Tuesday, August 5, 2014

Change in Social Security?

If You Plan On Collecting ANY Social Security: 

You and 11 Million Other Americans Should Be Aware of This 16-Month Deadline...
Every year the Social Security Board of Trustees releases its annual report on the long-term status of the Social Security Trust Funds.
It discusses data that affects MILLIONS of Americans. 
On July 28th the Board reported their most recent findings:

Their announcement, while containing absolutely shocking news, was generally overlooked by major media outlets.
In fact it was mostly silence.
Trust me, I know.
I looked long and hard to find out what the heck the six members of the board even said -- and I only found two relevant articles: one from the Wall Street Journal, and one from a random blog.
Both said the same thing and shouted from the rooftop about the 16-month deadline…
Both publishers said the exact same thing I’m about to reveal to you right now.
But first, there was actually a glimmer of good news…
Social Security is often quoted as being bankrupt. Gone. Broken.
It’s in trouble, no doubt, but it’s hardly gone.
The Social Security Trust Fund will be absolutely fine until the year 2033 --- which is the same exact estimate as last year. The rough, back-of-the-napkin math indicates by that time, there will still be enough money to cover about 77% of currently scheduled benefits per person.
But, how could that be good news?!
It’s good news because many people believed that the time frame would be shortened. That 2033 would become 2030...that 2030 would become 2025...and the next thing you know, everyone would be clambering and the market would fall apart.
Clearly that hasn’t happened.
But unfortunately, there was more discrete, “not-so-talked-about” news that will have Congress SCRAMBLING for the next 16 months…
In 2014 alone, over 59 million Americans will receive Social Security. Among them are 38 million retired workers; 9 million survivors and dependents; and 11 million disabled workers and dependents.
For many Americans, Social Security and Disability checks are what keep them afloat. 
Last year 11 million Americans (IS THAT THE SAME NUMBER AS ABOVE?) collected a total of $140 billion in Social Security Disability benefits. That 11 million is up 40% from the number of people who collected in 2004. That number is skyrocketing as our population ages and baby boomers retire.
But that is about to change...
In a very bad way...
In a terrible turn-of-events, in late July of this year, the Board of Trustees announced that the Disability Trust Fund looks like it will run out by 2016, which is only about 16 short months from now.
At that point the program will only be able to pay 81% of benefits that Americans had anticipated...and this will happen in less than two years.
A monthly disability payment of $1,146 will be reduced to $928. That’s a significant decrease of money every month.
It seems unbelievable that this could happen in less than two years, but it’s the truth.
Americans need to prepare for retirement, and they need to start playing catch up today.
end quote from:

Why Haven't 11 Million Americans Been Told?

Were just 16 months away from Social Securitys recent deadline, and at least 11 million Americans will be impacted.
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