Report: Social Security will become insolvent in 2034
CAPE GIRARDEAU, MO (KFVS) - For anyone pulling from social security after 2034 a new report says that you'll probably need to save more of your own money.
According to Derieck Hodges, a certified financial planner, a single person would need to save $150,000 extra if they expect social security to disappear completely.
A couple would have to save closer to $250,000.
In 16 years when the trust runs dry people will still receive 79 percent of what they currently would be getting, but making up the loss in money may mean a change in your plan.
"Look at your retirement plan and increase your contribution, so I think that's one of the things, I think maybe thinking in terms of working longer is another big part of that," said Derieck Hodges "If you're not gonna count on social security, you got to make up that money somewhere."
Hodges also said that he doesn't actually expect the government to let social security completely run out. At the very least there will be stop-gap measures as we get closer to the end date. He said it could be similar to the way the Illinois state budget runs.
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