‘Go Broke’ dates for Social Security, Medicare pushed back but still looming, programs warn
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- Опубликовано: 20 сен 2024
- The “Go Broke” dates for Social Security and Medicare have been pushed back thanks to the improving economy, but officials warn they are still looming.
I started my SS at 62 1/2, my wife who is 20 months younger than me started at 62. With my pension for working 25+ years we’re doing just fine.That was over 3 years ago & we never looked back. Haven't touched our investments other than to travel. I had two brothers die of cancer 3 years apart. One died at 62 & never drew a dime of his SS. The other died at at 65 & drew 10 months. Let's be honest here, the reason the Government is offering you a bigger payday at 70 is because they're banking on you not making it!
I'm sorry about your brothers. Waiting for higher SS payouts can indeed feel risky. that's why it's important to consider planning for retirement early. Have you thought about working with a financial advisor? In my opinion They can help make your money work better for you in retirement and plan for unexpected expenses. It might give you more peace of mind and help you enjoy your retirement more. Best wishes!
You're right about the importance of having an advisor, especially for retirees. As a businessman, I've worked closely with my advisor to grow my portfolio from $200k to $1.8 million through stock trading. Despite the current instability in the stock market, she still manages to make profits. Now, I can take charge of my financial future without having to rely solely on the government's payouts to support myself and family.
I'd love to know who your advisor is. You see, I'm a beginner in the world of investing, finding my way around the market can be tough and i know i am not the only one. I have $400k saved up and ready to invest, but I could use some guidance.
She is well known as - Chasity George Charles. please do your own research.
I am on the look out for experts and after doing my research online will say she meets my requirements, Thank you for sharing with us. I already sent her a mail hoping she can make out time in her busy schedule to assist me.
Money is not meant to control people rather it is meant to be put to work producing more money for you. You cannot build wealth without putting money in its rightful place.
Thanks for the advice! I'm new to financial planning and wasn't sure where to start. Any tips on finding a reliable financial adviser or resource to guide beginners?
As a beginner, it's essential for you to have a mentor that is verified by finra and SEC to keep you accountable. I'm guided by a widely known financial consultant Stacey Macken
I remember giving her my first savings $20000 and she opened a brokerage account for me it turned out to be the best thing that ever happened to me.
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Then WHY ARE WE PAYING INTO SOCIAL SECURITY with them using our social security for things that ARE NOT SOCIAL SECURITY
Our money is being given to all these millions of immigrants pouring over our border!
I am wondering what the government is going to do with the elderly and disabled that depend on social security.
Millions of elderly and disabled are going to be tossed into the streets, because the federal government yanked social security from them.
Even though working class pays into social security, social security is not free money, it's paid into by working class. Hence, the FICA on the checks.
And what are the elderly supposed to do?? Some of those people just live on Social Security barely. They do not care about anybody except the rich in this administration. Get rid of them. YET., THEY GIVE BILLIONS TO UKRAINE AND OTHER COUNTRIES. STOP THE DAMN MADNESS, AMERICANS FIRST!! TAKE CARE OF OUR ELDERLY AND VETS. THIS IS SO INFURIATING.!
Exactly!! 🤬
this administration? to be faire this has been a ticking clock for years now. No one tends to care and or votes for those who care. Dems want to raise taxes on the those 400K and above to raise funds for SS. Republicans want to cut benefits and raise the age of retirement. You choose who gets into office.
It's every administration since Ronald Reagan. He was the first to start messing with Social Security, and every administration since then has been doing this. Don't act like it's just Biden, or just Trump, or just Bush, it goes way back.
You know who is not broke? AIPEC and all the senators they pay
Ukraine is doing well. Maybe Zeligsky can be persuaded to let a few senior citizens "serve" in his army. LOL That should take care of the problem. Dead people don't cash checks, right?
Or Ukraine.
We will still get checks which buy almost nothing.
When there is no more poor people, who will the rich take advantage of?
Let's not forget the illegal aliens, the husband less baby factories, and the lazy scammers.
Welcome to the real invisible hand of the market.
No more poor people? You mean middle class (has been the situation since 1870s)
When there is no more rich people, who will pay very nearly all the taxes?
