#175 - Alarming Social Security Statements Impact on Your Wellbeing

Fear and frustration about Social Security's future are spreading like wildfire, especially during election seasons. Politicians have intensified these concerns, warning that Social Security will go broke by 2035. This has left many, especially younger workers, feeling bitter and anxious about their financial futures. Stories of individuals doubting they'll ever see the benefits of their contributions highlight a growing sense of hopelessness. However, experts assure that a complete collapse is highly unlikely, with payroll taxes continuing to fund most benefits. Cognitive biases like the Availability Heuristic, Confirmation Bias, and Negativity Bias are at work, making these alarming statements seem more believable and widespread. It's essential to navigate these fears with accurate information and not let alarmist rhetoric dictate our financial planning.

A podcast that blends the nuts and bolts of financial advice with the emotions that drive making them.
Rick Kahler, CFP®, CFT-I™, has helped people make better money decisions by integrating financial planning. He blends the nuts and bolts of financial advice with the emotions that drive making them and shares them on his financial therapy podcast.