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Too Much Dependence on Social Security Could be a Problem
A post by The Motley Fool’s Katie Brockman highlights the results of a recent Gallup poll in which 60% of those surveyed indicate that their Social Security benefits are a major source of their retirement income. Further, nearly 905 of the respondents claim to rely on their monthly benefit payments. As Ms. Brockman points out, this degree of dependence could pose some long-term risks since Social Security faces some well-documented problems in the future. From a continued loss of buying power attributed to inadequate cost-of-living adjustments to the potential for structural changes needed to deal with the program’s looming insolvency, a heavy dependence could put many folks’ retirement at risk. Her article concludes with some suggestions on actions that can be taken to mitigate this risk. Read the full post here…