Episode 55: A Serious Look at the Future of Social Security

You hear the headlines and the news clips all the time, saying things like “bankrupt Social Security” and “Social Security is going to be destroyed.” Devin and John hear the questions regularly. “Should I even plan to receive Social Security?”

How much of this is true? How can you plan for retirement when you don’t know what will happen with Social Security?

First, Devin and John review the history of Social Security. It’s a simple but comprehensive explanation of how we got to the current situation.

Then, Devin and John look at the future of Social Security, and ask, “Will Social Security be there for you?” Devin and John agree that Social Security will still be there, but it may be different than it is now.

There are many possible solutions to this issue, but there are two proposals that are most likely:

  1. increase the age at which you start receiving benefits
  2. increase Social Security taxes

Highlights include:

  • the cost of compliance if you needs-test Social Security
  • why these changes probably won’t apply to older folks
  • how not everyone pays Social Security tax on all their income

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Once a month or so, the Big Picture Retirement show does an episode that features questions submitted by listeners.  Send your question to questions@bigpictureretirement.net.  We can’t get to every question, but we sure do try to hit the big issues that help the most people.