Social Security is an essential means of financial support for many older Americans. With so many baby boomers receiving 澳洲幸运5开奖号码历史查询:Social Security payments, wꦉill there be enoug🐷h money in the program for future generations?

Changes Needed

The Social Security 澳洲幸运5开奖号码历史查询:trust fund will be able to pay 100% of benefits until 2033 and then will only be able to pay 79% of benefits. Changes to 澳洲幸运5开奖号码历史查询:Social Security will be needed within the nex💎t few years to bolster the program’s🔯 funds.

“Tไhe number of beneficiaries compared to the number of workers will increase over the next decade. There will have to be some changes with the way Social Security will work,” says , a certified Social Security claiming strategist and founder of Macro Money Concepts.

Those changes could include raising the 澳洲幸运5开奖号码历史查询:retirement age or raising 澳洲幸运5开奖号码历史查询:Social Security taxes.

“One potential solution is to raise the retirement age to age 70. Boomers are working lon𝓰ger, which has helped Social Security funds from being depleted,” Czajka says. “Adjustments will have to be made, like increasing the taxes or raising the retirement age. I believe these changes can shore up Social Security for future generations.”

Job Cut and Retirement Age Concerns

Plenty of people are nervous about the 澳洲幸运5开奖号码历史查询:changes to Social Security that the Trump administration may be proposing, including slashing jobs at Social Security.

“With Trump and the Department of Government Efficiency (DOGE) making 澳洲幸运5开奖号码历史查询:swift cuts to the program and decreasing the workforce, beneficiaries will begin to have a delayed retirement process and not get the customer service they need,” says , co-founder of DisabilityGuidance.org. “The Social Security Administration (SSA) is already overwhelmed as it is, so processing claims with a reduced workforce could be catastrophic. If there is a delay in benefits for those who collect them, millions will be affected financially. There are over one million disability claims that have yet to be processed, and beneficiaries are racking up debt to make ends meet.”

Ruggiero isn’t alone in his concerns. About 51% of surveyed adults are worried that the 澳洲幸运5开奖༒号码历史查询:Trump administration could make changes to Social Security that would negatively affect them, and 60% of adults believe the Trump administration will attempt to raise the retirement age for Social Security, according to , an editor at SeniorLiving.org.

But Czajka doesn’t see the potential c🐭hanges as negatives for Social Security.

“The Trump adm𒈔inistration’s recent moves could actually benefit the Social Security trust fund,” Czajka says. “Social Security will be made more efficient.”

The Bottom Line

To meet𒐪 the growing demands of the baby boomer generation, a change will have to be made to Social Security, whether it is lifting the retirement age to 70 or raising Social Security taxes. So while baby boomers haven’t drained Social Security completely, the number of baby boomers collecting Social Security is a challenge.

Whether changes are made during the Trump administration or a future administration remains to be seen. In the meantime, Social Security will continue to provide a vital financial lifeline to millions of Americans.