LOL - the rich pay the OVERWHELMING amount of taxes while receiving the least amount of direct services. If they are "taking advantage of the poor" - they are doing a poor job of it.
It’s been pushed back because of all the money they’ve gotten back from people recently. I know I had to give up my first year of retirement back to them. $11,000.
Why raise our taxes? How about stop funding other countries and fund Social Security.
Because they have no interest in using more tax money to fix anything. They tell us Social Security is gonna run out so we don't protest when it happens. But it'll be used to fund illegals and war.
Good point or you could return wealth tax levels to prior 2016?
These monies don't come from the same place. The money that goes overseas for efforts is allocated separately and always has been. Everyone has been paying a war tax every month on their phone service for over half a century.
@@slipjones2 LOL - wouldn't even come CLOSE. Class envy aside, the problem is a spending problem, not a tax problem.
You are half right but you are still woefully wrong.
Stop Social Security from Stealing the Money from every Successive Generation that follows us, the ones past and present that have and are being robbed right now.
Social Security like Federal Taxes is Unconstitutional. It is FRAUD!
We should not worry about social security. We should give all of our money away to other countries and be poor and happy.
They've been talking about social security/ Medicare going broke for decades. Tell me another story.
Agree
It's already broke, dear. They just keep kicking that can down the road.
It is and always was a Ponzi scheme - where new workers paid for the benefits to the retired workers, which only works as long as there are enough new workers paying into the system. In the 1950s, there were 16 workers for every beneficiary....now there's about 2 and it drops basically every year.
The vaunted "Social Security Trust Fund" is nothing but government debt - US Treasury Bonds. Promises from the US Government (General Fund) to pay the US Government (SSA) so much money plus interest.
Not sure how old you are (I'm 50), but in my lifetime or the lifetime of my children at the latest - they are going to have to cut benefits, significantly raise taxes, or (most likely) a combination of both to keep the program afloat.
It's a mathematical certainty.
That a better version of "the story"?
Because it has been growing broke for decades and is literally about a hundred trillion (with a T) underfunded.
The "Trust Fund" is literally a pile of debt, within the next 50 years or so they will have to cut benefits, significantly raise taxes, or both.
You may not like the story, but it is a true one - and the ending isn't going to be pleasant.
they will not go broke, the Federal Reserve will be told to print more currency to keep SS and Medicare alive, but of course that is very inflationary. so essentially the politicians are going to pay you your SS with currency that is always losing its purchasing power. inflation is a form of theft.
They're lying to the public acting like these things are optional and not admiting that they've stolen our money.
We go to jail if we can’t pay our taxes but what happens when the government can’t pay us?
I have been paying my entire life into Social Security since I was 17 years old. I am now disabled and 62 my Social Security better be there until I die tax the rich God knows they won’t even notice and help the people that have worked in this economy for decades.
We already tax the rich. So much so that they are starting to leave.
You cant tax the rich, becuase the tax code for job creators is diferent than those who work for a W2. The goverment will never tax the rich because the rich doesnt get "paid" with a W2. Also, do you honestly think that $ 350,000.00 is "rich" or "wealth". Open your eyes, dont fall for the narrative that the government will save the day. You live long enogh to know not to trust the governmenr, regarless of what political party is running it.
😂 Shows how much you know. How can you “tax the rich” when they don’t even have an income?
It will be there, it's more a question of how much of it. The projections are for possible cuts, not getting rid of it. Based on history, it is likely it will be "fixed" (i.e. funded enough to not have to worry about it for another 20 years or so) closer to the last minute...
That said, there are people who are calling for the removal of social security altogether.
I think that's most likely political posturing tho, as I believe most Americans are generally positive about social security. Now, they don't all think it is being run well and see abuse as a problem, and a lot of them think it might go away... But in general, there's a lot of support across the political spectrum for the concept of social security.
So I think it's unlikely to be totally cut. Talking about it is one thing. Actually doing it would probably be considered a major problem if they want to get reelected. There are lots of people who rely on and/or know people who rely on SS who vote; politicians know that...
@@superuser8636 Well, they could, by taxing investments where the rich have their money. But they won't.
