Social Security: Thoughts on Planning Around the Unknowns - Forbes
The well-publicized solvency issue facing Social Security is taking on new prominence as time passes and as the U.S. economy continues to reel in the wake of the COVID-19 pandemic. In the midst of all this are those who look to Social Security as an important part of their future livelihood in their retirement years. They’re trying to plan, but are faced with trying to assess what the program will look like when they get there. Will benefits decrease? Will taxes on the benefits paid increase? Will congressional action shore up the program to continue benefits as expected?
Nobody really knows what’s going to happen when Congress focuses on the problem, so that leaves future retirees to struggle with contingency plans as they work on their retirement financing strategies. Forbes contributor Steve Parrish, in a post on their website, raises the question, “What should I assume in planning for retirement?” and offers thoughts on options that can be considered as part of the planning process on where–and how–Social Security will fit into a financial plan. In addition to offering guidance on several of these options, Parrish includes thoughts from three retirement planning professionals.