And then they recommend putting savings into investment funds that are almost entirely invested in US assets, thereby providing absolutely no protection against that eventuality. SS is immensely politically important, which means the government will only give up on it if the US economy is in really dire straits.. in which case, the savings veichles sold by these financial planners will not pay out much either.
Heck, due to the structure of most private pension plans, social security being fine while your private pension fund largely collapses is a far more likely event than the opposite- pension plans are invested in particular firms, after all, while SS taxes the economy as a whole, so a decade or two of high economic growth caused and accompanied by high levels of disruptive technological innovation and creative destruction in the market would make SS stronger, while burning a lot of investment funds. - Basically, in a world where by 2050 all energy is produced licened indian fast breeder designs, manufacturing is mostly done by public domain nanotech technologies perfected by a EU /China project at the university of Ankara, the largest food producers on the planet are the greenhouses in North Africa, and the second american revolution ended copyright, your stockportfolio is not going to be worth beans, but the tax base of the US is fine.
It is certainly /possible/ to put together a savings profile that would provide some security against the economy of the US doing badly enough to imperil SS.. but no finanical planner is likely to sell it to you.
no subject
Heck, due to the structure of most private pension plans, social security being fine while your private pension fund largely collapses is a far more likely event than the opposite- pension plans are invested in particular firms, after all, while SS taxes the economy as a whole, so a decade or two of high economic growth caused and accompanied by high levels of disruptive technological innovation and creative destruction in the market would make SS stronger, while burning a lot of investment funds. - Basically, in a world where by 2050 all energy is produced licened indian fast breeder designs, manufacturing is mostly done by public domain nanotech technologies perfected by a EU /China project at the university of Ankara, the largest food producers on the planet are the greenhouses in North Africa, and the second american revolution ended copyright, your stockportfolio is not going to be worth beans, but the tax base of the US is fine.
It is certainly /possible/ to put together a savings profile that would provide some security against the economy of the US doing badly enough to imperil SS.. but no finanical planner is likely to sell it to you.