BS it is not! I got my 2024 SS payout notice in the mail today. It was direct deposited into my bank account. I was pleasantly surprised!!!! They did take out for Medicare part "B" tax and federal income taxes (my choice). Just remember that you had to work In a job where you paid into the Social Security system for a certain number of years, and also worked in a Civil Service job that did not pay into the Social Security System for a certain number of years. If you did not work in both sectors the Social Security Fairness Act will not apply to you.....
Thank you for doing this video. Very informative. In the future, could you please do a video on Long Term Care insurance. I am 65 years of age, and considering buying it, however it’s expensive and confusing. Thank you for your time. 🙏
Like you see with home insurance in disaster areas which turned out bad for home owners .. I'm suspect that LTC insurance won't pay out when we really need it 😞
He is saying that inflation is only 2.5% so your cost on everything only went up 2.5% this year, so your cost are spending less of your other income source than you would if inflation was 8%. I know 2.5% is the official government claimed inflation rate, I am calling BS on that number.
@@josephknaak9034that’s the problem. Inflation is not 2.5%. It’s really much higher. The way the government calculates inflation for the purposes of SS is a scam.
@@josephknaak9034 if that's what he meant he had a very convoluted way of expressing it - and implicit in that assumption is that the SS COLA actually reflects inflation as you state - the SS COLA, it's a farce real SS payments have been reduced by at least 40% since 2000 simply by the artifice of that COLA underrepresenting inflation for decades - btw I'm not getting SS yet
@@zx9124 Well one thing to consider is seniors don't have the exact same distribution of costs as the general public/ CPI. For example the cost of healthcare may rise much faster than the CPI overall, affecting seniors disproportionally more than the general public. And of course the cost of some other part of the economy may rise differently than the CPI so perhaps seniors might be affected less.
Is there any chance in the future they would have the courage to index the tax rate that we pay on our social security. It might be a fair compromise to not taxing ss at all.
At age 62, I got a letter from OPM stating my federal pension (CSRS -offset) would be reduced because I was eligible for SSA retirement benefits. How does the change in law affect either my federal pension or SSA?
I quit voting in any election when Carter made some pay 85 percent of SS when income tax is paid beginning of the new year. FDR set it up not to be taxed.
Your videos always enlighten me. When I go onto the social security web site I am assuming the amount noted is without COLA. How can I find out what the amount will be with COLA?
My friend was married for 20 years to a firefighter who had a pension and didn't qualify for SS. They were divorced before he died. When she wanted to file for SS widow's benefits several years ago she was told she wasn't eligible since he didn't qualify for SS benefits. Her SS benefit is very low since she didn't earn a lot during her working years. Will this change make a difference to her? I don't know if or how much her ex contributed to SS.
If your friend's ex husband was not eligible for Social Security because he did not contribute to it, your friend would not on his record be eligible either. The only people eligible are those public servants that had worked at some point in a job where they paid into Social Security.
my husband and I have been waiting and advocating for HR 82 for many years. Not fair that we have paid into SS for YEARS before and after serving in law enforcement and penalized by the windfall pension. Finally we will get what we paid into SS ...eventually
I am not sure of your comment about WEP not being retroactive to January 2024. The way I read the 4 page report you linked is that the act would repeal WEP after December 2023 as copied from link: "H.R. 82/S. 597 would repeal the WEP for all Social Security beneficiaries after December 2023." Can you clarify please?
The income cap for early filers is based on earned income only, is that correct? Meaning for example that interest income would not be counted as a potential income disqualifier?
Rail road workers and their spouses are managed in a separate agency. Some of the same provisions were put in place in the early 80’s and future railroader retirees got much less in retirement. All done by the same administration with basically the same results but the railroad workers paid higher rates and had to work 30 years to get full benefits. I have heard nothing from Railroad Social Security. Are we just ignored under the Social Security Fairness Act just passed?
I did 2 years 9 months Army 1970-73. I’ve recently been told there’s a possibility that SS, did not credit properly that time period and could be eligible to have earnings increased during that time period. Should I call and find out, BTW I have 60 quarters and subject to WEP, I currently receive $224SS.
Funny how everyone cares about their social security. Not their kids or their grandkids. And it will get worse for everyone. Our kids are not having kids. They think it's stupid. Then people will become more and more self centered as families disappear for loners staring at a screen.
