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

If you’re counting on Social Security to finance your retirement, you’re in for a huge surprise. Money expert Chris Hogan describes why.
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Script:

If you’re depending on Social Security to finance your retirement, you’re in for a big surprise– and not the great kind.

Let me offer you two reasons why.

One: Social Security is going broke.

And, 2: Even if it weren’t going broke, it couldn’t potentially cover the cost 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 solution.

Social Security is going broke.

When this federal government program was set up in 1935, the typical life span was 60. In other words, the majority of individuals didn’t live long enough to get Social Security. Now, most people do live long enough to get Social Security– for 10, or 20, or even 30 years.

Here’s another essential piece of details: When the program began, the ratio between employee and senior citizen was 159 to 1. That indicates for every someone drawing benefits, 159 were paying in. Today the ratio is 2.8 to 1. Get that? We’ve gone from 159 employees supporting every retired individual to less than 3 workers supporting every retired person. And it’s decreasing.

You don’t require an advanced mathematics degree to figure this one out: Social Security is spending more than it’s generating. Far more. Its own Board of Trustees has actually said 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. Most likely, both.

Sounds about ideal for an entitlement program, doesn’t it? Begins little, but just keeps growing and growing till it collapses under its own weight.

Let’s indulge in a fantasy and say that Social Security is perfectly designed, perfectly balanced, and effectively run. Which you would get every dollar you were promised.

You ‘d still have a significant problem if that’s all that you’re counting on.

To illustrate, in 2017 the typical monthly Social Security check was a little over $1,400. That’s under $17,000 a year– hardly above the hardship line for a two-person home. Do you truly want to live at the hardship line in retirement? Why worldwide would you plan for that?

Unfortunately, many individuals are. According to a recent research study, 53 percent of un-retired baby boomers have no retirement cost savings. That indicates they’re preparing to depend on 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, the majority of individuals didn’t live long enough to get Social Security. Now, many people do live long enough to receive Social Security– for 10, or 20, or 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.