How Social Security's shortfall will impact Gen Z to seniors

I’m frequently told by young adults that they’re doubtful Social Security will have enough money to ever send them a monthly check.

“It won’t be around when I get old,” they say.

Older adults worry that the payments they are currently receiving will be cut because of a looming shortfall in the federal program.

Both generational groups are right to be troubled.

Social Security isn’t projected to be bankrupt, as you may falsely believe. But the Old-Age and Survivors Insurance Trust Fund (OASI), which pays retirement and survivor benefits, will be unable to issue full benefits starting in 2033, according to the latest trustee reports for the Social Security and Medicare trust funds.

Here’s what you should know about the financial state of Social Security and Medicare.

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