Will Social Security Benefits Be Slashed 40% For High-Income Earners?

In today’s episode, Scott breaks down a recent Social Security solvency proposal that suggests a 40% reduction in benefits for high-income earners. Proposed by the American Enterprise Institute, this plan targets wealthier individuals to bear the brunt of reductions, allowing lower-income retirees to face less drastic cuts.

Scott weighs in on whether this proposal is likely to gain traction and examines broader challenges facing the Social Security system. He’ll also share what the potential adoption of a proposal like this could mean for the future of retirement planning.

Here’s what we cover in this episode:

0:00 – Intro

1:28 – Social Security proposal

3:05 – Challenges in the Social Security system

5:39 – How does this impact financial planning?

9:40 – Staying educated and communicating with your advisor

 

Social Security Reform Article:

https://www.fa-mag.com/news/social-security-reform-proposal-would-slash-benefits-40--for-high-earners-80419.html?section=131&utm_source=FA+Magazine&utm_campaign=e6e275dc58-FAN_Retirement_Allspring+Lead+Gen_112524+GTG&utm_medium=email&utm_term=0_-02ce404ce3-244628203

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