The Social Security Program currently pays more in benefits than it collects in revenue.

If no changes are made, Social Security will become insolvent by the year 2034, and all beneficiaries,

regardless of age or income, will face a sudden 22% cut to their benefits.

This situation and the corresponding headlines in the media have rightfully so caused many

retirement savers to worry.

It's also caused them to wonder if they should include Social Security income in their

retirement planning projections. Almost 70 million Americans collected Social Security in in their retirement planning projections.

Almost 70 million Americans collected Social Security in June of 2020.

97% of them were elderly.

And the analysts at Boston College found that future anticipated Social Security benefits

represented 60% of the average wealth for middle income Americans between the ages of 55 and 64.

Needless to say, a large chunk of the American population relies on this program.

And while the average Social Security benefit of around $1,500 per month likely won't make or break a lot of the retirement plans of our listeners here,

it's money that

you and your employer contributed throughout your working years and money that you'd probably

like to see back in your pocket, as promised. Plus, even if you don't think you need Social

Security to retire with confidence, it does help provide a buffer for some of those unknowns in

life that we just can't plan for.

For example, what if you have one of those rare, extreme long-term care events that cost

well above what you planned and self-funded for?

Or what if we go through a 10 to 20-year period where investment returns are flat or even

significantly lower than the assumptions in your financial

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