Every two years, we get a small dose of election campaign rhetoric regarding Social Security, and every four years, we get a big dose. Candidates claim their opponents’ plans to save Social Security will bankrupt grandma, rob children of their future, or worse. This year, New Jersey Gov. Chris Christie kicked off the tradition with a bold proposal to scale back Social Security benefits for some Americans. Christie, a potential presidential candidate, proposed means testing that would reduce the size of benefits for people earning more than $80,000 annually and phase them out completely for those earning $200,000 or more. He also wants to raise the full retirement age from 67 to 69 for people born in 1960 or later. When the rhetoric heats up, we inevitably get panicked calls from advisors asking for our prognostications on what will happen and how it will impact the strategies we help you identify. Our answer can be summed up this way: This is a big ship, and it doesn’t turn quickly.
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