Nobody here in the comments is going to audit their boss, neighbor, you, or a politician...can you simply tell us the answer of how politicians become so wealthy because it's clear you already audited politicians and know the answer.
@@rcfnc - I live next door to San Francisco (Berkeley). I suspect you might be correct about her and I really wish someone younger would have replaced her decades ago, but I'm sure you agree with me that it's unfair to accuse somebody of a crime without evidence. If you believe she committed the crime of insider trading then contact the SEC. The SEC has a long history of aggressively prosecuting this crime, even against people who are wealthy and connected.
Why on Earth higher income earners had a cap is beyond me. Raise the cap! As someone who worked a physically demanding job, I don't like the idea of raising the age.
High income earners/corporations have the money to pay the corporate lobbyists to make sure Congress doesn't either increase or do away with the earnings cap.
The cap is due to rich people looking after their own best interests by using money to bribe politicians to make laws and rules to benefit them only; in other words, the cap is corruption. You would still be able to take Social Security early, but the payment would be less, just like you can take it late, age 70, and get more. Who complains about 70 when the noted age is 65 or 66 or 67? No one, so what's the big deal about any age. It's an insurance program based on insurance structure and actuarial science so that it can do what it says it can do; it's not a welfare program. You are required to start drawing at age 70; some people don't need it then or ever because they are rich. Maybe if they have to keep paying in with the complete removal of the cap, they wouldn't be so rich and that would be a proper balance. A lifetime of physical labor does age you faster in some ways; however, the sedentary life of some wealthy people who let themselves get fat and unhealthy also ages people faster. Keeping as healthy as possible is the key.
@@silentnot4812 I think the idea is that at a certain point, enough is enough. If you want to sacrifice, that's up to you; you get relatively less because you most likely need less. That may not seem fair, but it is in my opinion. My father was an airline pilot captain; he made good money but was not super rich. When he retired, he was annoyed to get Social Security checks every month that he had to travel a long way to deposit in the nearest bank but also because he didn't need it and others did. He then had to decide what charity to send money to.
I like your remarks on Social Security. "A little from column A, a little from column B" is probably the most likely approach to shoring up the program. I think selling workers on delaying benefits another year will be a hard sell for people with physically demanding jobs.
Agree 100%! I honestly think I'd be crippled if not dead if I hadn't retired before my FRA of 66.8 years. I only missed it by a little over a year early but...a year into retirement I'm just now seeing some recovery (both physically and mentally!) I was a factory assembly worker doing unlimited required 6/12 hour days weekly.
Yes, constant physical work wears a body down. One can always move to less physically demanding work by doing management or consulting in their field or by changing skills as one grows older. Still, constant forced sedentary work can also make you sick and shorten your life with obesity and weakness. Could be physical labor is healthier.
no raising the age. raise the FICA tax for SS on employee and employer 1.5 percent each or whatever it takes to meet the shortfall. it hasn't been raised since 1990. done and done.
@@robp9746hardly but you are better off working than to live off handouts from the government. That is the Democrats motto. Suck the government teak. That is how they buy votes.
Raising the age is a horrible idea! Clark, you are fortunate to have a non-physical way of making a living but people who have a very physical job like like waitressing or nursing or a truck driving or Landscaping, simply cannot work in their chosen profession until they're 70 years old there are some people who were fortunate to have the energy and physical ability but many people do not!
Yes, that is true, I retired from my real job at age 60, I am now semi retired at age 63 What is funny? Now I run a small painting contractor business and property maintenance and do a lot of landscaping yard cleanup and painting I couldn’t be happier,, I’m glad I can still do it, I will do it as long as I can, because it’s financially rewarding and personally rewarding of a job well done
About eighteen or more years ago Consumer Reports had an article with a list of 8 small things to make small adjustments to Social Security that would sustain it for the foreseeable future. They were simple and painless. But no! After years before then of warnings, politicians refused to do anything. How is it that every politician gets corrupted once in office if they weren't already that way when they arrived? As time moves on the small fixes aren't enough; it would have been so much easier and less disruptive then and even more so before then when the warnings were evident.
Hard to believe a bunch of ridiculous politicians won’t fix this particular thing, they’ve got better things to waste time and money on……..35 trillion in debt and who knows how unfunded liabilities there are
SS and Medicare are unfounded liabilities. Both are pay as you go. Any excesses collected and paid in over the years have gone into the general fund, there is no investment fund. And the federal government still spends more than it takes in. The math is upside down and unsustainable.
