Simplify and Strengthen
As I’ve written and spoken many times there’s a potential train wreck coming with Social Security. I’m seeing more articles in the press voicing concern (see editorials below). We may have less than a decade to go and then there will be great difficulty for those receiving Social Security benefits and those expecting to receive those benefits. More than 50% of Americans had no retirement accounts in 2019. I’m grateful that’s not most of you reading this letter.
Under Social Security there are only 13 different benefits. It was a fairly simple program when it started. Now there are 2,728 rules, many that are peculiar and almost impossible to understand why they were created. All of these rules create over 5,000 filing strategies. It’s a maze most recipients will never understand.
To make it worse the representatives at the Social Security office or their 800 number are not allowed to give advice. Social Security also takes the stance that if a mistake is made, it’s your fault even if they made it. You’re supposed to know the rules. We have worked and waited months before to have their mistakes corrected.
So, in the next decade we’ve got to find a way to simplify and strengthen the program. Will we allow Social Security and Medicare to become insolvent? It is highly unlikely. Where will they get the money? Won’t they get it from taxpayers and/or print more money? Something will have to change soon or the train wreck will hit and wreak havoc across our financial system.
And, if we’ve never run a Social Security report for you and shown you your claiming options it’s imperative that we do that.
EDITORIAL: Social Security is running out of money
EDITORIAL: Social Security’s day of reckoning nears
