With all the fiscal problems facing the Social Security system, should advisers counsel clients to expect a reduction in Social Security benefits?
Advisers say that many clients are asking that question, but the answers are mixed.
Accountant Richard Rampell doesn’t think that benefits will be reduced.
“It would be political suicide for any elected official to reduce Social Security benefits. That’s the third rail of American politics,” says Rampell, a CPA and principal-in-charge at Morrison Brown Argiz & Farra in Palm Beach, Florida.
President-elect Donald Trump has pledged to avoid cuts, Rampell says.
Advisers say that many clients are asking that question, but the answers are mixed.
Accountant Richard Rampell doesn’t think that benefits will be reduced.
“It would be political suicide for any elected official to reduce Social Security benefits. That’s the third rail of American politics,” says Rampell, a CPA and principal-in-charge at Morrison Brown Argiz & Farra in Palm Beach, Florida.
President-elect Donald Trump has pledged to avoid cuts, Rampell says.
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