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A Quick Recap of the Social Security Insolvency Probem
In case you’re just getting to know Social Security’s much-discussed financial woes, an article posted recently by Kotys Wealth Professionals on valpolife.com will give you a quick update. It’s sort of like the “elephant in the room” puzzle when it comes to 2024 election cycle commentary, with many comments aimed at changes that could come about in specific areas (like taxes on tips, federal taxes on benefits, expansion of benefits, the “protection” of Social Security, and so on). Unfortunately, most rhetoric lacks a frank discussion of the long-term changes needed to modernize the program in line with 21st-century economics and avoid the catastrophe projected to hit beneficiaries in less than a decade.
Anyone interested in a quick recap of the problem’s origins and thoughts on corrective steps that could be considered will benefit from this post, written by Wealth Advisor’s Mark Rosinski, CFP®, CPA. Read it in full here…
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