Agree raise the cap & the benefit. No class warfare. Raise the retirement age that you can begin to take social security retirement. Many people that are age 62 or older continue to work at a minimum part time anyway. I will no longer vote for a political candidate unless they are talking about social security & have a plan.
Why not take a higher percentage out of our checks, in addition to raising the income ceiling a bit? I have no problem contributing more toward a benefit so important to my retirement. I don't agree with increasing the FRA. Not fair to manual laborers, etc.
Whoa Clark Howard we finally agree on something with social security. Thank goodness you explained what it means when someone says the system is going broke. You didn't do that before. Thank you. I hate it when politicians try to scare our population by using the word broke, without actually defining what that means. Again thank you. For explaining it better than our politicians like to do it
Why is it ok to have defense spending go unchecked and frivolous but we have to work 60 or 70 years to get a tiny check that we may die before we spend a year's worth of it?
Because we can't seem to keep our nose out of the issues other countries have...this practice leads to self conflict leaving us a sitting duck for repercussions that could very well wipe us out.
Do both and more. I am 75 years old. I took Social Security at age 70 because I was required to, but was perfectly able to and wanting to continue my self-employment of 39 years. I had to stop then because of COVID and was planning to continue after it was over and I could have. Turns out I liked retirement and avoided COVID so it all worked out. For the most part, most people can easily work to age 70, but should have the option to retire at 62. Sadly, many people have to keep on working past 70 due to poverty; SS was never designed to be able to live on it. You must save for your own retirement!
@@virginiamoss7045 Congratulations 🎉 you did everything correctly. That doesn't change the fact that 50% of Americans 50-64 have $0 saved; 50% of 65+ live on $30k yearly; 25% of 65+ live on $15k yearly; 50% of all retirees live on SS alone; yet 10% of Americans own 80% of all equities. The system isn't a system. Those that can afford to wait till 70 to file are the very least likely to actually need SS.
@@dpporlando Your math appears also correct. I live on slightly less than $30,000 annually at age 75; that's with SS and drawing $1,000 a month from savings. I know how to live frugally. The only way I can do that is with a paid-off house and car that will be my last car before I can't drive any more. When my savings run out I guess I'll sell my house and invest the proceeds to keep $1,000 coming monthly with SS, but no money for rent, just like everyone else. And I did everything right that I knew to do.
@@dpporlando I would add that anyone can afford to wait until 70 to retire if they continue working. One retires because they are no longer able to work or no one will hire them because they are old. The latter is rampant and unlawful, but nobody cares.
Hi, Virginia-I'm in much the same scenario as you. I would HIGHLY suggest, that you look into a reverse-mortgage, if your home is paid-off. You DON'T have to give-up your home! Listen to Clark's videos on that topic..to avoid the "sharks" in that industry@@virginiamoss7045
Hospital monopoly/duopoly is possible because of Certificate of Need laws. Existing hospitals literally have the ability to veto new providers coming in and competing for patients. It's cronyism to the nth degree and is seriously harming healthcare affordability. If you haven't heard of CON laws, read up on them and pressure your state legislators to repeal the hospital cartel statutes.
I so agree with you. I watch two politicians tearing each other apart to be voted in as president meantime they both talk about freedom and then do everything to remove our freedom of speech and what we have to say so we can't vote for who we want.
This is partially why I took SS at 62 . Bird in the hand is better in the bush as the old proverb would say . There was just a recent proposal that was bipartisan. It wasn't perfect . So it is discussed within small committees but can't get a overall consensus. The problem is Republicans don't want to raise taxes and Democrats don't want to reduce benefits so it would take a compromise to get something done
I am 63 but retired at age 60, my wife is five years younger than me and will retire next summer at age 59, I am going to start my Social Security next summer to bridge the gap and pay our medical insurance when her pension begins at age, 60 , January 2026, and I go on Medicare in the same month. In someways, I wish I would’ve just taken it when I turned 62 But I didn’t really need the money, so this is how the plan worked out
Clark please read Teresa Ghilarducci's Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy. Better yet have her on and interview her.
You make a living for decades thru talking therefore your health maybe better than the standard American worker. The US should never raise the social security full retirement age beyond 67. Many people are physically damaged and working is difficult beyond 60.
Raising the full retirement age past 67 does NOT mean raising the minimum retirement age above 62. The last time congress raised the retirement age they left the minimum at 62 and will likely do the same in the future. Raising the full retirement age would decrease benefits for those choosing to retire at 62 but it would still be an option.
