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Are there “flaws” in the Social Security system?
There can be little argument that the Social Security program is a lifeline to tens of millions of Americans who rely on it to stay above the poverty line; fully 64% of the program’s 62.5 million beneficiaries rely on it for at least 50% of their income. So how can a program which is so important to and which benefits so many people be described as “flawed”? Well, in this Motley Fool article by Sean Williams, the author opines that several of the Social Security provisions which, in fact, help the system maintain it’s solvency are it’s “worst” aspects. These aspects include paying income tax on Social Security benefits, the “earnings test” which may assess a benefit reduction for those still working, and the formula by which Cost Of Living Adjustments (COLA) are determined. Though the Social Security rules cited suffer varying degrees of unpopularity, according to the author they’re not changing any time soon. Click here to read more.