMPORTANT DISCLOSURES

ERB FINANCIAL is an independent contractor who offers Investment Advisory Services & Securities through Excel Securities & Assoc., Inc. member FINRA, SIPC, 200 Canal View Blvd., Rochester NY 14623, 585-424-1234.

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

This communication is strictly intended for individuals residing in the state(s) of NY. No offers may be made or accepted from any resident outside the specific states referenced.

 

Prepared by Broadridge Advisor Solutions Copyright 2022.

Filed Under: Articles, Consumer Alerts, Retirement, Social Security

Call: (585) 426-8190

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Copyright 2019 - ERB FINANCIAL is an independent contractor who offers Securities and Investment Advisory Services through Ashton Thomas Securities, LLC, member FINRA/SIPC, 200 Canal Park Blvd, Rochester, NY 14623, 585-424-1234 • Ashton Thomas Securities, LLC and Erb Financial are separate entities; There is no common ownership between the two. Ashton Thomas Securities, LLC is a Member of [FINRA] and [SIPC]
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