Attention New York State: This May End In 2035

As we deal with the current inflation and rising prices, there was more bad news for residents across the country and here in New York State this week.

How prepared are you for your future or for retirement? Is it something you are planning for? Or are you trying to count on some sort of social assistance or security? If you have a 401K, how is is looking these days?

Nobody loves to answer these questions but it may be even more important to be ready than ever. There are reports that the Social Security funds may be running low and there is even a new target date.

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There are some news outlets that are reporting that the current fund for Social Security may start to run out in the next decade.

CNBC reports that, "“This year’s report is a measure of good news for the millions of Americans who depend on Social Security, including the roughly 50% of seniors for whom Social Security is the difference between poverty and living in dignity — any potential benefit reduction event has been pushed off from 2034 to 2035,” Social Security Commissioner Martin O’Malley said in a statement".

While the news is bitter sweet, the fact still remains that there is a good chance that these funds may run low and benefits may be less or limited if these findings are true.

Be prepared and save now! That is the best advice for all of us!