@@SarahLouisePickett My best advice is, don't vote for republiCONS. They only look out for their corporate sugar daddies and that is the only demographic they ever offer any social program benefits to.
as I kid, the adults in my life retired at 50 and I have watched it being pushed back further and further until now I'm pretty sure I won't live long enough to be retired.
@@SarahLouisePickett Retirement age, I believe, started out at 57 then went to 62, 65, and now is 67. The republiCONS are pushing for 72, as our average life expectancy is lowering every year. It is becoming shorter due to the restrictions put on the EPA by SCOTUS, forever chemicals, especially pesticides and herbicides, climate change, and the fact we are the only industrialized nation that doesn't have universal healthcare.
@@randibgoodThe SS age has always been 65 until in the 80s they adjusted it up to 67 for boomers. Global warming is not reducing longevity in the US. That's absurd. It is due to poor diet and processed food that causes obesity, diabetes and inflammation disorders. That and alcohol and other drug use.
@@valfreyaaurora4922 Your body has the miracle of constantly replacing it self. As long as you give it what it needs and take care of it you can feel good and live and work to 120.
Social Security can never go broke. Social Security will be there when you retire. And trying to save your own money for retirement would be a disaster for you and everyone else. The problem is that inflation is always there eating away at your savings. Everyone noticed inflation because it ran wild world-wide after the pandemic. But it's always there. And almost no investment returns money fast enough to beat inflation long term. But, Social Security does, and has worked for close to a century because it is not a savings plan or an investment. It's a pay as you go plan. The Social Security taxes paid by current workers pay the benefits of current retirees. In exchange for that, when you retire, the people still working pay your benefits. This keeps up with inflation because as inflation goes up, wages tend to go up. As long as new people enter the workforce, Social Security will have money. The "funding problem" with Social Security is that current workers are paid too little. Wages haven't kept up. The minimum wage used to be a living wage. A single worker could support a spouse, children, and buy a house. Today's workers are underpaid, and today's executives and stockholders are overpaid.
Answer: because people who were lucky enough to go to college and take or major in investment banking would be able to retire, and people who work regular jobs, long hours, would not be able to compete in investments. Inside trading, illegal stock schemes... my elderly dad dated a lady who was in real estate and had $2Million in the bank. A swindler at her church set up a fake stock scheme, and she lost everything in old age. SS provides for all workers, and doesn't require people to be investment bankers and securities investigators... although low-paid people might not make as much as needed.
@@SarahLouisePickett It was actually GW who attempted to encourage the passage of a bill that allowed the investment of SSC monies by individuals. The fear was that too much choice would be given to the individuals and the stock market would crash.
Wow, giving Americans a choice…. Can’t do that lol. I’m just wondering when they’re going to pass that stupid daylight savings bill… That would make a lot of Americans happy. 🤣
@@SarahLouisePickettYou do not pay into your own SS account. When you start paying SS taxes the money goes to current retirees. The money I paid into SS decades ago went to my parents. When you retire it will be kids not even born yet paying your retirement. They don't hold your money for 50 years.
if you walk the halls of govt or sit behind a desk work till 75 but what about the millions that sweat while working. Stand all day Guess who makes the laws We are screwed
Because you will not do it. You will buy crap you don’t need, live above your means and then panic when it is time for retirement. There is a sound and solid reason we have Social security.
@@SarahLouisePickett When you vote DNC you vote for higher taxes and bigger government. Due to your age and paying no taxes you are required to vote DNC due to peer pressure. By the time you are paying real taxes your voting today will be your own tax burden tomorrow.
The current SS payment is between 2K to 3K. That is enough to live on. You just need to prepare for it. At your age start putting 5% of your income into a retirement account. By the time you are 55 you will have a million dollars. By 65 you will have 2M dollars. Plus your SS on top of that.
