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I would talk with some real financial lawyer or auditor of sorts. I don't really know.
The big issue with the stock market getting cut in half is the realiazation that it can happen. 401ks and IRAs do lose value, and you can't always assume the 8-11% historical growth will happen.
But yeah, social security does need some fixing. Both in raising the mminimum age and the payment amount based on how much you have put into the system. There also needs to be a means testing part to it based on if you have over $10 million or something.
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