U.S. News: “What Social Security's Underfunding Means for Your Retirement”

Emily Brandon writes for U.S. News & World Report on how ordinary Americans planning for retirement should think about the recent Social Security Trustees Report.

Social Security and Medicare will still be around for younger generations. But there is some uncertainty about whether there will be tax increases, benefit cuts, some combination of the two, or other fixes to correct the underfunding. "You can sort of count on the fact that if there are any changes in benefits they will be in a downward direction, and then individuals like us will have to provide more of our own income through our own personal savings and our employer-provided plans," says Bruce Schobel, president-elect of the American Academy of Actuaries. "I think it's a very safe bet that in the process of restoring financial soundness, the government is very unlikely to expand the benefits."

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