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Create a Backup Plan to Social Security
For those not yet collecting Social Security benefits, it is likely best not to be overly dependent on what your expected benefit is slated to be. Maurie Backman explains that 20% or greater cuts are due to occur in about ten years if no congressional reform is undertaken. Social Security currently has trust funds it can tap, and it is doing so now, to keep up with scheduled benefits even as its revenue shrinks, but only through 2034. Backman states, “ if you don’t start ramping up your retirement plan contributions, you might end up cash-strapped and overwhelmingly unhappy once your career comes to a close.” Full piece here.
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