As you should know, we are all in the midst of debates among both Democrats and Republicans for the 2016 Presidential candidacy. While there are many social issues these candidates have discussed, there are also a few fiscal issues discussed as well.
The majority of the fiscal issues stem around America’s growing debt burden (which is now over $18 trillion). However, another topic that has taken somewhat of a backseat, but is still discussed in these debates is the topic of social security.
Some candidates want to push back the retirement age, others would like to cut the benefits paid out by the program. One suggests raising the cap on taxable income for social security. To view each candidates stance, CLICK HERE.
Americans who are retired or are planning on retiring in the future and relying on social security income to help fund that retirement should be assured that this topic has relevance to these debates. Although we cannot predict who the next president will be, or what ultimately will happen to the social security program, we can do our best to make sure that we are well off no matter what is decided.
Having IRA’s, pensions, and 401k plans are ways to ensure a safe retirement. Maxing out contributions to these retirement vehicles where applicable can give one peace of mind in the future. What will happen with social security in the next 20, 30, or 50 years? Nobody knows. However, a broad retirement plan can help lessen stress and worry about what might occur.
Budget Smart, Invest Wise