20 May 2007


Social Security Won't Be There

My birthday is coming up. I know this because I recently received my annual statement from the Ponzi Scheme Administration. It is sent out a few months before your birthday. In it, I learned how much of my income has been frittered away and what I won't be seeing when I retire.

From the statement I received:
Today there are more than 37 million Americans age 65 or older. Their Social Security retirement benefits are funded by today's workers and their employers who joint who jointly pay Social Security taxes... Unless action is taken soon to strengthen Social Security, in just 10 years we will begin paying more in benefits than we collect in taxes. Without changes, by 2040 the Social Security Trust Fund will be exhausted.
The Motley Fool recently talked about Social Security again: Social Security Is for Suckers.They quote the same data from my statement.
America's Social Security system is on exceptionally shaky footing. Don't just take my word for it. Based on data from the Social Security Administration, it will:
  • Begin paying out more than it takes in as revenues in 2017.
  • Exhaust its "trust fund" in 2041.
  • Require $4.7 trillion in extra revenue to pay estimated benefits for the next 75 years.
They also give suggestions for preparing for retirement without relying on Social Security.

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