I am not sure 5 percent will give you that amount. I think 10 percent would be better. The problem is not everyone has 5 or 10 percent to spare. Yes, people need to be careful with their spending. We all could pull back on eating takeout or amount spent on entertainment, but it is more than that. It is hard to save when there is high rent and college debt. I'm lucky that I am past that point in my life and came of age when both of those were more affordable, but I see that others are going through all this. Social Security is helpful but should not be counted on for the only source for money when you retire. It is not enough to live on by itself and it was never intended to be.
@@geraldineberish8957 Believe me 5% will get you million. Here is what you do. You are taxed by the government before you receive your net pay. You need to start paying (taxing) yourself first. Have an automatic 5% transfer from your pay into a retirement account. You never see it. It is never there to spend. It is never part of your budget. You can and will get along fine without it. You will get along fine without it. You have to. Then if you want to take it to the next kevel do this. Set up in your checking account an automatic transfer of an additional 5% into a separate savings account. This account is only for two things. The down-payment on a house and financial security power. As the money grows a bank will give you breaks on fees etc. When applying for credit and a mortgage the proof if funds in your IRA and savings accout will give you a much better interest rate saving you thousands of dollars. After buying your house you keep depositing that 5% into savings for your emergency fund. Not vacations or Christmas presents or loaning to a friend. It is for a new roof on your property or other real emergencies. If you can't manage this 5% do it when you get a raise. You did fine before the raise. "Cut back of take out" as you say. You are out of you mind. Restaurants are for the wealthy and ignorant. Just a Starbucks coffee every day is $2,500 a year. Or $25,000 in 10 years. Or $127,000 over your woking career. Yes, over a 100K. Just for a cup of coffee. And that is just one example of the money bleed from your budget. Don't be a fool. Don't be broke. Learn to feed yourself. Good luck.
Yes, 5% will get you there. I know. And yes, 10% is the better number. But the other 5% should be put into a savings account so you can have a stable liquid emergency fund for things like a new roof or car etc (not concert tickets.) That will save you thousands of dollars on your cedit line. It will also save you on bank charges as banks give breaks to high balance account holders. And you will receive a much better interest rate on things like a mortgage because you are a low risk borrower. The government takes taxes before you even see the money. Tax yourself first. Have the 5% deducted from your paycheck and sent to an investment account. Then set up an automatic payday transfer of the other 5% from checking to savings. You never see the money and won't miss it. It is not in your budget. If you have trouble adjusting to this do it when you get a raise. You did fine before the raise. "Cut back on take out". Take out is for the wealthy and fools. A daily Starbucks cup of coffee adds up to $1,900 a year. Or $19,000 in ten years. Or $90,000 over 50 years. Yes, 100k for a coffee. That does not count pizzas or taco or the worst money waser alcohol. Learn how to feed yourself. Live within your means. It is easier than you think.
We don't need to cripple social security by privatizing it further, we need to fund it better and change/remove the contribution cap. Someone making $1,000,000/year should be paying more than someone making $168,000/year. Not to mention anyone bringing up the increase in life expectancy almost always forgets to mention that while we're living marginally longer, the increase primarily has been driven by a decrease in infant mortality. Historically almost all increases in life expectancy come from a drop in infant mortality
ah, communist matt. Can the government keep what i put in and i get to do my own thing with never having to put into the system anymore? you'd say no, cause you're an authoritarian, and its all about control. The people have been coddled too long, and the people getting benefits, hardly ever contribute anyway. Collectivism is not the answer.
Our life expectancy is actually dropping. Partly due to COVID's impact, but also largely because of the healthcare situation. Being the only industrialized, first world nation without universal healthcare means that people don't get things treated when they first appear, and because they wait the issue gets worse and costs more money to be spent by Medicare when those people finally get healthcare. If we had universal healthcare everyone could take care of things when they are first noticed. Prevention is cheaper than treatment.
