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Bill Bateman
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Bill Bateman   My Press Releases

Don't rely on Social Security

Published on 7/14/2017
For additional information  Click Here

Ninety-nine percent of the failures come from people who have the habit of making excuses.” George Washington Carver

If you go to the Social Security Administration’s site you’ll find some disturbing facts that many Americans are either unaware of or in denial over. Namely…

Social Security is going broke

You can see this statement

”benefits are now expected to be payable in full on a timely basis until 2037, when the trust fund reserves are projected to become exhausted. At the point where the reserves are used up, continuing taxes are expected to be enough to pay 76 percent of scheduled benefits. Thus, the Congress will need to make changes to the scheduled benefits and revenue sources for the program in the future. The Social Security Board of Trustees project that changes equivalent to an immediate reduction in benefits of about 13 percent, or an immediate increase in the combined payroll tax rate from 12.4 percent to 14.4 percent, or some combination of these changes, would be sufficient to allow full payment of the scheduled benefits for the next 75 years.”

The Average Social Security Monthly retirement check this year is  $1,322 or $15,864 a year. Imagine an actual decrease of 24 percent! That same person would lose $3,807 in income.

Unfortunately, Social Security benefits represent about 38% of the income of US individuals 65 and older, and a significant percentage of the elderly (22% of married couples and 47% of singles) rely on Social Security for more than 90% of their income.

Another way the politicians may propose to solve the problem is to increase taxes by about 2 percent of income instead of decreasing benefits.

With the average household income in America at about $52,000 a year that would be about a $1,000 a year increase in taxes.

But the argument for increasing taxes gets harder to pass as the age gap widens in America. Young people already assume that THEY will get NO benefit from Social Security and understandably object to having to pay more for something they will never benefit from.

Regardless of what solution comes out of Washington DC, the average non-government employee in America will either be…

  • paying more in taxes or
  • getting less in benefits or
  • some of both

American’s are still “greatly blessed and highly favored” compared to most of the world. But it’s clear that many American’s will need more income just to “maintain” in future years.

So if YOU are in business, keep that in mind.

There is always opportunity in crisis.

 

Bill Bateman - like “Batman” with an “E” in the middle I often tell folks on the phone

 

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