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Social insecurity

Originally posted: August 28, 2018 Updated on: August 28, 2018 by David Lewis

New data from the Social Security Administration shows that the government won’t be able to pay promised benefits after 2035.

The new report reads, in part:

“The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2034, the same as projected last year, with 79 percent of benefits payable at that time.”

Hey, hey hey. Chin up bucko. The report used to read:

“… are projected to become depleted and unable to pay scheduled benefits in full on a timely basis in 2034.”

I guess they thought that last bit scared the sh*t out of people just a little too much so now it’s been deleted.

Solution?

Stick your head in the sand?

Uh. No. That’s probably not a great idea. Of course, if that’s your thing, have at it.

How about… rely on state pensions?

Pew International’s report shows that:

“In 2016, the state pension funds in this study cumulatively reported a $1.4 trillion deficit—representing a $295 billion jump from 2015 and the 15th annual increase in pension debt since 2000. Overall, state plans disclosed assets of just $2.6 trillion to cover total pension liabilities of $4 trillion.”

Pew regularly updates info as it becomes available. States are, understandably, slow in reporting their assets and liabilities.

You would too if you were severely in the hole on your promises and have basically been lying to your constituents all this time.

Point?

If you want to eat something other than cat food in your old age, probably a good idea to take responsibility for your financial future and not rely on the feds to do it for you.

Clearly, they have issues.

Long-time readers know of the dicey issue plaguing 401(k) plans and (to a lesser extent) IRAs… which leaves a few options:

  1. Private investment accounts
  2. Direct stock ownership
  3. Life insurance

Yes, there are the odd bits and ends including real estate, but… of the three most common options, #3 has been a reliable place to save money since before this country was founded, followed closely by #2.

Anywho, if you want a stable, secure, savings plan, go book an appointment with me and let’s see if life insurance makes sense for you.

All my plans are custom-made and unavailable anywhere else on the Interwebs. Plus, I have a crack support team that helps take care of you before, during, and after you’ve bought a policy. My team consists of professional underwriters with 20+ years of experience, case design experts that help Yours Unruly design these plans, and also support staff to help make sure everything runs smoothly for as long as you are a client.

We also have access to some of the best estate planning attorneys in the U.S., who normally do not work for private individuals unless you have an obscene amount of money. But, you get their advice if you need it just for being a client of mine.

Basically, we’re here to help you achieve your financial goals, forever.

OK, enough. Book your appointment here:

Register For A Call Back Or To Become A Client

David Lewis

P.S. If you ARE already saving money, my suggestion is to save more. Probably a lot more. Sure, Congress can change this or that, and MAYBE something MIGHT happen in the future which will change the SSA’s predictions. However, as of right now, the government is giving you a fair warning. Personally, I take this as a good sign. Usually, they lie their a** off until the last possible moment.

Filed Under: Retirement Planning Tagged With: future savings, how to save more money, retirement, retirement planning, retirement savings, saving money, savings, Social Security

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David Lewis
Life Insurance Specialist | Registered Financial Consultant | Author

What Others Are Saying (The Good, The Bad, The Ugly)


Comments from people who love Yours Fatherly…


*****

I found your comments about the ‘be…own bank’ stuff straight to the point and (maybe) helpful. — Joe

***

I have known David for many years now and can say that he is a very honest and knowledgeable person and a great financial advisor. His insights are always backed up by tedious research and he has a real passion for helping people with their most important financial decisions. My gut tells me that after working with David you will likely feel like every stone has been uncovered and you will be confident that your financial well being is in good hands and you will be on your way to feeling financially secure. I do not regularly endorse other advisors in my field but I feel comfortable giving a strong thumbs up for David. — Antonio Filippone, Registered Financial Consultant

***

Keep up the good work..I like reading your emails. — Kelechi

***

Just read through your term v whole life blog from 2015, found it very well done and emailed it around the office here (I’m a CFP with [company name removed] ). — Doug, CFP

***

I read your very thorough discussion of the IBC on on nuwireinvestor. I wanted to thank you for providing such relevant content on the subject.

I found your piece very well done and I found your explanations very analytical. Thank you for that service to readers.

…Content creators like you inspire me and I’m so thankful that we live in an age where so much knowledge is available to us. — Wayne, Dentist

***

Watched your video on time value of money and whole life compared to other investments. Very interesting. — Alex, property and casualty agent

***

You are a breath of fresh air. Thanks. — Bob

***

After speaking with several brokers, I decided to work with you because you were the most informed across numerous life insurance companies and the nuances of their policies. You helped me select a policy with twice the internal rate of return than the first quote I had received from another broker. Life insurance is now a significant part of my estate, and I look forward to working with you for many years to come. — Keith, Public Relations

***

Life insurance as it exists today is undoubtedly a pale imitation of what it could be in a free market, but in terms of safety (and other utility), it’s the best option I’ve discovered so far.

There’s still a lot I need to understand about how life insurance works as a long-term savings vehicle, but for now I’m at least satisfied that some of my money is a little safer from theft and wildly arbitrary taxation.

It’s too early to tell, but I’m cautiously optimistic. I’m currently putting about 20% of my savings into life insurance, with the rest split between precious metals, investments, and traditional retirement accounts.

I wish life insurance could offer a better rate of return, but with an out-of-control pirate state sailing the financial seas, pillaging with impunity, I’m happy to have some measure of safety, even if it means giving up a lot of potential profit. — Tim, Self-Employed

***

At first, I was a bit shocked at your extremely informal writing style, but it has grown on me. I actually look forward to your emails and the intriguing stories. The style breaks up the monotony of the other emails. Your emails have gotten my butt in gear to create my long and short-term financial plans.

Your writing and book recommendations have been an immense aid in teaching myself better finance principles and proved to me that it is very important to save money for all of those opportunities and curve balls that life throws at you.

I am now the happy owner of two life insurance policies, and I am armed with the knowledge to use them effectively. Thanks! — Tom, Nuclear Engineer

***

Once the concept of whole life started to click, I was very sure this was the direction I wanted to go. You showed me how to get there and tailored my policy to meet my particular needs and comfort level- well, we pushed that a bit, but I’m glad we did.

My only question is, where were you 30 years ago to take me down this road? — Shari, Grant writer

***

Your meticulous attention to detail assures me that I know exactly what to expect. You’ve given me a different perspective about making my money work for me. I actually feel I have control. — Marilyn, Legal Assistant

 


And Now… Comments from the haters!


“Whole life is what scam-based insurance people like David Lewis use to make a lot of money in commission at your expense. Get term life insurance. Never mix investing and insurance.” — L.C.G., self-proclaimed financial expert and forum moderator; [location withheld]

***

“You ‘talk people into’ buying whole life insurance policies, which I personally think are not just a bad investment, but verging on a scam.” — R.F., Real estate investor and developer; [location withheld]

***

“According to David, most advisors are ideologues, spewing the failed practices of the companies who control the financial service industry. Only his way of doing things puts the client first.” — Joe, Financial Advisor [location withheld]

***

“David, I understand that you’re using Ayn Rand’s premise…

Well, you’re entitled to your viewpoint. But, I consider a flat dismissal of the codes that professionals have, for centuries, developed, refined, and attempted to live by to be absurd — and, frankly, rather silly.” — J.O., Financial Planner [location withheld]

***

“I couldn’t disagree more with your view of the financial services industry.” — C.G., Certified Financial Planner [location withheld]

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