Social Security Is About To Change in a BIG WAY
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- Опубликовано: 5 фев 2025
- Social Security has been due for a revamp for a long time, but during Trump's 2nd term is when it may actually happen mainly out of necessity. As it currently stands after 2033, Social Security will only be able to pay out roughly 79% of promised benefits and continue to dwindle from there. If something isn't done about it soon, Social Security as we know it will cease to exist.
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Only the USG could mandate people invest their hard earned $ in a retirement plan that produces a negative rate of return.
No, we do NOT have to change it.
We do need to create a wealth tax on assets worth over $10 million dollars whether or not those assets are sold.
That will solve the majority of issues in this country.
Stop being so one sided with your views.
The funding issues are because asset prices have skyrocketed for reasons I discussed a million times in your videos
No my friend.
If we moved to a private system we'd be giving the financial institutions trillions more dollars to play with and buy up more assets which would make things even more expensive.
We already privatized our healthcare system and look what happened. No thanks to privatizing our retirement.
@@TCB1935 The rate of return is extremely low buy not negative. The problem is that you aren't in control of the money. There are legal ways you can pay very little into social security and keep more of that money and invest it in yourself. That is what I have done. My social security payment will be pretty small, but I have saved enough money to not really need it. I just want it to cover all of my health insurance.
@ I made an 18% return over the last 12 months in my “privatized” Edward Jones retirement account…about 17.5% more than Social Security over the same period. Privatize me, baby. Let me, not the USG, decide how best to invest MY money.
The main point of this film that you failed to see is that Social Security taxes need to be prohibited from the start. Double taxation is prohibited, yet this is precisely what is taking place. Social Security beneficiaries have previously paid taxes on their incomes when they were employed, and now the government treats them unfairly when they most need this money to survive! Americans may experience issues with retirement.
Retirement may be difficult for an increasing number of people. Saving money is difficult due to expensive rents, inflation, and low-paying employment. These days, middle-class Americans also struggle to purchase a home, which prevents them from having a place to call home.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
@@Jillyshrum Pls who is this Advisor that guides you? I’m in dire need of one
My advisor is “ Annette Marie Holt” , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the fina-cial market.
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 résumé .
Social Security will be around but there are major changes coming. There will be reductions in benefits and increases in the retirement age. Furthermore there will be a Means Test clause coming in the near future. Which means, if you have retirement assets above a certain level you will not receive social security or a very reduced benefit. I am certainly not counting on Social Security for my retirement.
I’m 62 and still working full time. I do enjoy my work, it provides me with purpose and has secured my financial future. Most people are too eager to retire as early as possible. Even if you do retire early, best to get a part time job for the reasons cited above, as well as following many if not all of the suggestions in this video.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $$275k to $850K...
Do you mind sharing info on the adviser who assisted you? I would love to grow my stock portfolio and plan my retirement
Her name is Annette Marie Holt can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
I'm 59 years old and I realized 15 years ago that by the time I was 65 Social security would not be around for my Retirement. I'm prepared for not getting anything from the government. My biggest concern is that the government will come after the money that smart savers like me who invested and worked hard to protect. I'm seriously considering cashing out and seeking citizenship in a country that has their crap together before the American financial system fails completely.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Please can you leave the info of your invstment analyst here? I need such luck
Annette Christine Conte is the licensed advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
Funny how we that are on SS only got about a 2.8% raise this year, but Congress got about a 30% salary increase.
They have to find a way to pay for their massive property taxes on their McMansions.
40%
No they didn't. There was a proposal to raise their pay 3.8% (not 30%, that number is a right wing lie). Congress has not had a pay increase since 2009 (the last time the Federal minimum wage went up). But even the 3.8% raise was killed. I personally don't think they have earned a raise and I am fine with it being killed but it is important that we use facts when arguing this stuff.
2.5% increase in SS
@@OUFan2 I heard they DID get the raise!
It’s not an entitlement. We have been paying for it since we started working
It gets taken by force "for safekeeping" by the bullying big brother,Uncle Sam.
Might not be entitlement but it's certainly extortion for the younger generations, paying into a system we know won't exist when we're old enough to draw.
You been robbed since you started paying taxes. Feel good?
Same for Medicaid, we pay our whole lives can't use it til 65 🤬and we still have to pay😠
Congress can easily assure all social security payments are made. Don't let them lie you into believing we're "too broke"
It’s sad. They can over night agree to fund a W A R or bail out a bank. It’s been talk for years but no fix for our social security
Michael is just regurgitating the lies they've been spewing for years. The average American contributes about $210K @12.4% (6.2% employee and 6.2% employer) of their income to social security. This is about $390/month over 45 years. At a 5% rate of return we should have $794K in our individual trust accounts. If we drew only the 5% interest off that principle $39,700 per year or $3,308 per month. We'd still have the principle. The issue is that politicians have stolen "borrowed" over $2.7 trillion from our trust accounts.
SSI would be solid with the money they used to launder with the ukrainian mafia
@ It can't be fixed unless it's converted over to a privatized form that works with the stockmarket and hedgefunds.
