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For many aging Americans, Social Security is critical.
Social Security makes up at least 50% of the income for half of people age 65 and older, and is the sole source of income for about 20%.
Imagine being one of those recipients, then reading articles with titles like “Social Security trust funds now projected to run out of money sooner than expected due to Covid, Treasury says,” or “Covid took one year off the financial life of the Social Security retirement fund,” or “Social Security could be insolvent ‘within 8 years,’ economist warns.”
If you depend on Social Security to survive, this is scary stuff.
But if you’re worried about the viability of Social Security, here’s something that might offer comfort: These same types of stories have been going around since I became an investment adviser 40 years ago.
Why do they periodically repeat? First, because there’s some truth to them: Social Security does face funding challenges. But I suspect it’s also at least partly because scary headlines sell stories.
Still, changes will almost certainly have to occur if the system is to remain viable. But what could those changes entail? More important, how can you best position yourself to maximize monthly checks for when your time comes to claim Social Security benefits?
Let’s find out. That’s what this week’s “Money!” podcast is about. We’re going to talk about how much trouble Social Security is in, changes that are likely to occur and strategies you can employ now to get the biggest bang for your contribution buck when you retire.
As usual, my co-host will be financial journalist Miranda Marquit. Listening in and sometimes contributing is producer and novice investor Aaron Freeman.
Sit back, relax and listen to this week’s “Money!” podcast:
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Show notes
Want more information? Check out these resources:
- 9 Social Security Terms Everyone Should Know
- Retirees Have a New Top Financial Fear in 2021
- 6 Money Mistakes That Will Wreck Your Retirement
- Don’t Get Scared Into This Social Security Mistake
- 6 Groups Who Cannot Rely on Social Security Benefits
- A Simple Way to Maximize Your Social Security
- 12 Ways to Maximize Your Social Security Checks
- CNBC: Social Security trust funds now projected to run out of money sooner than expected due to Covid, Treasury says
- Motley Fool: How Safe Is My Social Security?
- Investopedia: How Secure Is Social Security?
- AARP: How much longer will Social Security be around?
- Kiplinger: Relax, Your Social Security Benefits Are Safe
- Subscribe to the Money Talks News newsletter
- Take our course The Only Retirement Guide You'll Ever Need
- Take our course Money Made Simple
- Miranda Marquit’s website
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