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Social Security going bankrupt? Well, not exactly.
Social Security is not on the verge of bankruptcy, though future cuts of 20% in benefits for all are a real possibility due to changing demographics. The program can never truly go broke as long as workers are making payroll tax contributions. Nonetheless, as Maurie Backman of The Motley Fool reports, one should not make the mistake of relying too heavily on those benefits in retirement. The time to start setting money aside for the future is today, which lessens the need to worry whether Social Security’s finances take a turn for the worse. Read his full piece here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.