They will most likely increase the limit, which means people who make up to $400k. That isn't mostly the insanely wealthy, but upper middle class and wealthy. Now, the Billionaires won't be in there. They make like $20 a year in a salary and take their money as shares/investments. But that increase of the limit would be enough to keep SS going.
Remember, back in the 70s, the maximum tax rate was near 70%. In 2021, the max was 37% and that is for income over $600k. In the 50s, the max tax rate was in the 90% range.
Why did the government decide to use funds for SS for other purposes??
Because they hate us
Because you can't become multimillionaires with multiple homes on the water on 175k a year.
Ronnie wanted to get elected. He changed the way we measured inflation “Bingo inflation went down”. He gave tax breaks using the phrase “trickle down” (didn’t work all lies). He had to pay for his new Navy he had to get the money from somewhere. SS to the rescue.
They didn't. Read a book on civics.
@@girlcheck Actually they did - read a book on economics.
It's an accounting trick. Social Security has always been counted "off the books" - but, back when there was a Social Security surplus, the extra money wasn't invested - it was used to buy US Treasury Bonds.
As anyone knows, a US Treasury Bond is basically a loan to the government. You give them money to spend NOW (on wars, pork, etc) in exchange for an IOU for them to pay you back later with a little interest. But, since the person getting the IOU (the Social Security Administration) and the person paying back the debt (The US Government General Fund) are BOTH the US government.....it's basically a person telling you they have plenty of money because their wallet is full of IOUs they've written to themself.
Any private accountant would go to jail for this sort of bookkeeping, as it is effectively fraud - claiming debts you owe yourself as assets - but, the government allows it to happen.
So YES Virginia....the US government used money collected for Social Security, replaced it with an IOU (a US Treasury Bond), and used that money for other purposes.
How is that fkng possible when the working class pays into social security EVERY paycheck at EVERY week.
That FICA tax that people see on their checks from their employers, THAT'S social security. It's a very large portion of the checks people get EACH week.
So why does this government continue to tell people that this is free money from the government, When the working class people pay into social security their ENTIRE
working life. Each person pays into FICA for 40, 50 and sometimes 60 years straight, every time someone works and receives a check from their employer. 🤷♀🤦♂
What many in the public don't know is that the government borrows from social security, to pay for other things in the federal government.
THIS IS WHY money is running out, It's because the government is dipping their grubby little hands into social security funds that working class pays into
and they spend it on other things. But they don't tell the public that. No No No, they tell the public that social security is running low on funds.
Of course, it's running low on funds, that's because the government keeps yanking money out of it. 😡😡😡
Shouldn't take from the old... they earned it. Things were fine til now ! They didn't mess it up !! They Shouldn't suffer !!!
They never put in as much and reap it all.
The Ukrainians have our backs though. They'll gladly take our old people and give them a nice uniform and a foxhole. Dead people don't cash checks.
@@kthearcher3357 government corruption reaped it. Not the people it was meant for.
Can we get some cash back from Mexico & give em thief people back
I love how the media informs people that Social Security was a pay-as-you-go system until 1983. What? They don't?
the politicians always SAY that the extra taxes will go to SS and Medicare, but they never do. they always say that SS taxes (on both workers and retirees) will go to SS and Medicare, but they never do. which is why these programs are on the verge of insolvency.
Booming economy 😂🤣😅
Stop giving money to other countries and care for Americans
Foreign aid is less than 2% of the budget. You should look up how much in subsidies we give the oil companies and corporate farms. It's way more than we give to other countries.
Stop sending our tax money to foreign countries!!! Fund America Taxpayers first, we worked all our lives and paid into it along with our Employers WTH 🤨
No money for social security but billions for Ukraine
Exactly 😡👎
Ты выигрываешь, сынок?
Considering I understand the long term ramifications of what letting Russia get a foothold means on a global scale. Hint, pay more attention to global politics. That said, we do NOT need to be paying career politicians who crap for us. The ‘forever’ judges? Yeah no. Our over bloated military and poorly laid out domestic funding. Yeah. That can stop.
Put the taxes back without tax breaks and it would be ok
Not even close, dude. Social Security taxes weren't touched in the last tax cut - and even if they were, you could tax "the rich" at 100% and (even assuming that wouldn't tank the economy which it would) - wouldn't fill the hole.
Spending problem, not a tax problem.
