(BPT) - The majority of Americans support continuing the Social Security program, even if they are decades away from drawing benefits, a 2010 survey by AARP found. Nevertheless, with the program’s future financial viability an ongoing subject of political debate, many people may undervalue the role Social Security can play in their retirement planning.
“For years, financial services companies have downplayed the role of Social Security in bolstering financial security in retirement,” writes James Mahaney, vice president of Strategic Initiatives for Prudential, in the white paper “Innovative Strategies to Help Maximize Social Security Benefits.” “However, considering the increased financial risks retirees now shoulder, the tax preferences that Social Security receives, and the income options that Social Security now offers, a strong argument can be made that Social Security should play a greater role in a retiree’s financial planning.”
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