@randibgood it’s really unfortunate that America puts herself in such this great light about how wonderful we are but we can’t you know manage systems such as Social Security or our current healthcare system without so many issues, and unfortunately, big Pharma feeds our healthcare system, and vice versa they keep us sick with the foods they want us to eat and the cycle continues and continues and continues. Universal healthcare sounds great in theory, but I don’t know that it’s the answer… Without some major reform… Look at places like Canada, where people are waiting months and months and months to get treatment. That’s the same situation we’re dealing with here but in a different light.
@@SarahLouisePickett But the only things people wait for are elective procedures. And the longest wait I've heard of from actual Canadians has been about 3-4 months. The "months and months and months" are from the people in THIS country who don't want "those people" to have the same things as they have. The ones who constantly say what they don't want "my tax dollars spent on!". We are the only industrialized nation without universal healthcare and free or reasonably priced higher education. And those places are ALWAYS rated much higher in happiness and living standards. Higher ratings when democracies are compared as well.
People probably have stopped procreating because they realize that they don’t want to bring kids into this world. It’s unfortunate and really sad. My dad always used to tell me that it cost $1 million to raise a kid.
@@SarahLouisePickett No, a community raisesa child. Children are priceless. In 1970 a young couple could buy a house for $12,000 on one income. The same house costs €600,000 but wages have stagnated while productivity has gone up 40%. Young people are marrying later and have fewer children across the developed world. Japan, Korea and China will see the drastic drops in population's in the next 30,40 years. America has a stable population but their is an inbalance of over 50 year old due to fewer people smoking, drinking and industrial accidents
How bout we tax the corporations and businesses and wealthy making millions and billions off the working class?! Instead there are tax breaks for personal yachts and jets!
The tax rate for high income is 37% and and additional 37% for capital gains. So that is 74%! The wealthy also pay extremely high property taxes. Business not only pay higher taxes than individuals but also pay a portion of their employees taxes. Tell me again how you don't understand taxes.
@@richardjosephnovaksounds good in theory, but all the tax breaks allowed means the millionaires and billionaires do not in fact pay 74% tax. Thank you anyways!
@@beautifulstrengthsfitness3497 That is absolutely 100% completely incorrect. Tax laws, allowed deductions, and percentages are all published. I stated facts. You on the other hand are just singing in the echo chamber. Please tell how much you know about taxes by telling me what tax breaks the wealthy get that others don't.
The reason social security is such a big deal is because the average person DOESNT invest Any of their income. When there was no social security, elders were living on the street, unless they were taken care of by their children, or other relatives. Instead of doing away with social security, why don’t we RECLAIM all the money the government stole from it in the seventies and eighty’s to fund all their wars? Our social security is what made the industrial war complex so wealthy. Please don’t be dumb. Do some research and get mad. Elect people who respect you enough NOT to steal from you.
Any money that was taken out of the SS by the government was paid beck with interest. What needs to stop to allow proper care for Americans is foreign aid, the influx of migrants, and the endless growth. Stop these three thing and the US will prosper and nature will be preserved.
@SarahLouisePickett I understand and I don't expect to see a dime of ss. So if that is the reality I live in, I need to save for myself and consider ss and Medicare payments as the general tax. My grandpa takes home more money each month from ss than I take home per month. He was a miner, and I am a financial analyst and make a good income. Ultimately the first $100k is the hardest, once you hit that in your post tax retirement account with solid mutualfunds it doubles every 7 years even if you don't contribute any more. In 27 year it is $1.5M giving you an income of $120k per year without touching the $1.5M assuming an 8% return.
Do you recommend an IRA? And if so, which platform would you recommend? I am just getting started with an IRA after rolling over my 401(k) from my prior job. I’m thinking about using Schwab, but I have no idea how to start. And I want it to be hands-free, where I don’t have to look at my investments every single day..
