Retirement Fears: Social Security’s at the Top of the List
A recent SimplyWise Confidence Retirement Index put the impending demise of Social Security at the top of the list of retirement-related fears on the minds of a majority of Americans, but most notable in the minds of 58% of those in their mid-50s. It’s an interesting matter, since the bankruptcy of Social Security is a rumor-driven myth that comes up very, very frequently in the dialogs our AMAC Foundation Social Security Advisory Service has with folks anguishing over their future retirement. We try to address their concern by explaining that the program by design is immune from bankruptcy, as long as there’s a workforce contributing payroll taxes. Full disclosure, though, requires that we discuss what could happen, in the form of a reduction in scheduled benefits, absent corrective action by Congress.
And Social Security’s longevity isn’t the only fear on the minds of seniors. Check out a post by Jacqueline Sergeant on www.fa-mag.com for more commentary on the index. You can access it here…