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Dispelling Social Security’s “bankruptcy” Myth
Despite what you may have heard, Social Security is not going to disappearing on you, and it will be there when you arrive at your retirement destination. Yes, there are financial bumps in the road ahead and, yes, there’s the issue of disappearing cash reserves, but there’s also the likelihood that our elected officials will get around to fixing the problem before the draconian forecasts become a reality. It’s happened before–back in the 1980s–so it’s probable that the problem will be corrected again. The longer it’s deferred, of course, the tougher the correction will be.
The Motley Fool’s Maurie Backman, in a post today on their website, echoes portions of this sentiment, and offers conjecture on Social Security’s built-in reliability. Check her post out here…