If you think you'll get a pension, think again.
I like to keep an eye on the financial news from across the world.
The French have been having issues with attempting to change their generous pension scheme.
In the USA, the situation is just as dire.
The Board of Trustees for Social Security recently published their Annual Report.
The big change from last year is that they moved up, by a year, the date for when the trust fund will be fully depleted at current rates.
Just ten years from now, in 2033.
Total costs for the program began exceeding total income (payroll taxes) in 2023.
There's no actual cash in the lock box anymore.
It's full of Treasury bonds.
If 2022 was bad for Silicon Valley Bank and anyone who bought government bonds at low rates and high prices, what impact do you think it had on the Social Security Trust Fund?"
The report factors in a 3% downward revision of the gross domestic product and worker productivity over the coming decade, accelerating the fund's trajectory toward insolvency.
Here's Fox Business:
"Unless major changes are made before 2034 to shore up the trust fund, more than 66 million Americans would see a benefit reduction between about 23% to 25%, the report showed".
"The combined trust funds will be insolvent by 2034 when today's 56-year-olds reach the full retirement age and today's youngest retirees turn 73", the Committee for a Responsible Federal Budget (CRFB) said in a recent analysis.
"Upon insolvency, all beneficiaries will face a 20 percent across-the-board benefit cut."
If you're counting on the government to keep its promises – whether regarding Social Security...
... or anything else – now might be a good time to think about a contingency plan.
Now would be a great time to begin building your independent income streams or adding to them if you already have some.
Even if you are already making some cash online, you'll find this will benefit you because you can get this with a PLR license and sell it to those who want it.
Because you are already on my email list, I have skipped the squeeze page, but when you use it, you'll be able to build your list and help people.
Check it out here https://nomad-productions.convertri.com/1st-1k.
Regards,
Brent.
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