@SarahLouisePickett first look at what your employer offers for retirement options usuallythey will mach a % invested, typically 3%. But lets say your self employed. You can really use any bank or credit union you trust and start investing in a Roth IRA (means you won't have to pay taxes on your gains because you paid them initially out of your pay check). An IRA is just an account type, once your money is in it you will want to use it to buy good growth mutual funds that have a historical average return of 8%+. Most banks will offer free wealth management meetings, and they can help you find the best fit mutual funds. And you want to probably invest in 3+ mutual funds to diversify. This can all be done through the same Roth IRA account. The biggest draw back to a Roth IRA is that you can only contribute $7k a year to this account if under 50 ($8k if over). So if you can save more than that look Roth 401k, 401k Simple IRA. Roth means you don't have to pay taxes when you take your money out.
Thank you! My employer is a small personal injury law firm with only four employees. So, they don't offer 401k matching at this point. However, I'm making the most I have ever made here.
That's what you get if you vote for the Republican Party. They have no intention for average wage earners to be able to retire at 65/67. In some countries eg Italy - they get 10 weeks of paid annual leave and can retire at 55. However, that may change as they now have a conservative Government.
You are absolutely out of your mind. The DNC is all about big government. Big programs. Big poor population. Big taxes. Big wars. In my very long life my taxes only decrease twice. Both by a GOP president. You clearly don't know the definition of the word conservative. 😂
Yea so it's childish to fund foreign wars and corporate bail outs to failed companies among millions in failed administration costs you 2 are literally the problem you propagate a corrupt government that steal from the people. Instead of making a stand. I don't have a problem with taxes that go to the community but to say that all of our taxes are being used properly is a statement that a Childish ignorant idiot would say. Want to change the ways of corruption be a leader and make a stand not a mindless sheep that swallows every load that cnn blows down your throat and you say thank you and ask for more. George Washington and the founding fathers stood up against the same corruption we experience today but idiots like you 2 and a lack of personal thought is why corruption will continue. Your parents failed you.
Absolutely but the 2 low iq people above your comment are unable to think for themselves. The only thing people could do to effectuate change is to do what our founding fathers did stop paying taxes to show them we don't want to fund these corrupt ideals. But to call it childish is a thoughtless sheep mentality. It's pathetic
Tell Congress to stop using Social Security as their personal piggy bank, and there would be money for you to receive benefits.
Truth there.
@@SarahLouisePickett
My best advice is, don't vote for republiCONS. They only look out for their corporate sugar daddies and that is the only demographic they ever offer any social program benefits to.
Two sides of the same bird.
That's how SS money gains interest. It cannot be invested in the stock market by law. Or it could just sit there and make nothing.
I want on the Congress retirement plan. Work one term and retire a multi millionaire
They don't make a million dollars on one term and they don't receive any retirement benefits until after two terms.
They make millions from lobbyists and corruption basically
@@richardjosephnovak
It's 5 years. Either 2 1/2 terms in the House or only one full term in the Senate.
No , they spent our money that we paid into the system all our lives.
And they paid it back with interest. That is how money makes money.
as I kid, the adults in my life retired at 50 and I have watched it being pushed back further and further until now I'm pretty sure I won't live long enough to be retired.
Wow. That is crazy.
@@SarahLouisePickett
Retirement age, I believe, started out at 57 then went to 62, 65, and now is 67. The republiCONS are pushing for 72, as our average life expectancy is lowering every year. It is becoming shorter due to the restrictions put on the EPA by SCOTUS, forever chemicals, especially pesticides and herbicides, climate change, and the fact we are the only industrialized nation that doesn't have universal healthcare.
I don't think universal healthcare would solve our problems. Look at Canada.
There are honestly so many problems with the system we are in. It's pathetic. For America to be SO GREAT, we look like idiots.
@@randibgoodThe SS age has always been 65 until in the 80s they adjusted it up to 67 for boomers.
Global warming is not reducing longevity in the US. That's absurd. It is due to poor diet and processed food that causes obesity, diabetes and inflammation disorders. That and alcohol and other drug use.
I am nearing retirement, and when I was your age we said exactly the same thing...
Yes and now if the only thing we have is ss we are in trouble
Yes, I hated the fact that the raised the age for us in the 80s. Absolutely disgusting.
You speak truth!!! Keep spreading thus message. 🙏
I think that the retirement age should be 50. That’s when our bodies start going downhill we can’t work past that.
