The Social Security Trust Fund is set to run out in 2035, one year later than expected, according to a Social Security & Medicare Trustees report. Yahoo Finance's Kerry Hannon joins Wealth! reports more on the story and how you should be planning for your retirement.
"Social Security is clearly one of the biggest fears that people have when they look towards their retirement income," Hannon explains. The report calculates a 17% cut in benefits if Congress does not take action within the next 10 years.
Hannon adds that younger generations should start saving and investing as early as possible to be over-prepared in case they cannot rely on Social Security benefits when they reach retirement age.
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