Why You Will Be Getting Social Security After All
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- Опубликовано: 5 июл 2023
- Whether directly or indirectly, Social Security has likely touched your life or the life of someone you know. It’s more than likely, if you have a full-time job, a chunk of your paycheck goes toward Social Security. In 2023 nearly 70 million Americans will receive a Social Security benefit every month. It's a lifeline for millions of retirees, disabled Americans, and family members who lost a loved one. But the program is at risk and if action isn't taken, Americans might see a cut in their benefits starting in 2034.
Chapters:
1:29 How Social Security works
2:57 Solvency and Sustainability
6:06 The future of Social Security
Produced and Edited by: Emily Lorsch
Animation: Alex Wood, Jason Reginato
Senior Managing Producer: Tala Hadavi
Additional Footage: Getty Images
Additional Sources: Social Security Administration, National Academy of Social Insurance
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Why You Will Be Getting Social Security After All
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’AILEEN GERTRUDE TIPPY” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Scam thread! Please be aware!
“Future generations will deal with the problems we created.”
-Humanity
Not humanity. Boomers.
These people took advantage of cheap college and good schools while pulling the ladder up after themselves and now actively work to underfund schools.
A collective scourge on America.
-Boomers
But at the same time future generations will reap the benefits of the contributions we made
Not getting free money isn't a problem
“It was fixed before so we’ll let it stay broken till the cows come home.”- Every American I’ve talked to
As a farmer my grandfather decided to join social security ((it was optional for farmers)
much to the amusement of his friends and neighbors. He lived well into his eighties and collected benefits for over twenty years.
Ok. But how much did he pay into it?
@@itssteve6018 It was never a savings program, it was set up as a tax to pay retirement benefits.
It was also never designed to tie payments to future benefits.
The first person to receive Social Security benefits was Ida Mae Fuller, who received a total of $22,888.92 after paying in a grand total of $24.75 over the course pf 3 years.
@@ghost307 Not just retirement benefits. It is also disability insurance, survivors insurance, and pays a small death (burial) benefit.
@@ghost307 its is no longer ran in that same way anymore you only receive half of your highest salary from the past 20 or 30 years which means if you made 60 grand you only get 30 grand in social security I suggest you diversify your assets with the stock market and high interest savings accounts are the best I'm 27 right now I do not expect to receive any social security that I can live off of and by the time I get to the retirement age I expect it to be 25% of your salary or less not 50% paid out
another 20 years and he could have broken even.
35 and I'm planning my eventual retirement as if SS is bankrupt.
If I'm wrong it just means more money!
Same, and in my late 50s, I'm not sorry.
I'm honestly shocked that this isn't the norm. I guess this is why so many boomers end up poor. No planning or intentions to save.
Planning for a world where I don’t get an SS check is something I can do. Planning to live in a world where SS is actually bankrupt and NOBODY gets a check is a lot harder.
I'm 29, already have a decent amount in my brokerage account and contributing to my IRA. also swing and day trading to try and make extra money
And what is so frustrating is that if it does go bankrupt, think of all the money that was basically stolen from you, by the government, that you'll never get back, that you could have invested for yourself.
Recession is often the result of external factors, and it appears that the United States is losing its grip as a federal reserve currency. With a decreasing ability to control inflation and a reduction in stocks and oil trading, it seems that a new multilateral world order is on the horizon.
@@edelineguillet2121 I just started a few months back, I'm going for long term, I'm still trying to wrap my head around it, who’s this advisor you work with?
@@valeriepierre9778 You might have heard this before but it’s imperative that I mention it. Starting out with a with a professional that knows the ropes of the choppy but profitable market is the best way to achieve getting a well structured portfolio. That's why I have been working with “Julia Ann Finnicum” and that doesn't make me daft because in financial dealings one have to be prudent. Most traders enter exit with a quick 10% profit which is not bad in a general opinion but why not aim bigger.
@@edelineguillet2121 After locating her, I composed an email and arranged a phone conversation. I'm optimistic that she will reply, and my goal is to conclude 2023 on a financially successful note.
Recession willfully created by cranking 4 points in a year crashing banking
What’s doing to replace the US dollar as the reserve currency? Just curious.
I’m in my mid 20s and by the time I retire, the retirement age will probably be about 75 so chances are a lot of people will be dead before they get their social security. So it’s still a scam.
Because the private market is so good to the 99% lol give me a break. If there wasn't some sort of guarentee for the elderly we'd be walking over piles of them in the street.
That's the plan. Madoff would be proud.
That was the way the program was originally designed. The government wants people to die before they get the money back.
Its a pyramid scheme.
When it was designed, SS retirement age was set to the life expectancy.
Here is an idea how about we stop tax loopholes and actually tax multi-national companies. Just a thought.
Nothing to do with SS
Do you have any idea of how much unfunded liabilities for SS out there? Yes $80 Trillion! If you tax multi national company, that would only contribute no more than 0.5% of it
And those $80 Trillion number will rise very fast to $100 and then $200 and then $1000 trillion and then BOOM! no more funds for those social security ponzy scheme victims
@@SandfordSmythe
We could put some of the taxed company money into social security
@@aierisfrost8447 SS was deliberately not set up as government welfare system in order to avoid it being a political football. You can do what you want but it would be a major change.
@@SandfordSmythe
So why do some of the people taxes go to ss but company taxes can't ever?
My problem of potentially not getting social security is the fact they’re currently taking it out of my check. I’d prefer to opt out and do my own savings and investment with it!
With that attitude, nothing could ever change. Sometimes life isn’t fair. There are reasons to argue for keeping it, but this ain’t one of them.
It’s probably why the retirement age has increased and probably will change again.
I wouldn’t mind paying the social and opt out for the federal and state tax.
I mean, you gotta remember why Social Security was created in the first place. It was during the Great Depression, when everyone's life savings got wiped out. Social Security was put there so that people would pay a premium during their times of plenty to guarantee a living wage during times of not-so-plenty.
