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Join Mark J. Warshawsky — the economist who ran retirement and disability policy at the Social Security Administration — for a first look at his newly published analysis of what happens after the trust fund runs dry.**

The Social Security retirement trust fund is on track to run out in the fourth quarter of 2032. When it does, current law calls for an automatic, across-the-board 24% cut to every beneficiary's check — the same percentage whether that retiree is living paycheck to paycheck or sitting on a multimillion-dollar portfolio. It doesn't have to happen that way, and your clients are going to want to know what does.

Mark J. Warshawsky — former Deputy Commissioner for Retirement and Disability Policy at the Social Security Administration, Harvard-trained economist, and current Senior Fellow and Wilson H. Taylor Chair in Healthcare and Retirement Policy at the American Enterprise Institute — will walk through his newly published *Journal of Retirement* analysis, "What Happens When the Social Security Trust Fund Is Exhausted: Alternative Contingency Policies."

In this session, you'll learn:**

- Why the exhaustion date keeps moving up, and what's actually driving it — from OBBBA's tax changes to the latest CBO projections

- The legal case that an across-the-board cut isn't the only option — and the two leading proposals for allocating the shortfall more fairly

- Warshawsky's own net-worth-based alternative, modeled on Australia's means-tested pension — including a newly published design that drops the age restriction entirely

- Why he calls his own proposal a "wealth tax" — and the specific rates it would impose

- What all of this means for how you talk to clients today, years before any of it becomes law