Many are worried about President Obama’s vow to work with Republicans in terms of budget cuts. His recently produced 2014 budget proposal hints at cutting well-deserved Social Security benefits in the future.
With the way things are going, the Social Security program is going to run out of money in the next few decades anyway. Future retirees are going to be affected by this hard. And take into consideration how inflation works. If you’re cutting benefits, if payouts are going to be decreasing throughout the years with the cost of living rising, where does that leave anybody?
The current advice is to increase your own personal retirement savings by investing in low-fee index funds. These funds will limit transaction costs and help you invest in the growth of the stock market as a whole.
Sound interesting? Head over to The Motley Fool to learn more.
Thoughts on this? Where’s your chance? Should Social Security benefits increase or should they be sliced in half? Tell us below.
|Kenneth G. Marks is an aggressive Social Security Disability attorney who will fight for you! www.KmarksLaw.com|