So it's a bit like homeowner's insurance. It's annoying to pay for most of the time, but if a tree falls on your house, or there's a fire, you're glad you did. Similarly, for Social Security, you might get a bigger return if you invest the money, but if the market crashes, or one of your relatives is disabled, you'll be glad you paid into Social Security.
@@nexes300 triggered boomer
As someone who paid into the system over 45 years, I've done my part. Don't want to hear ANY excuses.
You probably bought your 1st house for $40,000, worked a job with a pension plan, and lived in a USA where cost of living was still reasonable. None of us now have the same opportunities at low cost of anything. While you guys are paying cash for your houses and pricing us out of every market, we're sitting here scraping by PAYING YOUR SOCIAL SECURITY CHECKS.
@@tightywhitey9779 Yes the system is screwed up today, but I’ve already paid for my benefits. You might want to talk to the scammers and single moms who bleed the system undeservedly.
@@csu111 you might want to stop voting for republicans if you want to keep your benefits
Doing your part would have been having more children
@@tightywhitey9779he's not pricing you out of the market. It's tech Giants and corporations that are doing that. I say let's just cut the FICA tax all together.
We need some younger minds in office that can create new ideas
But problem is young people are less than old people as we see. So old people will only vote for old people…
@@greenmachatea and that's the republican party for you
But gen z is dumb AF
Don't you say a Goddamn thing about Biden. He is God sent and the protector of this nations morals and freedom.
@@poppachoppa8956this mindset is why the US is falling. The division is part of the plan. Both parties are corrupt lady.
You absolutely cannot tell my generation they’ve gotten a fair shake. Any semblance of a dream of living like my parents did is gone. Before I even graduated college, I lived through two recessions and am currently getting assaulted in every direction. When does it end? It sounds like it only gets harder. If you want a greater birthrate, homeownership rate, more small businesses, hell a real American Dream, the pessimism of those in their 20s and 30s must be addressed or else it with spiral. People here say why pay at all, which would surely cause it to collapse. There’s no faith, no hope, and for good reason. God save us all.
Agree. We're overly taxed and under represented. If we don't, our kids will have to burn down the country to get what we're due.
@@davidlightman9551sounds like all you're talking about is your own kids.
@@davidlightman9551 low interest rates are the direct cause of housing being unaffordable. high employment except the salaries aren't enough to pay for things anyway because inflation has caused the price of everything to far exceed raises
telework is probably the one good thing to have happened and they want to get rid of it
A bit harsh but it ends when the Baby boomers actually die. Presuming that brings the ratio of workers to old people back into some kind semblance of fiscally sustainable. That said with declining birth rates I am not actually certain that happens... with Immigration I think it happens but have not seen anyone work out the math on this.
@@davidlightman9551
Smoking weed and playing on their phone is what you see? Hahaha, where do you live, buddy? 😂🤣😂🤣
Let's be honest: you saw a few movies and you think this is how young kids behave today. Everything you just said is just pulled out of your a** and you have NO IDEA what you're actually talking about.
Am I wrong? Ok, back up what you're saying with actual FACTS, not what you think.
There is no way I'm working until 70 years old. Also many companies will not hire someone of that age because of higher insurance premiums. They will be forced to do contract jobs where companies don't have to cover their insurance. This is one of the biggest reasons retiree go overseas so they can live on their lower social security payments when they hit 65.
I've worked in hospice and older Americans who rely solely on Social security have a miserable existence.
I've been unemployed, in Florida since October 2019. I am now 54 years old. No one will hire me and I cannot prove age discrimination. I was homeless for a while but I managed to pull myself somewhat out of the hole. I have no idea if I will even have a future.
You aren't contributing to society. Why should we give you money
@@jayjya Excuse me! I'm paying taxes into into SS so yes I'm entitled to it. I see my yearly taxes and good chunk comes out of my salary per year so yes I'm expecting to be paid back when I paid taxes into the system for years. To say I'm not contributing to society you can get the French toast outta here with that.
People will riot if ever our beloved politicians touch SSS and that includes me. They have the nerve to take care other countries but yet they cannot help their own people, the taxpayers like us.
Being in my 30s, I love being forced to pay into a government program that I’ll never get to collect from or very little when it’s my turn to collect. What a fair system 👍
Don't go after hard working people... go after companies [some of which make $99 Million per year and pay $0 in taxes]
You mean $Billions
@@cooky_2076 yes... thx for pointing out the typo
Do you know how economies work? You better pray the "companies" are alive, healthy, successful and providing good jobs for those still working. The work that these "companies" do moving to China or India due to additional taxes is the worst case scenario.
@@TBoy1247 You said that "You better pray the "companies" are alive, healthy, successful"
I just want to clarify that "Companies" don't have a heartbeat, don't need health insurance, and don't make decisions to be successful. Companies have no feelings, and CAN'T care when hundreds of people are laid off.
PEOPLE profit when Companies make money, and should pay taxes.
All we have to do raise the income cap
I’m 46 and have been paying in to SS since I was 14. I want my money back! This is b.s.!
You are so beautiful 😊
Only way to do that is to be a privileged Government emplyee. Explain to me why that is fair to everyone else.
All we have to do raise the income cap
@@stang64hv13 you don't understand what Social Security is. If someone pays in more ,they get to withdraw more. It's not a welfare program
It's not going away, but by the time I retire in 20 years a loaf of bread will cost 100 dollars. 🤣🤣🤣
Greenspan said we can guarantee payments just not the purchasing power of those payments.
It won’t “run out” but it won’t be enough to pay for any thing.
Good point
Exactly. It will be a token. Here's your 100 bucks.
True...inflation will eat it up.
All we have to do raise the income cap
I'm 29 now. I've been working professionally (out of college) for nearly 7 years now. I have fully come to peace with the fact that by the time I'm old enough to draw retirement (2061-2064 ish) there will be no social security left. I think everyone my age or younger needs to prepare themselves mentally and financially for a future in which the only retirement you'll see is the one you've saved for yourself (IRA, Investment Acct, Properties, etc).
