Video: Is COVID-19 a Threat to Social Security?Submitted by Reby Advisors | Certified Financial Planners | Danbury, CT on May 8th, 2020
By Doug Kuring, CFP®, May 8, 2020
The long-term viability of the Social Security Program and Trust Fund has been a hot topic on the minds of politicians, legislators, reformists and retirees for years. The COVID-19 pandemic is causing ripple effects throughout our economy - some of those effects are known, but many are still unknown.
Is COVID-19 a threat to Social Security?
In the video below, I discuss the following questions (time stamps in parenthesis if you want to skip to a section):
- (1:19) Research poll: Will Social Security provide benefits at current levels, reduce levels or none at all?
- (2:46) How does the Social Security machine work?
- (3:57) When will the Social Security Trust Fund run out of money? How will that impact benefits?
- (6:55) Why were so many people worried about the Social Security Program before COVID-19?
- (13:19) Should we assume that the economic impact from COVID-19 will impact Social Security?
- (16:53) Is the program destined for failure or can it adapt and be fixed?
- (22:53) Are there things retirees can be doing to prepare?
I originally aired this content on the May 5th episode of Coffee with Doug, a private weekly Zoom meeting where I discuss a new financial topic every Tuesday at 9:30 a.m. If you would like an invitation to attend the next Coffee with Doug, simply click below.