For millions of retirees, Social Security provides an essential source of income in retirement. In 2020, around 50 million retired workers collected Social Security benefits, according to the Social Security administration.

However, the recent 2022 Social Security Trustees report finds that in 2034, retirees will start receiving a reduced benefit if Congress doesn’t fix funding issues for the social program. In other words, Social Security will exist after 2034, but retirees will only receive 77% of their full benefit starting then.

“No major Social Security legislation has been passed at all since the early 1980s,” says Alicia H. Munnell, Director of the Center of Retirement Research at Boston College. “And so we do have this event coming up that forces Congress either to do something, or most people’s benefits are going to be cut by [nearly] 25%.”

Well said.... thanks to poor financial literacy among rakyats

go learn how to invest....

go for high yield, low risk savings ... ASM, ASB (for Bumiputera),

maybe we should list employers who give >13% Employer contribution in EPF