Thanks so much for busting the rumors and nonsense people spout off regarding SS when they’re just parroting rubbish someone else said, stirring the pot and getting everyone all jacked up for nothing.
Plenty is being said by the right, but it amounts to the need for attention, kissing the ring, and frankly working to keep anxiety high. The question is always, how will such action affect the next election? Which is all they really care about. Time will tell if campaign contributions from corps and the uber weathy win out.
This may not be bout ssdi but look, I receive this and I'm grateful but it covers my rent and car payment and barely anything left to buy groceries. I only qualify for 15 dollars eve. Though I only make 949. A month in benefits. Can't work but can't survive much longer on little amount. The illegal get treated better. Yrs the cola helped but just to those that have higher benefits. It sucks to not have ml oney to go get haircut.
My understanding is that a self employed person pays both sides of the social security and Medicare tax, but that's taken off your taxable income. At least, that's how the forms - and TurboTax work.
Last year in January I pulled up my indexing numbers and again in October. The indexing numbers went down and I cant find anyone who knows why. Do you know ?
You can Google this question. From what I read, this occurred because the inflation rate is going down. Also, if you review your SS statement in January, it will probably not include your prior years earnings. I find SS is updated some time in February. Retrieve the pages that include your total earnings over the years as proof of your earnings. Lastly, the page with the bar graph should show your benefits increasing every year. I hope this helps, but I am probably the last person that could probably help you.
@Comut-d4m No thats not it , the indexing numbers don't go down unless we have negative inflation, which we haven't. Every index number all the way back to the 60's was dropped by a tiny bit. Which end up meaning everyone going forward gets a little less a month. I just use my best 35 years and not even concerned about what I made last year as I make less than I used to and going forward I won't be replacing any of my old years
@@Comut-d4m I searched it with AI and couldn't find an answer I did get it wrong on inflation as it says it is tied to the wage index , so I googled wages and itsaid wages are up also. So all I can assume is they lowered those numbers to pay people less in an attempt to save money or something, figuring no one would notice I don't trust em, cause every time I figure my AIME like I learned from watching Mr. Schmidt's here videos. What my statement estimates I will get is always a little less that when I do the math on an excel spreadsheet
I've been tracking the indexing factors every couple of months for about 5 years now and found that they change several times throughout the year, sometimes a little less, sometimes a little more. I dont know why this happens but after a change I recalculate my new AIME and run it through the bend points and find that the change in real dollars is minimal, like a couple bucks at FRA. I'm 56 now so perhaps our situations are different due to age.
@rickm1255 hey thanks . I was reading it's tied to wage index and wages have nit gone down they went up . Thanks for the reply, I don't get why they would ever go down unless wages dropped. I don't trust em but I guess there is nothing we can do about it I do my AIME and all that and I am usually supposed to get about 150 dollars more per month than they estimate my future FRA payment. I don't trust em
Put a pice of foam under your microphone stand. You have a habit of thumping your desk with your hands, that comes through loud and clear in your audio.
Isn’t that sad? When the seniors have to give back money that they worked for! We have youth that can’t be bothered to work. Why does our government want to keep us poor? They put a cap on rich people paying into Social Security and penalize seniors for trying to take care of themselves with side jobs!
Good ol' Ronnie Raygun taxing social security payouts and placing a cap on the payments. It stuns me that people look back on that doddering fool with kind eyes. He was a puppet for the rich.
The doomsday scenario could be fixed by removing the cap of deductions for the ultra rich. If we pay 100% of our eranings into SS they should too. It's amazing how many rich people take SS and don't need it.
Which party controlled the Senate when that law was created? Who was President when the taxable rate went from 50% to 85%? Thanks for providing examples for a failing education system.
Reagan led a bipartisan effort that saved Social Security. The Social Security Trust Trust was depleted when Reagan took office, and the bipartisan effort funded Social Security for another 40+ years.
The people who are already getting the best government pensions will be getting more from social security. And of course that will hasten the end of social security fully funded.
That is only if they have made the contributions and are eligible for a social security benefit that up until now have fallen under the WEP or the GPO.
You could look at the bright side and think about all the benefits withheld since the 1970’s that will not be returned. Perhaps you’d view that unfair treatment of Americans in a positive light.
