AUSTIN, Texas, April 11, 2023 /PRNewswire/ — At the end of March, the Social Security and Medicare Board of Trustees issued their annual report, revealing that these programs are projected to run out of money within a decade. Edmund Moy, former White House aide, 38th Director of the U.S. Mint (2006–2011), and U.S. Money Reserve's Senior IRA Strategist, offered his insights on the situation.
Watch this video to learn more.
According to the trustees' report, Medicare will not be able to pay full benefits to all beneficiaries starting in 2031, and Social Security will not be able to pay full benefits starting in 2033. “The bad news is that in 10 years or less, both programs won't have enough money to pay full benefits,” Moy says, adding, “Unless these programs are fixed, the percentage paid to beneficiaries will keep going down over time. Only Congress can fix these programs, but they're caught between a rock and a hard place.”
Moy says beneficiaries of these programs may wish to look for other income sources for retirement. From his experience in government, Moy knows that changing the current trajectory of these programs could be tricky. “One solution is to take control over your retirement, like with a precious metals IRA, because it is a self-directed IRA, and you own the physical gold in your precious metals IRA.”
Learn more insights from Moy on U.S. Money Reserve's website: https://www.usmoneyreserve.com/news/executive-insights/
This article was originally published by Cision US Inc. PR Newswire.