Social Security Payments in 2035: What Happens to SSA in 12 Years

Recent news say that chances are Social Security payments in 2035 will run out. In this article, read and find out what will most likely happen to SSA in 12 years!

Several news have recently reported that there is a possibility that the Social Security Administration (SSA)’s funds will decrease in the coming years. This may be possible, but despite the SSA funds running out, beneficiaries will continue to receive pension payments, no matter how little they receive every month. Whatever happens to the Social Security Payments in 2035, the U.S. federal government will have to take action to avoid the disaster in pension payments.

According to Obel, the part of the money that American taxpayers pay in taxes goes to the SSA’s pension funds. However, there comes times when the budget of the U.S. federal government is reduced. This is caused by several, different factors which may affect beneficiaries negatively. This is because a lot of them may receive reduced benefits in the Social Security Payments in 2035.

READ ALSO: Social Security Expansion Act: Additional $2,400 Proposal Reintroduced In Congress

Do Not Rely on Social Security Payments in 2035

According to Quirós Villalba, beneficiaries should not rely on Social Security benefits alone as their source of income. The benefits received from the SSA should only be around 40% of an individual’s source of monthly income.

In order to do this, beneficiaries are advised to look for alternative jobs that may supplement their monthly incomes. Furthermore, things at home that are not used anymore may be sold as well. A part of a house may be also leased to a subtenant to earn more for monthly incomes.

READ ALSO: Social Security Check 2023: Best Retirement Age To Receive Maximum Benefits