Well, 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outdated models that suggest, of all things, that in the year 2028, all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 EVG members. We've been teaching people like
you how to grow and build wealth so you don't have to rely on Social
Security checks.
(Click here to learn more about EVG and discover how members plan to retire wealthy in a world without Social Security.)
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.
That's
what we're doing at The Elevation Group. Our founder, Mike Dillard, has
been circling the globe interviewing contrarian financial experts and
economic seers.
For 2 years he's taken action on their best "black box" investment strategies... and earned a 310% return since 2008.
If
you'd like to learn more about these "black box" strategies... AND
discover how to survive and thrive after the economic tidal wave hits,
then go here now:
Your Partner In Prosperity,
The EVG Research Team