Just so you understand. The United States fertility rate has been below replacement rate of 2 births per mother+father for the past 13 years. 2009 was the last year where it was 2.00 births per mother+father. If this trend continues until 2030 (VERY likely) that would equal an entire 'Generation' that will have fewer workers in the workforce than retirees.
You're right on it for the first point, but miss the mark on the second point. The reason why there are more retirees than ever is that people live longer, not because of the declining birth rate. In the US immigration is strong and more than makes up for the below replacement rate fertility. This can be seen in the yearly population increase of the country.
It was just explained that will never happen
Did you even watch the video? You will still have social security. In the future there will be a combination of increased social security taxes and decreased social security payments (probably to the upper middle class and wealthy). But it will still be there in 40 years.
What people seem to miss is that in spite of boomers "living longer"...they are in fact dying out. Boomers are no longer the largest voting block. Many are leaving the workforce and making way for younger workers. I am a late boomer and I have not read any article that takes into account the passing of boomers as it relates to Social Security. There should be less and less old people on Social Security because the boomers like myself are dying out. Somebody should do a study and publish it.
I’d rather them just give me all my money back and let me invest it myself can’t trust the government to look out for our best interest
As a Social Security recipient I would like to share my story. I will attempt to keep it brief.
Both I and my mother receive Social Security, Social Security disability. She has mental illness and I was diagnosed with a mild autism known as Asperger's. This qualified me to receive SSD in an amount that is about half of my mothers. I live with and take care of my mother, her constant need for supervision makes work impossible for me. We combine our Social Security checks to live a decent life in Oregon however even our combined SS income is less than 30k a year, I do my best to make the money last month to month. I don't even want to imagine what our lives would be like without Social Security. I do have anxiety in our current political division could cause real problem's for Social Security. I and my mother are just 2 out of tens of millions who depend on this program every month just to live our tiny slice of the American lifestyle.
Well, that’s not the kind of social security most think of, which is for retirement. What you have is welfare for folks who otherwise can’t take care of themselves. I think in your mothers case, she would otherwise have been sent to a home which is more expensive than you taking care of her. Net plus for society unless we want folks just dying on the street which I don’t think anyone wants.
Wow, how did you get SS with Asperger’s. My son has it and has been denied. He really can’t work, hold down a job.
@@bonniegaither3994 I feel for your son, I got lucky back in 2010 when it was easier to get approved, this was also around the time my mothers mental illness developed and I had to take care of her. I don't know if that element swayed there decision to approve me. I know my mothers doctor wrote a letter to Social Security regarding my application but I never knew what was in it.
@@bonniegaither3994It is because they live in Oregon FU blue state! I work in Oregon as an engineer, pay tax. I know.
@@TheBooban you are wrong SSDI is not SSI. SSDI just pays you the full benefit that you have earned through payments through out your working life. It isn't welfare. It was earned.
Thank you for making this video. I'm currently still working but have ailments that I'm fighting with that seems most likely I'll have to go on disability within the next five years if not sooner? I know social security is the only lifeline that's there for me and hearing it won't be there in the near future scares me into thinking I'll have to do something dramatic to avoid much suffering which will result in my death anyway.😢
All we have to do raise the earning income cap
Been hearing about this for 20 years. Still nobody has done anything. I don't want my future benefits cut nor do I want my retirement age adjusted. I have been working hard and forcibly paying into this system under the current rules so don't go and change the rules mid lifespan. People like myself are counting on and detrimentally relying on the current system as part of my total retirement plan. If anything, remove the cap on wages that Social Security can be taken from.
If anything make changes that will hurt others but not you?
@@edhcb9359< Liar. Troll. Spreads misinformation.
@@edhcb9359Nice bumper sticker phrasing of the conversion buddy. I'd rather frame it as the rich finally paying a fair share/percentage of their wages rather than "punishing" them. But hey, that's just evil "socialist" thinking for ya. Maybe the rich should continue paying less and we just hope trickle down economics eventually works. Not like we've tried that route for the last 60 years or anything. Surely next year the trickle will work out. 😒
@@007NowOnline The bottom 50% of earners pay zero federal or state income taxes in our country after deductions. The rich and the upper middle class pay over 80% of our nation’s income taxes. So what is their “fair share”? 🤣
i like your comment. these other replies to your comment make no sense...
I think the solution is in the middle. I favor raising the earnings cap on which social security taxes are calculated, and I favor opening up the investment mix where those taxes are invested. Many state pension funds are invested in investment firms to some degree, and the guidelines for doing so keep the overall risk to rather safe levels. Frankly, the biggest hurdle to improving the financial health of the social security system are those politicians who reflexively and instinctively say no to anything that looks like a tax increase. Pragmatism is needed.
California’s public employee pension fund invests in stocks and corporate bonds. They are going to need a taxpayer bailout.
Just no! Raising the cap sounds great until you actually make a lot of money. Taxes are already sky high for me. I don’t need to be robbed anymore.
Why is joey talking about ssi &
the rest are going broke? Is it
because of all the extras they
have been offering since joey
took office on u tube but only if
U request them & then u have to
Give them all your info. How
many requested extra$ & where
did they get it from?
@@KevinBalch-dt8ot Social security doesn't invest in those things. They will also need a taxpayer bailout. So it boils down to whether the fund is putting enough money into it to fully fund the pensions they are committing themselves to. It's just that investing funds that aren't immediately needed to pay benefits will grow much faster in the long run than the Treasury Securities the social security trust fund is invested in. All they would have had to do was invest in something like the S&P 500 to create diversification and minimize the risk. It's true that there will be downturns, but the idea is to invest funds that won't be needed for a long time, then the odds of the value of those increasing at a much greater rate than the Treasury Securities are greatly enhanced.
@@tww11 And the cap raising proposals that are currently on the table would require a truly massive tax increase which would certainly be harmful to the economy. I believe they all want to apply it to things like capital gains, interest, and dividends as well as earned income. It would mean an additional 12.4% tax on the higher incomes many of which are already taxed at 39% or so. That is not the way to create economic prosperity. And an economy that isn't prosperous will just keep even more people whining that they have stagnant wages and can't keep up with inflation.
