US Social Security

[pchansmorn]

Are any American Expats worried Trump will stop there retirement income?  He’s headed for that next step.  He will destroy the SS system and Americans won’t have money to live on anymore.  We have our savings but it won’t last forever.  A reverse mortgage may be in our future.

[fredwiggy]

6 minutes ago, pchansmorn said:

Are any American Expats worried Trump will stop there retirement income?  He’s headed for that next step.  He will destroy the SS system and Americans won’t have money to live on anymore.  We have our savings but it won’t last forever.  A reverse mortgage may be in our future.

Lot being said about SS and some sounds like it can be stopped, but although I dislike trump, some of what he's trying to do is actually preventing the loss of benefits. Time will tell. No one in their right minds would try and take survival money away from over 70 million Americans because it would be about the last thing they would do.

[TheAppletons]

1 hour ago, pchansmorn said:

Are any American Expats worried Trump will stop there retirement income?  He’s headed for that next step.  He will destroy the SS system and Americans won’t have money to live on anymore.  We have our savings but it won’t last forever.  A reverse mortgage may be in our future.

 

 

[cdemundo]

Yes. Worried.

 

[jas007]

25 minutes ago, pchansmorn said:

Are any American Expats worried Trump will stop there retirement income?  He’s headed for that next step.  He will destroy the SS system and Americans won’t have money to live on anymore.  We have our savings but it won’t last forever.  A reverse mortgage may be in our future.

No.  Trump has said repeatedly that he won't cut Social Security, He has even advocated for no tax on Social Security benefits.  That said, the Fed has been destroying the value of the dollar since 1913, and Trump is on a path to spend tons of money and has no debt ceiling to contend with for a while, so there's always the danger that the dollar will collapse entirely.  At that point, you may still be receiving your benefits, but what will you do with your monthly check? Buy a cup of coffee? 

 

It probably won't come to that anytime soon, though.  Still, he dollar decline is inevitable, so it would be smart to start investing in assets that will generate an income, regardless of the dollar's value, either through dividends or capital gains.  And it wouldn't hurt to have some gold and silver and maybe some crypto.