Episode 284: Phasing Out Social Security
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Are We Going to Increase Social Security Taxes?
James Carville: It's most likely that Congress will not cut benefits to the elderly. He says if you save 15% of your paycheck and invest it in stocks and bonds, you'll be a millionaire before you're retired. If you worked age 70, you'll actually retire with two and a half million in the bank,. That's adjusted for inflation. The moral of the story here is even if you're looking at the Congress is going to raise the payroll taxes - start immediately.
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