They rob my every pay check, and they tell me, I can't leave my SS to my estate, I get NOTHING. If I had a company and I told my investors you get nothing when you die, I would be in jail.
We need to remove the cap on earnings subject to FICA taxes entirely but raising the retirement age hurts the working class that are lucky to make it to 62. Besides, the wealthy live 7-10 years longer and therefore collect more in the end anyhow. The other solution you alluded to briefly, and this is a solution no one in Congress dares to mention. INCREASE IMMIGRATION.
"Sometimes it seems the politicians in the United States today love themselves and their party more than they love this country..." The third certain thing, after death and taxes 🤣🤣🤣
Many Americans believe that the full benefit SS retirement age for new retirees under 65 years of age is 65. Nope. It's 67* . The vast majority of blue collar workers at age 67 will find it impossible to continue working though. Can you imagine a 67 year old roofer? *the exception being those turning 65 later this year the retirement age is 66 and 10 months.
The average American only lives to 77, and the social security full benefit age should be based on this average lifespan. Delaying full benefit age would disproportionately harm vulnerable populations, such as low-income workers, individuals with physically demanding jobs, and those with shorter life expectancies. Many low-income workers rely heavily on Social Security benefits for retirement income and might not have substantial personal savings or pensions. Additionally, individuals in physically demanding occupations may find it difficult to work longer due to health issues or job strain, making it unfair to expect them to delay retirement. Furthermore, delaying the full benefit age could exacerbate existing inequalities, as those with lower life expectancies may receive fewer total benefits over their lifetimes compared to those with longer life expectancies. This change could also increase financial insecurity and poverty rates among older Americans, undermining the original purpose of Social Security as a safety net for retirees.
Americans have been brainwashed by university academia. The trades are a stable and financially rewarding career path, requiring lower cost trade schools and industry certifications for training. The job demand will always be there. Also, if someone insists on a baccalaureate, take your prerequisites at a community college and save a boatload.
This is why Clark says he is not interested in public office Cause he would never get elected when he said. Be brave run for office state your platform and let’s see what happens.
If you ask people if they think they're "kind", most will say they are. They usually aren't. Same goes with drivers. Most think they are "really good" drivers when they are usually the worst.
So social security is an investment that pays early investors with money taken from later investors with unrealistic returns? That is the same definition of something else...
Thank you Clark! That was my question about paying for my daughter's college. I've been listening to you and your advice for decades now, and I appreciate your direct advice and input. So glad we can get you on podcasts!
The solution to Social Security: Pushing back the distribution age + tax hikes. If you can, get those ROTH conversions done ASAP, because taxes are gonna be going up.
I am so glad that I paid all my college loans off on day one after graduation. I didn’t realize the severity of the importance. To get paid as soon as possible.
Yeah, their contributions are cap at 169,000, their benefits are also capped, it’s a progressive system already you wanna make it more progressive? And I am not someone who was ever at that level of income.
On Social Security, I think disability insurance should be a separate program. There are many legit folks on SS disability, but there are also many "milkers.'' Also, disability benefits should be taxed, not at the full level but at least some tax on it.
We won't be seeing huge stock market gains in the near term, but it's definitely not "significantly overvalued." It's approximately 2% overvalued at the moment.
By the way, the over valuation of the market is due to the incredible income inequality. People who have the money to spare will buy assets and outcompete the rest of us. I'll offload when I start seeing tax policies that encourage divestiture.
You did a fair job on the Social Security Mess but you didn't address the Fraud in the system enabled by the politicians who'd rather "hand out candy"...
I think we must raise the retirement age to keep with the intent of the program. On the investment idea, why not, when you turn 60, the feds give you the option of placing your SS nest egg in the market, up to 50% of it? If you are risk averse and don't want a dime of it in the market, you are guaranteed that 80% of your original investment. But you might actually make a tidy profit if you put a big chunk of that SS money in the market at 60 and delayed withdraw till 70.
Another way to find medical/dental care is to watch a number of RUclips videos of people that have moved to what ever country where you want to get things taken care of. JC Travel Stories is one of many that have moved and retired in area of expatriates.
Take it at 62, suspending it at 67, start it backup at 70. You will get a guaranteed 24% + Cola’s increase. Plus you will get 60 pmts (5 years) to go travel or whatever.
