A foreboding of what could be awaiting hard working Americans to help prop up a failed Social Security “entitlement” can be seen now in Europe, where governments have their eyes seizing on private pension funds to try to maintain a terminally ill federal pension fund that will never be able to meet the needs of those who lay claim to it.
In Hungary citizens could either give up their personal retirement savings they have worked their wholes lives for to ensure they get the right to their “guaranteed” state pension. If they choose not to give up their private pension they would forfeit their “guaranteed” state pension in the future but still be required to contribute to it anyways. What a deal!
Since our own Social Security is in dire straights which it has been reported that officially the Social Security went into the red in 2010 (for those that aren’t following, let me make it clear – Social Security is bankrupt NOW).
So, if our incredibly all benevolent government has anything to do with anything, they probably will try to copy what Poland is doing in an attempt to slowly ease those in the United States that contribute to their own financial future into doing the same. Poland is wants is for 1/3 of future contributions from individual retirement accounts to be put into their state-run social security system.
What a better way to model our failed “retirement” safety net system than after all the incredibly successful social programs of those that have failed miserably in Europe?
Look for it to be coming soon to the United States. We don’t have time to “save” our Social Security.
It is already gone. And so will your private monies you’ve been saving away for that “rainy” day when you retire.
Oh, wait… That’s not really yours. You need to share the wealth for those that have not worked to prepare for their future.