Simple solution -- remove the upper limit on who pays in. "Social Security is financed through a dedicated payroll tax. Employers and employees each pay 6.2 percent of wages up to the taxable maximum of $160,200 (in 2023), while the self-employed pay 12.4 percent. The payroll tax rates are set by law, and for OASI and DI, apply to earnings up to a certain amount."
Even simpler solution -- If you didn't pay in, you don't get any money...ANY money.
The numbers for your solution don’t begin to solve the problem.
@@ghost307 Agree. And, what you receive should be based solely on what you paid in. No minimum for those who didn't pay much in, no bend points, no spousal benefits.
@@DC-rd6oq Spouses and minor children are who the workers worked for.
@@SandfordSmythe Not true. According to Social Security's own website: "Social insurance, as conceived by President Roosevelt, would address the permanent problem of economic security for the elderly by creating a work-related, contributory system in which workers would provide for their own future economic security through taxes paid while employed." Key words: "provide for their own future economic security".
As a millennial, i feel like we're constantly paying into systems that overwhelmingly benefit baby boomers who are not shy about only voting for policies that further their interests. If we are being made to pay, we need to have policies in place that benefit us too like student loan debt relief especially considering the majority of millennials will not obtain SS in their lifetime.
Yep! And they complain that millennials are not working hard enough 😂 (to fund their lifestyle, if i might add)
The AlfredPlatform' lol So you want a SS check and a free college education? If you millennial would stop voting for these same old tired folks in congress and the presidency, you would not have the problems you think/ feel/ you have!. Boomers have paid for their SS . You will get SS' stop believing in the haters. OH' Do you want to include in your wishes, that SSI also be changed, so you can have a free ride?
This!! & Social Security is A LOT from my check
You silly Americans. Every other civilized country has transitioned to something like 401k and we pay for our own retirement!
Problem is your 401k is _optional_ I don’t know why you keep doing dumb stuff.
Sooooo......you just want free benefits? Like your age doesn't matter when you get a loan
So basically people will only be getting 80% of their benefits. Got it.
More like 20%.
They will get the dollar amount of it. Whether or not it will have value is the bigger problem.
That's what will happen in 10 years. As more time passes and the ratio of workers to retirees worsens, so will the percentage of benefits that get paid.
@@ThePeterDislikeShowyeah I was thinking about that the whole video. The more inflation that is introduced the more the SS funds will be needed inorder to sustain retiree lifestyle.
You'll be lucky if you collect 10% of the original value. They'll either keep raising the age in hopes of mortality or reach a point they can't hide the monopoly money they're printing. Take into account that if you had just invested the money, you could have turned that 350k into 500k easily.
“There won’t be any Social Security in ____” has been said since probably ten minutes after it was created. It may need some changes, but it’s not going away.
A bathroom book printed in 1984 that I read as kid in the mid 90’s was all about the failure of SS before it reached its own 65th birthday.
The sky was always falling…
@@JT-bs8wztoo bad the actual physical evidence is mounting for the complete collapse of our government, daily. I’m sure that has no bearing on your perspective, though.
It may very well exist but what will be the effectiveness of the program? They are adjusting variables like age just to cheat others from reaching it and cheat the ones who already have it.
When it was made, social security payments started at the life expectancy of the time.
That means only half of the people who paid into it would ever get paid for it. Modern retirement is a very new phenomenon.
The current retirement age is too young to maintain the program as it stands, it should be raised to match current average life expectancy.
Its todays pitiful birthrates that is the reason todays issue is much more serious. My gen isn't marrying or having kids at nearly the same rate as prior because the economy for most young people sucks.
This is a very informative report. Thank you for producing it.❤
Over the decades, Congress has "borrowed" over $2.9 Trillion dollars from the Social Security Trust Fund (with interest) for other purposes, and has not yet repaid this debt. Let's fix this before we talk about bailing out on our promises to seniors, children, and the disabled...
Let's read about the coming crisis in SS when that money is paid back. That was there to supplement deficit SS income.
There is no "payback". Assuming you still pay taxes, YOU are paying back the money you contributed to SS.
how about companies that over time replace jobs with AI and automation also contribute a percentage of the generated income through AI and automation into social security?
Honestly I say we do that cut the loopholes and go full on universal living income for everyone.
Yeah, we should be like Bulgaria.
All we have to do raise the earning income cap
That awkward moment when Canada has reformed its contributory pension plan back in the 90s, with CPP/QPP contributions invested in the capital market, contributions raised, and benefits scaled back. Same for the Netherlands, Australia, the Swiss, NZ, and Britain. Learning from those places? Nah, let's reinvent the wheel and say market investment is too dangers.
Ever read about what happened to yhe weimar republic?
@@thedude5040 how is that relevant lol?
In this market? Yeah, too dangerous.
They should be no cap. You should pay on all of your income. Not only up to 160k.
You can't tax your way into fixing this. It's a growth issue. Pension programs on national scale fail when population slows. It's a population ponzi scheme. You either have to change the anti baby culture, or, accept personal responsibility. Otherwise, taxing to fix the issue slows economic growth, which is the second layer of the pension ponzi scheme. The uk is currently experiencing this and other countries in the EU. They're raising taxes to keep the pension system alive, which kills economic growth and lowers the amount they can receive on investing in the pension system. It's an amusing investment issue. The EU is gonna be very interesting to watch fall apart as they're quite further ahead of us when it comes to the life cycle of a country.
oh yea lets just give the govt all of our money because that always fixes things
@@aenews132 It will only apply on over 160k. There should be no cutoff on social security.
@@Tential1 You can tax your way to fixing this. If current workers can only cover 80% of benefits when paying 12.4% in payroll taxes, then paying 15.5% payroll taxes would fix the problem entirely. You can find other solutions, but it's silly to say taxes couldn't fix the problem.
Heck no you will never get a return on what you've already paid. They can keep printing money!
Raising the cap in increments seems to be the easiest method.
I also recommend paralleling investment in a 401K and/or an IRA.
