Dec 7, 2018
>>> Subscribe on iTunes: https://apple.co/2DI2LSP
>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs
>>> Check out our blog: https://truenorthretirementadvisors.com/blog/
Transcript:
An October 16th, 2018 headline from Forbes reads: “Senate Republicans Set Sights On Cutting Social Security”
According to the article, “a couple where each spouse earned constant “average” wages over a career beginning at age 22 and retired on their 65th birthdays would have over $1 million in health and retirement benefits.
A million dollars! The government is going to pay $1 million dollars in benefits to the millions of baby boomer couples transitioning into retirement! Is it any wonder that social security is in crisis?
Social security should have been addressed years ago, and it will be addressed at some point. It’s kind of like a speeding train careening ahead, but the tracks have run out. We know the tracks end, but we just don’t know how or when the train will crash.
Politicians don’t want to address it, which is why I don’t buy the headline above...After reading the article, I think it’s all talk.
How many of you would re-elect someone who cut your social security? What politicians want more than anything else is not to do what’s right, but to get re-elected. Sad, but true.
The likely result is that social security will be in true crisis mode, where we have no choice but to do something drastic. That something may include cuts to social security, and if you have assets and other income sources besides social security, I think you’re walking around with a target on your back, and you should have a contingency plan if your social security income is cut in your lifetime.
Could you absorb a 10, 20, or 30% cut to your social security checks?
That’s it for today. Tomorrow, we’re going to continue with the silver lining from a divorce - social security benefits from your ex!
My name is Ashley Micciche and this is the One Minute Retirement Tip.
Topics Covered This Week:
retirement, investing, money, finance, stock market, social security, social security at age 62, full retirement age, social security at age 70, ex-spouse social security benefits, cuts to social security, social security taxable, social security tax, social security delayed retirement break even, social security age, max social security tax, social security benefits age 66 still working