Future Retirees May See an End to Social Security

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Licensed by the Missouri Department of Insurance, Tracy Wayne Mitchell is the president and founder of Mitchell & Associates, a retirement planning and insurance advisory agency. Besides authoring the book The Informed Fed, Tracy Wayne Mitchell is a noted expert in health insurance, annuity, and long-term care products. He also has gained a long-standing reputation as a retirement specialist.

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Future Retirees May See an End to Social Security

  1. 1. By Tracy Wayne Mitchell
  2. 2.  Licensed by the Missouri Department of Insurance, Tracy Wayne Mitchell is the president and founder of Mitchell & Associates, a retirement planning and insurance advisory agency. Besides authoring the book The Informed Fed, Tracy Wayne Mitchell is a noted expert in health insurance, annuity, and long-term care products. He also has gained a long-standing reputation as a retirement specialist.
  3. 3.  Retirement benefits can take the form of a defined contribution plan, such as a 401(k) or pension, an IRA, or Social Security. The amount that a retiree earns in Social Security is based on the average income during the 35 highest-earning years of his or her career. The maximum amount that a participant can currently receive is around $2,300 per month. Individuals who wish to apply for benefits are advised to sign up three months before they are set to retire.
  4. 4.  Unfortunately, it is unlikely that participants who plan to retire in 2042 will be able to enjoy Social Security benefits. It is believed that at that time, the system will no longer be able to make payouts. The plan is to raise the age of retirement; at present, people who are 65 or older can receive benefits.

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