Do you have a fear of loosing your social security benefits?
Well, many government agents have been speaking out over the last year and a half declaring that, “Yes, there will be no Social Security for Baby Boomers or younger.”
This is no surprise to anyone where Boomers have known for years they wouldn’t receive, yet still clung to some hope.
Yet, that means that even though we are still paying Social Security tax, we are being told we will never receive any of the benefits. I won’t even get into how unfair that is.
But this is a big issue. Though Social Security was never intended to be lived off of, it is a significant supplement. Depending on how much you make and how long you have been paying into the fund, many are receiving $800 to $1200 every month. This is not including all the medical benefits that come along with the Social Security program. That does assist in keeping a certain living standard with food on the table.
But with almost one third of Americans (the Baby Boomer generation) due to retire soon, there are not enough workers left to support the Social Security program. If you add the mix what every economist is predicting as a major depression, possibly the worst America has ever seen. The major withdrawals from the stock market in a few years will cause a major crash loosing everyone’s retirement fund and investments.
As a side note, I know we call them financial planners and they keep explaining diversification, but all they really mean is invest in stocks. That is not diversification nor is it safe from downturns and crashes.
Taking a glance at what economists see… there are almost 100 million Baby Boomers set to retire. Congress has already spent any excess Social Security reserve because they feel entitled. So, ideally, one hundred million Baby Boomers will be collecting… say $1000 a month. That’s $100 billion paid out each month from the Government.
Then let’s say that the Baby Boomers take an additional $1000 from the stock market to supplement their income. I would say that $2000 a month will be a low number compared to typical Boomer spending habits, but let’s say they all agree to it. That would be $100 billion out of the stock market.
So how strong do you think the economy will be with $100 billion going out each month? How strong of a position will our government be in with an additional $100 billion going out each month? That is not including all the other welfare benefits the government has let Americans feel entitled to. And the government will still have to fund military, education, social work, civil and criminal agencies. Where will all this money come from?
There are not enough Gen Xers to fit the bill no matter how much they are taxed. And worse, it’s predicted that there will be 30% unemployment during the depression that is sure to follow. Those will be even fewer employees to tax and they’ll be looking for handouts.
It is our suggestion that you begin seeking more education on what will be occurring, converting paper assets to depression proof one’s, and building a home business to gain tax benefits and create a sustainable and hopefully residual income to last through the hard times ahead.
And here is something we can look into if you are apt to blame politicians:
Just in case some of you young whippersnappers (& some older ones) didn't know this. It's easy to check out, if you don't believe it. Be sure and show it to your kids. They need a little history lesson on what's what and it doesn't matter whether you are Democrat of Republican. Facts are Facts!!!
Our Social Security
Franklin Roosevelt , a Democrat, introduced the Social Security (FICA) Program.
He promised:
1.) That participation in the Program would be completely voluntary,
2.) That the participants would only have to pay 1% of the first $1,400 of their annual incomes into the program,
3.) That the money the participants elected to put into the Program would be deductible from Their income for tax purposes each year,
4.) That the money the participants put into the Independent "Trust Fund" rather than into the General operating fund, and therefore, would only be used to fund the Social Security Retirement Program, and no other Government program, and,
5.) That the annuity payments to the retirees would never be taxed as income.
Since many of us have paid into FICA for years and are Now receiving a Social Security check every month -- And then finding that we are getting taxed on 85% of the money we paid to the Federal government to "put away" -- you may be interested in the following:
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Q: Which Political Party took Social Security from the Independent "Trust Fund" and put it into the General fund so that Congress could spend it?
A: It was Lyndon Johnson and the democratically Controlled House and Senate.
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Q: Which Political Party eliminated the income tax Deduction for Social Security (FICA) withholding?
A: The Democratic Party.
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Q: Which Political Party started taxing Social Security annuities?
A: The Democratic Party, with Al Gore casting the "tie-breaking" deciding vote as President of the Senate, while he was Vice President of the US .
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Q: Which Political Party decided to start giving Annuity payments to immigrants?
AND MY FAVORITE:
A: That's right! Jimmy Carter and the Democratic Party. Immigrants moved into this country, and at age 65, began to receive Social Security payments! The
Democratic Party gave these payments to them, even though they never paid a dime into it!
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Then, after violating the original contract (FICA), the Democrats turn around and tell you that the Republicans want to take your Social Security away!
And the worst part about it is uninformed citizens believe it!
AND CONGRESS GIVES THEMSELVES 100% RETIREMENT FOR ONLY SERVING ONE TERM