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Social Security Insolvency: Thoughts on Preparing for the Worst - The Globe and Mail/The Motley Fool
Social Security’s projected inability to pay scheduled benefits in full is garnering increasing airtime in the media today. As the trust fund’s full depletion looms closer and closer, this level of attention will undoubtedly continue to ramp up, as will the anguish among America’s seniors–particularly those dependent on Social Security as their sole source of income. The severity of the potential reduction–some estimates put the benefit cuts as high as 28%–puts the situation clearly in the catastrophic category.
Despite the gloom, many reasonable folks firmly believe that Congress will grasp the magnitude of the problem and craft creative action in time to ward off a financial calamity. But what if that doesn’t happen? In response to this question, the writers at The Motley Fool offer thoughts in a post on The Globe and Mail, and you can read it in full here…