Will the Social Security fund run out — and what will happen if it does? Experts explain.
CBSN
It's no wonder the majority of millennials say they aren't factoring Social Security benefits into their retirement planning, for years they've been hearing that the retirement and disability program is going bust.
Their belief is based on projections such as from the most recent Social Security Trustees Report showing that Social Security's trust fund reserves will be depleted in 2033. That's one year sooner than the program's trustees had projected last year, and is partly due to shifts such as slowing economic growth.
Yet experts say that some Americans, especially younger workers, have misunderstandings about the impact if the trust fund indeed goes bust — a prediction, by the way, that's by no means a certainty. Even if the trust fund becomes depleted, the Social Security Administration will continue to take in payroll taxes from workers and their employers, allowing the program to pay the majority of benefits, experts note.