Social Security is projected to face significant funding challenges, potentially providing only 73% of expected benefits by 2035, with further decreases thereafter. Proposed solutions include adjusting benefits based on income levels and implementing a consumption tax or tax incentives. This situation emphasizes the importance for younger generations to prioritize diverse investments, such as Roth IRAs and 401(k)s, to prepare for possible cuts in Social Security and capitalize on long-term market growth despite market volatility.
Social Security is facing a budget crisis, with benefits potentially decreasing to 73% of expected payouts by 2035 and as low as 64% by 2045.
Younger generations should focus on diverse investment portfolios, Roth IRAs, and 401(k)s to prepare for possible future cuts in Social Security benefits.
Collection
[
|
...
]