The Social Security Trust Fund could be depleted 4 years earlier than expected because of the Covid-19 Pandemic. The Social Security Administration is estimating that the fund would be depleted by 2032 instead of 2036. As you may know, Social Security is not intended to provide for one’s total retirement income. It will be best to take control of one’s finances early on to ensure that there is enough money for retirement.
References:
Konish, L. (2020, May 28). Social Security trust funds could run out even faster due to the coronavirus pandemic. Retrieved July 20, 2020, from https://www.cnbc.com/2020/05/28/social-security-trust-funds-could-run-out-sooner-due-to-coronavirus.html