Social Security Insolvency! That's what!
"In the year 1348, after more than a decade of war with France, King Edward III of England noticed that many knights who returned home from the front lines had become completely impoverished. The war had taken a massive financial toll on Edward’s men. Some of them had been captured in battle and forced to sell all of their property in order to ransom themselves. Others had become grievously wounded, and their permanent disabilities prevented them from earning a living. So the King created a special foundation to care for some of these men, who became known as the ‘Poor Knights’. Those who were admitted into the foundation received an annual pension of 40 shillings, worth roughly $3,000 in today’s money, plus free room and board at the College of St. George."
Boston C! wants to know how long did it take for King Eddie's pension fund to go broke? Answer, not long!
Bail outs! hand outs! Living Above the Sun is critical these days. We need to be an independent thinker, go deep on the inside and get real with ourselves. It's time to level up our finance game. We can do this. Think and imagine big over a continuous sustained time until you see it on the inside and your future will unfold.
Okay, back to Social Security!
"Emperor Augustus of the Roman Empire, for example, established a retirement fund for his legionnaires called the Aerarium militare. But subsequent emperors couldn’t resist dipping into the fund to pay for their lavish lifestyles and pet projects. So the aerarium ultimately went bust. Today pension funds around the world are in a similar position– the worldwide ‘funding gap’ of public and private pensions runs into the tens of trillions and the long-term unfunded pension liability JUST for Social Security is $55.9 trillion– more than the cost of climate change and Covid-19 COMBINED."
Boston C! is thinking, "How has this been able to continue for so long, what is the end game and what can we do to prepare"? Living Above the Sun is about being a tree under the sun and displaying sound wisdom and managing and growing what's been stewarded to us."
"Inflation for example, it's a problem for Social Security. Even before the pandemic, Social Security’s key trust fund was projected to run out of money by the early 2030s. Social Security is making Cost of Living adjustments and increasing the monthly benefits to its tens of millions of recipients."
Clan! I'm scratching my brain as to how long this is going to continue. I'm 61 and retiring from corporate America next month. I'm thinking about "what's my strategy"?
"These are pretty much the worst possible conditions for the long-term health of Social Security. And it means that the trust fund will likely run out of money even sooner than projected...And remember, they were already projecting that Social Security’s primary trust fund will run out of money in the early 2030s, just over a decade away."
Boston C! acknowledges the problem and that Tax hikes are coming. The big idea is to decide and make the choice to take matters into your own hands. Live and recide Above The Sun! Live an ascended life daily. Think different and love different and let Yahweh be your model!
I've seen what's been happening for years now and I have been setting aside more sound money for retirement. I'll be setting up a solo 401(k) geared towards investing in disruptive innovations! This allows me to set aside more than $60,000 per year as I am over the age of 50. I have more choices in the types of investments and speculations I can make.
Not financial advice, but I'm trading into relationships, buying silver, gold and cryptos!
Trade into, subscribe and journey with us!
Boston C! Up and away!
(Paraphased, condensed commentary and musings from Boston C! curated from Sovereign Man and authored By Simon Black. Read the whole article here: https://www.sovereignman.com/international-diversification-strategies/social-securitys-insolvency-is-bigger-than-climate-change-and-covid-19-combined-33146/)
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