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Kim Purnell

Kim Purnell

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CLIENT RESOURCES

Caring Conversation | Social Security Turns 88

Caring Conversation | Social Security Turns 88

Social Security Turns 88!


What does every person wish for on their birthday? Another birthday! Social Security turned 88 on 8/14/23.


If Social Security is a major contributor to the success of your or your parents’ retirement plan, let’s hope SS gets its wish for many years to come. 


According to the 2023 Annual Report posted by the US Census Bureau, At the end of 2022, the OASDI program was providing benefit payments to about 66 million people: 51 million retired workers and dependents of retired workers, 6 million survivors of deceased workers, and 9 million disabled workers and dependents of disabled workers. 


Under intermediate assumptions, the projected hypothetical combined OASI and DI Trust Fund asset reserves become depleted and unable to pay scheduled benefits in full on a timely basis in 2034. At the time of depletion of these combined reserves, continuing income to the combined trust funds would be sufficient to pay 80 percent of scheduled benefits. 


The OASI Trust Fund reserves are projected to become depleted in 2033, at which time OASI income would be sufficient to pay 77 percent of OASI scheduled benefits.



Lawmakers have a broad continuum of policy options that would close or reduce Social Security's long-term financing shortfall. Estimates for many such policy options are available at ssa.gov/OACT/solvency/provisions/. 


Let’s hope future Social Security birthdays reflex options that close the shortfall.


Therefore to help you learn more...

I'm gifting, to you, a copy this Amazon Best Seller Book.


To get your copy of "How Not To Pull Your Family Apart", as my gift to you, simply drop me a note below with your name and information.


Or, if you prefer to contact me directly, either send me by email, text or call me. My contact information is located in the footer of this page. I'll respond within 24 hours, it not sooner.



Regards,

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Insurance & Retirement Planning Specialist

Kim Purnell

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Insurance & Retirement Planning Specialist

Kim Purnell

FINRA, or the **Financial Industry Regulatory Authority**, is a self-regulatory organization that oversees the brokerage industry. FINRA has rules and guidance on disclosure in advertising and other communications with the public ?.

FINRA encourages members to be precise and succinct in their explanations and disclosures. Members often include in their communications disclosures that are not required by the rules, and FINRA does not object to additional explanations or information beyond what is required for rule compliance ?.

You can learn more about FINRA's rules and guidance on disclosure from their website ?.

Source: Conversation with Bing, 6/28/2023
(1) Regulatory Notice 19-31 | FINRA.org. https://www.finra.org/rules-guidance/notices/19-31.
(2) Advertising Regulation | FINRA.org. https://www.finra.org/rules-guidance/key-topics/advertising-regulation.
(3) Disclosure Report Cards | FINRA.org. https://www.finra.org/compliance-tools/report-center/disclosure.

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