April is National Social Security Month. With the future of Social Security in question, financial planning will become increasingly important for those seeking a secure retirement.
Social Security has long been the cornerstone of American retirement.
According to the Social Security Administration, nearly 67 million Americans will receive monthly Social Security benefits in 2023. Meanwhile, approximately nine out of ten seniors aged 65 and older were collecting Social Security benefits as of December 31, 2022.
Indeed, many older Americans rely on Social Security as a key source of income in retirement. Yet with recent projections showing the program’s reserves are likely to run out by 2033—one year sooner than previously estimated—Social Security may no longer be the retirement bedrock it once was.
The future of Social Security may be uncertain for some time. Nevertheless, careful financial planning will be necessary for those who hope to retire comfortably one day.