Today marks the end of fiscal year 2010 for the U.S. federal government. As such marks the day the Social Security Trust Fund officially begins paying out more than it takes in.The government of course keeps saying it is fully funded and their is nothing to worry about. What else would you expect a corrupt, bankrupt government to say? The facts are more money is going out to recipients than is being paid in by workers. This is obvious because millions of people are not working and paying payroll taxes. That is why this whole scheme is in the red now and not 2017. So what will end up happening? When the bipartisan commission on the debt comes out with its recommendations expect a raising of the retirement age, increased income threshold for payroll taxes, and means testing. So the end result is if you are relying on SS exclusively for your retirement you are in for a big disappointment. What is very disturbing is that even with these facts quite a few people will go into a mental fetal position and argue with reality and do nothing to protect themselves. Go figure, anyway take your life into your own hands and plan for your own retirement.
Thursday, September 30, 2010
Social Security now offically in the red
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