Social Security

The Social Security Program is 86 years old and has become a fundamental aspect of how many aging people pay for expenses. Despite its vast importance, social security is full of challenges and weaknesses.

Estate planning professionals once referred to a “three-legged stool” for retirement planning in this country. The three legs included a pension, personal savings, and Social Security payments. Pensions that secure income is not nearly as common as they once were. Furthermore, a very small portion of people in the United States has support from each of these three legs.

Since 1940, however, Social Security has remained a steadfast source of payment. Many people, however, are uncertain about the program’s future. While the program’s demise is not granted, Social Security’s funds are certainly on a downward trend and they must be fixed if they’re to last. If Congress fails to take action, very soon Social Security might lack the funds to pay its promised benefits.