Social Security For Suckers
The Dynamic Wealth Report
February 16, 2010
A few days ago I walked down to my mailbox. As I opened the little
door, I was shocked by all the mail crammed in there! Magazines, junk
mail, bills… and a letter from the Social Security Administration.
That’s strange… I’m not planning on retiring for a few decades!
I ripped open the envelope and found my annual update from the Social
Security Administration (SSA). Every year they send it out. It
highlights your past earnings, what you paid Social Security taxes on...
It even estimates what you should expect to receive at retirement.
It’s amazing what this little document contains. And it’s all a lie!
According to this statement, I’m scheduled to receive a monthly payout
when I retire. It’s not a small amount… though it’s a far cry from what
I’d need to live the high life in Europe.
As of right now, I haven’t been planning on retiring any time soon. As a
matter of fact, I still have several decades of work before I become
eligible for retirement benefits. Regardless, I still studied the
statement.
That’s when it hit me. Social Security is for suckers.
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Now don’t get mad. I’m not knocking those of you already receiving
social security checks. My grandparents are on social security. Along
with the additional money they saved, they’re living quite a nice life
in retirement.
I know my parents are looking forward to getting their hard earned money
back as well.
But, I’m not expecting a single penny. And any person under the age of
50 is a sucker if they expect to get their money back. It’s just a fact
of life.
The federal government isn’t going to be able to pay. And that means if
you’re receiving a payout when they run out of money, your check is
going to get cut way back.
How do I know this? I’d like to say I read the fine print, but the SSA
doesn’t hide the details there. Nope, they put it on the first page in
big bold letters for everyone to see.
Their info pamphlet asks a simple question… “Will Social Security be
around when I retire?”
Talk about a loaded question.
The response is a simple “Yes”.
Yes, the Social Security system will be around years from now when I
retire. We all know how hard it is to get rid of a huge bureaucratic
government institution. Yes, the SSA will be around.
What won’t be around is the money needed to pay benefits.
Let me quote from the SSA’s own document. “…in 2037 the Trust Funds will
be depleted.”
Scary, right? Keep reading.
“Therefore, the taxes that are paid by workers will not be enough to pay
the full benefit amounts scheduled.”
In other words, we’re promising to pay you. But we already know there
won’t be enough money to pay you what we’re promising. The SSA is going
bankrupt. That’s what happens when you owe people more money than you
have. (It’s simply the truth.)
That’s why Social Security is for suckers.
Right now the government estimates having only 76 cents to pay out for
every $1.00 they’ve promised. Something tells me this isn’t the worst
case estimate. What happens if fewer people are working? What happens if
more people retire early? What happens if people start living longer? What happens if the economy is in bad shape?
Social Security is a time bomb… and everyone hears it ticking… yet
Congress (and the rest of government) is doing nothing to stop it from
exploding in our faces.
That’s why I’m not relying on the government for a single stinking
penny.
I’ve paid more money into the system than I care to think about. I’ve
been contributing to Social Security for decades now… and I’m not
expecting the government to return one red cent.
And neither should you.
You can’t rely on the government to support you when you’re older. You
can only rely on yourself. And that means saving money for retirement.
Put something away from each and every pay check. Start small. Even $10
or $20 dollars a month will make a big difference years from now.
Do it now. Start saving today.
Put your money away and invest it wisely. Decades from now, suckers who
trusted the government won’t be able to eat dinner at a nice restaurant. You’ll be living high on the hog and enjoying retirement.
The IPO market is still a struggle. Graham Packaging (GRM) cut back on
the number of shares and its price range. Other companies are struggling
to find investors. And many companies are postponing their offerings.
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