I'm Not Counting on Social Security to Fund My Retirement and You Shouldn't Either. Here's Why

Getty Images/Zooey Liao/CNET Millennials and Gen Zers planning on Social Security to fund their retirement may want to reconsider. For years, there's been talk about the Social Security fund running out of money. The government program could see its funds depleted sooner if President Donald Trump cuts Social Security taxes. As a personal finance expert who saved enough to retire comfortably at 40, I've worked with dozens of clients to help them calculate how much they need to save now to afford retirement. Whether Social Security is around, I can tell you with confidence that you shouldn't rely on this program to fully fund your future expenses. The monthly payments you'll receive from Social Security aren't enough to cover most of your expenses -- and these payments are only expected to decrease. Here's how Social Security benefits work and how to plan for your retirement without relying on this program's future. Read more: Do You Have to Pay Income Taxes on Social Security? Ever ... Read full article.