People often ask me, “Hey Jason, I don’t know if I will get my Social Security check. Can I really count on Social Security?”
I tell them that I understand their concern, since there are over one hundred million people over the age of 50 and that number continues to grow every day.
However, do you think any politician is crazy enough to vote to get rid of Social Security? Hell no! It would be political suicide for any politician to even float the idea of doing away with Social Security benefits.
But sadly, our Social Security deficiency is vastly greater than what they tell the public. Here are a few alarming facts and statistics about the state of Social Security:
• On August 14, 1935, President Franklin Delano Roosevelt signed the Social Security Act that made the Social Security program law. The program was founded because so many Americans had just lost all of their assets and savings in the Great Depression, leaving them nothing for retirement.
• 80+ years later, 165 million workers are currently covered under Social Security, including 46.6 million seniors age 65 or older.
• In total, about 66 million Americans currently receive Social Security benefits, adding up to $863 billion in payouts.
• To put it in perspective, that amount is the largest item on our federal budget (other than defense), second behind Medicare and Medicaid, and accounts for about a quarter of all spending.
• Within the next two decades, the number of Social Security beneficiaries should grow to 90 million.
• Compare the huge number of Social Security retirees today to the program’s first year of benefit payouts, 1940, when only 220,000 Americans were signed up.
• That amount of money that flows in and out of Social Security is so enormous that each year, it manages more money than the economies of all but the 16 richest countries in the world!
If you’re a little concerned about the role of Social Security in your retirement, it’s for good reason! Contact me today so we can talk about your goals and needs.
Your Financial Guru