Are They Wrong About Social Security Going Bankrupt?

Washington bigwigs crunched the numbers and found that 2033 is the year Social Security will go bankrupt. But now, two college professors are blowing the whistle after finding obvious errors in the government numbers. It seems the bureaucrats were off by two years and $800 billion dollars.

And if that’s not enough, their projections were off because they used outdated models that suggest, of all things, that in the year 2028, all citizens between 55 and 59 years old are 100% likely to die.

Yes, the government’s statistics suggest ALL 55-59 year olds will DIE in 2028.

With Social Security on the ropes and these people in charge, the future of the program is bleak. But as we’ll uncover in this email, Congress has little reason to care.

Fortunately, this isn’t a problem for us. We’ve been teaching people like you how to grow and build wealth so you don’t have to rely on Social Security checks.

How They Got It So WRONG…

It’s well known in Washington that Social Security (SS) is headed towards a fiscal crisis of its own. In 2010, it took in less money than it paid out for the first time in a generation and now runs a deficit every year.

The SS Trust Fund the government has emptied by borrowing from is said to run out in 2033.

But two college professors took a look at the government’s numbers and strongly disagreed.

Harvard Professor, Gary King, and Dartmouth assistant professor, Samir S. Soneji found the government’s numbers to be quite wrong, and for obvious reasons.

These two professors also found the government’s analysis to reject obvious truths, such as:

* People are more at risk of dying as they get older.

* Smoking has decreased drastically over decades, resulting in longer life spans.

* Obesity has increased dramatically, resulting in shorter life spans.

Ultimately, they ignore that the average lifespan is longer today than it was in the 1930’s when Social Security was created.

Do you know why Congress refers to Social Security as an “obligation” rather than a “liability” when it comes to the budget?

The distinction is important, as a 2008 Actuarial Report from the SS Administration points out:

“The term obligation is used in lieu of the term liability, because liability generally indicates a contractual obligation (as in the case of private pensions and insurance) that cannot be altered by the plan sponsor without the agreement of the plan participants.”

They call it an “obligation” to point out that they don’t technically owe us anything, and can change the rules at any time.

So if worse comes to worse, the government doesn’t even have to give you back the Social Security money you’ve been paying all your life.

If that’s the case, why would getting the exact date of bankruptcy be all that important?

Clearly, it isn’t.

After all, what would politicians miss out on if Social Security went bankrupt? They sure wouldn’t be out much money themselves…

The Lavish Truth About Congress’ Retirement Benefits

Congressional members do pay into Social Security and will receive checks if the program stays solvent, but it’s an afterthought compared to the lavish benefits they give themselves and other government workers.

A massive 84% of government workers receive a pension, compared to 20% of private sector workers. And congressional members have the best pension system of all.

Their retirement kicks in after 5 years of service (just ONE Senate term is 6 years). And according to the National Taxpayers Union, they only pay for 1/5th of the actual cost of their pension from their paychecks. Taxpayers pick up the rest.

So how much does this pension pay? It depends, but the limit is up to 80% of their highest earning year.

According to CNN Money, a Senator serving 22 years could receive an annual pension of $84,645 – about 55% of their current salary. But then cost of living adjustments kick in each year, boosting the payout higher and higher as time goes on.

This pension system is described as 2-3 times more rewarding than the average private sector pension.

And we haven’t even mentioned their 401k, with matching benefits up to 5% of their salary.

Seriously! It’s obvious that…

…They’re Not Looking Out For You

When then Senator Obama said, “Everyone is going to have to have some skin in the game,” he clearly wasn’t talking about the Nation’s retirement programs.

The Senators and Representatives of both parties are sitting pretty with a lavish retirement plan, while Social Security goes broke. The moral of the story is this…

You can’t count on anyone – and especially not the government – to provide you with money in retirement. Instead, it’s important to take control of your income and implement a carefully designed wealth blueprint so you can retire financially free.

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