Social Security Could Run Out by 2032? Here's What That Really Means.

A recent headline claims Social Security could deplete its trust fund as early as 2032, leaving many retirees wondering if their benefits are at risk. In this episode, Paul and Evan separate fact from fear by breaking down what "running out of money" actually means, how Social Security is funded, and what would likely happen if the trust fund were exhausted. Paul encourages young people to get in and start saving because we don’t know what Social Security will look like, and if you start now, you give yourself more options for the future. Evan wants investors to know that if an 18-year-old saves $1,000 and applies the rule of 72, they could have $60,000 when they’re 64.    Later in the episode, should you pay off all consumer debt before you invest in a 401(k)? Paul and Evan talk about how this is a personal decision, but want you to know that you won’t ever get that employee match back if you want to invest to pay the debt first. That could be a huge loss down the road.   Want to cut through the myths about retirement income and learn evidence-based strategies backed by over a century of data? Download our free Retirement Income Guide now at paulwinkler.com/relax and take the stress out of planning your retirement.   This material is for general educational purposes only and is not personalized investment, financial, tax, or legal advice. Past performance does not guarantee future results. Nothing here is an offer, solicitation, or recommendation for any security or strategy. All financial decisions involve risk, and you should consult qualified professionals before acting on this information. Advisory services offered through Paul Winkler, Inc., an SEC-registered investment adviser.