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Wealthy? Potential Social Security Changes to Watch Out For

October 10, 2019

From the Kiplinger website

Social Security has developed a reputation for constantly being on the brink of crisis. A recent government report found that Social Security costs will exceed its income in 2020, and the program only has enough reserves for the next 16 years.

Meanwhile, the steady stream of proposed changes to keep the program afloat creates tremendous uncertainty around what exactly Social Security will look like in the future.

It’s an emotional issue — and rightfully so — as everyone has the expectation that they’ll get back what they paid throughout their careers. According to the Social Security Administration, 25% of American retirees depend on Social Security for 90% or more of their income. It’s also a critical issue for retirement planning — individuals and couples of all ages, especially those nearing the end of their working lives, need to understand the role Social Security payouts will play during retirement.

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From → Benefits

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