Do You Need to Supplement Social Security?
Most of my readers want to know if they need to supplement social security in order to retire comfortably. The short answer is ‘yes’, unless you would be happy with a lifestyle that only funds a quarter or less of your economic needs. Social security is meant to keep people above the poverty level and it does that. You need another source of income to support your lifestyle.
Throughout the world, governments have programs that intend to help the millions of retired people. Notice I said help them. It’s true social security is a supplement, it’s a small part. It’s not intended to be a full retirement program.
In the United States, over 10,000 new people a day apply and qualify for social security. Imagine the funding this takes. It’s a major portion of the budget for the United States every year.
Social security is in place to make sure no matter what crisis takes place, retired people, people who cannot work, will not go below the poverty line. Mother nature creates many crises such as hurricanes, tornados droughts. But what I’m talking about is the self-inflicted crises of not having savings and supplemental income.
You can expect only a small check to sustain life from social security. I doubt if your lifestyle is going to be sitting around a swimming pool in an easy chair or playing golf weekday afternoons. Social security is meant to pay the basics. People who need checks because they don’t have other pensions or supplemental income.
With all that said, social security is constantly changing. It has no choice. Every year more people are getting paid benefits. It doesn’t take an actuarial expert to figure out if 10,000 boomers qualify every day for social security. The money must come from somewhere. A few decades ago, for every beneficiary collecting benefits, there was 16 contributors to the system.
Today, according to the social security administration, three individuals are contributing for each person receiving benefits. The social security administration forecasts in the year 2037, only two contributors for each beneficiary. At that point, the politicians will have to take dramatic action.
A Relatively Easy Solution to Supplement Social Security Income
I’m a solutions guy and what I’m about to suggest is not for everyone.
30 years ago, when I wanted to know how to supplement social security, I discovered a little known but highly lucrative government controlled and managed system. The system opens up financial door for people with small amounts of money who watch and learn and are willing to take care of themselves and their family. It’s an opportunity that requires research and some thinking and planning. It is clean white-collar work.
This process has been taking place and in use for over 200 years. And it’s available in every county in the United States – tax defaulted property investing.
A Case Study
Here’s a perfect example. Marcia and Sonny live in a small town in Wisconsin. And they ended up in one of my 3-day workshops. Marcia is a professor and physician’s assistant and Sonny is a specialized mechanic. He restores automobiles and rebuilds them to look better than originals.
They realized they needed to know how to supplement social security and other pensions because they were not going to give them the money they wanted to travel and live the lifestyle they had created for themselves.
In a few days of live seminars and home study they were off to the races. They realized right under their noses there was a county government opportunity to generate money and grow an almost noncompetitive business. They didn’t have a lot of people in their town doing the same thing.
Soon they purchased their first auction property. And almost as quick as they purchased it, they advertised it for sale. They purchased the property 80% below the tax assessed value. They learned to buy low and sell low just like Walmart Target and Costco.
During the Christmas holidays they sold the property. They received a down payment and agreed to sell with an installment sale. They now receive checks monthly. Bottom line, they generated a \$40,000 profit on a small \$12,000 investment.
Can they do it again? Yes. 2 or 3 or 5 or as many times a year as they want. Today’s question was is social security enough to live on. My answer is no. So, you have a choice. Bag the groceries at Kroger or Safeway or learn to take care of yourself.
Do you want to learn more about tax-defualted property investing? Then I have a free gift for you, a 1-hour, streaming-video mini course that will teach you the secrets of one of the safest high yielding investments available and how to generate cash flow in real estate.
It is becoming increasingly obvious that people need to know how to supplement social security in order to retire comfortably.
If you’ve decided it’s time to take charge of your financial future, then this Free Course is the best way to get yourself started on the road to success!