Social Security: What’s Staying, What’s Changing, and What’s Next

The Social Security system is under growing strain. By 2033 its Old-Age and Survivors Insurance Trust Fund (really just a credit balance at the Treasury) will run out. Without corrective legislation, benefits would have to be sliced by 23% across the board. Meanwhile, the Social Security Administration’s workforce has fallen by nearly 20%, even as the number of beneficiaries has grown to nearly 75 million, causing problems for recipients who need to speak to a person at the SSA. Join our experts Tuesday, May 5th at 12pm EST for a lively, insightful conversation with live audience Q&A. Want to submit a question for our panel to answer during the event? Click here to submit it!

Key takeaways we’ll cover:

Who will be the most likely losers when Congress finally tackles Social Security’s funding shortfall?

When you should claim Social Security retirement benefits, which can be taken as early as age 62, but grow each month you wait until 70

Whether Social Security’s shaky finances should affect your retirement planning

How Social Security benefits are taxed

How to minimize problems with the Social Security Administration

Janet Novack joined Forbes in Washington in 1986 and has covered federal budget, tax, retirement and education policy, as well as Social Security, and financial planning. Her most notable reporting has been about taxes, including exposing billionaire tax cheats and writing cover stories on tax shelters (corporate and individual), tax evasion and tax policy. As a Forbes Assistant Managing Editor, she oversees Forbes’ retirement, tax and personal finance coverage.

Bill Baldwin joined Forbes Magazine in 1980 and served as its editor for 11 years. Since 1979, he has been an Enrolled Agent, eligible to practice before the IRS—but his practice these days is limited to journalism. Bill writes frequently on topics at the intersection of taxes, investing and retirement planning. Most recently, he has written about why the payoff for delaying Social Security is not as great as popularly thought and how plans to make Social Security solvent could affect future benefits and taxes.

Mike Piper is a Missouri-licensed CPA and Registered Investment Adviser who writes regularly about retirement, Social Security, and tax and financial planning on his ObliviousInvestor.com blog. He is the creator of the Open Social Security calculator and the author of several personal finance books, including Social Security Made Simple and Can I Retire? Mike works with retirees and those approaching retirement on a fee-only basis.

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