Scathing New Report Shows Just How Bankrupt Social Security Really Is
Instead of participating, we invite you to work really hard, and pay lots in taxes to bail the system out!
Very Truly Yours,
The Ponzi scheme is going bust, in plain sight and no one seems to care.
Well, it's only Social Security, right?
Central State Pension Plan is bankrupt . . .
Gulp! Well, it's only SS, and one private pension, right!?
Unless something changes, government pensions will shred many of the Blue Model states . . .
Oh, come on!
She wants to kill your 401(k)
And the progressives want to turn your 401(k) which works into Social Security which is broke, because they control it and through SS can control you. This woman is insane to believe that a functional system should be scrapped in favor of a bankrupt system.
The problem in Americans retirement savings is 1. They don't actually put money into the IRA, or 401(k), or similar accounts. 2. When they do, they have no idea what they are doing, and invest incorrectly, commonly too conservatively when young. 3. They withdraw money before retirement. 4. They believe SS payments will be essentially enough to live on.
These problems will not be resolved by shifting money from private retirement savings to the bankrupt SS system, although it would float the bankrupt SS system for a few more years.
The solution is to allow the Millennials to invest the entirety of their SS account into private investments, with the default being an age allocated investment account, unless the individual chose to invest otherwise. There would be no access to the money until retirement. Premature death would require the money pass to other persons but only into their SS accounts. None of this is tricky or expensive, and should be the first thing Congress does, but it will not. It wants that money, damn your retirement.