Most retirees will need an added income, possibly from a part-time job or a small business, in order to survive retirement.
If folks are still not aware of what’s in store, here is the bad news. Social Security was never a bonafide insurance or annuity program with genuine reserves set aside in what politicians called a lockbox. It was closer to a Ponzi scheme.
Prospective retirees never paid in enough to secure benefits at the outset and the arrangement was for the retirees to be paid by funds contributed by those still working and being taxed. Any effort to make it a genuine insurance/annuity was hammered down by Big Government politicians.(See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)
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