Let's hope Social Security remains a fixture on the American scene. There are too many senior citizens dependent on it, and with $1 million seeming to be the magic retirement savings goal, a vast majority are going to fall far short of that. In fact, some experts have said that even wealthy investors will be at least partially dependent on Social Security.

But given the expectation among an overwhelming majority of Americans that Social Security will default, it could help boost mutual fund sales. Certainly, the industry doesn't need to increase fear among investors that they could be impoverished in their senior years, but the fear is certainly there.

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