Hurry, While Supplies Last!  Is Social Security Really Running Out of Money?

Hurry, While Supplies Last! Is Social Security Really Running Out of Money?

January 15, 2020

As you prepare to retire, you may have started wondering how much money you will receive each month from your Social Security retirement income benefits. You may also have concerns about whether or not you will get any benefit from Social Security at all!

Depending on where you get your news, you have likely heard many “doom and gloom” stories about how the Social Security program is running out of money. But, while it may be struggling to keep up with the roughly 10,000 Baby Boomers who turn 65 every day, it seems to me that Social Security is still very much alive and well.

Why would I say that? Well, according to AARP, the program is currently operating with a surplus of approximately $2.8 billion. So, even if Congress does nothing to shore up the system by its projected depletion of cash reserves by the year 2034, Social Security should still be able to pay out nearly 80% of promised benefits until the year 2090!*

With that in mind, for many Baby Boomers, the issue isn’t necessarily whether or not you will get Social Security, but rather deciding how and when you (and your spouse) will start receiving your benefits.

There are literally hundreds of different combinations for taking your Social Security retirement benefits – and the right strategy for you should ideally take into consideration your marital status, other income sources (and their amounts), your current (and future anticipated) health condition, and your expected longevity.

In addition, you should also factor in your full retirement age (i.e., the age at which you are eligible for your full Social Security benefit), as well as whether or not you plan to work while receiving your benefits, as this could make your benefits partially taxable.

Because it is so basic to planning your income in retirement, we regularly hold Social Security seminars twice a month at libraries throughout NJ. As I write this blog, we are booking those locations, so if you haven’t been to one of them yet, check out our calendar at

Also, if you haven’t ever come to see us for a visit, consider doing so if you are in the dark about when to start taking Social Security. We will help you narrow down the abundance of options to 2 or 3 of the strongest ones that fit your situation.

There is no cost or obligation for this service. Give us a call at 732-455-9990 or email us at

Best to you always,



Six More Myths About Social Security. By Eileen Ambrose, AARP.