You can also take it at 62, invest every payment and start drawing at age 70. It's a bit risky, but I did that in 2010 riding the longest bull stock market with just a target retirement fund. Those extra earnings are now returning slightly more than the difference in what I would have gotten more from Social Security. You could also ride the longest bear market ever! SS pays about 8% a year earnings; it's kind of like an annuity.
Just turned 65 and $175/month for medicare is a lot coming out of my SS check especially when I just had to take the summer off with no pay from teaching preschool.
Sadly, social security surpluses (when we had them) are invested in Treasury Bonds. This means ZERO growth for long term money. Ridiculous! Had the surpluses been invested for growth, we would have plenty of money, enough to even increase benefits. No union, state, or corporation would ever invest retirement funds solely in bonds. They invest in growth products, real estate, stocks, whatever. Social security is not running out of money. It's out of money. It will run out of bonds to cash in. Every time one of those bonds is "cashed in", the government turns around and floats out more bonds and borrows the money from others. The government refuses to act until the last moment. The fix during the Reagan era was back when the two parties actually compromised with the other party to solve problems. Yet, they didn't act until the last minute. Social security has always been a transfer, as people making the least get the most in benefit. It's a weird calculation, but there are income levels once crossed, credits are reduced "bend points".
Wrong! Where did you get that idea? There is NO investment fund. Social Security is a ‘pay as you go’ program. The excess monies collected have gone into the general fund and a non interest bearing ‘IOU’ is issued back to the SS Administration on the balance sheet. That’s a non funded liability. The math is upside down. I wish they would have invested the excess funds into US Treasury bond, notes and bills, and hands off for the politicians. There would be no pending shortfalls.
Wealthy people probably don't need to get that SS check. Instead of taking that money they could get the equivalent in a income tax credit. If they aren't taking money out it would leave more in the pot for those who do need it. Probably not a complete solution, but it would help.
@virginiamoss7045 👆Commented above that her dad would get so annoyed receiving his SS checks because he didn't need them and knew that other people did. She said that he would donate the money to charity. 💚
Most people don't think about it but part of the reason our population has decreased is because we've killed about 75 million babies through abortion. It can't be denied that that has affected our demographics and our economy.
Audit all the career politicians and see how they became so wealthy.
Absolutely! And… we desperately need term limits.
Nobody here in the comments is going to audit their boss, neighbor, you, or a politician...can you simply tell us the answer of how politicians become so wealthy because it's clear you already audited politicians and know the answer.
@@chuckinhouston9952 - I couldn't agree with you more about needing term limits and I'm 99% sure Clark would endorse this too.
Easy answer to that - insider information. We know that already. Pelosi is a prime example.
@@rcfnc - I live next door to San Francisco (Berkeley). I suspect you might be correct about her and I really wish someone younger would have replaced her decades ago, but I'm sure you agree with me that it's unfair to accuse somebody of a crime without evidence. If you believe she committed the crime of insider trading then contact the SEC. The SEC has a long history of aggressively prosecuting this crime, even against people who are wealthy and connected.
Why on Earth higher income earners had a cap is beyond me. Raise the cap! As someone who worked a physically demanding job, I don't like the idea of raising the age.
High income earners/corporations have the money to pay the corporate lobbyists to make sure Congress doesn't either increase or do away with the earnings cap.
The cap is due to rich people looking after their own best interests by using money to bribe politicians to make laws and rules to benefit them only; in other words, the cap is corruption. You would still be able to take Social Security early, but the payment would be less, just like you can take it late, age 70, and get more. Who complains about 70 when the noted age is 65 or 66 or 67? No one, so what's the big deal about any age. It's an insurance program based on insurance structure and actuarial science so that it can do what it says it can do; it's not a welfare program.
You are required to start drawing at age 70; some people don't need it then or ever because they are rich. Maybe if they have to keep paying in with the complete removal of the cap, they wouldn't be so rich and that would be a proper balance. A lifetime of physical labor does age you faster in some ways; however, the sedentary life of some wealthy people who let themselves get fat and unhealthy also ages people faster. Keeping as healthy as possible is the key.
Earnings cap is reflective of ‘pay out’ gap- you do know SSI benefits are capped, yes?
@@silentnot4812 I think the idea is that at a certain point, enough is enough. If you want to sacrifice, that's up to you; you get relatively less because you most likely need less. That may not seem fair, but it is in my opinion. My father was an airline pilot captain; he made good money but was not super rich. When he retired, he was annoyed to get Social Security checks every month that he had to travel a long way to deposit in the nearest bank but also because he didn't need it and others did. He then had to decide what charity to send money to.
