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How Sustainable is Social Security: Should You Be Worried?
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In this episode of the Last Paycheck Podcast, certified financial planners Archie Hoxton and Rob Hoxton tackle the pressing issue of Social Security's future sustainability. They begin by addressing common fears spurred by the Social Security board of trustees’ announcement regarding the projected depletion date of the Social Security Trust fund.
The Hoxtons delve into historical measures taken to avert past crises in the Social Security system and discuss potential changes that could ensure its longevity. They examine possibilities such as increasing payroll taxes, adjusting full retirement ages, modifying early retirement penalties, and altering the income cap for Social Security taxes. Additionally, they emphasize that Social Security was intended as a supplemental rather than a primary income source in retirement, advocating for robust personal retirement planning.
If you'd like to chat with Rob or Archie further, please schedule a consultation: https://calendly.com/archiehoxton/last-paycheck-consultation
Watch on YouTube: https://youtu.be/lvDJN2kEZYg
Listen in on conversations with Certified Financial Planners Archie and Rob Hoxton as they share weekly wisdom to help you retire and stay retired. Have you ever wondered what it will feel like when you get your last paycheck? Whether it’s excitement, anxiety, or anything in between, this show is for you.
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