Your Money

The latest Social Security Trustees Report moved the projected depletion of the retirement trust fund forward to late 2032. Without congressional action, incoming payroll taxes would cover about 78% of scheduled retirement benefits.

That is serious, but it does not mean Social Security suddenly disappears.

Most benefits are funded by payroll taxes collected from current workers. The trust fund covers the gap when those taxes fall short. Once the reserves are exhausted, the system would still have substantial income coming in, just not enough to pay every promised dollar.

Congress therefore faces a financing problem, not the end of Social Security. The eventual solution will likely combine some mix of higher taxes, a larger taxable wage base, later retirement ages, or reduced benefits. The longer lawmakers wait, the more abrupt those changes may need to be.

Fear of insolvency alone is not a good reason to claim benefits early and permanently reduce your monthly income.

At PWM, we think the better approach is to test your retirement plan under multiple assumptions, including a possible benefit reduction. Social Security should remain part of the plan, but not the part that has to go exactly right. Our job is to build enough flexibility around it that changes in Washington do not force changes in your retirement.

Social Security retirement trust fund may be depleted in 2032
by Lorie Konish

Your Life

One of the quieter benefits of getting older is caring less about appearances and more about substance.

The need to impress, explain, or keep up gradually loses its grip. Time and energy begin to feel more valuable, so we become better editors of obligations, relationships, and expectations.

That is not withdrawal. It is discernment.

A good life does not always get bigger with age. Sometimes it gets clearer.

The Decade Nobody Warns You About, In a Good Way
by Dena Kouremetis

Complexity Simplified

A grill can mimic a wood-fired pizza oven with one simple addition: a soaked wooden plank.

The plank protects the dough from direct flames while still letting the grill reach 475 to 500 degrees. As the wood heats, it releases light smoke that flavors the crust and helps create the crisp, chewy texture associated with brick-oven pizza.

Soak the plank for at least two hours first so it smolders instead of burning. Thin-crust dough works best because it cooks quickly before the toppings overheat.

Turn Your Grill Into a High-Heat Pizza Oven With This Simple Trick
by Lynn Andriani

Trivia