Merton Bernstein, an expert on Social Security and the Walter D. Coles Professor Emeritus at Washington University in St. Louis has made some bold claims, arguing that cutting Social Security will not help solve our country’s debt problem. In fact, he says, eliminating these benefits might hurt the economy. Social Security, is crucial for retirees, for family members who lose income due to a death or serious injury, and also for businesses, who would lose money due to lost purchasing power if the program were to end, Bernstein claims. In addition, he says that keeping the struggling program afloat will not be the challenge some predict it to be: simply increasing FICA by 1 percent on both employees and employers would ensure Social Security’s ability to pay in full for the next 75 years.
Moore, a supply side economist, recently said Fed Chairman Jerome Powell was a bad choice.
The Society of Actuaries has found that some Americans have no intention of thinking about that.
The professor tells ThinkAdvisor how clients' retirement plans can account for biological, not just chronological, age.
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