Good luck my fellow Gen-Xers ❤
All we have to do raise the earning income cap
Isn't medical upcoding/healthcare the number one cost Medicare/Medicaid, in recent years it was reported Healthcare was the number 1 cost to gdp, higher than military. What healthcare treatments are paid for by taxes other than Mental Healthcare, Dialysis, if not mistaken Chemo therapy, organ transplant surgery?
Pretty sure it's well known true universal healthcare would be drastically cheaper then what the us pays now.
It's so messed up that things stay the way they are.
I benefited from SSA as child when my mom died, then when I became disabled and now as a senior citizen. It is my sole retirement benefit because I withdrew my city retirement money when I was disabled at 38 and before I was able to get Social Security Disability benefits. It took years to get disability and I had to apply 3 times.
Damn 😂😂😂😂
Lucky wow. I worry for people in similar situations in the future
It's unfortunate that there is so much abuse of certain programs that the people who really need it/deserve it are denied several times before being approved. I've heard stories like yours too many times. I'm glad it finally worked out for you.
Took me 6 yrs.
Ae can actually just print the money. Alan Greenspan said that Social Security isn't an issue of solvency but rather whether we have the real resource available for the retirees to purchase. Basically as long as we have elder care doctors and facilities, medicine, adult pampers, etc produced and available for the new set of retirees, the inflation would be mitigated.
In addition, they need to not penalize workers who want/need to work past retirement age
All we have to do raise the earning income cap
Politicians will always delay working on solutions for long term problems in favor of focusing on short term issues because that's the nature of our election cycles. Look at literally any long term issue and you can see congress will always kick the can down the road until they literally cannot afford to anymore.
All we have to do raise the earning income cap
Who elected them???
Since we are on the topic of taxes and social security, I have a question that has yet to be answered. If A.I. is going to be replacing a lot jobs in this country (U.S.A.), who is going to be paying for TAXES?? I know them A.I. bots WON'T be paying taxes, being that they are not being paid at all! SMH
AI isn't taking any jobs. Just give chatgpt a try and see how wrong it is a lot of the time
It would be the corporations.
The bigger question is how will anything work with nass automation. As i've said elsewhere we need to change things and enact a universal living income sooner then later(ideally merge all the various benefits into it with sone of our excess military soending and higher taxes on businesses/the wealthy)
That way we can start preparing now for full automation instead of waiting for the last second when it will be done in a rush if at all.
@@innocentrage1The average person is also wrong a lot of the time… Plus AI will only get better over time. Maybe not today but AI automation will have widespread economic ramifications in my lifetime.
All we have to do raise the earning income cap.
You have to left the cap on the earnings cut off past it’s current level. The highest earners don’t pay nearly enough.
they already pay much more and get very little more in retirement
@@AndrewBurbo-zw6pfNo we don't 😂
2034 is the year I'd likely start drawing on my SS. Although I've been saving for retirement, it isn't enough to be comfortable and the SS money would help. If you're young, start saving and investing what you can now.
Reduce and eliminate debt. Have a paid off home. Go modest if that is what it takes to get that done . If you have no debt to service and a paid off home it takes very little to make it. This under your control. And you can do it even if you do not have large sums of money to save and invest. I am retired and know others who did this and doing fine even on very limited retirement incomes.
Exactly right: I’m 58 & have my monthly living expenses down to less than $2K per month with a paid off mortgage & no debt. My military pension covers it with a few hundred left over per month. Next level of “defense” is my IRA with SS waiting in the wings. I just see the whole thing as a defense strategy that requires ACTIVE involvement. Too many play the victim instead of taking control
No kidding
I wish I could save and invest right now. I was, for a hit minute, but I had to withdraw. Due to life issues, as a Gen Zer.
Getting rid of that upper cap on social security taxes would go a long way of keeping it solvent. The rich need to pay in as well. They should not be exempt from paying in, they should pay their share.
They are paying their fair share. Go back and look at it.
@@SandfordSmythe How so? If someone makes a million dollars in a year they are only paying on the first 160k and after that, nothing. Their percentage is far less than what I pay. I would say they are not paying their fair share.
@@bobprice9541 They are only in the program for up to the cap. They pay 6.2% on that much and get benefits based on that. The rich really don't need much SS.
@@SandfordSmythe so the rich will not show any love to the working middle class. Do you favor eliminating social security? What about Medicare?
@@bobprice9541 Economics and politics are not about love. FDR designed it as compromise, and wanted a neutral non-biased system. This is how many country's social insurance programs work, the government acts as an administrator and people do not have to worry about their premiums being stolen. FDR predicted that once people loose ownership of their money, SS would become a political football and get ruined by politicians. The rich can be soaked other ways. I don't know why you think I would favor its elimination. I would want a Medicare for All which would provide for universal health care and can control the high costs.
Hands off my social security!!
I demand what you have earned.
@@alostpilgrimsjourney5953there ain't any
All we have to do raise the earning income cap
A rolling average monthly payment based on the overall value of the fund is a worthwhile consideration. Fixing the benefit based on factors that do not take in the fund's value will onky lead to money gone in the fund
The value of the fund will rise and fall with interest rates. As the value of bonds fall with rising interest rates, a high inflation/high interest rate environment will increase expenses through the cost of living adjustment just at the time the trust fund falls in value.
All we have to do raise the earning income cap
I quit working way back in 1994 at age 38 once I'd accumulated enough capital to live off the "4% rule" for retirement. Once I realized that the wealthy leisure class don't pay much in taxes, I asked, "Why am I working?" Ronald Reagan jacked taxes on the working class and cut them for the wealthy. A couple earning $100,000/yr in wage & salary income would pay about $16,000/yr. in income tax and FICA. A couple earning $100,000/yr of dividends and capital gains from an investment portfolio pays zero tax and zero FICA. Even though I've paid very little into SS over the past 29 years, I'd get 71% of the maximum benefit if I filed today at age 67. I'm letting it grow some more by waiting until age 70 to start benefits.
Working-class Republicans voted for this nonsense and it's a scandal, but I'm happy to take advantage of their ignorance and innumeracy.
Dividends and capital gains are taxable if you receive them as income and not reinvested. Sorry but you are a tax fraud.
