June 8th, 2018
Why You Need a Plan B
For years we’ve seen the writing on the wall regarding the unsustainability of programs like Social Security, and the dire need for everyone to cultivate a Plan B with the UnFranchise. I’m sure many of you have seen the recent news about Social Security and Medicare becoming insolvent ahead of predictions – to not mention the fact that by 2034 Social Security benefits will be slashed by 23 percent under current law. These are dire times indeed for Social Security and Medicare, and as more and more baby boomers retire the issues will become even more apparent.
That’s not to blame boomers for this predicament, not at all. The problem lies in the simple fact that in 1940 the ratio of workers to social security beneficiaries was 159.4 to 1. In 1950 that number was 16.5 to 1. In the most current data from the Social Security Administration (2013), that ratio is 2.8 to 1. That downward trend is only going to get worse in the coming years and should force everyone to do some hard thinking about their retirement situation – no matter how old you are, this affects you directly.
Are you relying on the government’s Plan A (Social Security/Medicare) to be there for you when you retire? Many people will be in for a rude awakening if that’s the case. The government doesn’t have a working Plan A, and they don’t even have a Plan B in sight – so what will you do? One thing I recommend to everyone is to build an UnFranchise that pays you a residual income and can help future-proof your life. The great part is the UnFranchise Business can be handed down to the next generation to help them continue the legacy of residual income – I’d say that’s a lot better than the legacy of astronomical debt the government passes down to future generations.
This whole situation also reinforces why everyone should be utilizing the Shopping Annuity as much as possible – because let’s face it, saving money and spending wisely is essentially the same as making a great investment. By converting your spending into earning you’re already ahead of the game – it’s just a no-brainer! I truly feel bad for those who will be adversely affected by the impending Social Security and Medicare nightmare, and hope they wake up to the reality of the situation and take control of their economic future by building an UnFranchise Business of their own.