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Latest Social Security Report Points to a CRISIS for Future Retirees
Posted By Isaac Nuriani
We’ve been hearing for a long time that Social Security as we know it is doomed. And if the projections outlined in the latest Social Security Trustees Report are even remotely accurate, it is unfortunately true.
According to the data, the Social Security trust funds remain on track to be fully depleted by year 2034…a mere 17 years from now. After that, the government will rely on tax revenue to fund roughly 75 percent of Social Security benefits through 2091, the final year of the current projection period.
But that’s it, which means without a substantial increase in Social Security taxes, benefits will have to be cut significantly in order for the program to keep limping along.
The Scope of the Social Security Threat Cannot Be Overestimated
How big of a deal is this threat to Social Security? Nothing short of gargantuan, especially in terms of the needs of recipients. Per the most up-to-date figures from the Social Security Administration, over 60 percent of retired workers receive at least half their income from Social Security benefits. And the Center on Budget and Policy Priorities says that without Social Security, over 40 percent of elderly Americans would be living below the poverty line.
Given these numbers, it’s safe to assume politicians will do everything else they possibly can to shore up the massive program before taking the draconian step of significantly cutting benefits. However, as the referenced 2017 Social Security report illustrates, the problem is so great that it behooves you to assume both tax increases and benefits cuts are in America’s future.
The insolvency problem of the nation’s single largest entitlement program presents you with two problems. One is the matter of how you will invest for your Golden Years. Aside from having to plan for the prospect of a small benefits check, higher Social Security taxes would reduce the amount available to invest in your own private retirement plan(s). It is, therefore, incumbent upon you to be particularly wise about how you invest the resources you do have.
The other, related problem is how the U.S. government’s efforts at cleaning up this mess will affect the long-term stability of the general economy. You can be certain that in addition to higher, direct taxes, part of the solution to the shortfall problem detailed in the Social Security Trustees Report will likely come in the form of more extreme adventures in quantitative easing that further debase the currency.
Defending Your Retirement with Gold and Silver
The good news is that there are ways to defend against the coming Social Security nightmare, but you have to start preparing now. These challenges demand that you be more involved in your long-term retirement planning than perhaps you ever intended.
One strategy to help shelter yourself from the coming storm is to acquire assets that have the capacity to both add investment value to your portfolio and defend your buying power from monetary policies that may be employed in the effort to preserve Social Security. And one of the only asset classes with the potential to do both is precious metals.
Besides gold and silver’s demonstrated ability to earn competitive investment returns, the metals’ inherent characteristic as a store of value can potentially help mitigate the effects of whatever inflationary policies might be implemented to try to “fix” Social Security. Additionally, a provision of the Internal Revenue Code makes it permissible to own your physical gold and silver inside of a tax-deferred Individual Retirement Account (IRA), which is why many astute investors decide to open a gold IRA as one way to help protect their holdings.
Now is the time to prepare. Call Augusta Precious Metals directly at 855-242-4121 to learn more about not only the threats posed by a dangerously unstable Social Security system, but the steps you can take today to better insulate your savings and retirement from those threats.
Your Future and Your Legacy!
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