@@fenix6297 the problem is SS tax has a limit. So anything over like 168k so anything over that is not taxed. Its a huge boon for the wealthy
@@bradleywhite6815 Sorry no.
It has a limit because the PAYOUT has a limit, and is already very progressive, where they pay in substantially more than the benefits they receive.
People like yourself simply want to gouge them even more.
Obviously, if you want to remove the cap on earnings tax, then you would likewise be willing to remove the cap on benefits payouts too, right? Wouldn't it only be fair?
Somehow I think you would be opposed to that.
@@bradleywhite6815 Regardless, even removing the cap wouldn't fix the problem - just delay it more. Because the problem is SS is a ponzi scheme (always has been) and needs ACTUAL reform.
@@fenix6297 lol why do the rich need lobbyists when they got people like you shilling for them for free LMAO. I have accepted that even though I pay the max every year for social security that I will never get back all the money I pay in. Its also not my only retirement vehicle like most wealthy people. The fact that you probably pay more in % of your income to the state want to lick the boots of people who pay less is exactly how we got into this situation. I bet you complain about money being worthless or never owning anything as you actively shill for the wealthy to pay less and less and siphon more cash into their pockets.
No money for Ukraine
Lets cut Congressional pay, since they have depleted the funds from both programs, including all the Senators and congressmen and women who are drawing a retirement from the federal government. It won't fix the financial deficient but it would be a penalty for robbing those funds over the years!
Cutting social security. Raising the retirement age to 69. Cutting Medicaid. Bit funding other countries wars and illegal immigrants with borrowed Billions. Economic collapse countdown . 😮😢
Just think, all of the Billions of dollars being spent on illegals could help t his situation. Smh
Fox News is a helluva drug
And we keep paying taxes like idiots
Not the rich. Thanks to Donald
😂😂😂😂😂😂😂
SS is running out of money but we got money for foreiners and other countries. Theres a money printing machine but that machine isnt for americans. But the solution is simple (acording to the govermnet) raise taxes.😂😂😂😂
It worked in the past. 😂😂😂😂😂
We live in a clown world. Seriously
Raise taxes? You mean return them to 2016 levels? Is it raising taxes if you gutted them 7 years ago? You think wealth wants crazy Donnie? The tax break got them to sign on the Donnie line!
Fox News is a helluva drug
Biden essentially wants to raise taxes on Americans so we can continue funding both SS and wasteful foreign wars.
@SwiftJustice you dont need Fox news to research this, little puppet. Go ahead try it. See for yourself. We are literally 34 trillion in debt, and keep printing money. That's not a Fox news thing.
Young ppl save your social security deductions in your 401k instead.
Just do away with the discriminatory social security tax cap, problem solved.
How is it discriminatory? Taxes are driven to benefits received.
The wealthy already pay more in and receive a much lower rate of return.
And even then it wouldn't solve the problem.
Then stop taking our money beacuse if they cut ss their will be a civil war they have took more than a million dlls in ss and they want to stop given ss this bull
Don't use it for the General Fund.
Like really. We young folk pay into social security. And won’t see anything.
Wages are beyond crap
Inflation is out of control
Cost of living is killing us
Housing is already out the middle class reach
How do you expect us to live
Ha Ha , They don't f ucken care about anyone else.
Steal all the money they can.
How are they gonna rebuild everything when the people destroy everything cause of their grreed in govt.
I had to replay this twice because when he said improving economy i started laughing so hard and missed the rest.
*Trump's last day in office*
-Highest unemployment in a century
-Highest bankruptcies in a century
-Highest evictions in a century
-Stock market crash
And he smells bad too.
Way better than when Dump was president who by the way will cut Social Security
If they didn't spend on other things we could have lasted longer. The money for ss could go into ira automatically for each individual. That might have been better.
Ukraine/Israel/the rest of the world should pay us back with interest. Furthermore, we need to start making government cuts for foreign aid (entirely) and social programs that have not worked for decades and increase taxes to corporations we have given massive tax breaks to. Taxes on those making above 1,000,000 are also appropriate.
Here are some ideas to raise funds for Social Security and Medicare. Just brainstorming here, maybe someone smarter than I can determine if any are actually feasible.