Good point about physically demanding jobs. 💚
I like your remarks on Social Security. "A little from column A, a little from column B" is probably the most likely approach to shoring up the program. I think selling workers on delaying benefits another year will be a hard sell for people with physically demanding jobs.
Agree 100%! I honestly think I'd be crippled if not dead if I hadn't retired before my FRA of 66.8 years. I only missed it by a little over a year early but...a year into retirement I'm just now seeing some recovery (both physically and mentally!) I was a factory assembly worker doing unlimited required 6/12 hour days weekly.
Yes, constant physical work wears a body down. One can always move to less physically demanding work by doing management or consulting in their field or by changing skills as one grows older. Still, constant forced sedentary work can also make you sick and shorten your life with obesity and weakness. Could be physical labor is healthier.
Another way help make the system solvent is a small increase in the payroll tax. Raising the cap and raising the retirement age also help.
And the mentally acrobatics you have to endure in many corporate structures is excruciating. The stress can kill you over time
Good point about physically demanding jobs. 💚
no raising the age. raise the FICA tax for SS on employee and employer 1.5 percent each or whatever it takes to meet the shortfall. it hasn't been raised since 1990. done and done.
CLARK HOWARD FOR PRESIDENT 2024!!! Thumbs up if you agree!!!
Vote for Clark!!
🫣💚
0:20 Thanks Clark !! 20 years listening to ..
MAWA. Make America Work Again. Great (and realistic) campaign slogan.
Republicans would rather you work until you drop.
@@robp9746hardly but you are better off working than to live off handouts from the government. That is the Democrats motto. Suck the government teak. That is how they buy votes.
@@robp9746 I think you have taken Clark’s quote out of context.
We all wish we could give you more thumbs up, but they only allow us one
👍👍💚
Raising the age is a horrible idea! Clark, you are fortunate to have a non-physical way of making a living but people who have a very physical job like like waitressing or nursing or a truck driving or Landscaping, simply cannot work in their chosen profession until they're 70 years old there are some people who were fortunate to have the energy and physical ability but many people do not!
Good point! 💚
Yes, that is true, I retired from my real job at age 60, I am now semi retired at age 63
What is funny? Now I run a small painting contractor business and property maintenance and do a lot of landscaping yard cleanup and painting
I couldn’t be happier,, I’m glad I can still do it, I will do it as long as I can, because it’s financially rewarding and personally rewarding of a job well done
About eighteen or more years ago Consumer Reports had an article with a list of 8 small things to make small adjustments to Social Security that would sustain it for the foreseeable future. They were simple and painless. But no! After years before then of warnings, politicians refused to do anything. How is it that every politician gets corrupted once in office if they weren't already that way when they arrived? As time moves on the small fixes aren't enough; it would have been so much easier and less disruptive then and even more so before then when the warnings were evident.
add a 5-cent tax on everything bought. Anyone who buys anything would go towards the American Retirement System.
Hard to believe a bunch of ridiculous politicians won’t fix this particular thing, they’ve got better things to waste time and money on……..35 trillion in debt and who knows how unfunded liabilities there are
SS and Medicare are unfounded liabilities. Both are pay as you go. Any excesses collected and paid in over the years have gone into the general fund, there is no investment fund. And the federal government still spends more than it takes in. The math is upside down and unsustainable.
How come we dont hear about the SNAP funds f/k/a food stamp program running out of money?
Agree raise the cap & the benefit. No class warfare. Raise the retirement age that you can begin to take social security retirement. Many people that are age 62 or older continue to work at a minimum part time anyway. I will no longer vote for a political candidate unless they are talking about social security & have a plan.
Why not take a higher percentage out of our checks, in addition to raising the income ceiling a bit? I have no problem contributing more toward a benefit so important to my retirement. I don't agree with increasing the FRA. Not fair to manual laborers, etc.
Are they working on another plague to fix it?
They tax the crap out of social security. You get taxed to put it away and when you want your benefit they tax it back from you for up to 85 percent.
Right, SS is not at all complicated and ridiculously easy to fix.
Whoa Clark Howard we finally agree on something with social security. Thank goodness you explained what it means when someone says the system is going broke. You didn't do that before. Thank you. I hate it when politicians try to scare our population by using the word broke, without actually defining what that means. Again thank you. For explaining it better than our politicians like to do it
Whoa! We agree on something? 😱 Always welcome your differing opinions, too! 💚
All tax dollars sent out of our country is for kickbacks.
