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For as long as I\\u2019ve been aware of Social Security there\\u2019s been concerned that there won\\u2019t be enough funds to support future retirees. Well here we are in 2016 and the Social Security system is going along as it always has. Today\\u2019s guest is an expert on the topic, which is why I\\u2019ve invited her to be a part of this show. Emily Guy Birken is going to help us understand the changes that have happened in Social Security recently, why we should not put all our eggs in the SS basket, and what we can expect from the system for the next 75 years. It\\u2019s all on this episode.
When something like that happens it\\u2019s enough to make anyone a bit skittish about whether their own retirement funds are safe or not. And for me, it\\u2019s a lesson in why each of us need to be a bit more proactive in creating our own retirement rather than waiting on someone else (like a pension fund) to do it for us. On this episode I tell you what I think about the defunding of a pension fund, how Social Security feeds into the concerns surrounding it, and how I would advise one of my clients to view the situation. I hope you take the time to listen.
Emily Guy Birken had just finished her book about the Social Security system and sent it off to her publisher when the announcement came that some major changes were being made to the way the Social Security system works for beneficiaries. She had to recall the book, make the needed changes, then resubmit it - all in time for her deadline. On this episode you\\u2019re going to hear about that testy time in her book writing career, how Emily has come to be one of the foremost experts on the Social Security system, and why she recommends that nobody depend on Social Security as their sole source of retirement income.
The operative word in that sentence is \\u201chelp.\\u201d My guest on today\\u2019s episode says that Social Security was never created to be a sole source of income for anyone. Instead, it\\u2019s supposed to serve as a safety net, a small stipend to ensure that nobody is going hungry during their retirement years, but it\\u2019s far from something you could or even should depend on. Emily has lots of advice on what you should do in light of the small role Social Security really plays in the retirement of most people, on this episode of The Retirement Answer Man podcast.
According to Emily Guy Birken, the answer is, \\u201cDefinitely, Yes.\\u201d Emily says that SS has some very serious problems still, and the powers that be over the Social Security Administration have already announced the issues that will be on the chopping block within the next few years. Some of them will have a significant impact on the benefits and income of retirees, so we should expect that. The main problem is that we don\\u2019t know when the changes are slated, and the SSA is not telling. All the more reason to have more control and more diversification in your retirement strategy, and we\\u2019ll cover that on this episode of the podcast.
Pension fund cuts link: http://www.zerohedge.com/news/2016-04-20/going-be-national-crisis-one-largest-us-pension-funds-set-cut-retiree-benefits
www.EmilyGuyBirken.com \\xa0\\xa0\\xa0
Emily\\u2019s book: Making Social Security Work For You
Roger\\u2019s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan
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