Did You Ever Notice the Asterisk on Your Social Security Statement? 

It’s on every Baby Boomer’s Social Security statement.

As Reported By The National Review Online:

While engaging in the mundane task of gathering financial statements for a “secure retirement” meeting with my husband’s and my adviser, this Baby Boomer stumbled upon documented proof that our nation does not have the guts to confront one of its most serious economic problems. The realization came when I pulled from my files a document statement innocently titled, “Your Social Security Statement.”

At first glance, the statement did not appear menacing. I was told I could expect to receive a benefit of “about $2,136 a month” upon reaching age 70 — which certainly seems like good news. But immediately I thought of a parallel of President Obama’s infamous Obamacare promise: “If you like your Social Security, you can keep your Social Security.”  Then, as if on cue, I saw an asterisk with the following message:

The law governing benefit amounts may change because, by 2033, the payroll taxes collected will be enough to pay only about 77 percent of scheduled benefits.

THERE IS MORE, CONTINUE READING:

Social Security Bankruptcy — The Government Knows It’s Coming | National Review Online


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  • Fignewton

    There are a number of reasons why the Social Security System is failing, but the biggest and the most prominent one of all is MisManagent by the trustee of the account. When the fox is left to guard the hen house, there will be no eggs for any one except the fox, and soon there won’t be any chickens to provide the eggs either, and if he can not move on, before long the fox will also die from starvation! Wouldn’t it be wonderful if our elected leaders, who put themselves in charge as trustee of the Social Security System was smarter than fox? The first mistake was when they decided to use the money from the current collections to pay benefits to those people who had never had a chance to contribut to the fund. But long as they were few and died off pretty quickly the income could keep up. Then the money that was being held in trust was offered up for investment to the government bond company, and all those assets were now tied to the bond market. The story goes on and on, until finally our industry and our economy left the continental united States and all the well paying middle income jobs departed with it. That ladies and Gentlemen is when we started to hear about the fund becoming bankrupt! It is not that we don’t have enough workers to keep the fund solvent, but if they cannot find well paying jobs then all bets are off and that is were we find ourelves today. If you want to save Social Security, then start forcing our elected leaders to focus on what is good economically for America instead of every other country in the world.

  • Joe Joe

    Can we stop paying on ss and begun saving on our own clearly the government will not return our money back