Social Security Trust Fund Runs Dry by 2034. Now What?
Truesdell Wealth on YouTube
Eirinn Abu and Tunnel to Towers Foundation Concert Fri, Feb 28, 2025 @ 7:00PM Circle Square Cultural Center, 8395 SW 80th Street, Ocala Florida - Join Eirinn Abu and two of his Miami Sound Machine band members for a wonderful concert in support of the Tunnel to Towers Foundation. The event theme is a night of music and movies.
https://eirinnabu.com/event/5760795/695871447/eirinn-abu-and-tunnel-to-towers-foundation-concert
Corporate Sponsors: Truesdell Wealth, Truesdell Consulting, and Truesdell Insurance.
https://truesdell.net/
Paul Grant Truesdell, J.D., AIF, CLU, ChFC, RFC
Founder & CEO of The Truesdell Companies
The Truesdell Professional Building
200 NW 52nd Avenue
Ocala, Florida 34482
352-612-1000 - Local
212-433-2525 - New York
Truesdell Consulting, Inc.
Truesdell Insurance, Inc.
Truesdell Wealth, Inc.
Due to our extensive holdings and that of our clients, you should assume that we have a position in all companies discussed and that a conflict of interest exists. The information presented is provided for informational purposes only.
Rough Transcription - Show Notes
https://www.youtube.com/@truesdellwealth
Social Security Trust Fund Runs Dry by 2034. Now What?
I’ve been discussing the challenges facing Social Security for decades—since the 80s, in fact. Back then, the warning signs were there. People said, “The government will fix it.”
Back in the 1980s, when the cracks in Social Security’s foundation started becoming impossible to ignore, President Ronald Reagan and Speaker of the House Tip O’Neill came together in a rare bipartisan effort to save the program. Their solution, the Social Security Amendments of 1983, included a mix of tax increases and benefit adjustments. They taxed Social Security benefits for higher-income recipients for the first time and gradually increased the retirement age from 65 to 67 for those born after 1938. These measures bought the program time, but they also set a precedent for the idea that adjustments could—and would—be made when the system reached a breaking point.
In the 1990s, under President Bill Clinton’s administration, the focus shifted to further tax adjustments. Treasury Secretary Robert Rubin helped craft changes that increased the taxable wage base for Social Security, meaning higher earners would contribute more to the system. These adjustments provided additional revenue but also underscored the growing strain on the program as the Baby Boomer generation began approaching retirement. Meanwhile, the gradual increase in the full retirement age continued to phase in, further signaling that future generations would bear a heavier burden to keep the program afloat.
Each of these changes was designed to shore up Social Security in the short term, but they came at a cost—higher taxes, reduced benefits, and longer working lives for many Americans. Despite these efforts, we’re now facing yet another crisis, one that underscores the need for every retiree to plan for the possibility—if not the likelihood—of reduced benefits in the near future.
In the 90s, it was the same story—“Oh, they’ll never let Social Security fail.” In the 2000s, we had a financial crisis, wars, and mounting debt, but still, people ignored the warnings. Now, here we are in the 2020s, staring down the barrel of reality: the Social Security trust fund will run out of money by 2034.
Let that sink in. One hundred years after its implementation, Social Security will only be able to pay out about 75% of promised benefits. That means a 20 to 30% cut for you, your spouse, and everyone relying on it.
The Numbers Don’t Lie
First, let’s get personal: How much of your household income comes from Social Security? For many retirees, it’s over 50%, and for some, it’s closer to 90%. Take that number and imagine it slashed by 25%. Could you survive? Could your spouse survive?
Here’s where it gets even more critical—this isn’t just about one spouse. It’s about both of you. If one spouse passes away, the surviving spouse loses one Social Security check entirely. So now, you’re dealing with two income hits: a reduction in benefits across the board and the loss of a second check. It’s a financial double whammy.
Now think about this: who tends to live longer? Women. Ladies, this is especially important for you. Statistically, you’ll outlive your husband, often by several years. Will you be left scrambling, selling your home, or downsizing just to get by? It happens more often than you think. Retirement communities are filled with women who were blindsided by this reality. It’s embarrassing, it’s a struggle, and it’s expensive.
What’s the Prudent Course of Action?
Here’s what you need to do right now—not tomorrow, not next year. Now.
1.Determine What Percentage of Your Income Comes from Social Security
Take a hard look at your household income. How much of it is fixed, contractual, and guaranteed? How much of that is Social Security? Be honest with yourself about how reliant you are on those checks.
2.Plan for a 20-30% Reduction in Social Security Income
Take your Social Security income and apply a haircut. For example, if you and your spouse bring in $40,000 a year in combined benefits, imagine living on $30,000 or less. What does that look like? What does it mean for your budget, your lifestyle, your plans?