@@larrys4383 WEP was always fair. SS had to find a way to remedy the missing SS contributions. Especially since those who now benefit from this change, have falsely lowered their AIME
@@DrSchor I'm only one vote. Unfortunately, there are a lot of voters that would rather waste their vote on politicians that spew garbage on hot button issues that really accomplishes nothing useful.
@@davidcrocker4276 so far, there are a lot of voters who want gambling to be legal. can you change their minds so you wont be the only vote, or will you decide to accept things as they are and do nothing?
@@larrywilliams5490 That's 2 reasons, and no mention of the low CAP. Trump is indifferent & apathetic towards Morals & Civics. "A Form without Substance"
@@zx9124 He destroyed Harris/Waltz in the electoral college,popular vote and all swing states. Seems the American people strongly disagree with you. My 401k was up under Trump 35% Obama and Biden I took significant losses. Get back to me in 4 years for an update.
A 70 year old couple making $125,000 in total income (rental, bonds, capital gains, interest, etc) including Social Security ($70,000) last year will pay about $10,000 in federal taxes. A young business couple making a profit of $125,000 would pay $14,000 in SS/Medicare tax plus another $11,000 in federal taxes. It seems to me that the young deserve a tax break more than us older folks.
@@alynleigh8677 You might be worried about something that likely will not impact most retirees. A married couple can sell their personal residence and make $500,000 of pure profit and not pay a nickel of tax.
That is 3 times the median income of retirees and 150% of the median of young couples. That social security amount is 200% of average. So, whether correct or not the total effect is small. Btw I agree completely with the implication that FICA is actually a pure tax.
@larrys4383 Because I've know about the WEP since 2010, I've been working 30-40 hrs a week since then trying to get Substantial Earnings every year so that the WEP wouldn't affect me. I got over that threshold 28 years as of 2024 and was projected to get $1,429/month @ 62, according to the WEP calculator. The repeal will give me $49/month more when I reach 62. BUT...when they "fix" it the next time, they're going to take ALL income into account when calculating SS benefits. And since I made a ton by trying to meet the WEP requirements over the years, this will make me look "rich" and I'll get far less than the $1,429/month I would've gotten under the WEP.
Why get all worked up over something that hasn't happened? He's not even in office yet. Rather than raising your blood pressure unnecessarily, why don't you just wait. Then, if he tries to do it (he can't do that without Congressional approval), get worked up then? But even Republicans know it would be political suicide to try it. It would have to have 100% Republican support in the House, and there would be defectors who would vote no. What I don't understand is why the same people who are saying Trump this, Trump that, didn't call out Democrats when they had super-majorities in both the House and Senate AND President Obama in the White House. They could've shored up Social Security for the next 100 years on their own, taken all the credit, and there was nothing Republicans could've done to stop them. But instead of calling out Democrats for not fixing it, they continued to vote for them anyway.
I was going to be negatively impacted by the WEP, but the formula was fair. Those who paid 20 years or less of Substantial Earnings into Social Security would get 40% of their SS benefits based on their contributions. If they wanted more SS, then all they had to do was work in a Social Security-taxed job and hit Substantial Earnings thresholds. 21 years would give them 45%. 22 years would give them 50%. And so on, gaining 5% more Social Security for each year they paid Substantial earnings into Social Security, until they get to 30 or more years, at which time the WEP would no longer impact their Social Security benefits.
i worked from age 14 on farms, in kitchens, behind the steering wheel, in the armed forces…later was lucky to get a government job not subject to s.s. what’s fair is me receiving what i dutifully and mandatorily paid into for years. is it unfair if someone has a huge 401k or profitsharing or home equity?
Thanks for clearing things up!
But the funds for those who pass on, mom died at 59 just imagine where did that money went since it was her's.
It is going to the folks who receive far more from SS than they paid in. Or at least that is the plan.
@@josephknaak9034, not true.
BS it is not! I got my 2024 SS payout notice in the mail today. It was direct deposited into my bank account. I was pleasantly surprised!!!! They did take out for Medicare part "B" tax and federal income taxes (my choice). Just remember that you had to work In a job where you paid into the Social Security system for a certain number of years, and also worked in a Civil Service job that did not pay into the Social Security System for a certain number of years. If you did not work in both sectors the Social Security Fairness Act will not apply to you.....
