The United States trust funds are currently at their capacity. According to the most recent report, there will be funding issues after 2035.
This indicates that Social Security will run out of funds to cover all retirement benefits after that year.
This news is really bad since it puts pressure on Congress and the US government to act soon to avoid serious issues.
The workforce is aware of how serious this situation is. Because of this, many of them wish to extend their working years in order to contribute to the Social Security coffers.
Or, at the very least, it is the plan that 6 out of 10 surveyed workers under the age of 55 had.
With this knowledge, we can affirm that in that scenario, yes, a portion of the SSA money can be preserved, increasing the viability of retirement payments.
Six out of ten workers, according to the Bank of America Research Investment Committee (RIC), wish to extend their working life.
The majority would therefore continue to work until at least age 64. All people who intended to retire before the Full Retirement Age will do so once they become 69, which is almost the legal retirement age for citizens of the United States.