Counting on Social Security to pay the bills when you retire?
You might want to rethink that strategy.
You see, CBS News recently reported that the entire Social Security system is going bankrupt.
Today, I want to get you up to speed on this dire situation…
And then I’ll show you a way out of this mess.
Here’s the Problem
When I first entered the workforce, I figured the government collected my Social Security contributions, invested them on my behalf, and then returned them to me with interest once I retired.
But that’s not how it works.
Instead, it collects money today from everyone who’s working, and hands it over to current retirees. As long as plenty of people are working, the system stays in balance.
But what happens when retirees start to outnumber workers?
Things fall apart — and that’s exactly what’s happening right now:
With 76 million “Baby Boomers” starting to retire, too many people are taking money out of the system, and not enough people are contributing.
That’s why, according to the Pew Research Center, as early as 2010, the Social Security system was losing about $78 billion per year.
But now things are getting really bad…
The U.S. Government Can’t Help You
According to a recent news report from CBS News, the trustees of Social Security believe the program's reserves “will be depleted by 2034…”
As CBS puts it, this will "crimp household budgets for seniors and even push some into poverty."
And the situation for Medicare is just as dire:
“Medicare's giant trust fund for inpatient care won't be able to cover projected medical bills starting in 2026..."
So if you were banking on the government to support you during your retirement, unfortunately, it’s time to face facts…
And it’s time to make a new plan.
First Things First: Don’t Panic
Some folks are panicking…
And the media isn’t helping at all:
For example, CBS News quoted Bankrate analyst Taylor Tepper as saying, "Workers should panic because they aren't saving nearly enough for retirement."
But there’s no reason to panic…
You just need a plan…
Wait a Minute: You Already Have a Plan!
If you’re a member of our Income Unlimited service, you already have a plan:
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And in the meantime…
Happy Investing — and Happy Retiring