A recent release (Full Copy Here) from the Social Security and Medicare Boards of Trustees indicates that the trust is on pace to deplete in about 18 years (2034).  In 2014, $707 Billion was paid out to 48.1 million people.  Trustees recommend an immediate SS tax increase of +14.98% and/or a reduction by -16% in benefits.

One thing is for sure, the money hasn’t been managed well and the talk about “means testing” will progress further affecting many millennials regardless of how well they manage their finances.  Now is the time to develop a retirement strategy, starting with managing your 401k.

Do you have a plan for independence during retirement? Are you depending on Social Security or other types of government programs?