This Social Security proposal could be something to get excited about, says MktwHulbert
Do you ever get excited by policy proposals to address the Social Security funding shortfall? You might think that anyone who does needs to get a life. In fact, however, many retirees and soon-to-retirees snap to attention when legislation is introduced to address the Social Security system’s actuarial deficit. The system is currently slated to run out of money in 2034.
Under current funding arrangements, of course, the Social Security Administration will only be able to pay 79% of scheduled benefits in the year 2034. On the benefit side of the ledger, the enactment of this new legislation would immediately increase your Social Security benefits by 2%. And if your benefits would otherwise be below the new higher minimum, you’d see an even bigger increase. Furthermore, you would benefit from a more liberal cost of living adjustment in future years.
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