Social Security is going to fail.
We’ve been dancing around this issue for years, not wanting to believe it will happen, hoping it was just all a conspiracy theory but in this recent report, Simon Black gives the grim news.
Black writes:
Social Security’s various trust funds currently hold about $2.7 trillion in total assets; yet the government itself estimates the program’s liabilities to exceed $40 trillion.
In the 2015 report of the Social Security and Medicare Board of Trustees they state very plainly:
“Social Security as a whole as well as Medicare cannot sustain projected long-run program costs…”, and that the government should be “giving the public adequate time to prepare.”
Time to prepare? What does that mean for you and your family?
Pretty much, it’s time to take control of your future.
It doesn’t matter if you are twenty, thirty or sixty … Social Security should not be your plan for financial support when you retire.
The average monthly benefit for someone who starts taking Social Security at age 62 in 2014 is roughly $1,992 — not even enough to keep them above the federal poverty line.
[full article here]
It was never designed to be a main income source, but according to the U.S. Social Security Administration, nearly one in five married retirees and one in two unmarried retirees say they rely on Social Security for the bulk of their income.
It is definitely time to do something to protect your future.
But what?
Create your own streams of income that are not dependent on the government or job security or 401ks or pensions.
We call that entrepreneurship.
Becoming your own boss. Creating your own income.
It’s never too late or never too early to start.
Must Read
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Over 50? According to the Kauffman Foundation’s Index of Entrepreneurial Activity, 23.4 percent of entrepreneurs are between the ages of 55 and 64, up from 18.7 percent a decade earlier. [full story here]
In your thirty/forty something years? According to the recently released Global Entrepreneurship Monitor’s 2013 United States Report, the best time to become an entrepreneur is between 35-44. [full story here]
In your twenties? Hold on, this will motivate you. Some of the most successful entrepreneurs started in their 20s:
- Founders of Google Sergey Brin (25) & Larry Page (25)
- Founders of Apple Steve Jobs (21) & Steve Wozniak (26)
- Founders of Microsoft: Bill Gates (20) & Paul Allen (22)
- Founder of Facebook: Mark Zuckerberg (20)
- Founder of Wal-Mart: Sam Walton (26)
[full story here]
No matter your age, just do it.
Forget what’s happening with Social Security. That’s a done deal, it’s going to fail.
Instead, step into your greatness and create, design, innovate and build a business to fund all that you desire in life.
Here’s a great way to get started now:
Whatever you dream of doing when you retire … do it now. Life is too short to wait.
Trisha
c: 573-881-6715
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