Super helpful- I appreciate your logical and succinct information
Thank you for doing this video. Very informative. In the future, could you please do a video on Long Term Care insurance. I am 65 years of age, and considering buying it, however it’s expensive and confusing. Thank you for your time. 🙏
Thanks I’ll take a look.
@ so appreciate your input.
Like you see with home insurance in disaster areas which turned out bad for home owners .. I'm suspect that LTC insurance won't pay out when we really need it 😞
Why was my comment deleted? I said something negative/true about how bad LTC insurance is...
@@oakdalegirl57 I just posted a true horror story regarding LTC insurance. Hope they don’t delete my story.
it's early in the morning but I still can't fathom how a 2.5% increase is better than an 8% increase
He is saying that inflation is only 2.5% so your cost on everything only went up 2.5% this year, so your cost are spending less of your other income source than you would if inflation was 8%. I know 2.5% is the official government claimed inflation rate, I am calling BS on that number.
@@josephknaak9034that’s the problem. Inflation is not 2.5%. It’s really much higher. The way the government calculates inflation for the purposes of SS is a scam.
@@josephknaak9034 if that's what he meant he had a very convoluted way of expressing it - and implicit in that assumption is that the SS COLA actually reflects inflation as you state - the SS COLA, it's a farce real SS payments have been reduced by at least 40% since 2000 simply by the artifice of that COLA underrepresenting inflation for decades - btw I'm not getting SS yet
@@josephknaak9034 What are they missing. How is it that consumption has increased much higher than the COLA represents.
@@zx9124 Well one thing to consider is seniors don't have the exact same distribution of costs as the general public/ CPI. For example the cost of healthcare may rise much faster than the CPI overall, affecting seniors disproportionally more than the general public. And of course the cost of some other part of the economy may rise differently than the CPI so perhaps seniors might be affected less.
Is there any chance in the future they would have the courage to index the tax rate that we pay on our social security. It might be a fair compromise to not taxing ss at all.
Thank you for the information
Thank you! 😊
One of your best!
At age 62, I got a letter from OPM stating my federal pension (CSRS -offset) would be reduced because I was eligible for SSA retirement benefits. How does the change in law affect either my federal pension or SSA?
super job Goeff.
I quit voting in any election when Carter made some pay 85 percent of SS when income tax is paid beginning of the new year. FDR set it up not to be taxed.
Good accurate video. I hope lots of people listen to it.
Thanks. Great video.
I have been waiting for you to post this video.
Once again a excellent and succinct video, thank you!
You bet
My pleasure
Ya they might give us cost of living but they just raised my Medicare $185.....they suck....
Thank you for easy to understand information!
My pleasure
When and how will an eligible person be able to get their payments under HR 82? Thank you!
Your videos always enlighten me. When I go onto the social security web site I am assuming the amount noted is without COLA. How can I find out what the amount will be with COLA?
I believe once you reach 62, the age when you can begin benefits, all subsequent COLAs are applied to your PIA.
What is full retirement age vs full retirement year?
My friend was married for 20 years to a firefighter who had a pension and didn't qualify for SS. They were divorced before he died. When she wanted to file for SS widow's benefits several years ago she was told she wasn't eligible since he didn't qualify for SS benefits. Her SS benefit is very low since she didn't earn a lot during her working years. Will this change make a difference to her? I don't know if or how much her ex contributed to SS.
If your friend's ex husband was not eligible for Social Security because he did not contribute to it, your friend would not on his record be eligible either. The only people eligible are those public servants that had worked at some point in a job where they paid into Social Security.
my husband and I have been waiting and advocating for HR 82 for many years. Not fair that we have paid into SS for YEARS before and after serving in law enforcement and penalized by the windfall pension. Finally we will get what we paid into SS ...eventually
SO how many years did you pay into Social Security?
@ 38 years so far and still contributing now for me and 26 for my husband.
@@MicheleLaughlinat 30 years WEP no longer affects you.
@@StephenJanquart as long as they paid, and earned their SS, they should get it .
@@Daysleeper1000 They do, under WEPs they got what they paid, now the get lots, and lots, more than they paid.
Privatization? What is the Advantage plan?
I am not sure of your comment about WEP not being retroactive to January 2024. The way I read the 4 page report you linked is that the act would repeal WEP after December 2023 as copied from link: "H.R. 82/S. 597 would repeal the WEP for all Social Security beneficiaries after December 2023." Can you clarify please?
