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Dealing With Inadequate Retirement Savings and the Potential for Social Security Changes
Many media reports have dealt with the inability of many Americans to accumulate a financial cushion for their retirement years. With so many retirees needing to rely heavily on Social Security benefits to get by, and with inflation steadily eroding the seniors’ buying power, the problem seems to get more significant each year. And compounding the situation is the certainty that one of two scenarios will play out within the coming decade: Either changes to the way Social Security calculates benefits, or the system depletes its reserve funds and reduces monthly benefit payments substantially.
None of that is news. While it’s not a rosy picture for many future retirees, there may be a glimmer of hope for those unable to make great strides in wealth accumulation for retirement. Barron’s contributor Mike MacMillan, in a post on their website, builds a case for market investment strategies available to “those who have historically been on the outside looking” when it comes to financial markets. He lays out a pathway that could be appealing to younger folks–future retirees–via approaches that make it easier for investors to enter the marketplace at low levels and build toward future wealth.
Read MacMillan’s post here.