If Social Security is declared insolvent and payments are halted entirely—which, let’s be honest, seems to be the trajectory under the current leadership—would it be reasonable to reclassify all retirement accounts (401(k)s, 403(b)s, IRAs) to function like Roth accounts, making all future distributions tax-free?
Would this be enough to offset the loss of Social Security for you? Would it help you retire?
Personally, being in my mid-50s, I always expected Social Security to be reduced by the time I retire, but I didn’t think the collapse would come this soon—or be this total. Curious how others are thinking about this and what alternatives (if any) would make up for the loss.