Why you shouldn't expect much from Social Security

Social Security provides the foundation for retirement plans for millions of Americans, but that foundation is in seriously bad shape. According to the program's own trustees:

• It's already spending more cash than it takes in through taxes today,
• By 2020, its trust funds will start depleting, and
• By 2034, those trust funds will empty, slashing benefits by around 21%. 

As if that weren't bad enough, there's a strong chance you won't receive your full anticipated benefit amount anyway, thanks to how those benefits are calculated (even if the program were financially solvent). This is especially true if you're under your full retirement age and face the prospect of reduced benefits for claiming early.