The income cap for early filers is based on earned income only, is that correct? Meaning for example that interest income would not be counted as a potential income disqualifier?
That is correct.
They are back paying us one year 2024 does that include the cola raise?
I liked your 50-second video much better.
I”ll be happy with taxing at 50% vs 85%. At least some break. For now , there is no break
@@joshrazldaz1970you must be a police officer, firefighter or teacher. I hope it works as promised. Wish you could get retroactive social security.
Another great topic covered with accuracy and passion. Thank you for your hard work.
New to H.S. Like and Subscribe, the information is invaluable.
Thanks KH. Welcome!
SS is indeed a heart pounding subject when you’re collecting it. In fact it’s more exciting than the superbowl.
Rail road workers and their spouses are managed in a separate agency. Some of the same provisions were put in place in the early 80’s and future railroader retirees got much less in retirement. All done by the same administration with basically the same results but the railroad workers paid higher rates and had to work 30 years to get full benefits. I have heard nothing from Railroad Social Security. Are we just ignored under the Social Security Fairness Act just passed?
I did 2 years 9 months Army 1970-73. I’ve recently been told there’s a possibility that SS, did not credit properly that time period and could be eligible to have earnings increased during that time period. Should I call and find out, BTW I have 60 quarters and subject to WEP, I currently receive $224SS.
If you’re subject to WEP, then your payments should increase anyway, but yes you should call.
Funny how everyone cares about their social security. Not their kids or their grandkids. And it will get worse for everyone. Our kids are not having kids. They think it's stupid. Then people will become more and more self centered as families disappear for loners staring at a screen.
Thanks so much for busting the rumors and nonsense people spout off regarding SS when they’re just parroting rubbish someone else said, stirring the pot and getting everyone all jacked up for nothing.
Plenty is being said by the right, but it amounts to the need for attention, kissing the ring, and frankly working to keep anxiety high. The question is always, how will such action affect the next election? Which is all they really care about. Time will tell if campaign contributions from corps and the uber weathy win out.
This happened to me when I retired in 2006. It resulted in a diminished ss payment. Am I eligible for retroactive payments?
USAF 10 Years ATC + FAA 25 Years CSRS ATC = I'm Good ...
The employer gets the benefit of their portion of social security. The employee does not
9:03 new signed bill not in effect?
Also Louisiana politician just submitted bill to privatize social security.
“The WEP and GPO are not in effect.”
Geoff👍👍
Get it right! Trump stated that no tax on Social Security for Seniors!!!!!
After President Musk reduces it.
@@brooklynretired what bullshit ! Enjoy the ride the next 4 years
This may not be bout ssdi but look, I receive this and I'm grateful but it covers my rent and car payment and barely anything left to buy groceries. I only qualify for 15 dollars eve. Though I only make 949. A month in benefits. Can't work but can't survive much longer on little amount. The illegal get treated better. Yrs the cola helped but just to those that have higher benefits. It sucks to not have ml oney to go get haircut.
No tax on benefits that are cut is hardly keeping a campaign promise.
Having been self employed most of my working life did I not pay income tax on the full amount of my (SocSec) self employment tax?
My understanding is that a self employed person pays both sides of the social security and Medicare tax, but that's taken off your taxable income. At least, that's how the forms - and TurboTax work.
I'm no accountant but the comment concerns employee expenses. Since your FICA is your own expense and your own benefit as opposed to employees.
you’re going to have to pay Medicare premium to your medical agency directly in January. BCBS is mine.
Last year in January I pulled up my indexing numbers and again in October.
The indexing numbers went down and I cant find anyone who knows why.
Do you know ?
You can Google this question. From what I read, this occurred because the inflation rate is going down. Also, if you review your SS statement in January, it will probably not include your prior years earnings. I find SS is updated some time in February. Retrieve the pages that include your total earnings over the years as proof of your earnings. Lastly, the page with the bar graph should show your benefits increasing every year. I hope this helps, but I am probably the last person that could probably help you.
@Comut-d4m
No thats not it , the indexing numbers don't go down unless we have negative inflation, which we haven't.
Every index number all the way back to the 60's was dropped by a tiny bit. Which end up meaning everyone going forward gets a little less a month.
