No Need to Panic: Social Security Is NOT Running Out

Yes, Social Security is undergoing some changes, including a possible reduction in benefits in the not-too-distant future – but the checks won’t stop coming. Here’s why the program is changing and what to expect.

A retired man gasps with a panicked look on his face.
(Image credit: Getty Images)

Social Security is a great, noble and necessary government program established by President Roosevelt in 1935. In almost 90 years, there have been minimal changes to Social Security benefits. And with people living longer, a new program is needed.

Given this history, it is no surprise that changes are coming to Social Security. To eradicate panic, it is essential to understand that the worst-case scenario is an almost 25% reduction in benefits. So, while not ideal, changes to Social Security – or as others have reported “running out” – will not mean zero benefits.

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Andrew Rosen, CFP®, CEP
President, Partner and Financial Adviser, Diversified, LLC

In March 2010, Andrew Rosen joined Diversified, bringing with him nine years of financial industry experience.  As a financial planner, Andrew forges lifelong relationships with clients, coaching them through all stages of life. He has obtained his Series 6, 7 and 63, along with property/casualty and health/life insurance licenses.