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The Board of Trustees of the Social Security Trust Funds issued their 2019 report on the operations and status of the funds, and it was a mixed bag of results.
On the positive side, the report showed that 2018 ended up being a better year than was expected. Rather than running a deficit for the first time since 1982, as was forecast in last year’s report, the trust fund actually recorded a small surplus for 2018.
Despite a positive year in 2018, the overall Trust Fund is still in a precarious position. The fund is now expected to reach deficit status in 2020, and that deficit is expected to continue until the fund is entirely depleted in 2035, although this is an improvement of one year beyond what was forecast in last year’s report.
Tim Steffen, Baird’s Director of Advanced Planning, recently spoke to Morningstar.com about the key highlights from the 2019 Board of Trustees of the Social Security Trust Funds 2019 report.
Baird’s Financial and Estate Planning team recently created a whitepaper that dives into the details of the Board of Trustees report. This paper includes:
A summary of the 2018 activities of Trust Fund
The latest short-range and long-range projections for the future of the Trust Fund
Potential solutions to extend the life of the Trust Fund
It is evident that the future of Social Security will look different than it does today, which makes retirement planning even more important. I would be happy to discuss how Social Security fits into your retirement plan, including how the latest Social Security projections can impact your plan, as well as other financial goals you may have.
Please contact me if you have any questions concerning this content, as well as any other general inquiries you may have. Thank you for your continued partnership and trust.
Bradley R. MacLachlan, CFP®, CIMA®
Please click on the title above to open listen to Tim Steffen's discussion with Morningstar. Feel welcome to call Brad at 616-233-8779 or email email@example.com with any questions.
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