10. Outliving the Social Security trust fund

Now, while the funds for Social Security benefits won’t run out completely, there is a chance that retirees will see a reduction. There is a chance that the Old-Age and Survivors Insurance Trust Fund will run out of cash by 2034, according to a 2020 Trustee Report. After 2034 there is a chance that benefits will be reduced to 76%.

That is because the fund will likely struggle to support the huge aging population of baby boomers as it is disproportionate compared to workers who are currently paying into the system.

It’s not that the younger generation is working less or paying less in order to keep the fund going, it’s just that there are far fewer of them.