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Social Security’s Place in Your Retirement Strategy
It’s no secret that a retirement financial plan calling for total reliance on Social Security is doomed to present continuous struggles. In fact, as noted in the previous article posted in our “Latest News” section (click here), the average monthly benefit doesn’t even cover the average monthly rent, and inflation continues to erode one’s ability to make ends meet. The Motley Fool’s Kailey Hagen, in a post today on their website, explains the key factors that comprise this situation, from Social Security’s income replacement objective to the fact that for some, benefits can be taxed. Her article also notes the potential for future cuts as the program moves toward insolvency. Check out Ms. Hagen’s post here…
Om this latter point–insolvency–it’s important to understand that the potential for full depletion of Social Security’s cash reserves is beginning to draw attention in Congress, and many are hopeful that steps will be taken to shore up the program before it’s too late. In fact, many outside parties have advanced solutions for consideration, including the Association of Mature American Citizens (AMAC) with a plan labeled “AMAC’s Social Security Guarantee.” Many of AMAC’s recommended adjustments are focused on preserving Social Security’s basic mission: keeping seniors out of poverty. Read the AMAC position on Social Security reform here...