In late 2016, the Congressional Budget Office (CBO) revised its long-term outlook for Social Security. This move, lowering cost-of-living increase for future payouts, makes it more important than ever for advisors and investors to focus on long-term retirement goals. The CBO recently noted that the “Old Age and Survivors Insurance” trust fund, what is commonly referred to as Social Security’s trust fund will be fully exhausted by 2030. The ensuing long-term reductions in possible Social Security benefits will force ever-larger amounts of retirement to be self-funded, a goal that many Americans are just not prepared to cover.
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