I don’t question California Gov. Gavin Newsom's intentions.
In this case, I believe they’re honorable.
But like anything the government touches, this will be a disaster.
Last week, Newsom signed into law the Mixed Martial Arts (MMA) Retirement Benefit Fund.
The new fund is expected to provide retirement funds for over 400 MMA fighters who are licensed by the California State Athletic Commission.
For those who don’t follow MMA, most of these athletes fight for pennies. The majority never pull in Conor McGregor or Nate Diaz money. Some barely pull in $10,000 a year. So as you can imagine, saving for retirement isn’t particularly easy for these guys, which is unfortunate, because most are pretty banged up by age 30.
Still, is it the government's responsibility to provide them with retirement funds — even if these funds are not provided by taxpayers?
Our analysts have traveled the world over, dedicated to finding the best and most profitable investments in the global energy markets. All you have to do to join our Energy and Capital investment community is sign up for the daily newsletter below.
In fact, the state of California already has a similar pension plan for professional boxers, which has been a massive disappointment.
According to the Los Angeles Times, about 200 boxers could have claimed a pension last year, but only 12 did so:
The commission failed to increase the amount of revenue generated for the pension to ensure the plan is adequately funded and the plan does not have enough money to pay all unclaimed pensions without reducing the amount of money received by fighters who become eligible in future years. Only $294,000 was set aside for the $2.1 million owed to boxers who haven’t been paid.
I suspect the same thing will happen with this new plan for MMA fighters.
These guys are going to end up relying on something that is unlikely to be there when they need it most.
Of course, we could say the same thing about Social Security too…
And that IS funded with your tax dollars.
As you know, Social Security is expected to run out of its excess reserves in 2034, which will result in it only being able to pay a portion of full benefits for retirees.
I’m telling you now that the great Social Security Ponzi scheme is closer than ever to crumbling. And mark my words, those who have not properly prepared for retirement are going to get screwed the most.
Truth is, this really pisses me off.
It pisses me off that baby boomers, who have ponied up the most for this thing, are being ignored by the same government that promised them safety and security in their golden years.
It pisses me off that my generation will only see a small percentage of what we were guaranteed.
And future generations?
Well, they’re shit out of luck.
They won’t see a dime, yet they’re still ponying up every paycheck.
But I suppose it doesn’t do anyone any good to just be pissed off.
We’ve all been screwed by our government.
Our government legitimately stole our hard-earned cash, and there’s nothing we can do to get it back. But instead of using these pages to bitch and moan, I’d rather share a new retirement plan that is not only free of government meddling but can make you a hell of a lot more money than you could’ve ever pulled in from Social Security.
It’s essentially a private royalty plan that pays monthly dividends on energy projects all over the world.
The projects are tied to long-term power purchase agreements, so the dividends are virtually guaranteed and the returns are exceptional.
In fact, with some of these projects, you can turn as little as $100 into $98,325.
These royalty plans are so impressive even guys like Elon Musk and Jeff Bezos use them.
I’m completely serious. You can read about it here.
And you can be certain they won’t ever need Social Security or an MMA retirement plan.
Jeff is the founder and managing editor of Green Chip Stocks. For more on Jeff, go to his editor’s page.
Want to hear more from Jeff? Sign up to receive emails directly from him ranging from market commentaries to opportunities that he has his eye on.