Tuesday, May 12, 2020

Trump May Let Workers Take Social Security Benefits Early

President Trump is reportedly considering letting Americans take an advance on their Social Security benefits.

Senior White House economic officials are exploring a proposal floated by two think-tankers that would allow Americans to choose to receive checks of up to $5,000 in exchange for a delay of their Social Security benefits, according to three people familiar with the internal matter, reports The Washington Post.

The $5,000 would be structured as a loan with a government-set interest rate that would reimburse the Social Security trust fund with interest. Individuals who opt into the program would pay that money back when they start collecting Social Security benefits. Their first checks would go toward repaying the loan, for a period of up to three months. After that, they would receive normal benefits.

The plan is the work of two technocrats,  Andrew Biggs of the American Enterprise Institute and Joshua Rauh of the Hoover Institution at Stanford University.

If the plan ever sees the light of day, I am advising all to grab it, if the conditions are as set above.

The way the Federal Reserve is printing money, and this plan would require more money printing, $5,000 is going to be pocket change. Grab the five grand now and split it between gold coins and silver coins.


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