Hi I'm Ed Moy I'm a former director of the United States Mint and a senior Ira strategist For U.S money Reserve At the end of this March the Board of Trustees of the Social Security and Medicare programs issued their annual Report And the news is mixed I know a bit about this because when I Worked at the White House one of my Responsibilities was to recommend to the President of the United States various Candidates to service the head of the Social Security Administration and its Board of Trustees So when I read the report I thought There was one bit of good news and two Bits of bad news The good news is that they project that Medicare will be able to pay full Benefits to all beneficiaries until 2031. three years more than originally Predicted The bad news is they project that Social Security will be unable to pay full Benefits by 2033 a year sooner than Previously predicted Either way The bad news is that in 10 years or less Both programs won't have enough money to Pay full benefits That means that Social Security and Medicare will still be able to pay out
Benefits but just not the full amount For example Medicare is projected to be Able to cover only 89 percent of the Beneficiaries health care benefits and Social Security is projected to be able To cover only 77 percent of the Beneficiaries retirement benefit Unless these programs are fixed the Percentage paid to beneficiaries will Keep going down over time And only Congress can fix these programs But it's caught between a rock and a Hard place All the solutions are difficult In keeping the status quo is Unsustainable Congress could raise taxes they could Also increase the eligibility age or use A person's wealth or income to determine Who gets paid more or less Or they could cut benefits Congress could also Kick the Can down The road like they have before But the road is getting really short The longer it takes to solve these Problems the more expensive the Solutions will be What does this mean for your retirement Plans For many it means that you should not Depend on getting 100 percent of your Social Security benefits Whether or not you get 100 of your Benefit given inflation an increased
Cost of Living Social Security likely Won't be enough income for most retirees One solution is to take control over Your own retirement That means starting to increase your Savings and Investments for your Retirement now Like a precious metal IRA Fees have the benefit of being under Your direction because these are Self-directed IRAs And you actually own the physical gold In your precious metal IRA And you also diversify your investments Into an asset that holds its value and Has performed well over the long term Especially during times of economic Uncertainty That's one important reason why I own a Precious metal IRA From U.S money Reserve
