What Actually Happens When Social Security "Goes Broke"?

Everybody knows ‘Social Security is going to go broke’...but is it? A Social Security discussion often becomes a political one, and a key question often gets ignored for a retiree-  what functionally happens to the check I get every month when Social Security “goes broke”?  Would you be surprised to find out you will likely still get a check? In this episode focused on retirees (and not politics), Sonoma Wealth Managing Principal Daren Blonski CFP® and Marketing Director Dano Weir are joined by Certified National Social Security Advisor Clay Dunkle CFP® on the realities of what Social Security might look like for a retiree after 2035.  What’s inside this episode is not what you’ve heard in your newsfeed.  We hope you find it educational and informational. 0:00 How does Social Security even work?  5:10 Why Social Security is now having problems  6:40 What happens when the Social Security Trust hits $0?  10:38 Social Security by the numbers  11:41 How could the government fix the problem?  14:18 Next tax bill's impact on Social Security  17:11 The Windfall Elimination Provision  19:25 Should you even plan for it to be there?  22:51 How do we help clients with Social Security?  25:00 When are you going to die?  26:11 Other ways the government could fix the problem  27:07 Should you take it early or later? Take Sonoma Wealth's Free Wealth Analysis right here: https://sonomawealthadvisors.com/  Videos available on our YouTube Channel: https://www.youtube.com/playlist?list=PLaOjL6z16wjV2_CTStzc36Y5JtiwhVoGJ  ________________________  Disclosure: Fermata Advisors LLC is registered as an investment advisor with the SEC and only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This content was produced by Fermata Advisors, LLC, d/b/a Sonoma Wealth Advisors, d/b/a Fermata 401k, d/b/a Fermata Tax. The opinions expressed by Fermata Advisors, LLC on this show are their own. Information presented on this program is believed to be factual and up to date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed.  Discussions and answers to questions do not involve the rendering of personalized investment advice but are limited to the dissemination of general information.  A professional advisor should be consulted before implementing any of the options presented. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Viewers and listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.