By Ranjeet
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Many retirees rely heavily on Social Security as a means of financial support.
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However, many are uncertain as to how much funding the programme may continue to supply.
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According to the findings of a recent survey conducted by the Nationwide Retirement Institute, 70% of consumers across all generations are concerned that Social Security will run out during their lifetime.
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The annual Social Security trustees report revised the program's expected depletion date to 2035.
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At that time, 80% of payments will be paid out, assuming Congress does nothing to change the law in the meantime.
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One such service, Maximize My Social Security, helps customers for $40 a year determine which Social Security claiming method is best for them. The financial planning version is available as well.
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A person reaching full retirement age this year, for instance, can estimate how their benefits will change with and without a 23% drop in 2034.
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The calculator will illustrate the difference between claiming at age 65 and 70, and when recipients can expect to get the largest payout from the programme, for each scenario.
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Differences in total benefits calculated by the tool show that waiting to claim until age 70 becomes more advantageous as beneficiaries live longer.
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