There is growing concern among Americans with recent headlines that Social Security will run out of money in the next 10 years. And rightly so.
Retirees paid into it all their lives and have earned it. And yet, those who still have 10, 20 or 30 years until retirement have serious concerns about what will be left for them.
In this episode, we’ll break down the factors that are contributing to Social Security’s shortfall and discuss what are the likeliest scenarios for any changes by the Federal government. Above all else, we’ll give you a few reasons not to panic and avoid making rash decisions if you’re thinking the time for you to collect is now.
KEY TAKEAWAYS
- Will Social Security Run Out of Money?
- Why Social Security is Collecting Less Money
- Why Adding to the National Debt Is Not an Option
- Should Social Security Be Privatized?
- Reasons Not to Panic and Make a Bad Decision
SELECTED LINKS FROM THE EPISODE
INSPIRING QUOTE
- “Anytime you’re making a panicky decision isn’t always the most well thought out.” – Jess Panico
- “Pay as you go means that what taxes collected today immediately goes out the door to pay benefits.” – Mike Panico
- “There’s less than two people that are working for every person retiring. So, there’s just not enough tax revenue being collected to fund this pay-as-you-go system.” – Mike Panico
- “Social Security was designed to cover about a third of your working paycheck. And if you didn’t want a two-thirds pay cut going into retirement, well, that was on you to provide the rest.” – Mike Panico
DISCLOSURE
Arcadia Wealth Management, LLC (Arcadia) is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). The information presented in this video is for educational and informational purposes only and is intended for a broad, general audience. It is not intended as, and should not be construed as, an offer, solicitation, or recommendation to buy or sell any securities or to adopt any investment strategy. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. Any references to investment strategies, philosophies, or client experiences are illustrative and may not be representative of all clients or outcomes.
Arcadia Financial has a reasonable basis to believe that this content does not include any false or materially misleading statements and presents information in a fair and balanced manner. No portion of this communication should be construed as tax, legal, or accounting advice. Please consult your own tax or legal professional for guidance specific to your situation.
Investment advisory services are provided through Arcadia Wealth Management, LLC, an SEC-registered investment adviser. Insurance products and services are offered through Arcadia Financial Group, LLC, by appropriately licensed agents. Bookkeeping and tax preparation services are provided by Arcadia Tax, LLC. These affiliated entities operate independently but are under common ownership.
