USCF Retirement Income Benefit (RIB)
The current federal Social Security Benefit (SSB) is comprised of two trust funds including Old-Age and Survivor’s Insurance (OASI) and Disability Insurance (DI). Nearly 67 million Americans collect SSB payments of which more than 47 million are over the age of 65. The average SSB payment is $16,500 per year which equates to more than $1.1 trillion paid out by the federal government each year. The combined Old-age, Survivor’s, and Disability Insurance (OASDI) has been in deficit spending since 2016 adding billions to the federal debt each year. Due to deficit spending and unfunded liabilities, OASDI is forecast to be insolvent by 2030. Baby Boomers are retiring at a rate of 10,000 per day adding more than 3.5 million retirees each year. This rate will continue until 2029 adding billions more each year to the federal debt further compromising SSB sustainability.
The USCF Retirement Income Benefit (RIB) replaces OASI with Retirement Income Pay (RIP) and DI with Disability Income Pay. Most of the SSB guidelines, policies, and procedures will remain the same under RIB. USCF members who already receive OASI or DI payments can easily make the transition to RIP and DIP without the loss of any benefits. The RIP and DIP are part of the RIB that resolves federal deficit spending problems by eliminating overhead and increasing efficiency. Since RIP and DIP are no longer taxed under USCF it not only removes one of the more confusing problems of the SSB program but also works to resolve the deficit spending problem. Once implemented, the USCF Currency Usage Tax (CUT) will pay off the federal government’s $30 trillion debt within 4 years thereby releasing additional CUT revenue to resolve the SSB unfunded liabilities issues.
Citizens not previously identified for Federal Disability Insurance must be evaluated and designated as disabled in order to receive DIP. Children with disabilities or special needs will be identified as part of their school district’s Primary Health Care (PHC) program. Most adults will likewise be identified and prioritized through their PHC; however, they can also be referred through their Essential Health Care (EHC), Chronic Health Care (CHC), and/or Mental Health Care (MHC) programs. Adults could also potentially be referred by the Unemployed Support Benefit (USB) program for identification as requiring special assistance. Military members are identified and referred for DIP through the military health care system or the Veterans Administration.
Under USCF employers and employees are no longer required to pay the Social Security Withholding Tax as it is funded through the USCF Currency Usage Tax program. USCF members accrue funds into their individual United States Citizen’s Fund for retirement based on the number of hours they work/volunteer each week, not based on how much they earn. The USCF is intended to augment not replace any citizen’s IRA, 401k, or other personal retirement plans.