Darcy Bergen Talks About the Future of Social Security
Peoria, AZ - ( NewMediaWire ) - October 13, 2020 - Many workers are worried about the future of Social Security. Everyone has to pay into the Social Security System, but some foresee a future in which the benefits will not be there. As a professional financial planner, Darcy Bergen knows that this can be stressful. Fortunately, there could be light at the end of the tunnel. According to Darcy Bergen, there are a few different scenarios that could play out.
Darcy Bergen Discusses Possible Scenarios for the Future of Social Security
Even financial experts don’t have a crystal ball to see into the future. That said, there are signs that indicate how Social Security will look 10, 20, or even 30 years from now. Darcy Bergen had this to say on the matter:
“There are a few possible scenarios that could play out. Unfortunately, it is largely out of consumers’ hands. One of the biggest risks to Social Security is the current payouts being too generous for the amount contributed. If this practice continues, there will not be enough money in the reserve to provide benefits for all of the workers that currently pay into the system. This is the worst-case scenario. Fortunately, I don’t think this is going to happen.” - Darcy Bergen
“Another risk to Social Security is high Cost-of-Living adjustments (COLAs) and a shrinking workforce relative to retirees. Retirees may not know how much they’ll receive.” - Darcy Bergen
“Social Security’s Board of Trustees estimates that the trust funds will be depleted in 2034. If this happens, Social Security payroll tax revenue would be able to pay only about 75 percent of scheduled benefits. The long-term continuation of scheduled benefits under current law is uncertain, as is the timing of any substantial changes. It is likely that Congress will take remedial action before that time.”* - Darcy Bergen
“If you’re worried about Social Security, the best solution might be to take retirement saving into your own hands. Financial planning can be tough, but it is necessary. We can’t just rely on the government to come through, as you may end up disappointed and ill-prepared for your retirement. If you haven’t started saving or developing a plan for retirement, there’s no time like the present.” - Darcy Bergen
Investment advisory and financial planning services offered through Simplicity Wealth, LLC, a Registered Investment Advisor. Sub-advisory services are provided by Advisory Alpha, LLC, a Registered Investment Advisor. Insurance, Consulting and Education services offered through Bergen Financial Group. Bergen Financial Group is a separate and unaffiliated entity from Simplicity Wealth and Advisory Alpha.
The views expressed herein reflect the views of Darcy Bergen as of the date referenced. These views may change as conditions change. The views expressed herein are not intended and should not be construed as investment advice and they do not address any individual’s specific situation.
This presentation is not endorsed or approved by the Social Security Office or any other Government Agency.