Long-term viability of Social Security has been a subject of concern for years. Now, the Detroit bankruptcy filing turns the spotlight on municipal and state pensions.
I personally believe Social Security is in better financial shape than most people think. Social Security can easily survive into the 22nd century and beyond, if only we have the will.
But retirees, and anyone who expects to retire in the future, ought to be nervous about the shock waves from the Detroit bankruptcy. How many other cities, big and small, will have their credit ratings reduced? How many more will follow Detroit into bankruptcy? Not many, we may hope.