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Beware these 3 Social Security Surprises

Maurie Backman explains it is vital to know some basics about Social Security. One, Social Security only replaces a limited amount of income. Indeed, most overestimate what they will get and/or how far benefits will go. It replaces about 40% of pre-retirement income. Put another way, it’s a 60% pay cut to retire. Two, Social Security benefits may be slashed in a decade, as the surpluses of the past will be depleted forcing across the board 23% cuts to all unless Congress acts. Three, Social Security benefits can be taxable, and that shock hits many people. The brackets were never indexed for inflation, and thus thousands more are ensnared each year. Full piece here.

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