Sacha Millstone on Social Security: Facts vs. Myths

Hello all,

If it seems like Social Security is everywhere in the news lately, you're not imagining it. Recent headlines have focused on the newly released 2026 Social Security Trustees Report, which projects that the program's retirement trust fund could face a funding shortfall as early as 2032 and that, absent congressional action, the combined trust funds would be able to pay about 83% of scheduled benefits beginning in 2034.

While these reports understandably generate concern, it's important to separate fact from fiction. Social Security is not expected to "go bankrupt" or disappear. Even if trust fund reserves are depleted, ongoing payroll tax revenue would continue to fund the majority of benefits. The real question is how Congress will address the program's long-term funding gap.

While there are no easy answers, policymakers have several options under consideration, including:

Increasing Social Security tax revenue
Reducing future benefits for higher-income earners
Raising the full retirement age for future retirees

Most experts believe any eventual solution would likely involve some combination of these approaches. Unfortunately, Social Security is also surrounded by many persistent myths that can lead to costly retirement-planning mistakes. To help clarify some of the most common misconceptions, I’m including this helpful Raymond James resource: 7 Myths About Social Security. Simply click on the link above or this thumbnail image below.

Clients: As always, if you want to discuss how Social Security fits into your overall retirement income strategy or any aspect of your account with me, I am here and look forward to speaking with you.

Warmly,

Sacha

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