Can You Count on Social Security When You Retire?
- May 2, 2023
- Phil Cannella
- 0 Comments
Two recent reports released jointly by the U.S. Department of the Treasury and several other government agencies have revealed shocking news for the nation’s retirees: The Social Security Trust Fund, which millions of Social Security recipients depend on to provide their monthly benefits, is projected to only be able to pay full benefits until 2034. After that, Social Security will only be able to pay 80% of the full benefit amount. This is a year earlier than what last year’s reports projected, hinting that Social Security could be in serious danger of becoming insolvent in the near future.
If you’re currently retired or plan to retire in the next 10 years, this news should be concerning. Nine percent of Social Security recipients already live below the poverty line, and an estimated 37.8% would be in poverty without their monthly benefits. Any reduction in Social Security benefits would be disastrous for the nation’s retirees and would force them to accept a lower standard of living.
At Crash Proof Retirement®, we have already helped more than 5,000 everyday investors find income solutions that have put them on a better financial footing so they don’t have to be so dependent on Social Security in retirement. Read on to find out more about the threats to Social Security, other sources of retirement income, and how the Crash Proof Retirement® System can give you peace of mind in your golden years.
Other Risks to Your Retirement Income
One reason why American retirees are so dependent on Social Security for their retirement income is that pensions are disappearing. The first Individual Retirement Arrangement (IRA) was created in 1974, and the first 401k plans began appearing in 1978. Since then, employers have moved away from traditional pensions in favor of having their employees fund their own retirements.
Unfortunately, relatively few workers take advantage of these retirement accounts. According to data from the U.S. Census Bureau, only 34.6% of workers aged 15-64 contributed to a 401k or similar plan, and only 18.2% owned an IRA or Keogh account. Workers without retirement plans depend on Social Security for most of their retirement income, and the Treasury Department’s report shows that those funds may not be as plentiful for future retirees.
Inflation is another serious issue that silently eats away at retirees’ income. With the record-breaking inflation that has occurred since the COVID-19 pandemic, goods and services are more expensive across the board. While the Federal Reserve has taken measures to reduce inflation, it’s unclear how effective those measures will be and how long they’ll take to produce a significant result. Retirees on a fixed income will continue to struggle financially as long as this period of high inflation continues.
Income Solutions for Your Retirement
With pensions slowly disappearing, Social Security in jeopardy, and high inflation rates, today’s retirees are facing challenges unlike any other group in history. The good news is that you can do something to ensure you have adequate income when you retire. The Exclusive Crash Proof Retirement® System
contains proven income solutions that can put you in a better financial position when you retire. The Crash Proof® Vehicles we use give you access to your money without penalty every year. That means you get the flexibility to take extra income from one vehicle when you need it while the other vehicles continue to grow, so you don’t deplete your nest egg.
How does Crash Proof Retirement® work? By utilizing investment vehicles that exist outside the risky securities industry, the Crash Proof Retirement® System allows you to earn interest at rates comparable to those of securities-based vehicles like stocks, bonds, and mutual funds, while also preventing you from losing a dime when the stock market crashes. With Crash Proof Retirement®, you can survive and even thrive regardless of a banking collapse, stock market crash, or government shutdown.
Instead of waiting for Congress to ensure the Social Security program’s solvency, why not take a proactive approach to your retirement planning and get in touch with the retirement phase experts at Crash Proof Retirement® today? Call 1-800-722-9728 to schedule your free financial checkup right away!
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