Have you heard that there has been an issue with theSocial Security system? I refer to the issue as the “insolvency of social security system” or the “unfunded social security crisis”. This is especially concerning for those in their 30’s, 40’s and 50’s who have to ask, will Social Security be around for me?
NPR’s podcast The Indicator from Planet Money put together a short, easy to follow audio clip explaining the Social Security insolvency gap. We all pay into Social Security so this is an issue that we should be aware of. The US may need to re-consider how Social Security benefits are calculated. In particular, young high-income earners should consider how they will plan around changes in taxes or if anticipated benefits will decrease.
I hope you enjoy this podcast as much as I did.
This is to help start the conversation. Give us a call to plan further.