ECONOMICS: Social Security “Insurance” Bankrupt

http://www.economicpolicyjournal.com/2016/06/scathing-new-report-shows-just-how.html

WEDNESDAY, JUNE 29, 2016
Scathing New Report Shows Just How Bankrupt Social Security Really Is
By Simon Black

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Last week, a group of analysts published an astonishing report about the future of Social Security in the United States, and their remarks were nothing short of damning.

According to their calculations, for example, these analysts claim that Social Security is already running a huge deficit to the tune of tens of billions of dollars each year.

In fact, this Social Security funding deficit has been taking place for several years now, and it’s actually accelerating. So the problem worsens each year.

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Don’t get me wrong– I don’t mean “fix Social Security”. Oh no. That program is toast.

I’m talking about fixing this for yourself.

Retirement is one of those life events that is completely predictable. We know it’s going to happen.

And with a little bit of education, planning, discipline, and execution, we can vastly influence the outcome and prevent any major catastrophe from interfering with our goals.

You can dramatically boost your own nest egg, for example, and have much greater say over your retirement assets by setting up a structure like a solo 401(k) or a self-directed IRA.

It also makes sense to invest in your financial education; learning more about investing will clearly be beneficial in boosting your returns, and this can have a profound effect over time.

Especially if you’re younger, increasing your average return by just 1% over the course of 20-40 years can add up to hundreds of thousands of dollars in additional retirement savings.

You may also want to consider retiring abroad where you can live the lifestyle you’ve always wanted at a fraction of the price, and substantially stretch the time and value of your retirement savings.

Look, I’m convinced that Social Security will become a national emergency some day. Just remember that since its demise is conspicuously predictable, the impact on your life is completely preventable.

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Social Security Insurance is like a Ponzi scheme.

At least the Ponzi victims made a free choice to “invest” in the scheme.

Every “worker” today has no choice but to accept an “investment” with an estimated negative return of between of 2 and 15%.

Further it’s a wealth transfer from poor minority men to rich white women.

So, why do we still have this racist scam.

Set people free to save for their own retirement.

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