Many retirees struggle with one big question when deciding when to claim Social Security benefits: Will the system be there for me in retirement?
News last week from the Social Security Administration potentially stoked those fears.
In an annual report, the Social Security Board of Trustees said the trust funds that help support the system will run out of money in 2034, in keeping with previous projections. If nothing changes, only 79 percent of an individual's benefit will be payable at that point.
The report also said that program's annual costs will exceed its income in 2018 for the first time since 1982. The program's reserves are expected to decline this year as a result.
The idea that Social Security would dip into its trust fund to pay for benefits comes as no surprise, said Christian Weller, professor of public policy at the University of Massachusetts at Boston and senior fellow at the Center for American Progress.
"That's what the trust funds are for," Weller said. "That was always their intention."
Experts say you should not let fear about the program's future affect your eventual claiming decision.