7. Fearing Social Security’s destruction
If you’ve heard that Social Security funds can and will run out of money, don’t make any rash decisions. Experts show that while this is a possibility around 2030, it won’t mean you’ll be losing all your money. In fact, things such as payroll taxes will still cover payments. Currently, experts say that these will actually cover 80% of benefit payments.
It’s a bad idea to make any choices based on fear. In this instance, it’s better to just trust the experts handling the system.
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