What happens to benefits if Social Security runs out of money?

What happens to benefits if Social Security runs out of money?

Q. What happens if Social Security runs out of money or reduces benefits in the next decade? Wouldn’t it make sense to start collecting our fair share which we have earned as soon as age 62 before there is a drastic change to Social Security? And then what happens to younger generations?

— Full of questions

A. There’s a lot to unpack here.

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