Social Security Isn't Going Away, But Changes Need to Be Made
If you’re wondering what’s going on with the U.S. Social Security system, you’re not alone. It’s something we’re always watching. Capstone Senior Wealth Advisor Robert Wootton, CFP® gives us the latest updates in an article recently published in Chicago’s Daily Herald Business Ledger.
Key Points
There are fewer people paying into the Social Security system for every person receiving benefits due to declining birth rates, increasing longevity, and increasing levels of claimed retiree benefits.
For those with higher incomes, the total Social Security tax cap may increase in the future to maintain the solvency of the Social Security system.
Without some Congressional action, there are potential problems with the future of full Social Security benefits as they stand now. Many possible solutions are being discussed.
Continue reading the full article at the Daily Herald Business Ledger. Learn more with Capstone Financial Services.
Disclosures:
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