😂
lol I already feel like the warranty expired at 30… can’t imagine 50 xD
@@valfreyaaurora4922 Your body has the miracle of constantly replacing it self. As long as you give it what it needs and take care of it you can feel good and live and work to 120.
Because then they can't steal it
Social security is in case stuff happens. Congress doesn't have a right to that money
Congress borrows SS and pays it back with interest.
Exactly !!
Government programs come with Strings attached.
The other thing people don’t realize is the average Americans life expectancy is going down so by this metric, the retirement age should go down
They should absolutely not raise the retirement age. You should be contacting you representative and let them know.
Social Security can never go broke. Social Security will be there when you retire. And trying to save your own money for retirement would be a disaster for you and everyone else.
The problem is that inflation is always there eating away at your savings. Everyone noticed inflation because it ran wild world-wide after the pandemic. But it's always there.
And almost no investment returns money fast enough to beat inflation long term.
But, Social Security does, and has worked for close to a century because it is not a savings plan or an investment. It's a pay as you go plan.
The Social Security taxes paid by current workers pay the benefits of current retirees. In exchange for that, when you retire, the people still working pay your benefits.
This keeps up with inflation because as inflation goes up, wages tend to go up.
As long as new people enter the workforce, Social Security will have money.
The "funding problem" with Social Security is that current workers are paid too little. Wages haven't kept up. The minimum wage used to be a living wage. A single worker could support a spouse, children, and buy a house.
Today's workers are underpaid, and today's executives and stockholders are overpaid.
Answer: because people who were lucky enough to go to college and take or major in investment banking would be able to retire, and people who work regular jobs, long hours, would not be able to compete in investments. Inside trading, illegal stock schemes... my elderly dad dated a lady who was in real estate and had $2Million in the bank. A swindler at her church set up a fake stock scheme, and she lost everything in old age. SS provides for all workers, and doesn't require people to be investment bankers and securities investigators... although low-paid people might not make as much as needed.
Anyone can and should open an investment account the day the get their first paycheck.
Wasn't there a previous administration that wanted to do this like 20 years ago?
Apparently so, but more like 30 years ago..
www.ssa.gov/history/bushstmts.html
@@SarahLouisePickett It was actually GW who attempted to encourage the passage of a bill that allowed the investment of SSC monies by individuals. The fear was that too much choice would be given to the individuals and the stock market would crash.
Wow, giving Americans a choice…. Can’t do that lol. I’m just wondering when they’re going to pass that stupid daylight savings bill… That would make a lot of Americans happy. 🤣
@@tarrasmits8629SS cannot be invested in the stock market due to high risk issues.
@@SarahLouisePickettYou do not pay into your own SS account. When you start paying SS taxes the money goes to current retirees. The money I paid into SS decades ago went to my parents. When you retire it will be kids not even born yet paying your retirement. They don't hold your money for 50 years.
thank the left and rhinos
if you walk the halls of govt or sit behind a desk work till 75 but what about the millions that sweat while working. Stand all day Guess who makes the laws We are screwed
That's cute how you think a desk job is easy.
It is cute how you purposefully lie about something that was never said. Twist what others say to fit your narrative. @@richardjosephnovak
@@davidparker5345 Nope, that's what you said.
Because you will not do it. You will buy crap you don’t need, live above your means and then panic when it is time for retirement. There is a sound and solid reason we have Social security.
You get what you voted for.
I didn’t vote for this.
@@SarahLouisePickett When you vote DNC you vote for higher taxes and bigger government. Due to your age and paying no taxes you are required to vote DNC due to peer pressure. By the time you are paying real taxes your voting today will be your own tax burden tomorrow.
Cause the freeloaders need money too!😂
The current SS payment is between 2K to 3K. That is enough to live on. You just need to prepare for it.
At your age start putting 5% of your income into a retirement account. By the time you are 55 you will have a million dollars. By 65 you will have 2M dollars. Plus your SS on top of that.
