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Ask the Hammer: What Happens If Social Security Runs Out?

Jeffrey "The Buckinghammer" Levine of Buckingham Wealth Partners answers a Retirement Daily reader's question about Social Security's insolvency date.

In this episode of Ask the Hammer, a Retirement Daily reader has a question:

The latest annual report from the Social Security and Medicare Trustees moves the program's insolvency date back by one year. How might that affect me?

Jeffrey "The Buckinghammer" Levine of Buckingham Wealth Partners, met with Robert Powell editor of Retirement Daily to answer this reader's question.

In this episode, Levine discusses:

  • How moving the insolvency date might affect people
  • What would happen if we made no changes to the Social Security system
  • The last time they made significant changes to Social Security
  • Whether or not historical projections of Social Security have been accurate
  • How Congress impacts this question
  • Possible actions Congress may take in terms of Social Security 
  • The most likely action Congress will take
  • Why we are in this situation in the first place
  • The worst-case scenario for Social Security beneficiaries and how this might impact folks

Make sure to watch the episode to get the answer to this question and more!

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