Every day we see the media talking about Social Security. Unfortunately, a lot of misinformation is being spread about the viability of Social Security. The bottom line is that Social Security is NOT going “belly up” any time soon. Yes, it needs to change, but it is a remarkable program that American’s can continue to rely on.

I recently received a great Fact Sheet from the AARP Policy Institute that talks about the Social Security Trust Fund (http://www.aarp.org/content/dam/aarp/research/public_policy_institute/econ_sec/2012/Social-Security-Whos-Counting-on-It-fs-252-AARP-ppi-econ-sec.pdf).

As reported by AARP and the Social Security Administration, the Social Security Trust fund can pay out 100% of benefits through 2036. Let’s do the math…2036 minus 2012 equals 24 years. If the earliest you can file is 62, let’s subtract 24 from 62 which equals 38. So, according to real data and actuarial projections, there is enough money to pay 100% of benefits for someone that is 38 years old or older.

Note, it is clear that change will be need to Social Security. However, the “sky is not falling.” In our book, we say that individuals over the age of 55 are likely to not be impacted by impending changes. This is consistent with other experts and academics that study Social Security.

The bottom line is that regardless of your beliefs of the future of Social Security, do some calculations to see the difference between claiming strategies. You will shocked at the differences. Make an informed decision and you may be able to find thousands of more dollars to support you in retirement.

Overall, I’ll leave you with one more thought. Remember the last 2 major Social Security overhauls were in 1977 and 1983. In both cases, it took 7 and 17 years, respectively, from the time the changes were announced to the time they were implemented.

My personal belief is that if you are over 55, you won’t be impacted. Even if a change is announced, it is going to take some time before it is rolled out to all Americans. Sign up for our service to run your numbers. Also, sign up for our newsletter so we can keep you informed of the status of Social Security funding levels.