Social Security Won’t Give You Security|5 Minute Video

You’re in for a huge surprise if you’re counting on Social Security to finance your retirement. Cash expert Chris Hogan explains why.
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Script:

If you’re depending upon Social Security to fund your retirement, you’re in for a huge surprise– and not the fantastic kind.

Let me use you two reasons that.

One: Social Security is going broke.

And, 2: Even if it weren’t going broke, it couldn’t possibly cover the expense of a decent retirement.

Let’s take a look at these 2 factors in a bit more detail, and after that I’ll propose a service.

Social Security is going broke.

When this federal government program was established in 1935, the normal life span was 60. Simply put, most of individuals didn’t live enough time to get Social Security. Now, the majority of people do live enough time to get Social Security– for 10, or 20, or perhaps 30 years.

Here’s another necessary piece of details: When the program started, the ratio between staff member and elderly person was 159 to 1. That shows for every somebody drawing benefits, 159 were paying in. Today the ratio is 2.8 to 1. Get that? We’ve gone from 159 staff members supporting every retired person to less than 3 employees supporting every retired person. And it’s reducing.

You don’t need an advanced mathematics degree to figure this one out: Social Security is spending more than it’s creating. Much more. Its own Board of Trustees has really stated that it will be bankrupt within twenty years.

That does not indicate it won’t exist. It implies that either the government will pay you less than it promised, or it will need to raise taxes to make up the deficiency. More than likely, both.

Sounds about suitable for a privilege program, does not it? Starts bit, but just keeps growing and growing till it collapses under its own weight.

Let’s delight in a dream and say that Social Security is completely developed, perfectly balanced, and successfully run. Which you would get every dollar you were assured.

You ‘d still have a considerable issue if that’s all that you’re depending on.

To show, in 2017 the normal regular monthly Social Security check was a little over $1,400. That’s under $17,000 a year– barely above the challenge line for a two-person home. Do you genuinely wish to live at the hardship line in retirement? Why worldwide would you prepare for that?

Unfortunately, numerous people are. According to a recent research study, 53 percent of un-retired baby boomers have no retirement expense savings. That indicates they’re preparing to depend upon Social Security for their retirement income.

That’s them.

Do not let it be you.

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source

If you’re counting on Social Security to fund your retirement, you’re in for a big surprise. In other words, most of individuals didn’t live long enough to get Social Security. Now, lots of people do live long enough to receive Social Security– for 10, or 20, and even 30 years.

To illustrate, in 2017 the typical month-to-month Social Security check was a little over $1,400. That implies they’re preparing to rely on Social Security for their retirement income.

If you’re counting on Social Security to finance your retirement, you’re in for a huge surprise. In other words, the majority of individuals didn’t live long enough to get Social Security. Now, a lot of individuals do live long enough to get Social Security– for 10, or 20, or even 30 years.

That shows they’re preparing to depend on Social Security for their retirement income.

If you’re counting on Social Security to money your retirement, you’re in for a big surprise.