Many people are losing confidence in Social Security. This is true for people of all age groups and all income levels.
This concern is warranted, since the program is in obvious trouble. Insolvency is predicted within a decade, and there are no clear solutions to create long-term change at the moment.
What is this concern causing? For some seniors, they’re claiming their benefits early. Their fear of the program running out of money is motivating this decision. But as we’ve discussed, claiming earlier results in a smaller benefit.
This means the fear of the program’s insolvency, which itself is motivated by inaction in policymakers, is robbing retirees of the future they deserve.
For some people, their confidence in Social Security is at a medium level. They’re not anticipating the program to go completely bankrupt. However, they’re also not counting on it as their sole source of retirement income. This could be the best approach overall.
As mentioned here, it’s helpful to consider the program a supplementary retirement resource. Due to rising prices and potential benefit cuts, it helps to combine your payment with private pensions and personal savings.
It’s also helpful to diversify your income. Multiple income streams means more stability. And stability is a quality every senior deserves when it comes to retirement.
How can we protect the future of retirement together? Sign our petition to secure Social Security, and bookmark us for more content.
