GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re able to read more about oureditorial guidelinesand our products and servicesreview methodology.
However, there are complexities related to the necessity of thesetaxes.
What impact could such a potential move have on retirees in the next decade and Social Security at large?
Clay Cooper, partner and wealth management advisor atClearview Financial Partners, Northwestern Mutual,shared some possibilities.
This would also significantly reduce the amount of money going into Social Security.
That all comes from payroll tax.
Thats kind of a half truth, Cooper said.
So its not like Social Security goes to zero.
However, its possible the government could make different choices to keep the Trust robust.
Some people have been critical of the Trust because right now it just buys treasuries, Cooper said.
So government debt ispretty low yielding.
However, these kinds of changes would have to be made through acts of Congress.
Thats really the only option there is.
And pull more from their retirement accounts if they have them.
Moving more intomoney markets and CDs and bonds.
And so itd be kind of a poison pill to a politician, he said.
More From GOBankingRates
Share This Article:
