Social Security Set to Go Bankrupt Much Sooner Than Expected
By Scott Bardelli, Agora Financial
According to a recent study out of Harvard and Dartmouth, Social Security could be headed for bankruptcy much sooner than anticipated.
The controversial study now shows the Social Security Administration has been underestimating the costs of the safety net by at least $1 trillion since 2000.
The trust fund is projected to be bone-dry by the year 2031.
This could pose a major problem for the estimated 70 million baby boomers that have either recently retired or are planning on retiring in the near future.
These are the same Americans that have paid into the system their entire working careers… only to find out that the money is going to run out when they need it most.
Is there any hope to turn this program around, and to save the retirement dreams for millions of American baby boomers?
To answer, we simply have to look at our friends to the north — the Canadians.
After realizing that the Canada Pension Plan (as they call it) was on the brink of bankruptcy, they decided that the only way to make the system flourish was to remove the Canadian government from the equation.
And it worked…
As a result, cash reserves for the Canada Pension Plan started with $36 billion… and by 2004 reserves had more than doubled to $77 billion.
That number has since grown to over $219 billion… a six-fold increase from where they started.
And it’s estimated that total cash reserves for the Canada Pension Plan are set to hit over $800 billion by the year 2040.
It’s not hard to figure out why Canadian seniors now enjoy one of the lowest rates of poverty in the entire world.
But what’s incredible is that a growing number of American citizens have discovered a “loophole” in the Canada Pension Plan that’s allowing them to piggyback the system… and collect monthly “benefit” checks between $400-4,700 per month.
After spending the better part of six months investigating the situation, the research team at Agora Financial — one of America’s largest independent research firms — has concluded that dozens (possibly hundreds) of real Americans just like you are pulling down this income month after month.
For example, Sara Yaeger, a secretary from Texas, now manages to piggyback the Canadian version of “Social Security”… and collects $2,900 per month in “benefits.” Ditto for Carol Alderman, a widow with two children, averaging more than $1,200 in “benefits.”
According to the presentation, it’s perfectly legal to do…
And what’s more, anyone who knows about this “loophole” can do the exact same thing… regardless of age, income and job status.
In fact, it’s not even a requirement to live in, work in or even travel to Canada in order to receive “benefits.”
If there’s anything that could “save” the retirement dreams of millions of Americans, this is it.