Bad News: Social Security Funds Could Run Dry by 2035
The Social Security Administration now says the funds Social Security uses to pay benefits will run dry by 2035, one year later than previously predicted. For most Americans those extra 12 months are cold comfort. Will Congress come to the rescue? There’s a bill in the House of Representatives that could make some difference, but even if it becomes law, that might not be enough to sustain the program at its current level of benefits. Here are some things you can do to prepare for 2035 if Washington doesn’t rise to the challenge.