3.Find a Way to Replace the Lost Income
This is where proactive planning makes all the difference. You need a guaranteed monthly income to fill the gap left by Social Security cuts. This isn’t about gambling in the stock market or hoping for the best—it’s about creating a financial plan with rock-solid, contractual income that you can count on no matter what happens in the economy.
And let me tell you, this *can* be done. We’ve been doing it for decades. There are strategies, tools, and solutions designed specifically to provide the kind of dependable income you need. The goal is to secure a foundation that covers your essential expenses—your mortgage or rent, utilities, healthcare, groceries—without worrying about where the money will come from.
Why Urgency Matters
This is not one of those problems that will fix itself. There is no magical government solution on the horizon. Congress isn’t coming to the rescue in time to save your benefits. The writing is on the wall, and if you wait too long, the options available to you now may no longer be there.
For those who think, “Well, I’ll just figure it out when the time comes,” let me ask you this: Do you really want to be making life-altering decisions—like selling your home or cutting back on essentials—when you’re in your 70s or 80s? Or worse, do you want to leave your spouse in that position after you’re gone?
Ladies, I’m speaking directly to you here. You already know you live longer, but longevity without financial stability can be a curse. You deserve better than to spend your final years worrying about money, being forced to downsize, or relying on others.
Take Action Today
Here’s what you need to do right now:
- Sit down and analyze your income sources.
- Plan for a Social Security haircut—assume 25% less.
- Work with someone who understands how to create guaranteed income streams to fill the gap.
This isn’t about fear; it’s about facing reality head-on. We have the tools and knowledge to help you protect your retirement, your spouse, and your dignity. Don’t wait until it’s too late. Every year you delay, the options narrow, and the costs rise.
The Bottom Line
The Social Security trust fund is running dry, and the consequences will affect every retiree. The prudent course of action is clear: plan now, secure guaranteed income, and protect your future.
Don’t wait for the government to fix it. Don’t wait for a crisis to force your hand. Act today. Your future—and your spouse’s future—depends on it.
"The 10-Year Social Security Reduction Fix: Protect Yourself Now Before Washington Fails You!"
In this must-watch video, I’ll break down a practical, math-backed strategy to safeguard your income as Social Security faces inevitable cuts. With the government’s focus on slashing Medicare, Medicaid, and Social Security, you can’t afford to wait. Head to the Truesdell Wealth YouTube channel for the full explanation—this is a solution you’ll need to see to understand. If the video isn’t up yet, it will be live around December 14. Don’t miss it! Use the contact form at Truesdell Wealth to join our mailing list for updates on new videos and audios. Stay informed and stay ahead of the crisis!
Eirinn Abu and Tunnel to Towers Foundation Concert Fri, Feb 28, 2025 @ 7:00PM Circle Square Cultural Center, 8395 SW 80th Street, Ocala Florida - Join Eirinn Abu and two of his Miami Sound Machine band members for a wonderful concert in support of the Tunnel to Towers Foundation. The event theme is a night of music and movies.
https://eirinnabu.com/event/5760795/695871447/eirinn-abu-and-tunnel-to-towers-foundation-concert
Corporate Sponsors: Truesdell Wealth, Truesdell Consulting, and Truesdell Insurance.
https://truesdell.net/
Paul Grant Truesdell, J.D., AIF, CLU, ChFC, RFC
Founder & CEO of The Truesdell Companies
The Truesdell Professional Building
200 NW 52nd Avenue
Ocala, Florida 34482
352-612-1000 - Local
212-433-2525 - New York
Truesdell Consulting, Inc.
Truesdell Insurance, Inc.
Truesdell Wealth, Inc.
Due to our extensive holdings and that of our clients, you should assume that we have a position in all companies discussed and that a conflict of interest exists. The information presented is provided for informational purposes only.
Rough Transcription - Show Notes
https://www.youtube.com/@truesdellwealth
Social Security Trust Fund Runs Dry by 2034. Now What?
I’ve been discussing the challenges facing Social Security for decades—since the 80s, in fact. Back then, the warning signs were there. People said, “The government will fix it.”
Back in the 1980s, when the cracks in Social Security’s foundation started becoming impossible to ignore, President Ronald Reagan and Speaker of the House Tip O’Neill came together in a rare bipartisan effort to save the program. Their solution, the Social Security Amendments of 1983, included a mix of tax increases and benefit adjustments. They taxed Social Security benefits for higher-income recipients for the first time and gradually increased the retirement age from 65 to 67 for those born after 1938. These measures bought the program time, but they also set a precedent for the idea that adjustments could—and would—be made when the system reached a breaking point.
In the 1990s, under President Bill Clinton’s administration, the focus shifted to further tax adjustments. Treasury Secretary Robert Rubin helped craft changes that increased the taxable wage base for Social Security, meaning higher earners would contribute more to the system. These adjustments provided additional revenue but also underscored the growing strain on the program as the Baby Boomer generation began approaching retirement. Meanwhile, the gradual increase in the full retirement age continued to phase in, further signaling that future generations would bear a heavier burden to keep the program afloat.