I just use my best 35 years and not even concerned about what I made last year as I make less than I used to and going forward I won't be replacing any of my old years
@@Comut-d4m
I searched it with AI and couldn't find an answer
I did get it wrong on inflation as it says it is tied to the wage index , so I googled wages and itsaid wages are up also. So all I can assume is they lowered those numbers to pay people less in an attempt to save money or something, figuring no one would notice
I don't trust em, cause every time I figure my AIME like I learned from watching Mr. Schmidt's here videos. What my statement estimates I will get is always a little less that when I do the math on an excel spreadsheet
I've been tracking the indexing factors every couple of months for about 5 years now and found that they change several times throughout the year, sometimes a little less, sometimes a little more. I dont know why this happens but after a change I recalculate my new AIME and run it through the bend points and find that the change in real dollars is minimal, like a couple bucks at FRA. I'm 56 now so perhaps our situations are different due to age.
@rickm1255 hey thanks .
I was reading it's tied to wage index and wages have nit gone down they went up . Thanks for the reply, I don't get why they would ever go down unless wages dropped. I don't trust em but I guess there is nothing we can do about it
I do my AIME and all that and I am usually supposed to get about 150 dollars more per month than they estimate my future FRA payment. I don't trust em
I'm going to need every cent , my ex wife left me skint 16 years ago.
As always good information. Please do a video ( if you can) on how SS $$$$ goes back into the economy and how it helps everyone.
Unsubstantiated rumor re Social Security? There's something new.
Put a pice of foam under your microphone stand. You have a habit of thumping your desk with your hands, that comes through loud and clear in your audio.
Just increase SSI tax to 7 percent for both worker and employer jobs done
Not being confrontational, but have you seen anything suggesting that one act will solve the shortfall issue? Thanks.
Isn’t that sad? When the seniors have to give back money that they worked for! We have youth that can’t be bothered to work. Why does our government want to keep us poor? They put a cap on rich people paying into Social Security and penalize seniors for trying to take care of themselves with side jobs!
Thanks for commenting
$10. Whole dollars. Woopie. Food still wipes me out and I dont qualify for food stamps.
Good ol' Ronnie Raygun taxing social security payouts and placing a cap on the payments. It stuns me that people look back on that doddering fool with kind eyes. He was a puppet for the rich.
The doomsday scenario could be fixed by removing the cap of deductions for the ultra rich. If we pay 100% of our eranings into SS they should too. It's amazing how many rich people take SS and don't need it.
Which party controlled the Senate when that law was created? Who was President when the taxable rate went from 50% to 85%? Thanks for providing examples for a failing education system.
@@larrys4383 Reagan's trickle down economics, the death of the middle class, repeated by trump. Boggles the mind.
@@larrys4383
Reagan led a bipartisan effort that saved Social Security. The Social Security Trust Trust was depleted when Reagan took office, and the bipartisan effort funded Social Security for another 40+ years.
If it quacks like a duck
Its is usually a duck...
The people who are already getting the best government pensions will be getting more from social security. And of course that will hasten the end of social security fully funded.
Not true.
That is only if they have made the contributions and are eligible for a social security benefit that up until now have fallen under the WEP or the GPO.
You could look at the bright side and think about all the benefits withheld since the 1970’s that will not be returned. Perhaps you’d view that unfair treatment of Americans in a positive light.
@@larrys4383 WEP was always fair. SS had to find a way to remedy the missing SS contributions. Especially since those who now benefit from this change, have falsely lowered their AIME
Exactly.
All this bill does is to accelerate the demise of Social Security. For God's sake, Social Security is already seriously broken. FIX IT!
as a voting citizen, isn't it up to you to fix it?
@@DrSchor I'm only one vote. Unfortunately, there are a lot of voters that would rather waste their vote on politicians that spew garbage on hot button issues that really accomplishes nothing useful.
@@davidcrocker4276 so far, there are a lot of voters who want gambling to be legal.
can you change their minds so you wont be the only vote, or will you decide to accept things as they are and do nothing?
Don't hold your breath. It will take five year's to implement if it happens at all !
You are probably a millionaire so you don’t the first thing about living in middle class all your life.
So the sole reason SS will run out of funding is because of a shrinking workforce and rising retirement number?
That's an easy fix.
What’s that easy fix?