I agree that there will probably not be any action from Congress until the situation is dire. Then all of a sudden, both major parties will point the finger of blame at each other, when in reality the inaction of both will be at fault.
Worst case scenario (and the plan) is Dems taking control of both houses and the WH and ramming an Obama Care type "fix" down our throats.
All we have to do raise the earning income cap
The era of 2 parties is over. In Jan 2025 the Dems will push through a "SS fix" that you are going to hate.
My stepdad gave me the best advice for social security. Take smaller payments and enjoy it longer, or hold out for bigger payments at the cost of not enjoying it as long. Choose wisely.
My mother worked and paid into SS on a $500 to $1000 a month income. Her SSI is $180 a month for a long time (she’s 85). She lives with me and doesn’t need to pay for anything.
I find it interesting that they don’t compare to other pension systems like the Canadian Pension Plan which is similar in the contribution structure of Social Security in the US however it uses market mechanisms to invest the funds in long term projects, companies and real estate across the world. What’s interesting is that the value of CPP compared to GDP of Canada is close to double the same ratio of the social security trust fund to US GDP.
American politicians don't have the discipline to invest. They spend all the money that comes in as soon as it comes in (and sometimes before it comes in).
I love how the first example they gave is someone who doesn't pay into/receive SSI assuming they were a public school teacher their entire life
The first recipient started collecting in the early 1940s while the program only started in 1938.
@@KevinBalch-dt8ot She paid less than $22 into it before she retired and got over $22k out of it.
The whole program was designed to get votes...not to actually work.
@@KevinBalch-dt8ot Sure, but public school teachers don't get SSI since most/all have state run retirement programs. There's a handful of groups that opted out when the program was created
Oh that's great ,I was kind of afraid their for a minute their,worried about retirement issues to keep a annuity income as a senior.
Getting Social Security and getting *ENOUGH* Social Security are two different things (things inflate and increase in price after all. Wages don't keep up. I can't imagine people pleading for charity gets it any better. Suppose they do, then it expose the problem of leeching charity being better than actually being honest and work.)
Sounds like a ponzi scheme
It's the US, everything is a Ponzi scheme. It's against both the law and their country's values to actually care about the people
It is
Surely it will be fixed. It will be fixed on the backs of whichever voting group has the smallest voice on the issue at the time.
Two wolves and one sheep.
All we have to do raise the earning income cap
I'm on Social Security so the government pays me on top of my job it's because I was diagnosed with depression and sent to a mental hospital and apparently after you get better and the older you get it just stays on your record so in order to get off you would have to make a certain amount of money which I take advantage of and not work full time where I would lose the disability check
Im 35 and Im planning as if I would not get a state pension (I keep paying but I have plan b in case it bankrupts as it probably will because no one wants to pay more taxes, more people is going out off the job market, demographic growth and the rate of increasing WILL decrease, debt is inevitable in that case and debt of that amount will never be paid for the previous reasons, this whole system will explode one way or the other)
I love how they show a picture of a person in their 80’s or 90’s when talking about raising the retirement age to 70. Yet when talking about adult health, it shows 70 year olds out for a jog.
I know people in their 40's and 50's that are sick as hell. Early 60's people walking like they are 80+ years old and living in a nursing home. We have a sick population here in the US. Raising the retirement age will benefit a minority as most won't live long enough to get benefits.
US life expectancy has been in decline since 2017.
We need politicians on both sides that care about this country and care about WE THE PEOPLE 👍🇺🇸✌️
Stop voting for woke democrats get moderate democrats back believing liberal media lies and you will
All we have to do raise the earning income cap
Raise taxes on the richest and on corporations and use it to fund the safety net we so badly need. Making even small cuts to the military budget could allow us to create robust social programs that the rest of the developed world has like health care, parental leave, and child care.
Want people to have kids to deal with the population decrease? Making it more affordable through social programs would help a LOT.
top 5% pay 60% of taxes. why should rich people subsidize the poor
@@Savage-bd3rkbecause the rich live off the hard work and money of the middle and lower class
EXACTLY!
I would be happy if they could just fix this problem. The elitist don't care about all the other things you mentioned. I don't have any confidence that the embeciles that are in charge have the IQ level to fix anything.
Countries with generous social programs are facing the lack of kids as well. Look at Germany, Denmark, etc.
I am a GenX and I don’t plan on putting on any hope of the government taking care of me when I retire. I am 51 years old and I invest my money in 401k, Roth IRA , mutual fund and real estate for the past 20 years. If I do receive social security, it’s icing on cake. Government likes to give false hopes like the student loan debt forgiveness which got struck down by US Supreme Court.
All we have to do raise the earning income cap
The amount paid by the super rich needs to be increased. If their percentage paid was increased to could solve a lot of the issues with the social security system
there are not that many super rich people
If they raise it, let’s rebel like France 🇫🇷
Modern day Americans are built like that.
You can rebel all you want. Where is the money gonna come from? SS was created when life expectancy was 50!! Your kids will have to pay 50% of their paycheck in taxes to finance you.
All we have to do raise the earning income cap
40 grand a year in Social Security benefits, that's ballin'.
At 8:22 Mr Biggs, how am I a high income people? My whole life I’ve busted my behind working full time since the age of 19. Meritoriously I made as much money as I could and paid SS obligations. With your vision, I suddenly become “high income” therefore shouldn’t get full benefits to share more than I’ve shared through, again, tax obligations, to fund others.
So SS will become a handout when I was obligated to contribute my whole life?
Just because some of us may qualify for the highest payout doesn’t mean we’re high income. I built a life around my income and expect SS to be there for me in full capacity when I retire.
I do have a retirement that I can live on besides social security, but if Medicare is also abolished, one sickness could wipe out my retirement. Insurance will likely be in the thousands each month for people in their 70s.
Leave the country
All we have to do raise the earning income cap
"Just increase the business's social security matching contributions by implementing percentage requirements based on the population scale imbalance, embracing the concept of yin and yang."
