It Should Be Called Social Insecurity…
Gen X suspects it, their grandfathers have been talking about it for years, and now the reality of Government promises about retirement are coming to the surface.
Just recently, House Ways and Means Social Security Subcommittee Chairman Sam Johnson, R-Texas, has presented a new plan to take away more of the money promised by Government to taxpayers.
Social Security as we know it is on it’s way out.
As it stands, many Americans will never live long enough to benefit from the years of paying in. With this new reversal on Government promises, Social Security benefits are something that just cannot be counted on anymore.
Massive cuts to these benefits are coming because the Congress of the United States has plundered and wasted the money.
In less than 10 years, Social Security will be broke.
Here’s what to expect:
- For workers making around $50,000 benefits in retirement would be cut by 11% – 50%.
- They are going to use Means Based. They are going to look at the tax return and if you can afford to lose your social security, they will tax more of it.
- Forget (COLA) cost of living adjustments. If you are earning above $85,000 in retirement you don’t need any more money according to the GOP.
- Younger Americans will see their benefits cut in half from what they are projected.
As time moves forward, expect the Government to take a second look at 401k and IRAs as a way to solve these problems.
Because annual filings are required for IRAs and 401ks, Government knows exactly what these accounts hold for means testing purposes.
There is one thing for sure, the Government is coming for money.
If you are concerned about the protection of your financial savings, or are looking ahead and see the writing on the wall, prepare now.