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Congress is looking to repeal a Social Security rule that impacts retirees who are still earning - is it the right move?
Yahoo Finance • • business
Key Points:
- Industry experts warn that repealing the Retirement Earnings Test (RET) could exacerbate the strain on the Social Security Trust Fund, potentially leading to a 24% cut in benefits by 2032.
- Even if the RET is repealed, beneficiaries who continue working while collecting benefits might face substantial reductions in their Social Security income within a few years.
- Alternative income sources, such as passive income from rental properties, are recommended to prepare for possible Social Security benefit cuts; platforms like Mogul offer fractional ownership in vetted rental properties with promising returns.
- Financial planning support is advised to navigate potential Social Security changes, with services like Advisor.com providing free access to licensed professionals for personalized retirement and investment guidance.
- Proactive investment and financial planning could help individuals maintain financial security despite uncertainties surrounding the future of Social Security benefits.
