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Do boomers have good reason to be worried about the state of Social Security?
GOBankingRatesspoke with financial experts to find out.
Social Security Was Not Designed for the Massive Boomer Influx
Why isSocial Security in an insolvent place?
How did it get to be this way when it seemed to be functioning fine for so long?
Essentially, the system got overloaded by the sheer amount of boomers claiming benefits.
Its more demand than the system can handle.
Today, the massive baby boomer generation is drawing benefits while fewer younger workers are paying in.
Dont lose sleep over it, but dont ignore it, either.
Social Security has been fiddled with in the past remember Reagan and the Congress in 83?
That said, I encourage boomers to plan wisely.
And it will likely be major.
Neither boomers nor younger generations should be complacent and just wait for a new reality.
We must be proactive and get aggressive with our financial planning.
Even $200 a month can add up to a lot by the time youre retirement age.
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