“You don’t have to worry about the government eliminating them. They are among the most popular programs in the country. It is unrealistic to believe that Congress would make these programs go away.
At the current rate of withdrawal, though, and under current law, all Social Security beneficiaries will see their benefits cut 23 percent in about 15 years. It’s time for a bipartisan solution to the problem. One party would prefer to raise taxes to preserve current benefits. The other party would prefer to lower or delay benefits in order to not raise taxes. The two are going to have to compromise. The sooner that they begin working on the solution, the less painful it will be for all Americans.”
Quote by Ric Edelman, founder of Edelman Financial Engines, as quoted in the May 2020 issue of AARP Bulletin, vol. 61, no.4, pp.22-23: “Expert Advice for Volatile Times: Some of the Sharpest Minds in the Financial World Break Down What’s Going on in the Economy and How You Can Ride It Out”.
Submitted by Rosa L. Griffin
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