This could end in 2035

As we deal with the current inflation and rising prices, there was even more bad news this week for residents across the country and here in New York State.

How prepared are you for your future or your retirement? Is it something you plan to do? Or are you trying to count on some form of social assistance or security? If you have a 401k, what does it look like today?

No one likes to answer these questions, but it may be even more important to be ready than ever. There are reports that Social Security funds may run out and there is even a new target date.

There are some news outlets reporting that the current Social Security fund may run out in the next decade.

CNBC reports: “This year’s report is a benchmark of good news for the millions of Americans who rely on Social Security, including the approximately 50% of seniors for whom Social Security is the difference between poverty and a life of dignity – any potential benefit The reduction event has been postponed from 2034 to 2035,” Social Security Commissioner Martin O’Malley said in a statement.

While the news is bittersweet, the fact remains that there is a good chance that these funds are running out and the benefits will be reduced or limited if these findings are true.

Be prepared and save now! That’s the best advice for all of us!