Safely Prosperous or Really Rich: Choosing Your Personal Financial Heaven

Chapter 6

Social Security, the Ponzi Chain Letter

Why you would be much better off by not counting on Social Security, the biggest scam in the known universe

Don't be alarmed by this chapter if you are now getting Social Security benefits or are over 60. The big problems described herein will not occur until after you are gone, and it's too late to do anything about it anyway. If, however, you are under 55 and worry a lot, take this chapter very seriously.

Millions of people are betting that Social Security will be there for them when they retire and will provide enough for a comfortable life. Financial planners build this assumption into their financial plans. For millions of Americans, this is a lie, and it is a very expensive mistake to bet on it!

Every time I express my politically incorrect views on this subject, I rub a lot of people the wrong way. Social Security is a sacred cow that we are not supposed to question. It is also called the third rail of politics. But, as the saying goes, “Fools rush in where angels fear to tread.” I guess I'm a fool.

I may be beating a dead horse here; many of you already know in your heart of hearts that Social Security is a big ripoff, but you still bet on it, hoping that the day of reckoning will not come until after you have gotten yours. But if you are under 50, you may never see your money, or it may be so inflation-ravaged that it won't buy much. Social Security is by far the biggest Ponzi pyramid ever conceived, and, like all Ponzi ...