When should you claim Social Security? Retirement strategist explains key considerations.
January 28, 2025 by Robert Powell
Social Security isn’t going bankrupt, but challenges lie ahead.
The Social Security trust fund is expected to pay full benefits until 2033. While the program won’t disappear entirely after that date, payments could decrease to 79% of scheduled benefits.
“If nothing happens, 79% of benefits will still be there for about the next 75 years,” Mike Conrath, chief retirement strategist at JPMorgan Asset Management, said in a recent Decoding Retirement podcast (see video above or listen below). “[Social Security] is not going away, but if nothing happens, you could be looking at reduced benefits.”
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Michael Conrath illuminated me on several points, in this interview.
1. Social Security won’t “go bankrupt.”
2. However, beneficiaries of social security could see payments could decrease to 79% of scheduled benefits, after the trust fund is exhausted.
3. This 79% figure could be the “norm” for around 75 years.
4. Conrath doesn’t expect anything to happen until Congress absolutely has to act — likely about a decade from now.
-sjm