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Myth Patrol: Dispelling Two Persistant Questions on Social Security Planning
In many respects, financial planning for retirement is somewhat of a crystal ball experience. There are certainly unknowns, and that makes planning difficult. But there are myths and misunderstandings, which add more uncertainty to the process. The American Society of Pension Professionals & Actuaries (ASPPA) certainly understands this and has developed a series of articles intended to clarify some of the lesser-understood premises that tend to obscure approaches to planning for this life phase.
In a post on the ASPPA website, contributor John Iekel offers an analysis of an enduring myth–one that is easy to dispel and a bit more challenging to deal with. It deals with Social Security’s much-publicized rapid descent into insolvency and what it might mean to those on the fence concerning what benefits will be available later in life. It’s an interesting read…check it out here.