Phillip Cannella Blog: Phil Cannella on Social Security

Phil Cannella – Phillip Cannella Blog: Phil Cannella warns us that social security might not have the funds in 10 years time to provide us with what it claims it should when we reach 65 years of age. This very fact is made known to us by the social security administration itself according to Phil Cannella.

Phil Cannella explains it very consisely: “Every year around your birthday, you receive a report showing what you’ve paid into Social Security and what you can expect your payment to be when you retire.  Read what’s on the front page.  The report clearly says that in about ten years, Social Security will pay out more than it will collect, and what this means to you is that there won’t be any Social Security for you unless they find the tax revenue elsewhere to make up for the shortfall.  People like me at the tail end of the baby boom generation can’t rely on getting a steady Social Security check when we retire.  There won’t be anything left.”

This is why Phil Cannella preaches that when we do our retirement planning we need to consider whether we will be able to rely on social security benefits or not and that one might want to consider protecting our nest egg’s so that we can truly keep what we know we have.