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The Importance of Social Security as a Source of Retirement Income
Despite the widespread knowledge that Social Security benefits were never intended to be more than a supplement to retirement income, it appears that current retirees have come to view it as a “major source” of income for retirement living, according to a recent Gallup poll. Even those not yet in their retirement years appear to be considering Social Security benefits to be a major source of support in later years. Given the long-forecasted financial problems facing the program, the potential of a substantial benefit cut when the reserves are depleted will likely have a grave impact of those relying too heavily on this program to exist. An analysis of this situation by The Motley Fool’s Sean Williams posted on USAToday.com provides additional insight on this issue. Read it here…
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