Social Security would be illegal if the Fed didn’t run it, and it is the WORST retirement plan ever.
I know people won’t like this, but only a moron would buy into the nonsense of Social Security, and that the government will provide it. If you are dependent on Social Security, you just didn’t do very well in life.
I know these are tough words to digest, but my words are true. If Social Security is a supplement to your income, fine. You deserve to get some of your money back. But again, depending on Social Security is crazy.
According to Yahoo Finance:
A Gallup poll found more non-retirees – now more than at any point in the last 15 years – are planning on Social Security to be a major source of their retirement income, nearly 10% more than a decade ago. The survey did find the majority of people still plan on 401k plans as their top source of retirement income.
And unlike you own investments, Social Security is confusing, intentionally, as the article goes on to showcase:
Figuring out how to take Social Security benefits can get complex and making the right decision could mean thousands of dollars. You can take it as early as age 62; it will, however, reduce your benefits by 25% from the amount you would receive at the full retirement age of 66.
Most financial experts would advise to hold off for the full Social Security benefit but not David Bach, the vice chairman of Edelman financial services and the author of “Smart Couples Finish Rich – 9 Steps to Creating a Rich Future for You and Your Partner”.
“If you don’t need the money, take it early,” advises Bach. His reasoning is “at 62, 63, 64 – you’re in the best shape of your life…there’s so many things people in their 60’s can do to enjoy that money so if you don’t need it, I suggest taking it early.”
If it weren’t for the government making Social Security mandatory, over half this nation would be out of it with the quickness of a rattlesnake strike. GONE!
Ask yourself, “If it’s so good, why is it mandatory?” Then ask, “Why doesn’t Congress want it?” How great is a retirement plan that:
(1) you might not get, and
(2) you can’t pass on to your younguns!
The government has done such a good job selling this snake oil, people have been brainwashed to believe Social Security is their only option. Social Security is the biggest Ponzi scheme in the history of man. People have finally caught on.
Unfortunately, the reason most Americans are not sticking it out, for the full benefits is because they can’t afford to wait. And despite Social Security probably being the backbone of this country’s retirement income system, ongoing chatter about the vitality of the program lasting puts Americans on edge.
Social Security polling is an indicator of American ignorance. The more people who want it, the more stupid we are as a country. The government secures nothing except that it, the government, will continue to grow from your money.