Each of these changes was designed to shore up Social Security in the short term, but they came at a cost—higher taxes, reduced benefits, and longer working lives for many Americans. Despite these efforts, we’re now facing yet another crisis, one that underscores the need for every retiree to plan for the possibility—if not the likelihood—of reduced benefits in the near future.
In the 90s, it was the same story—“Oh, they’ll never let Social Security fail.” In the 2000s, we had a financial crisis, wars, and mounting debt, but still, people ignored the warnings. Now, here we are in the 2020s, staring down the barrel of reality: the Social Security trust fund will run out of money by 2034.
Let that sink in. One hundred years after its implementation, Social Security will only be able to pay out about 75% of promised benefits. That means a 20 to 30% cut for you, your spouse, and everyone relying on it.
The Numbers Don’t Lie
First, let’s get personal: How much of your household income comes from Social Security? For many retirees, it’s over 50%, and for some, it’s closer to 90%. Take that number and imagine it slashed by 25%. Could you survive? Could your spouse survive?
Here’s where it gets even more critical—this isn’t just about one spouse. It’s about both of you. If one spouse passes away, the surviving spouse loses one Social Security check entirely. So now, you’re dealing with two income hits: a reduction in benefits across the board and the loss of a second check. It’s a financial double whammy.
Now think about this: who tends to live longer? Women. Ladies, this is especially important for you. Statistically, you’ll outlive your husband, often by several years. Will you be left scrambling, selling your home, or downsizing just to get by? It happens more often than you think. Retirement communities are filled with women who were blindsided by this reality. It’s embarrassing, it’s a struggle, and it’s expensive.
What’s the Prudent Course of Action?
Here’s what you need to do right now—not tomorrow, not next year. Now.
1.Determine What Percentage of Your Income Comes from Social Security
Take a hard look at your household income. How much of it is fixed, contractual, and guaranteed? How much of that is Social Security? Be honest with yourself about how reliant you are on those checks.
2.Plan for a 20-30% Reduction in Social Security Income
Take your Social Security income and apply a haircut. For example, if you and your spouse bring in $40,000 a year in combined benefits, imagine living on $30,000 or less. What does that look like? What does it mean for your budget, your lifestyle, your plans?
3.Find a Way to Replace the Lost Income
This is where proactive planning makes all the difference. You need a guaranteed monthly income to fill the gap left by Social Security cuts. This isn’t about gambling in the stock market or hoping for the best—it’s about creating a financial plan with rock-solid, contractual income that you can count on no matter what happens in the economy.
And let me tell you, this *can* be done. We’ve been doing it for decades. There are strategies, tools, and solutions designed specifically to provide the kind of dependable income you need. The goal is to secure a foundation that covers your essential expenses—your mortgage or rent, utilities, healthcare, groceries—without worrying about where the money will come from.
Why Urgency Matters
This is not one of those problems that will fix itself. There is no magical government solution on the horizon. Congress isn’t coming to the rescue in time to save your benefits. The writing is on the wall, and if you wait too long, the options available to you now may no longer be there.
For those who think, “Well, I’ll just figure it out when the time comes,” let me ask you this: Do you really want to be making life-altering decisions—like selling your home or cutting back on essentials—when you’re in your 70s or 80s? Or worse, do you want to leave your spouse in that position after you’re gone?
Ladies, I’m speaking directly to you here. You already know you live longer, but longevity without financial stability can be a curse. You deserve better than to spend your final years worrying about money, being forced to downsize, or relying on others.
Take Action Today
Here’s what you need to do right now:
- Sit down and analyze your income sources.
- Plan for a Social Security haircut—assume 25% less.
- Work with someone who understands how to create guaranteed income streams to fill the gap.
This isn’t about fear; it’s about facing reality head-on. We have the tools and knowledge to help you protect your retirement, your spouse, and your dignity. Don’t wait until it’s too late. Every year you delay, the options narrow, and the costs rise.
The Bottom Line
The Social Security trust fund is running dry, and the consequences will affect every retiree. The prudent course of action is clear: plan now, secure guaranteed income, and protect your future.
Don’t wait for the government to fix it. Don’t wait for a crisis to force your hand. Act today. Your future—and your spouse’s future—depends on it.
"The 10-Year Social Security Reduction Fix: Protect Yourself Now Before Washington Fails You!"
In this must-watch video, I’ll break down a practical, math-backed strategy to safeguard your income as Social Security faces inevitable cuts. With the government’s focus on slashing Medicare, Medicaid, and Social Security, you can’t afford to wait. Head to the Truesdell Wealth YouTube channel for the full explanation—this is a solution you’ll need to see to understand. If the video isn’t up yet, it will be live around December 14. Don’t miss it! Use the contact form at Truesdell Wealth to join our mailing list for updates on new videos and audios. Stay informed and stay ahead of the crisis!