March-April 2021

THE SOCIAL SECURITY Administration (SSA) predicts that retirees could receive full benefits until 2034 and then face cuts, if nothing is done to support the retirement insurance program before then. But the popular benefit will not cease, says Alicia Munnell, director of the Center for Retirement Research at Boston College. “Some people characterize that as Social Security going bankrupt,” says Munnell. “Nothing could be further from the truth. Even once that trust fund is exhausted, the pay- roll taxes are enough to pay about 80 percent of benefits.” Munnell is among several retire- ment experts who recently discussed the current retirement situation in the United States, how COVID- 19 affected the landscape and how home equity-release programs can factor into long-term plans. Because Social Security is the biggest government safety net available to workers, a lot of focus is put on its health. Rightly so, says Munnell. At Tapping Retirement Resources Social Security Might Be Secure, but Your Clients Need Backup Plans By Thomas A. Barstow Alicia Munnell 18 REVERSE MORTGAGE / MARCH-APR I L 2021