Focus at Four: Local financial planner on Social Security budget
BRYAN, Texas (KBTX) – A new projection showed the Social Security trust fund could run out of money by the year 2035, and at that point, the program could only be able to cover 83% of scheduled benefits.
Josh Landman, a financial advisor with Edward Jones, said there are solutions to avoid that.
“Right now, everyone pays 12.4% between their employee and EMP. If they raise it to 15.84%, I know raising taxes is not fun, they would fully fund it through 2097,” he said.
Landman said they could raise Social Security eligibility or even the retirement age. But not to panic before it is all said and done.
“I’m positive a fix will come and we’ll go over that. But it also makes me think they’re probably not going to do anything until they have to,” he said.
For the full interview, click on the video player above.
