Wealthy? Potential Social Security Changes to Watch Out For

The program is under pressure, and lawmakers are considering a handful of strategies to shore it up. Some could have big impacts ... especially on the wealthy. So stay vigilant and plan carefully to maximize your benefits.

Social Security has developed a reputation for constantly being on the brink of crisis. A recent government report found that Social Security costs will exceed its income in 2020, and the program only has enough reserves for the next 16 years. Meanwhile, the steady stream of proposed changes to keep the program afloat creates tremendous uncertainty around what exactly Social Security will look like in the future.

It’s an emotional issue — and rightfully so — as everyone has the expectation that they’ll get back what they paid throughout their careers. According to the Social Security Administration, 25% of American retirees depend on Social Security for 90% or more of their income. It’s also a critical issue for retirement planning — individuals and couples of all ages, especially those nearing the end of their working lives, need to understand the role Social Security payouts will play during retirement.

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Grant Rawdin, J.D., CFP®
Founder and CEO, Wescott Financial Advisory Group LLC

Grant Rawdin is Founder and CEO of Wescott Financial Advisory Group LLC. He founded the firm in 1987, which grew from the tax, business and estate services he provided to clients at Duane Morris LLP, a venerable AMLaw 100 law firm. Grant is an attorney, an accountant and a Certified Financial Planner™ and has served as adviser to many businesses, providing strategic, ongoing, and M&A advice. Grant and Wescott are recognized as leading the investment and financial planning industry in innovation, growth and size.