Should you stop worrying about Social Security? - Nasdaq
A recent survey from financial services company Nationwide found that 71 percent of adults felt that Social Security would run out of money in their lifetimes. The fear is understandable, with the last official projection by the Social Security Administration Trustees indicating the program’s trust fund reserves could be exhausted by 2034, and popular media sensationalizing this projection by characterizing it as an impending bankruptcy. The reality is that the program could, absent legislative action, find itself on a total cash basis at that point, meaning that benefits paid out would need to match incoming tax revenue. Since last year, of course, incoming tax revenue has been less than benefits paid out.
So, does that make Social Security an unreliable portion of your retirement financial plans? Not really, says The Motley Fool’s Christy Bieber. In a post on nasdaq.com, she explains the two big reasons why you should stop worrying about benefit cuts that likely would not happen. Read Ms. Bieber’s article here…