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Exploring the Social Security “Bankruptcy” Myth

It’s like the itch that just won’t stop itching, or the song lyric you just can’t get out of your subconscious mind. It’s something you just keep hearing over and over, usually in the context of “the sky is falling” on Social Security and it’ll be gone by the time you reach the point of needing it. In fact, as The Motley Fool’s Christy Bieber points out in a post today on’s business page, 70% of the respondents to a recent survey by Transamerica Center for Retirement Studies tend to believe this myth.

Whether or not you believe Social Security is on the path to disappearance, what’s particularly concerning is that it may influence you–if you’re close to age 62–to file for benefits early to ensure that you at least get cash for awhile. The problem with that, of course, is that you’ll be accepting a permanent reduction in your monthly benefit, and that could be problematic in your later years.

Check out Ms. Bieber’s post here…

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