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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.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.