Former U.S. Comptroller of the Currency Explores Social Security

Barry Kornfeld leverages extensive expertise in tax planning, guaranteed income, and estate planning to work with clients of First Financial Tax Group, which he co-founded in Boca Raton, Florida. To stay at the forefront of his field, Barry Kornfeld attends seminars and lectures by recognized experts, such as former U.S. Comptroller General David Walker.

In March 2015, David Walker appeared in an interview on CNBC and expressed concerns about how the rising costs of health care, public pensions, and Social Security could impact retirement planning around the nation. In the interview, Walker notes that the Social Security Administration has warned that its Disability Insurance Trust Fund could be depleted by 2016, which could mean that almost 11 million people would stop receiving the disability payments they depend upon.

According to Walker, Congress will most likely respond to the issue with a temporary solution by transferring payroll revenues from the retirement fund over to the dwindling disability fund. Walker has instead suggested several long-term solutions to gradually correct the Social Security system, including raising the retirement age for workers in conjunction with life expectancy increases. He also recommends modifying the benefit formula to offer more financial support to retirees with lower incomes and less money to higher-income retirees.

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