Planning for Social Security’s Demise
Cyberspace is awash with reports and projections of Social Security’s disappearance in the early part of the next decade, and financial pundits across the country continue to chime in with accounts of the program’s worsening situation. Without question, Social Security is in trouble, and in fact is currently operating in deficit mode. More is going out than coming in, and that’s a scenario that isn’t expected to improve without congressional attention. And, given everything going on in the world of politics today, getting congressional attention seems to be a continually elusive plight.
We’ve been here before, although it was about 40 years ago. Action was taken then, and we cautiously anticipate that happening again. The question is when, and how severe the corrective measures will be. In the meantime, though, it’s not a bad idea to think in terms of a contingency position if benefits are cut or if they evaporate completely (which really isn’t going to happen, in our opinion). This post by GOBankingRates provides some guidance on what you can do to prepare. Check it out here…