10,000 a day.
It’s the greatest social crisis since the great depression.
Not only has the Social Security system been destroyed, the 401k and IRA system has been a disaster as a retirement savings program. The complexity, Wall Street fraud, collusion and lack of guarantees has resulted in the a lack of confidence and confusion in the minds of American workers.
The results are predictable.
Americans are going to run out of money in retirement.
It’s not just the fact that interest rates have been near zero, it’s the volatility, the fees, the risks and taxes that have given savers reasons to doubt the system.
Right now, there are 10,000 baby boomers turning 65 every day. Most have not saved enough money to retire on. They are either continuing to work, or will live out the rest of their lives in poverty.
But here is why this so important.
You are reading this right now.
Those that have not saved enough will need Government assistance. Of course Social Security in some form, Medical care, and even assisted living.
Where will the money come from?
Who is going to pay for these services?
It’s very simple.
The Government will employ “means based testing” to extract more money out of those who have it. They already use this for social security.
Americans should anticipate that the Government will look at the amount of money you have in a 401k or IRA. They already know how much you have.
The Government created this problem because they did not clearly lay out alternative choices to saving for retirement. Alternatives that exist today, that are not Government sponsored IRAs and 401ks. The Government lured Americans into the 401k and IRA plans, and now those will be the people who end up with the bill.