I am not sure 5 percent will give you that amount. I think 10 percent would be better.
The problem is not everyone has 5 or 10 percent to spare. Yes, people need to be careful with their spending. We all could pull back on eating takeout or amount spent on entertainment, but it is more than that. It is hard to save when there is high rent and college debt.
I'm lucky that I am past that point in my life and came of age when both of those were more affordable, but I see that others are going through all this.
Social Security is helpful but should not be counted on for the only source for money when you retire. It is not enough to live on by itself and it was never intended to be.
@@geraldineberish8957 Believe me 5% will get you million. Here is what you do. You are taxed by the government before you receive your net pay. You need to start paying (taxing) yourself first. Have an automatic 5% transfer from your pay into a retirement account. You never see it. It is never there to spend. It is never part of your budget. You can and will get along fine without it. You will get along fine without it. You have to.
Then if you want to take it to the next kevel do this. Set up in your checking account an automatic transfer of an additional 5% into a separate savings account. This account is only for two things. The down-payment on a house and financial security power. As the money grows a bank will give you breaks on fees etc. When applying for credit and a mortgage the proof if funds in your IRA and savings accout will give you a much better interest rate saving you thousands of dollars. After buying your house you keep depositing that 5% into savings for your emergency fund. Not vacations or Christmas presents or loaning to a friend. It is for a new roof on your property or other real emergencies. If you can't manage this 5% do it when you get a raise. You did fine before the raise.
"Cut back of take out" as you say. You are out of you mind. Restaurants are for the wealthy and ignorant. Just a Starbucks coffee every day is $2,500 a year. Or $25,000 in 10 years. Or $127,000 over your woking career. Yes, over a 100K. Just for a cup of coffee. And that is just one example of the money bleed from your budget. Don't be a fool. Don't be broke. Learn to feed yourself. Good luck.
Yes, 5% will get you there. I know. And yes, 10% is the better number. But the other 5% should be put into a savings account so you can have a stable liquid emergency fund for things like a new roof or car etc (not concert tickets.) That will save you thousands of dollars on your cedit line. It will also save you on bank charges as banks give breaks to high balance account holders. And you will receive a much better interest rate on things like a mortgage because you are a low risk borrower.
The government takes taxes before you even see the money. Tax yourself first. Have the 5% deducted from your paycheck and sent to an investment account. Then set up an automatic payday transfer of the other 5% from checking to savings. You never see the money and won't miss it. It is not in your budget. If you have trouble adjusting to this do it when you get a raise. You did fine before the raise.
"Cut back on take out". Take out is for the wealthy and fools. A daily Starbucks cup of coffee adds up to $1,900 a year. Or $19,000 in ten years. Or $90,000 over 50 years. Yes, 100k for a coffee. That does not count pizzas or taco or the worst money waser alcohol. Learn how to feed yourself. Live within your means. It is easier than you think.
We don't need to cripple social security by privatizing it further, we need to fund it better and change/remove the contribution cap. Someone making $1,000,000/year should be paying more than someone making $168,000/year. Not to mention anyone bringing up the increase in life expectancy almost always forgets to mention that while we're living marginally longer, the increase primarily has been driven by a decrease in infant mortality. Historically almost all increases in life expectancy come from a drop in infant mortality
ah, communist matt. Can the government keep what i put in and i get to do my own thing with never having to put into the system anymore? you'd say no, cause you're an authoritarian, and its all about control. The people have been coddled too long, and the people getting benefits, hardly ever contribute anyway. Collectivism is not the answer.
Our life expectancy is actually dropping. Partly due to COVID's impact, but also largely because of the healthcare situation. Being the only industrialized, first world nation without universal healthcare means that people don't get things treated when they first appear, and because they wait the issue gets worse and costs more money to be spent by Medicare when those people finally get healthcare. If we had universal healthcare everyone could take care of things when they are first noticed. Prevention is cheaper than treatment.
