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What to Fear Financially this Halloween Season
It’s October and thus a time to be afraid of ghosts and goblins, but when it comes to finances, writer Russ Wiles of The Arizona Republic puts in perspective what we should fear versus what is overblown. Wiles discusses stock market downdrafts, rising interest rates, banks fees and expenses, and Social Security insolvency. The latter is certainly a problem, as promised benefits will be automatically cut by over 20 percent in 2034 (earlier with a recession) absent congressional action before then. However, he notes the more immediate problem is misplaced fear such as folks taking Social Security benefits earlier than they should on the thinking they won’t get anything later. That is unfounded. In fact, in the words of Jonathan Clements, a financial journalist and author of the book How to Think about Money, “We should worry less about dying early in retirement and more about living longer than we ever imagined.” Read full piece here.