That's only gonna increase the prices to consumers
All we have to do raise the earning income cap
Tapping into the "Trust Fund" requires the General Fund to pay back the Treasuries that comprise the Trust. When surplus FICA taxes roll in, it is spent in the General Fund and an IOU is issued from one part of the government to the other. The Trust Fund is just owed payments from the General Fund. It's not a stack of cash ready to cover folks until taxes are raised.
i learned taking a retirement class at a former job that a ex-spouse can take social security from a former spouse, that should not be. how is it right for a current spouse and former spouse both be eligible for social security of the same spouse? there are many rules that need to be removed, added or updated. this particular one i'm not happy with and it shouldn't be allowed. social security disability has so many ppl on it that don't need to be on it. more companies need to offer remote work so many of those on disability due to not being able to work in a regular setting can work remotely. for many, social security disability is the new age form of welfare. there are many that need social security disability but many that do not.
There should be an opt out option. I’ll make more by contributing additional 12% into investment
Lol. Just implement 10% mandatory massive wealth taxes for every 5 or 10 years for each of the US billionaires. A few millions for the greater good of the societies will not make them bankrupt
That's a bit Marxist. He abandoned his own wife and kids.
@jemiez9383
The worse this whole situation gets, the more frequent discussions about a solution like this will come up.
That's what the rich and people who defend them don't get. People/Society can only take that much. Keep someone hungry youll have to feed him eventually, keep him fed you won't get complaints.
For all the money I’ve paid, I just want a check up front when I turn 65. Millennial here.
I am a boomer. Was a young man when the reform to save Social Security was passed. Benefits were cut for me, Had to work longer and pay more in. I had to pay for my parents and grandparents retirement. I over paid and that part was saved in bonds. That was borrowed by the government and that enable big tax cuts for the wealthy. Basically workers were subsidizing the rich. Now the biggest shortfall is coming because of inequality that has grown over the decades. So less and less of the national income pays into the program. I am not for cuts until the original 90% of national income pays in. Just thought I sum up what actually happen. I know because I was there.
Excess payroll taxes always went into government bonds. Government bonds are a polite way of saying general spending.
Let me guess...an overwhelmingly large portion of the US National Debt are Treasury Bonds held by Social Security trust funds.
There truly is No trust fund.
Yes and no. The government only owns about a quarter of its own debt (intragovernmental debt). However, the largest chunk out of that is the Social Security Old-Age and Survivors Insurance trust fund at over a third of all intragovernmental debt. The SS reserves shown in the video represent that debt.
@@TheRealWinser SS is less than 10% of the debt. $2.9 vs $31 Trillion
@@SandfordSmythe you aren't real good at reading. You just said the same thing I explained. If you multiply 25% and 33% you do in fact get less than 10%.
Bonds are terrible during periods of high inflation/high interest rates.
Well now they're talking about you're going to have to be 75 or older to retire. Some point I feel when you get to be older you deserve to be retired if you want especially if you worked all your life the last years of your life are for you and you should get to enjoy them.
"The solution to social security is one that hurts someone else but not me"
I wish i was allowed to opt out of it and not have to worry or care about the mismanagement of this dumpster fire.
Forty years ago, they were saying that Social Security would be bankrupt in 35 years.
Raising the retirement-benefit age leaves more people working - so, it puts downward pressure on the wages of workers of all ages.
Yeah, raising the full retirement age isn't the answer. They could offer an option beyond age 70, like they do now from FRA to age 70, but it should not be a requirement. The Center on Budget and Policy Priorities says that the increase from FRA of 65 to 67 decreased benefits by 13%. That's a big enough hit. They shouldn't have to force another hit like that. There are other solutions.
All we have to do raise the earning income cap
the Boomers really screwed all younger than them
Is there any information on how the insane amount of people that died during Covid will effect the longevity of Social Security?
TBD as we are waiting for the results from the vaccine to completely play out.
It's nullified by the amount of people that lost their jobs and did not contribute to the fund. Also the resulting inflation and homelessness did not help either.
All we have to do raise the earning income cap
I hope 🙏 it's there when I apply for it. That, and Medicare
Finally a headline that doesn't scare the crap out of your future
But is it true or just lulling you into a false sense of security? Remember, this is the same government that said Iraq had WMDs.
The problem is other countries invest it into the wider economy their government provided retirement funds and Social Security just put it into government bonds only. Social security is losing money inflation on top of using the funds.
People have been saying that it will go bankrupt for decades. Every couple years, they say the same thing.
how about eliminating the SSC earning limit (so keep taxing) and eliminate the option for late withdrawal (bw. retirement age and 70)? chances are both would impair slightly the high earners. Low earners either have to draw on it early, anyway, and they will never reach the no-tax limit.
Surprised Social Security doesn't structure their trust like a target date regiment fund. Treasuries are great now but generally they don't return much. Sure there are opportunities for loss but if you're planning for X people ti retire in 30+ years it seems having all money in treasuries isn't great?
America is still a land of opportunities for everyone in the world. We can always allow immigrants if we should need more contributor!😅
They need to stop handing out social security disability payments to families with a child who has ADHD and other ridiculous reasons. Seems like you can game the system and get SSDI for almost any reason now days.
If caring for that child causes a parent to have to miss out on income, then give the family a check, otherwise you're going to see a lot more divorce and single parents with disabled kids who still won't be able to work but now require food stamps and section 8 housing too because the sole income earner got fed up and left.
SSDI is only given when a parent is currently on SS. If the family is poor, the child can get SSI and its Medicaid. The criteria for ADHD is very strict. The kid has to be out of control.
@SandfordSmythe I hope that is accurate. It just seems like there are a lot of people collecting SSDI for dubious reasons. Anecdotal I know. My rule of thumb usually is if it walks like a duck and talks like a duck, it's a duck. There are far too many people trying to take from society than contribute to it.
@genereniker527 ADHD is over diagnosed and over medicated. When I grew up, every boy I knew had what is now labeled as ADHD. We burned up our nervous energy playing outside and doing physical activities, not sitting on a couch playing video games. We were also disciplined for bad / disruptive behavior instead of having excuses made for it. That just makes it worse in the long run.
