From Birch Gold Group
No matter who is elected president in less than three weeks, Social Security will be one of the largest challenges they’ll have to address during their term.
According to a Bankrate article, time is running out for anyone to do anything: “The Social Security Administration (SSA) is projecting that retirees will receive 100 percent of their promised benefits for only 15 more years, after which only 79 percent of those payouts would be recovered. Meanwhile, about 65 million Americans in 2020 will receive payments.”
Should Joe Biden be elected, he has some proposed solutions, which were listed in the same article:
- Apply payroll taxes on wages above $400,000.
- Increase special minimum benefits for Americans who’ve worked for 30 years.
- Americans who have been receiving payments for at least 20 years would see a higher benefit.
- Increase benefits for survivors or widowed spouses.
- Base annual increases off a price index for the elderly.
With the exception of the first one, these “solutions” would require more revenue (or a higher allocation of revenue) from a system that’s already a budgetary mess.
Not to mention, Biden’s proposal of more payroll taxes on the wealthy could backfire. For example, those facing a higher tax bill could simply find loopholes or move to a country that has lower taxes than the U.S.
Biden’s Plan Raises the Some Important Questions
There’s no doubt that the “doomsday clock” for Social Security and Medicare is set at “3 minutes to midnight.” The trustees have made this point very clear.
There’s also no question that Biden views “more government” as a solution to Social Security’s problems. So of course his “kitchen sink” package of changes are typically Democratic: More tax and spend, more reliance on a bureaucratic government.
So Biden’s “package” of policy proposals for Social Security raise the following questions:
- Is the answer to Social Security woes more reliance on the government?
- Is more “tax and spend” going to lead the U.S. into more trouble down the road?
- Does Biden stand any reasonable chance of saving Social Security?
Unfortunately, retirees have to deal with emergencies, increasing healthcare expenses, and inflation that eats up the meager 2021 cost of living adjustment of just 1.3%
So, if “more government” or “more taxes” are the solutions offered by a Biden presidency, those issues also have to be factored in.
But after 2034, it might not matter much – not unless some original ideas come to fruition. Until then, you should consider preparing by taking matters into your own hands.
The Best Answer Is: “Take Back Control of Your Retirement”
There’s no denying that Social Security is in dire straits. Yet if Joe Biden is elected as the next president of the United States and he rolls out the “solutions” that he’s put on the table so far, the solvency of the entitlements program could deescalate even faster.
So now is the time to focus on protecting your retirement savings. Examine your allocations, consider your risk levels, and look at adding precious metals such as gold and silver. They have been proven to act as a hedge against messes like this.
With global tensions spiking, thousands of Americans are moving their IRA or 401(k) into an IRA backed by physical gold. Now, thanks to a little-known IRS Tax Law, you can too. Learn how with a free info kit on gold from Birch Gold Group. It reveals how physical precious metals can protect your savings, and how to open a Gold IRA. Click here to get your free Info Kit on Gold.
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2034???? I doubt there will be a US government after 2024!
I’m right there with you. This country is toast. The enemy is at the gate. Who is the enemy? Human nature. Greed, lust, envy, sloth, vanity…you name it.
I’m thinking more like Nov. 4th.
Thats where i’m at
All the Fedgov needs do is remove the cap on wages. Given they keep the same phony cost-of-living annual increase methodology, that should fund SS at least until 2100. The increase this year is a measly 1.4%. Groceries are up 3%!
Ground beef before pandemic –> 1.89 per pound
Last paid 6.89 per pound
Grocerys up 3% eh?
1.3%
Just imagine if you had been able to invest both your half and your employer’s half in gold or silver for your entire working career. Imagine if the money that was stolen from you was even kept safe instead of being spent faster than it was stolen. Imagine if government kept its nose out of people’s pockets, bedrooms, businesses, and lives.
Obviously the answer to the SS shortfall is to give more free shit. Annnnnnnd tax the rich.
Moar is always bettah!
At some point the Ponzi scheme collapses. The sooner we work to ease the pain of that collapse and dismantle the system, the lesser the blow will be and the more prosperous the future might be. It has always been an unsustainable wealth transfer scheme from the working to the retired – nothing more. It is unconstitutional for the government to run an insurance plan or a retirement fund, so what they have been doing is nothing more than calling it one thing while simply doing their usual steal and redistribute scheme. There has never been a lockbox. The money, especially since the 1960s, has come in and been replaced with IOUs that require the enslavement of new workers to pay them off. I’m not denying that everyone has been conned. I’m not denying that everyone has been stolen from. I’m not denying that millions are dependent upon this ongoing theft to fund their retirement and even their existence. But let’s at least stop pretending that SS is anything other than government business as usual with a far better marketing strategy and a much superior lobbying group (AARP).
Great idea Mr Liberty , first pay me my retirement stolen in a bankruptcy second pay me the interest on the money paid into social security that it should have earned and third pay me the interest on my savings that banks should have paid while paying under 1% fourth return all the gains ripped off in the last 2 stock market drops as my government insiders told us our investments were secure and then they cashed out after the largest run up in history leaving average Americans holding a bag of debt .
Fairness though it never happens under the US government law treat all citizens equally like the connected 1% !
Fuck You Pay Me !
The BLM people should really be bitching about SS. If the 12% (worker + employer input) was compounded for 40 years – you would have a sizeable chunk of money – and it would be yours. With SS – it stops when you die. But with an investment – the family could inherit the balance.
Just another way Dem’s fuck us over.
dutch,
where you been?
m’apolis is not in the news anymore,how is it up there?
What compounding exactly, at ZIRP?