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Feb
3

Social Security Problems: Wake Up & Be Informed!

in Financial Coaching

by Renee Wittrock

social security issuesIt is time to get real about personal financial planning. If you live in the US, this will be the best personal finance advice you can get.

PAY ATTENTION to what is happening right now with Social Security. I have been tracking this closely for over 10 years; the system is in a world of hurt!

USA Today said last week that, “Social Security will post $600 billion in deficits in the next decade”.[i] The Associated Press – Washington states: “Social Security is projected to collect $45 billion less this year than it pays out in benefits.[ii] The headline in my local paper read, “Social Security fund slides into permanent deficit.”[iii] Read those words again, permanent deficit, in the billions.

Here are some numbers you need to know:

If you work in this country and receive a W-2, then both you and the company you work for have each paid in 6.2% into Social Security (SS) on your behalf, every paycheck, for basically your entire working life.

That’s more than most people contribute to their 401k’s ( and, don’t even get me started on you agreeing to invest in something that is a product of the Internal Revenue Code and expect to come out ahead– yes, code section 401 subsection k – check it out for yourself www.irs.gov).

This 12.4% was to keep the SS system going for your retirement and it was in the black for a long time. But, since it had surplus, the government  decided to spend it again and again to fund different programs.

Nice, huh?

Well, just like you spending more than you make, eventually it has to turn upside down, right?

Right!

Put on your big boy pants, it’s time to take matters into your own hands!

Obviously, we can’t take financial tips from the political leaders of this country who like to work with TRILLLIONS of dollars of D-E-B-T; we know the IRS has one mission – to get more of our taxes dollars; and Wall Street is a roller coaster, unreliable and downright risky.

If you are concerned and looking for a solution that’ll work for your family, do what I did years ago: Go to http://www.findoutmorenow.com, put in this 4 digit passcode: WW89 and get a free report. Take matters into your own hands and don’t let your retirement turn into a “permanent” failure.

What have you read about the impending doom of Social Security?


[i] USA TODAY, Money section B page 1 January 28, 2011

[ii] Associated Press Washington as published in the Daily Times Herald, Carroll, IA January 27, 2011

[iii] Daily Times Herald, Carroll, IA January 27, 2011


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