Unveiling the Truths and Myths of Social Security's Future
TL;DR Summary
Dave Ramsey, a personal finance expert, warns retirees about the potential challenges facing Social Security, highlighting a report that suggests the program will be fully funded only until 2034. After that, beneficiaries might receive about 80% of their expected payments unless legislative action is taken. Ramsey advises workers to invest 15% of their income in retirement savings, utilizing employer 401(k) matches and Roth IRAs, to mitigate reliance on Social Security.
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