In my quest to make sure my parents are cared for and solvent, I have been reading quite a lot about Social Security. Since they are in their 70s, they will be fine with the current system since it will remain solvent until 2035. They have a nice nest egg, but they still use their SS.
From my viewpoint, GenX may end up with reduced benefits and Millenials even moreso. It seems that there are multiple options on the table that "fix" SS. Like upping the tax rate from 12.4% to 14 (split between contributor and employer) and removing the cap of ~$130k to $400k. I try to focus my retirement on not needing it, but I have to admit, I've paid in a LOT to it, so it would be nice to get something.
Do you think SS will be around when you retire? Are you concerned? What other options do you find interesting?
From my viewpoint, GenX may end up with reduced benefits and Millenials even moreso. It seems that there are multiple options on the table that "fix" SS. Like upping the tax rate from 12.4% to 14 (split between contributor and employer) and removing the cap of ~$130k to $400k. I try to focus my retirement on not needing it, but I have to admit, I've paid in a LOT to it, so it would be nice to get something.
Do you think SS will be around when you retire? Are you concerned? What other options do you find interesting?