Why is it ok to have defense spending go unchecked and frivolous but we have to work 60 or 70 years to get a tiny check that we may die before we spend a year's worth of it?
Because we can't seem to keep our nose out of the issues other countries have...this practice leads to self conflict leaving us a sitting duck for repercussions that could very well wipe us out.
REMOVE THE INCOME LIMITS FOR PAYING INTO SOCIAL SECURITY.
Politicians are so reluctant to talk about Social Security ??? Both parties blaming the other. Thank You Clark.
Oh some aren’t reluctant …..congressman making outright false statements … “they want to take/cut your social security”
Amen, Brother Howard. Preach on about Congress.
No raising retirement age stop that nonsense. Raise the cap.
Do both and more. I am 75 years old. I took Social Security at age 70 because I was required to, but was perfectly able to and wanting to continue my self-employment of 39 years. I had to stop then because of COVID and was planning to continue after it was over and I could have. Turns out I liked retirement and avoided COVID so it all worked out. For the most part, most people can easily work to age 70, but should have the option to retire at 62. Sadly, many people have to keep on working past 70 due to poverty; SS was never designed to be able to live on it. You must save for your own retirement!
@@virginiamoss7045 Congratulations 🎉 you did everything correctly. That doesn't change the fact that 50% of Americans 50-64 have $0 saved; 50% of 65+ live on $30k yearly; 25% of 65+ live on $15k yearly; 50% of all retirees live on SS alone; yet 10% of Americans own 80% of all equities. The system isn't a system. Those that can afford to wait till 70 to file are the very least likely to actually need SS.
@@dpporlando Your math appears also correct. I live on slightly less than $30,000 annually at age 75; that's with SS and drawing $1,000 a month from savings. I know how to live frugally. The only way I can do that is with a paid-off house and car that will be my last car before I can't drive any more. When my savings run out I guess I'll sell my house and invest the proceeds to keep $1,000 coming monthly with SS, but no money for rent, just like everyone else. And I did everything right that I knew to do.
@@dpporlando I would add that anyone can afford to wait until 70 to retire if they continue working. One retires because they are no longer able to work or no one will hire them because they are old. The latter is rampant and unlawful, but nobody cares.
Hi, Virginia-I'm in much the same scenario as you. I would HIGHLY suggest, that you look into a reverse-mortgage, if your home is paid-off. You DON'T have to give-up your home! Listen to Clark's videos on that topic..to avoid the "sharks" in that industry@@virginiamoss7045
Hospital monopoly/duopoly is possible because of Certificate of Need laws. Existing hospitals literally have the ability to veto new providers coming in and competing for patients. It's cronyism to the nth degree and is seriously harming healthcare affordability. If you haven't heard of CON laws, read up on them and pressure your state legislators to repeal the hospital cartel statutes.
The only candidate for president l hear talking about national debt is not being allowed on debate stage this week! Go figure
I so agree with you. I watch two politicians tearing each other apart to be voted in as president meantime they both talk about freedom and then do everything to remove our freedom of speech and what we have to say so we can't vote for who we want.
This is partially why I took SS at 62 . Bird in the hand is better in the bush as the old proverb would say . There was just a recent proposal that was bipartisan. It wasn't perfect . So it is discussed within small committees but can't get a overall consensus. The problem is Republicans don't want to raise taxes and Democrats don't want to reduce benefits so it would take a compromise to get something done
I am 63 but retired at age 60, my wife is five years younger than me and will retire next summer at age 59, I am going to start my Social Security next summer to bridge the gap and pay our medical insurance when her pension begins at age, 60 , January 2026, and I go on Medicare in the same month.
In someways, I wish I would’ve just taken it when I turned 62
But I didn’t really need the money, so this is how the plan worked out
Raise the ss cap! I agree with you Mr. Howard.
Clark please read Teresa Ghilarducci's Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy. Better yet have her on and interview her.
Thanks for the suggestion! 💚
You make a living for decades thru talking therefore your health maybe better than the standard American worker. The US should never raise the social security full retirement age beyond 67. Many people are physically damaged and working is difficult beyond 60.
Raising the full retirement age past 67 does NOT mean raising the minimum retirement age above 62. The last time congress raised the retirement age they left the minimum at 62 and will likely do the same in the future. Raising the full retirement age would decrease benefits for those choosing to retire at 62 but it would still be an option.
