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Some Suggestions for Dealing with the Unknowns of Retirement Finances
Planning for the financial side of retirement can be a daunting task. After all, it’s kind of like the famous (infamous?) remarks uttered in 2002 by then-Secretary of Defense Donald Rumsfeld, who said, “[A]s we know, there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns — the ones we don’t know we don’t know.”
So, with this framing, let’s summarize: Nobody knows what will happen with Social Security when the trust fund reserves reach the point of full depletion…if they actually reach that point. Popular thought seems to be that just like in 1983, Congress will either throw a last-minute fix into the wind or will have developed a thoughtful approach to rescuing the program from insolvency and preserving benefits. We’ll just need to wait and see, although time is rapidly running out.
In the meantime, what are those approaching decision points supposed to do? Journalist Vawn Himmelsbach, in a monewise.com, offers some thoughts on moves they can make during the run-up to benefits, claiming that could help navigate Social Security when the time comes. Check it out here…