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Social Security Is Apparently Falling Apart; Did You Know You’re the Solution?

by Samuel N. Asare


Social Security is in a bad shape. That, my friend, is basically what the Social Security Board of Trustees told us about the financial health of the program in their 2012 annual report. The trust funds will run out of money in 2033, three years sooner than predicted just a year ago. Meanwhile the Disability portion will be exhausted much sooner in 2016 – that’s two years earlier than we had thought this time last year.

Obviously this is not good news but yeah, yeah, yeah – we’ve been hearing this for years yet our checks keepcoming, so what’s the big deal now? In my humble opinion, the majority of Americans with yet-to-be-taxed 401(k)s and IRAs are literally sitting next to a ticking tax bomb – and don’t even realize it. Of course I’ll explain, but first pay very, very close attention to the reaction of the Commissioner of Social Security, Michael J. Astrue (who’s one of the Trustees who issued this report):

"This year’s Trustees Report contains troubling, but not unexpected, projections about Social Security’s finances. It once again emphasizes that Congress needs to act to ensure the long-term solvency of this important program, and needs to act within four years to avoid automatic cuts to people receiving disability benefits."

Most pundits make this complex but I think it’s very simple. Social Security is going broke because Congress has already spent our contributions, and with an estimated 10,000 baby boomers per day reaching age 65 for the next 18 years or so, things are getting pretty tight at a very fast pace. So I agree with the Commissioner’s comments that “Congress needs to act.” 

But exactly how? Pay back the IOU’s, get more revenue into the system, or tell American seniors to take a hike? Wouldn’t you agree with me that it would take a pretty dumb Congress to try to stick it to seniors? So, in a nutshell, we need to put more money into the system, right? Here’s the thing, though, the only way Congress can get more money is by increasing taxes.

I hate to be the bearer of bad news, but there’s only one way for me to be truthful here: Expect massive tax hikes! Would a tax hike ruin your retirement? That’s a question I think you need to explore seriously if you own any kind of tax-qualified plan. I know that most so-called financial advisors/experts think it’s okay to just be passive and go with the flow because, after all, you’re probably not one of those wealthy people the tax increases will affect. But don’t you think that being proactive by positioning your retirement assets in a way that protects them from future tax hikes under IRS rules is much smarter than betting that Congress is only going to stick it to “the rich folks”?

If you’d like to discover the easiest way to protect YOUR retirement funds from future tax increases, contact an experienced professional at Laser Financial Group today to set up your complimentary, no-obligation consultation.

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This website is for informational purposes only. All opinions expressed are solely those of Laser Financial Group, LC., and our editorial staff. The information is not to be construed as any form of professional advice, nor as solicitation for the purchase or sale of any security, whatsoever. No particular outcome is guaranteed. No strategy can guarantee a profit, protect against loses, or ensure peace of mind. Recommendations are based solely on third party insurance products for which we receive compensation. Laser Financial Group, LC, does not provide investment advisory services. This does not constitute an offer to provide services in any jurisdiction in which such offer or solicitation would be unlawful under the laws of such jurisdiction. Any United States tax reference on this website is not intended to be used, and cannot be used for the purpose of avoiding penalties under the Internal Revenue Code, or promoting or recommending to another party anything addressed herein.

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