@@davelively7423 💯💯💯 There will still be an age range.
Clark, excellent discussion on social security. Spot on, dude. Politicians are totally gutless.
They rob my every pay check, and they tell me, I can't leave my SS to my estate, I get NOTHING. If I had a company and I told my investors you get nothing when you die, I would be in jail.
We need to remove the cap on earnings subject to FICA taxes entirely but raising the retirement age hurts the working class that are lucky to make it to 62. Besides, the wealthy live 7-10 years longer and therefore collect more in the end anyhow. The other solution you alluded to briefly, and this is a solution no one in Congress dares to mention. INCREASE IMMIGRATION.
"Sometimes it seems the politicians in the United States today love themselves and their party more than they love this country..." The third certain thing, after death and taxes 🤣🤣🤣
Many Americans believe that the full benefit SS retirement age for new retirees under 65 years of age is 65. Nope. It's 67* . The vast majority of blue collar workers at age 67 will find it impossible to continue working though. Can you imagine a 67 year old roofer?
*the exception being those turning 65 later this year the retirement age is 66 and 10 months.
Follow the law. It’s illegal to borrow money from Social Security, yet that has been done for decades by Congress and it has NEVER been paid back.
The average American only lives to 77, and the social security full benefit age should be based on this average lifespan. Delaying full benefit age would disproportionately harm vulnerable populations, such as low-income workers, individuals with physically demanding jobs, and those with shorter life expectancies. Many low-income workers rely heavily on Social Security benefits for retirement income and might not have substantial personal savings or pensions. Additionally, individuals in physically demanding occupations may find it difficult to work longer due to health issues or job strain, making it unfair to expect them to delay retirement. Furthermore, delaying the full benefit age could exacerbate existing inequalities, as those with lower life expectancies may receive fewer total benefits over their lifetimes compared to those with longer life expectancies. This change could also increase financial insecurity and poverty rates among older Americans, undermining the original purpose of Social Security as a safety net for retirees.
Americans have been brainwashed by university academia. The trades are a stable and financially rewarding career path, requiring lower cost trade schools and industry certifications for training. The job demand will always be there. Also, if someone insists on a baccalaureate, take your prerequisites at a community college and save a boatload.
This is why Clark says he is not interested in public office
Cause he would never get elected when he said.
Be brave run for office state your platform and let’s see what happens.
The IRMAA will help raise premium dollars from Medicare Part B & D.
If you ask people if they think they're "kind", most will say they are. They usually aren't. Same goes with drivers. Most think they are "really good" drivers when they are usually the worst.
Take the limit on social security taxation
So social security is an investment that pays early investors with money taken from later investors with unrealistic returns? That is the same definition of something else...
Thank you Team Clark.
Thank you Clark! That was my question about paying for my daughter's college. I've been listening to you and your advice for decades now, and I appreciate your direct advice and input. So glad we can get you on podcasts!
Thanks for being part of the show, Eric, and for being a long-time listener. Best wishes to your daughter's new college experience! 💚
Why is it monopolies are illegal in other industries but not in medicine?
Thanks for my veggies Clark. Any more of the excess candy from politicians will force me to go to Costa Rica for Dental work!
We cross the Mexican border for low priced dental.
@@David53D I have heard that was pretty common.
Ha! 💚
Back in the early 1980's I read a article that said social security would be broke by 1990!!
Same fear mongering as today. They just need to raise the FICA cap.
It would have been broke, until the Social Security Reform Act helped out. 💚
Thanks Clark & Team!!
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Clark for President
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No, the opponents would bring up his wardrobe and the dark secrets of his thrift store purchases.
@@HankColter 😂😂💚
The solution to Social Security: Pushing back the distribution age + tax hikes. If you can, get those ROTH conversions done ASAP, because taxes are gonna be going up.
Why is there a cap at all?
Thank you Team Clark! I'm glad you speak bluntly and aren't a politician, which actually means we really need you in office!!!
👏👍
I am so glad that I paid all my college loans off on day one after graduation. I didn’t realize the severity of the importance. To get paid as soon as possible.
Yeah, their contributions are cap at 169,000, their benefits are also capped, it’s a progressive system already you wanna make it more progressive?
And I am not someone who was ever at that level of income.
Ok I didn’t listen long enough, You make a good point that if the contribution limit is increased their benefits also increase.
