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For anyone who has been paying attention to economists over the past year or so, the word recession is likely engrained in their minds from hearing it so often. Some economists think it’s guaranteed, some think it’s an overreaction, and some seemingly flop between the two weekly.
Either way, for those nearing Social Security age or currently receiving Social Security, it’s best to know how a looming recession could potentially impact your benefits. There’s no concrete answer about how the economy will hold up in the near future, but it’s better to be overprepared than underprepared.
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