Give these things a try before handing out meds and collecting money. Some of the most effective remedies are the simplest. Many of these kids are being set up for life-long failure.
@@jdm1039 how many of the kids you grew up with killed themselves because society told them they were failures instead of diagnosing their conditions?
How about an option that lets American opt in to paying a higher contribution to SS? I would choose to pay more into a safe plan for a higher payout and then reduce how much of my salary I’m gambling with in my 401k or losing to fees.
I think you want an annuity. You can buy those from insurance companies today.
@@tylerpeterson4726 - not really. I want something that can keep up with inflation. Currently the rates are pretty good for CDs, but that’s only a 5 year guarantee. I’m having trouble finding the rates for retirement annuities, but they appear have annual fees. SS is more guaranteed than Annuities and it takes money out of Wall Street, which I feel would be a good thing for this country.
You take enough of my money. No way you're taking even more, while giving me less when I do retire. F that. Just eliminate the entire entitlement program and let people fend for themselves.
Never have fate in the government. Save yourself. Be your own hero
Save your own money, and invest wisely.
Pay people living wages so they can save more and/or a higher percentage can be put into Social Security. Tax the rich.
With courtesy, I hope you are whatever you are, but not in my current situation. It has been 6 years since I entered the great and powerful country of America, California, Santa Clara, and I have been living in hell for more than 5 years, where my conditions are like little girls waiting for the smallest excuse to cry. And I also found that in this country, the laws are included with a lot of planning and a lot of expenses, that I was personally surprised at the beginning of encountering so much generosity in following up or preventing any problems, especially in the case of children, until I entered it and the facts One by one, it was revealed to me in the midst of amazement that this does not come from the laws, but from the legislators and executives who apply the law with taste, and unfortunately, all the material, spiritual, time and human values that have been spent to insert such laws are due to human mistakes. which should be nipped in the bud under the unreasonable support of its executive power and lead to the collapse of one or more families. On my conversation with the Family Court in Santa Clara, California, for what crime did you deprive me of seeing the growth of the only fruit of my life? And I fought to get back the fruit of my life and proved to you that you ruled blindly, and just as I was preparing to celebrate and kick my ass, you killed me because of the incompetence and irresponsibility of some government employees. Not once, but during two weeks, two criminal cases, Dear Judge, respectfully, I had a question for you. One day, a father who had just arrived in a land that was very new to him, and almost took his son. A crime has been committed. Are you thinking about committing the next crime? Is this part of the law? The accused will be strictly enforced. The criminal is not even prosecuted. I am a normal person like others. I couldn't do that, I was ashamed of myself that after these events, it was like a leaf falling from a tree
Make adjustments to SS for the younger (pre-working) generations who will have time to adjust and plan while grandfathering in the current and upcoming recipients who paid into the promises of the current system.
All we have to do raise the earning income cap
The payroll cap needs to be raised permanently just like Medicare's was in 1993. It basically just exists as a large tax cut for wealthier individuals that earn past 160k a year.
The more you pay in to Social Security, the larger your payout. If you increase the cap and people pay more in, then you will either have to pay a commensurate amount out, or just admit that it's a middle-class tax hike.
Thats just code for raises taxes on everyone not just wealthy
It is not really a tax… I will be more than happy to pay 6.2% on all my income which is 5 times more than the cap, and expect 5 times more benefits when I withdraw it. I don’t see how this fixes the problem.
@@awesomegmg956 that’s not how it works lol
@@awesomegmg956 You wouldn't get 5x the benefit. Social security pays 90% of your first $1100 in average lifetime monthly income, 32% of the next $5600, and 15% of the rest. It is progressively calculated, so you would probably only see 2-3x the benefits if you paid 5x the taxes.
Why was there no discussion about increasing skilled-worker immigration to increase the size of the workforce paying into SS?
Skilled workers who want to immigrate to the US will always be a very small percentage when compared to very poor unskilled immigrants.
@@KevinBalch-dt8otBut their kids will become the FICA taxpayers, so it's still important that they come here
@@vulpixelful - That is 20 years into the future. And most will be menial jobs. A person doesn’t even making up the cost of raising them until they are in their thirties.
The purpose of social security is not about money, it's about basic support when retired. Why have to be money, how about option for money or housing or food support or hybrid. Sometimes the retirement housing cost more than the money itself. Can social security fund invest/purchase housing and pay for property management? And retiree has option to take the housing or money?
This video directs all attention to birthrate while neglecting or downplaying return rates. If you look at what everyone pays in and takes out it corresponds to roughly 5% return rate. That is NOT an overly generous rate of return (Over the past 30 years I have averaged over 13%). The problem is that the government has manipulated rates far lower for over a decade depriving the fund it's income at the worst time (it's peak of boomer contributions) and now is INCREASING the benefits for inflation!
Demographics are going to change, but the human need for income when they are disabled will never change. Savings and interest must cover payouts!
Never rely on the government to help fund your retirement or insurance.
im sensing a ponsi lol
Most people would starve without Social Security and Medicare, both Government programs.
@@agmhelena7266 A Ponzi scheme? Literally just max out your IRA, HSA, or Employers 401k plan and you will be miles ahead of the peanuts the government will give you when you retire at 67.
This is NOT a handout. This is OUR money we have given over our lifetime. Any attempt to shortchange us will lead to lawsuits or even revolution
The Supreme Court ruled in the 1960s that you do not own your social security benefits. A German rocket engineer who made a vital contribution to the Apollo lunar landing project was later deemed to have been knowledgeable of the use of slave labor during WW2 and was deported and stripped of his social security benefits.
The funny thing is that the U.S. Supreme court has ruled that it is not your money anymore the ruling stated that the money was a tax and therefore not your money anymore. Congress could end it tomorrow and you would have no recourse except to throw yourselves on the floor and throw a tantrum.. If you think you can fight the U.S. with a revolution, well they will crush you like a bug..
This video didn't include benefits bumps that weren't paid for in the early to mid 2000s (part D)
Is it ok Americans move to Mexico to live from social security income?