@randibgood it’s really unfortunate that America puts herself in such this great light about how wonderful we are but we can’t you know manage systems such as Social Security or our current healthcare system without so many issues, and unfortunately, big Pharma feeds our healthcare system, and vice versa they keep us sick with the foods they want us to eat and the cycle continues and continues and continues.
Universal healthcare sounds great in theory, but I don’t know that it’s the answer… Without some major reform… Look at places like Canada, where people are waiting months and months and months to get treatment. That’s the same situation we’re dealing with here but in a different light.
Social security shouldn't be forced on anyone. You should be able to opt out.
@@SarahLouisePickett
But the only things people wait for are elective procedures. And the longest wait I've heard of from actual Canadians has been about 3-4 months. The "months and months and months" are from the people in THIS country who don't want "those people" to have the same things as they have. The ones who constantly say what they don't want "my tax dollars spent on!". We are the only industrialized nation without universal healthcare and free or reasonably priced higher education. And those places are ALWAYS rated much higher in happiness and living standards. Higher ratings when democracies are compared as well.
American life expectancy is declining. For the first time in its history
People probably have stopped procreating because they realize that they don’t want to bring kids into this world. It’s unfortunate and really sad.
My dad always used to tell me that it cost $1 million to raise a kid.
@@SarahLouisePickett No, a community raisesa child. Children are priceless. In 1970 a young couple could buy a house for $12,000 on one income. The same house costs €600,000 but wages have stagnated while productivity has gone up 40%. Young people are marrying later and have fewer children across the developed world. Japan, Korea and China will see the drastic drops in population's in the next 30,40 years. America has a stable population but their is an inbalance of over 50 year old due to fewer people smoking, drinking and industrial accidents
It being in the 60s is already being too far out of reach
How bout we tax the corporations and businesses and wealthy making millions and billions off the working class?! Instead there are tax breaks for personal yachts and jets!
The tax rate for high income is 37% and and additional 37% for capital gains. So that is 74%! The wealthy also pay extremely high property taxes.
Business not only pay higher taxes than individuals but also pay a portion of their employees taxes.
Tell me again how you don't understand taxes.
@@richardjosephnovaksounds good in theory, but all the tax breaks allowed means the millionaires and billionaires do not in fact pay 74% tax. Thank you anyways!
@@beautifulstrengthsfitness3497 That is absolutely 100% completely incorrect. Tax laws, allowed deductions, and percentages are all published. I stated facts. You on the other hand are just singing in the echo chamber. Please tell how much you know about taxes by telling me what tax breaks the wealthy get that others don't.
Look up Milton Friedman social security and listen to his thoughts on the program…
Just from a Google search… I see Ponzi scheme… I will definitely look into this more.
@SarahLouisePickett not quite a ponzi scheme... just a Mashup of two bad programs.
ruclips.net/video/rCdgv7n9xCY/видео.htmlsi=yCHgMJODKSeFfeRg
That's why 401K is bullshit. you are waiting for somthing that may not happen. Don't contribute to 401K and do somthing about your earnings NOW
I think you do have the option to NOT pay into social security. Do your homework and see for sure.
turbotax.intuit.com/tax-tips/irs-tax-return/who-is-exempt-from-paying-social-security-tax/L3dLJUbLN
Only certain groups apparently.
The reason social security is such a big deal is because the average person DOESNT invest Any of their income. When there was no social security, elders were living on the street, unless they were taken care of by their children, or other relatives.
Instead of doing away with social security, why don’t we RECLAIM all the money the government stole from it in the seventies and eighty’s to fund all their wars? Our social security is what made the industrial war complex so wealthy. Please don’t be dumb. Do some research and get mad. Elect people who respect you enough NOT to steal from you.
I’m not dumb. But, just pointing out the issues.
Any money that was taken out of the SS by the government was paid beck with interest.
What needs to stop to allow proper care for Americans is foreign aid, the influx of migrants, and the endless growth. Stop these three thing and the US will prosper and nature will be preserved.
