Can This Wall Street Exec Fix Social Security?

Daily Profit Investing Research
by 
Wall Street

The U.S. Senate just confirmed a new head of Social Security.

It’s his goal to assure Social Security payments for 73 million Americans.

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Social Security pays out $1.6 trillion per year.

Unfortunately, the trust fund is expected to run out of money by 2035.

Social Security benefits will be slashed 17% – 23% – unless Congress takes action.

This week the U.S. Senate confirmed Wall Street executive Frank Bisignano as the new Social Security Commissioner.

He plans to streamline the agency and improve its operational performance.

This includes eliminating roughly $9 billion in improper payments per year.

However, that won’t be enough to save Social Security.

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Social Security requires massive reforms from Congress. Options being considered include…

  1. Raising or eliminating the payroll tax cap (currently $168,600)
  2. Increasing payroll tax rates (currently 12.4% split between employers and workers)
  3. Raising the full retirement age (currently moving toward 67)
  4. Reducing benefits for higher earners
  5. Means-testing benefits
  6. Investing trust fund reserves in assets beyond Treasury bonds for higher returns

Nobody wants to reform Social Security.

Not President Trump. Not Bernie Sanders or AOC. Not Democrats or Republicans in Congress. NOBODY wants to touch SS.

It’s political suicide.

This inaction means that Social Security is on track to face a slow death within the next decade.

Smart folks are acting now. And they’re creating new streams of passive income for retirement.

You simply can’t rely 100% on Social Security. And you can’t expect that the politicians in Washington D.C. will have the courage to make changes.

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Ian Wyatt

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