1. Return business tax rates to what they were in the mid-1980s.
2. Close up tax loopholes.
3. Place a hold on raising funds for already overly funded projects/programs for at least a year or two. Still pay current rates, but no more automatically raising money given. (I'm looking at you military contractors)
4. Start getting rid/selling of some of surplus that cost money just storing it.
5. Change how elected officials are paid and given raises. Should be based on approval ratings and how much they actually did while serving. Newly elected start with a base salary that covers living expenses and a little extra.
No , the dates & amounts are worse case scenarios . Any "emergency" can move both numbers forward. The story line is to establish the " floating possibilities."
Can you say unappreciable tax contributions ?
Tax the wealthy. Problem solved.
Quit spending trillions we don't have on things that don't pertain to us. Imagine cheering on more taxes. 🤡
At least 25% for the next 100 years.
@@TheOneJPtv. Make it 60 %
Move to Cuba or Venezuela…. Where everyone is an equal. All the rich were taxed… now look…
Limited Government is what we need. Vote Republican.
Stoo sending money to Ukraine Israel Taiwan n many countries more PROBLEM SOLVED
There is 2 ways that we pay for social security and medicare the 2 ways are the trust fund and the federal payroll tax everybody pays the federal payroll tax everybody so just kidding medicare and not going broke the trust fund might go away but the federal payroll taxes are going away and as long as the federal payroll taxes being paid yeah they might only be able to pay 70% associated medicare but guess what it's still getting paid that's the truth and I don't care if you like it or not the these are government agent Was there R2 was that we pay for and that is the truth and that is the trust fund and the federal payroll taxes that everybody pays in this country it comes out of your check every week or every 2 weeks spends on how you get paid and that is the truth and I don't care if you like it or not
Fjb. His whole administration and all those that voted for him.
Thank you Democrats.
The improving economy ? I always push the “do not recommend channel” for any left bias news. If I like being lied to I’d answer the telemarketing calls
Higher social security for the baby boomers and gen z
I bet Ukraine wont go broke
Maybe Bernie Sanders was right all along!? Darn
Lookie lookie dems, this is what you’ve brought upon us.
Fox News is a helluva drug
This has been a problem in the making for decades. This isn't recent. Both parties could have done what was needed to shore up SS. Neither has. This is a failure of both parties...
@@desiv1170 I agree more could be done but there’s definitely administrations from both sides of the isle that have contributed to SS as well. This has only recently become a “run out” problem. Never in my life have I heard of it having the possibility of running out before now
@@armorman55 It's been on track to run out for decades. No one talked about it as much before because it was someone else's problem. I remember there was talk about this not just during the current administration, and not just the previous one, but the one before that as well. It was always on the list to look at, but somehow it never made it to the list to actually do anything about it. I just googled and found an old Forbes news article on Obama "throwing in the towel" on addressing the SS shortfall.
Democrats have "talked" about saving it, and done nothing.
Republicans have "talked" about killing it and replacing it with... something... and done nothing...
Why? Because they didn't have to do anything.
Both sides have just been kicking the can.
And I think when they finally do "something" (and I think they will), it will be to just get a new can that they can keep kicking...
@@desiv1170 Sorry no.
People have been talking about Social Security "running out" for AT LEAST 20 years. Al Gore made it as central theme of his campaign run in 2000 ("social security lockbox")
Bush suggested minor reforms in his second term (and it was actually a pretty good plan with a proven track record) - with it continuing and ZERO benefits cut for anyone on the plan so not exactly "ending it".
Obama suggested the same and was shouted down as well.
And the reason why neither party has done anything? Because it was and is too easy to demagogue anyone who suggests reform. It's an extremely popular program and it's really easy to win elections by painting any reform with the "they are trying to end Social Security" brush.
So basically every few years, some politician (usually one who is term limited like Obama and Bush) will suggest something but the uproar in Congress will nullify it almost immediately.
70% tax bracket on the rick, easy enough - it was workign just fine till reagan got rid of it them BOOM permanent DEBT cycle
Not really, no.
Give us some tanks and jets
Ukrainians need the money more than us 😂😂😂 vote blue 💙!
Blue is the ones sending all the money to Ukraine. Biden is a disaster. Trump2024