Is the Government About to Take Away Your Social Security?
The radio/email/TV is full of doom and gloom forecasts. They are all designed to do one thing – scare you into taking action. Of course, that action is to subscribe to a newsletter. One of the latest has to do with social security. What is the threat? Protect yourself “from Congress’ supposed hidden radical reform that threatens the financial security of as many as 21.3 million Americans”.
It is true that starting May 1, 2016, there are some new law changes with social security. The bill that takes effect is HR 1314. The new bill does not take away current benefits or change things if you are currently on social security.
The new bill eliminates social security benefit maximizing strategies. A good example would be the file and suspend benefit. It was only a matter of time that Congress cleaned up the loopholes.
Other gloom and doom newsletter subscription sites:
Should you pay heed to the warnings?
Of course, anything in these videos is plausible. Let’s face it! We have some serious problems happening here in the US and all over the world. You can’t carry 64 trillion in overall debt and expect that a problem can’t happen.
Most all of these videos are linked to Porter Stansberry who remains the king of gloom and doom marketing. They all mostly follow the same format. It obviously works because Stansberry does them over and over again just changing the prediction and tweaking the messaging. If Congress is changing law, they take it and twist the meaning to make it even more sensationalized. Plus they all have successfully predicted most of the bad things ahead of time that have happened in the past. It is amazing how so many people that are no closely affiliated can predict the same thing independent of each other. Please note the sarcasm!
My point is to filter the message. The gloom and doom message is overly sensationalized for a reason – to sell subscriptions and books.
Bob Brooks is host of The Prudent Money Radio Show, Financial Advisor, and active money manager that consults and helps people plan.