Many of our Chapter 7 personal bankruptcy clients are living on Social Security. When their family members come in to our office, or to court, supporting them, they ask: will Social Security still be around when they need it…next year, in twenty years? We don’t know, but we intend to provide significant information when we can.
In a clear and concise analysis, Bob LeClaire in his Finance and Markets Newsletter for the week ending June 12, 2010 came up with a host of recommended solutions and the percentage reduction of the Social Security deficit. For example, increasing the contribution rate from the current 6.2% to 7.3%, would reduce the future Social Security deficit 100%.
The chart below gives us other ideas.