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Social Security Update

Social Security Update Because of its importance in most people’s retirement plans; we receive a lot of questions regarding the long-term viability of Social Security. Every year, the Trustees of the US Social Security trust funds provide their report on the current and projected financial status of Social Security.

You’d never guess by the scary headlines containing terms such as “crisis” and “future uncertain” that the latest annual report issued by the US Social Security Trustees showed a slight improvement in the program’s financial outlook. This improvement is attributed, in part, to the phase-out of two benefit claiming strategies, a policy decision contained in the Bipartisan Budget Act of 2015 (Budget Act) passed last November.

Keep in mind that there are two separate trust funds from which Social Security benefits are drawn: the Disability Income (DI) Trust Fund for disability benefits and the Retirement Trust Fund for retirement benefits.