A bill now in Congress could be the future of government-managed retirement…

Sovereign Man reports a bill called the “SAVE UP Accounts Act” just hit Congress. The acronym stands for the “Secure, Accessible, Valuable, Efficient Universal Pension” Account.

It’s a brand-new attempt at government-managed retirement (because Social Security worked so well, right?). If passed, it would mandate certain businesses and employers contribute a 2% “wage tax” for each employee. That goes above and beyond the 6.2% Social Security employer contribution (which remains in effect).

It’s more or less a “bail-in” for Social Security…

[A bailout occurs when a troubled entity receives financial assistance from a third party. Wall Street’s “megabanks” received a $750 billion taxpayer-funded bailout during the 2008-2009 financial crisis.

A bail-in means an entity’s depositors and/or creditors take the loss. In the case of Social Security, existing program participants are on the hook to come up with additional retirement funding.]

The Social Security Administration’s 2016 trustee report admits the entire program will be depleted in less than 18 years. So the SAVE UP Account would see the government “going back to the well” as a way to cushion the demise of Social Security. Never mind that “cushion” comes in a tax hike on some of the same participants…

Recommended Link

The Oil Jihad just handed you the BIGGEST energy play of the decade
There’s a chance to turn your next two paychecks into $109,845 or more with Dr. Kent Moors’ analysis. He says you’ll be able to do it over and over and over again for the next 12 months as the Saudis push this jihad to the limits. All it takes is one simple move!

Bottom line: Social Security’s day of reckoning is fast approaching. The government will either have to cut existing benefits, raise additional taxes (like the SAVE UP Accounts Act), or both.

If you’re a current Social Security recipient, be sure to review PBRG’s special report titled “Four Ways to Immediately Boost Your Social Security.” It’s your best way to get all that’s lawfully yours now… before the inevitable additional program cuts arrive.

(If you’re not yet a Palm Beach Letter subscriber, you can gain immediate, risk-free access to the report right here.)