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Missed Fortune – Next Up: Social Security

Posted on | March 30, 2010

With the recent passage of the Obama administration’s long-debated health care reform, another hot-button issue is at the forefront: Social Security.

The New York Times recently reported,

“That leaves Social Security, the other big entitlement benefits program and one that Mr. Obama has suggested in the past that he is willing to tackle.

“While its looming problems are not of the scale of those afflicting Medicare, it now stands as the likeliest source of the sort of large savings needed to bring projected annual deficits to sustainable levels, many budget analysts agree.”

The nation is facing a dire situation when it comes to Social Security.

The Trustees of Social Security have estimated a current unfunded liability in excess of $100 trillion in 2009 dollars.

This means that the federal government has obligated itself to pay more than $100 trillion over and above any taxes it expects to receive –- that’s how much would have to be invested at U.S. Treasury rates to pay the future liability owed to Social Security recipients who have faithfully paid into the system during their careers.

Many Americans depend deeply on Social Security, while others who have adequately planned for retirement are not so dependent.

Regardless of your individual need for the assistance, what happens to Social Security will affect all of us, because how the government decides to make up for Social Security’s shortage will affect taxes and future legislation.

It behooves all of us to be proactive about retirement planning, so we are not dependent on Social Security.

And it is prudent to act now, before future legislation and potentially higher taxes cut even more into personal finances and retirement planning.

Find out how you can take advantage of tax-advantaged retirement planning that will protect you and your financial future.

Isn’t It Time You Became Wealthy?

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*Life insurance policies are not investments and, accordingly, should not be purchased as an investment

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