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How to Compensate for Likely Social Security Cuts
Maurie Backman explains Social Security’s funding problems, specifically that the program is paying out more than it takes in and that 20% across the board cuts are coming absent any reform. For near retirees, it is essential to do three things: 1. Rethink your retirement spending; 2. Boost your savings; 3. Delay your Social Security filing. The highest monthly benefits are paid to those who wait to claim at age 70. Full piece here.
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