As skilled as you may be with retirement planning, you can’t accurately predict everything.
Social Security and the economy are both subject to change. Even if you’ve managed your money and planned your costs, there are a few factors that could catch you off guard, including:
- An increase in Social Security taxes
- Higher inflation that reduces purchasing power
- Benefit reductions due to budget problems
These issues could impact your retirement in 2023 and beyond. But there is one thing that we can do to turn the tide in the other direction.
Pushing policymakers to prioritize Social Security could provide you more money against tax hikes, higher prices, and program shortfalls. Seniors have paid in — they deserve to be repaid in full!