Below are two statements from David Duley, founder and CEO of PlanGap, about Social Security statements made by President Trump or Joe Biden during the debate tonight. PlanGap introduced Social Security gap insurance earlier this year, an industry first (click here for more information). PlanGap’s advisors include a veritable “who’s who” of the finance and insurance industries: Tim Hill at Milliman; Dr. Gordon Woo of RMS (a key architect of terrorism insurance); Paul Atkins, former SEC commissioner; and more.
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Social Security Statements
- Solvency: “The question isn’t whether we’re heading toward a Social Security crisis, it’s how soon the solvency issues will be upon us, whether they will be permanently addressed and if future benefits will be cut for some – or all beneficiaries – as part of the solution. Some people don’t think Social Security could ever be reduced because of the political consequences, but it happened in 1983 during the Reagan administration. In fact, everyone born after 1937 has already had their Social Security benefits cut, and it absolutely could happen again.”
- Value of Social Security: “If Social Security were an asset, for most people it would be their largest asset – even more valuable than their home. That’s why Americans are so sensitive to the program being used as a political football. Their financial well-being in retirement is on the line and they feel like they have no control over what has been promised to them.”
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