A new report from the Social Security Board of Trustees warns that by 2033, the Social Security trust fund could be depleted, possibly reducing promised benefits to retirees. With a significant portion relying on Social Security for income, many may face challenges in affording housing costs. Additionally, changes to capital gains tax rules could threaten middle-class homeowners, making financial security in retirement more precarious. Given these shifts, retirees and future retirees must strategize to protect their homes and finances, as relying solely on Social Security no longer suffices.
The Social Security Board of Trustees warns that the program's main trust fund could be depleted by 2033, risking promised benefits for millions.
As retirees face rising housing costs and diminishing income due to looming Social Security cuts, many homeowners may struggle to stay in their homes.
A little-known capital gains tax rule is increasingly impacting middle-class homeowners, turning once-protected equity into a taxable liability.
Approximately 39% of seniors depend entirely on Social Security for income, highlighting the program's essential role in their financial stability.
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