Save your own money
We pay into a system that takes money out of our paycheck where we get up every day and go to work. We should get part of that money back.
@SarahLouisePickett I understand and I don't expect to see a dime of ss. So if that is the reality I live in, I need to save for myself and consider ss and Medicare payments as the general tax. My grandpa takes home more money each month from ss than I take home per month. He was a miner, and I am a financial analyst and make a good income. Ultimately the first $100k is the hardest, once you hit that in your post tax retirement account with solid mutualfunds it doubles every 7 years even if you don't contribute any more. In 27 year it is $1.5M giving you an income of $120k per year without touching the $1.5M assuming an 8% return.
Do you recommend an IRA? And if so, which platform would you recommend? I am just getting started with an IRA after rolling over my 401(k) from my prior job. I’m thinking about using Schwab, but I have no idea how to start. And I want it to be hands-free, where I don’t have to look at my investments every single day..
@SarahLouisePickett first look at what your employer offers for retirement options usuallythey will mach a % invested, typically 3%. But lets say your self employed. You can really use any bank or credit union you trust and start investing in a Roth IRA (means you won't have to pay taxes on your gains because you paid them initially out of your pay check). An IRA is just an account type, once your money is in it you will want to use it to buy good growth mutual funds that have a historical average return of 8%+. Most banks will offer free wealth management meetings, and they can help you find the best fit mutual funds. And you want to probably invest in 3+ mutual funds to diversify. This can all be done through the same Roth IRA account. The biggest draw back to a Roth IRA is that you can only contribute $7k a year to this account if under 50 ($8k if over). So if you can save more than that look Roth 401k, 401k Simple IRA. Roth means you don't have to pay taxes when you take your money out.
Thank you! My employer is a small personal injury law firm with only four employees. So, they don't offer 401k matching at this point. However, I'm making the most I have ever made here.
You can already put money in your own retirement account but it sounds like you don’t? You could also find a job with a pension, lol if only.
I do, actually.
"We'll never see our retirement/social security" This is by design, sister.
Yep.
Nonsense
LIfe expectancy is DROPPING in this country. They aren't going to LOWER the age, they want to GET RID of retirement as "not Biblical"
I said and thought the same thing 30 years ago but I was stupid then.
Bingo sweetheart you said it
That's what you get if you vote for the Republican Party. They have no intention for average wage earners to be able to retire at 65/67. In some countries eg Italy - they get 10 weeks of paid annual leave and can retire at 55. However, that may change as they now have a conservative Government.
You are absolutely out of your mind. The DNC is all about big government. Big programs. Big poor population. Big taxes. Big wars. In my very long life my taxes only decrease twice. Both by a GOP president. You clearly don't know the definition of the word conservative. 😂
You clearly don't understand politics or history.
Because its a really dumb idea
We would have millions of homeless and de ad seniors and disabled people without SS. American is a great nation.
Sounds a conservative move.
Shes right
We all need to stop paying taxes together
Yea so it's childish to fund foreign wars and corporate bail outs to failed companies among millions in failed administration costs you 2 are literally the problem you propagate a corrupt government that steal from the people. Instead of making a stand. I don't have a problem with taxes that go to the community but to say that all of our taxes are being used properly is a statement that a Childish ignorant idiot would say. Want to change the ways of corruption be a leader and make a stand not a mindless sheep that swallows every load that cnn blows down your throat and you say thank you and ask for more. George Washington and the founding fathers stood up against the same corruption we experience today but idiots like you 2 and a lack of personal thought is why corruption will continue. Your parents failed you.
Absolutely but the 2 low iq people above your comment are unable to think for themselves. The only thing people could do to effectuate change is to do what our founding fathers did stop paying taxes to show them we don't want to fund these corrupt ideals. But to call it childish is a thoughtless sheep mentality. It's pathetic
Randi and Scott you've failed free thinking individuals, the founding fathers and your parents. Pathetic
I agree with you 100 percent sarah
Don't want to pay taxes easy. Move to Burma.