Social Security Dips Into Reserve Fund For First Time Since 1982

WASHINGTON (CBSNewYork) - There's trouble for the future of Social Security: The government is paying out more money than it's taking in.

This comes as a new study shows most Americans may not be prepared for retirement.

Like many Americans, Evan Pinchuk is worried about the future.

This year's government report about Social Security funds echos those concerns.

"If Congress were not to act, full scheduled benefits would not be at the point of trust fund reserve depletion," said Stephen Goss, the chief actuary of the Social Security Administration.

He testified before Congress Thursday the payout exceeds the revenue collected by Social Security for the first time since 1982. That means Social Security must dip into a reserve fund that's expected to run out by 2034.

"And this is due to lower than expected earnings as a share of gross domestic product in 2016 and 2017," Goss testified.

A Bankrate study show six in ten people don't know how much money they'll need for retirement. Financial experts say the big takeaway is that everyone should strive for long-term savings.

Workers should aim to put away at least 10 percent, and take advantage of any retirement help like company 401Ks and matches.

"It's a mix of savings, 401K, mutual funds, to try to diversify yourself," said Pinchuk. He says he saves as much as he can, thanks to early advice from his parents.