@ Trump Presidency/Trump Administration/Explosion of Capitalism and Entrepreneurship. 💵💵💵💵💵💵💵💵
@@larrywilliams5490 That's 2 reasons, and no mention of the low CAP. Trump is indifferent & apathetic towards Morals & Civics. "A Form without Substance"
@@zx9124 He destroyed Harris/Waltz in the electoral college,popular vote and all swing states.
Seems the American people strongly disagree with you.
My 401k was up under Trump 35%
Obama and Biden I took significant losses.
Get back to me in 4 years for an update.
A 70 year old couple making $125,000 in total income (rental, bonds, capital gains, interest, etc) including Social Security ($70,000) last year will pay about $10,000 in federal taxes. A young business couple making a profit of $125,000 would pay $14,000 in SS/Medicare tax plus another $11,000 in federal taxes. It seems to me that the young deserve a tax break more than us older folks.
Have you heard of the Medicare surcharge called IRMAA? It has a two year lookback at your MAGI and if filing MFJ you will each pay the surcharge.
Don't sell a home or other property. Watch your RMDs. IRMAA is based on MAGI not AGI.
@@alynleigh8677 You might be worried about something that likely will not impact most retirees. A married couple can sell their personal residence and make $500,000 of pure profit and not pay a nickel of tax.
That is 3 times the median income of retirees and 150% of the median of young couples. That social security amount is 200% of average. So, whether correct or not the total effect is small. Btw I agree completely with the implication that FICA is actually a pure tax.
if you believe that you aren’t paying enough taxes you can lawfully donate funds to the u.s. treasury.
The repeal of the WEP will ultimately come back to bite me.
One of the more interesting comments I’ve seen regarding this issue. Could you provide a one or two sentence explanation?
@larrys4383 Because I've know about the WEP since 2010, I've been working 30-40 hrs a week since then trying to get Substantial Earnings every year so that the WEP wouldn't affect me. I got over that threshold 28 years as of 2024 and was projected to get $1,429/month @ 62, according to the WEP calculator. The repeal will give me $49/month more when I reach 62.
BUT...when they "fix" it the next time, they're going to take ALL income into account when calculating SS benefits. And since I made a ton by trying to meet the WEP requirements over the years, this will make me look "rich" and I'll get far less than the $1,429/month I would've gotten under the WEP.
So, you believe that trump is going to keep his word on not cutting soc sec, since when has he kept his campaign promises?
Why get all worked up over something that hasn't happened? He's not even in office yet. Rather than raising your blood pressure unnecessarily, why don't you just wait. Then, if he tries to do it (he can't do that without Congressional approval), get worked up then? But even Republicans know it would be political suicide to try it. It would have to have 100% Republican support in the House, and there would be defectors who would vote no.
What I don't understand is why the same people who are saying Trump this, Trump that, didn't call out Democrats when they had super-majorities in both the House and Senate AND President Obama in the White House. They could've shored up Social Security for the next 100 years on their own, taken all the credit, and there was nothing Republicans could've done to stop them. But instead of calling out Democrats for not fixing it, they continued to vote for them anyway.
That is every politician
Anyone remember, “Read my lips, no new taxes”. That one sentence and the chicken man cost Bush senior the election.
Well, since you imply he doesn’t keep his campaign promises, I should conclude that he will not cut SS. Thanks for the help.
They bs people for their video
I like this channel , I just wish you didn't get political with the CNBC report. It wasn't needed really . Just the facts not the innuendos
Completely irresponsible for Congress to pass the Fairness Act.
Thanks for the comment
I was going to be negatively impacted by the WEP, but the formula was fair.
Those who paid 20 years or less of Substantial Earnings into Social Security would get 40% of their SS benefits based on their contributions.
If they wanted more SS, then all they had to do was work in a Social Security-taxed job and hit Substantial Earnings thresholds.
21 years would give them 45%.
22 years would give them 50%.
And so on, gaining 5% more Social Security for each year they paid Substantial earnings into Social Security, until they get to 30 or more years, at which time the WEP would no longer impact their Social Security benefits.
I hope the true motive becomes public.
i worked from age 14 on farms, in kitchens, behind the steering wheel, in the armed forces…later was lucky to get a government job not subject to s.s. what’s fair is me receiving what i dutifully and mandatorily paid into for years. is it unfair if someone has a huge 401k or profitsharing or home equity?
@@jtns2845if they don’t want to receive a fair SS check at the very least they should return all the money you paid into the system plus interest.