@@g.t.richardson6311 😂💚
I tried to get the college message Clark gave. Debt control is so important. Good show.
Salesmen want a bonus
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Great info 👍
On Social Security, I think disability insurance should be a separate program. There are many legit folks on SS disability, but there are also many "milkers.'' Also, disability benefits should be taxed, not at the full level but at least some tax on it.
They should be taxed same as anyone else.
We won't be seeing huge stock market gains in the near term, but it's definitely not "significantly overvalued." It's approximately 2% overvalued at the moment.
By the way, the over valuation of the market is due to the incredible income inequality. People who have the money to spare will buy assets and outcompete the rest of us.
I'll offload when I start seeing tax policies that encourage divestiture.
You did a fair job on the Social Security Mess but you didn't address the Fraud in the system enabled by the politicians who'd rather "hand out candy"...
I think we must raise the retirement age to keep with the intent of the program. On the investment idea, why not, when you turn 60, the feds give you the option of placing your SS nest egg in the market, up to 50% of it? If you are risk averse and don't want a dime of it in the market, you are guaranteed that 80% of your original investment. But you might actually make a tidy profit if you put a big chunk of that SS money in the market at 60 and delayed withdraw till 70.
Another way to find medical/dental care is to watch a number of RUclips videos of people that have moved to what ever country where you want to get things taken care of. JC Travel Stories is one of many that have moved and retired in area of expatriates.
Great tip, Clarkie! 🙌
Another item to be considered is the spousal benefit……..unlike survivor benefits, it is double-dipping.
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Taking a page from the movie "Office Space" all that has to happen is a tiny amount of increase for all of the current workers.
#BonusTerm - "Howard's Version" - What Clark would do about Social Security and ways Clark #savesmoney on so many things. :) #TeamClarkRocks. Cheers!
💚 #bonusterm
Take it at 62, suspending it at 67, start it backup at 70. You will get a guaranteed 24% + Cola’s increase. Plus you will get 60 pmts (5 years) to go travel or whatever.
You can also take it at 62, invest every payment and start drawing at age 70. It's a bit risky, but I did that in 2010 riding the longest bull stock market with just a target retirement fund. Those extra earnings are now returning slightly more than the difference in what I would have gotten more from Social Security. You could also ride the longest bear market ever! SS pays about 8% a year earnings; it's kind of like an annuity.
Just turned 65 and $175/month for medicare is a lot coming out of my SS check especially when I just had to take the summer off with no pay from teaching preschool.
Sadly, social security surpluses (when we had them) are invested in Treasury Bonds. This means ZERO growth for long term money. Ridiculous! Had the surpluses been invested for growth, we would have plenty of money, enough to even increase benefits. No union, state, or corporation would ever invest retirement funds solely in bonds. They invest in growth products, real estate, stocks, whatever. Social security is not running out of money. It's out of money. It will run out of bonds to cash in. Every time one of those bonds is "cashed in", the government turns around and floats out more bonds and borrows the money from others. The government refuses to act until the last moment. The fix during the Reagan era was back when the two parties actually compromised with the other party to solve problems. Yet, they didn't act until the last minute. Social security has always been a transfer, as people making the least get the most in benefit. It's a weird calculation, but there are income levels once crossed, credits are reduced "bend points".
Wrong! Where did you get that idea? There is NO investment fund. Social Security is a ‘pay as you go’ program. The excess monies collected have gone into the general fund and a non interest bearing ‘IOU’ is issued back to the SS Administration on the balance sheet. That’s a non funded liability. The math is upside down. I wish they would have invested the excess funds into US Treasury bond, notes and bills, and hands off for the politicians. There would be no pending shortfalls.
Wealthy people probably don't need to get that SS check. Instead of taking that money they could get the equivalent in a income tax credit. If they aren't taking money out it would leave more in the pot for those who do need it. Probably not a complete solution, but it would help.
@virginiamoss7045 👆Commented above that her dad would get so annoyed receiving his SS checks because he didn't need them and knew that other people did. She said that he would donate the money to charity. 💚
Most people don't think about it but part of the reason our population has decreased is because we've killed about 75 million babies through abortion. It can't be denied that that has affected our demographics and our economy.
Universal healthcare insurance would fix the high cost of a rabies shot.
💚💚💚Clark for President Happy Birthday to Me! 62!
One year closer to Retirement 🎉🩷🩷🩷🎉” Just a Gramma in Atlanta 🎊
Happy birthday to you! 🎂🎈🥳💚