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Heres why Ramsey believes Social Security is falling short and what experts sayyou can do to stay ahead.
Why the Social Security System Faces Challenges
Social Security was never meant to fully fund retirement.
It was designed as a supplement, not a safety net you could live off entirely.
If nothing changes, this could result in a 17% benefit cut in 2035.
Ramsey pointed to this looming shortfall as just one sign that the system is in trouble.
With people living longer and fewer workers supporting more retirees, the math doesnt add up.
He recommends building retirement savings through consistent investing and not relying solely on Social Security.
To avoid over-relying on Social Security, here are some strategies to consider.
Maximize Employer Contributions
Take advantage of employer matching contributions to your retirement plan.
This is essentially free money that can significantly boost your savings, Falcon explained.
Consider a mix of stocks, bonds, real estate and other assets to mitigate risk, Falcon explained.
Most importantly, you want to check that your investments are lined up with your financial plan.
Many retirees are still earning some sort of wage.
It can be a great to stay active, as well, Falcon added.
Plan for Healthcare Costs
Healthcare costs can be a significant expense in retirement.
I would not make adjustments based on market fluctuations instead, adjust your plan when your life changes.
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