Yes, by not paying for war
The average American contributes about $210K @12.4% (6.2% employee and 6.2% employer) of their income to social security. This is about $390/month over 45 years. At a 5% rate of return we should have $794K in our individual trust accounts. If we drew only the 5% interest off that principle $39,700 per year or $3,308 per month. We'd still have the principle. The issue is that politicians have stolen "borrowed" over $2.7 trillion from our trust accounts.
Yes, I agree.
Exactly.
Thank you for the numbers! 🇺🇸🌴
Correct. Paid into Social security all my life and it’s always broke. Was broke when I was a kid, or that’s what I’m told. But like you said, we have plenty of money to give away to the rest of the world. Laughable.
Excellent point
$16.5 TRILLION for bank bailouts & bonuses in 2008.
But no money 💰 for SS 🤔...
The US government has proven they cannot manage socialism. The EU did a better job for a while but you can see them buckling now too. The sh!t doesn't work.
And if you dont defend Capitalism at all cost then you are not very manly, or patriotic. 🙄
Amen to that, these scum elites in the imperial capital of DC have bailed out the rich at our expense and people keep voting for them! What does that say about the citizens of this country? or is any election fair? maybe some, but the shenanigans are evident.
Why are you combining bonuses, which are voted for by boards of directors, and bailouts, which are voted for by legislatures?
@@YadraVoat the bank bailouts were used to pay themselves bonuses.... And they caused he problem on purpose. They knew they'd get bailed out.
Corrections in the market can occasionally occur after market peaks, but it can be difficult to forecast when and how big they will be. A 'massive' correction has been mentioned by some analysts that I have heard. It makes me wonder if I should make any changes to my $10 million portfolios, or even think about making some defensive investments.
Consider diversifying your portfolio with a mix of stocks and stable assets. Seeking professional advice now could provide valuable insights and strategies to navigate market uncertainties and protect your investments.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch if you don't mind
Diana Casteel Lynch is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Cut 10% of government waste and everything is paid for, I can walk into any state or federal office and cut 20% of the people and work will go on as usual. Too many people on government payroll.
Like waiting on the SS phone line?
The real problem is , they do not want most thriving. They want us spending with no money left. That's how they control.
..... yup and you just lost that 20% of FICA income to the SS Trust Fund !
Your theory is backed by what data?
I retired as a essential worker. Most companies didn’t offer 401k, no kind of investment plans. Some no insurance. Retired making less than $9.50 a hour. Starting pay was $4.50 hr. Still have same bills people in this generation have. During covid companies went to $15. Starting pay. Younger generation don’t have the work ethic baby boomers had., also contributing to SS shortages also. Our money kept other generations check in mail box. Now we need to work longer 68, and die early to help save SS. Most draw around $1000. How do society think we living off that.
People get social security and work 7 days a week, still can't afford to rent a decent place. Wages go up, rent goes up to take it away. That's the scam.
Yeah I feel like we're all arguing about everything but the elephant in the room.
There's no way you wouldn't have rent. Sounds like a budgeting issue. I make 40k and am thriving so these people just blow all their money
@@28cthedestroyer Depends where you live. 40k is plenty in some places and next to nothing in others.
Hubs makes 500-750 a week. I make 1200 a month. We pay 1200 in rent, can pay all utilities and have $ leftover.
Not a lot but enough
We live across from the Gulf on the panhandle of Florida.
@@hawaiingirlbethDo you pay childcare? Probably not so your budget is missing a very large expense that families have each month.
We have money for Israel and Ukraine, and not social security makes no sense😮
remember that when the new cola comes out at 1.1% and food alone went up 20%
It makes perfect sense..Your govt wants to destroy you.
That is why some say US Congress is always work for american first in reverse order..
For one you're talking billions and for the other it's trillions. Simply a question of math.
Conservatives want it to fail, and work 24/7 for 30 years now trying to make it fail, so they can sell it off to Wall Street. FDR and George Carlin warned us this would happen.
I am tired of hearing this. Hands off. They find money for everything else
Loss of 3 trillion to afghanistan!😮
Your govt is still handing over millions to their mafia buddies in Ukraine.
Just call social security “Ukraine” or “Israel” and there will suddenly be unlimited funds available
Correction: They "print currency" for everything else. BIG difference between currency and money.
Yes somehow they were able to spend billions of dollars on these illegal immigrants 🤔
Privatizing SS would be the worst option. That would make it for-profit for whoever is in control, and it would become like the insurance industry where they increase their profits by providing the bare minimum benefits.
So you prefer the government profiting, like it is now? It is no longer 1935. Americans are far more financially informed now.
@@stockae74 People won't fund their own retirement. They will just buy more beer and cigarettes.
It would be the best option. I don't want the government in charge of a supplemental retirement program. Government is filled with idiots.
They provide the minimum because is mandatory, if you make it optional they would provide a decent service
@@silkscreenart5515 While I appreciate this perspective, it's exactly what's wrong with our culture. We need a system that encourages people to plan and save for their future and retirement. This includes a sound money system where someone's lifelong hard work can't be erased by a few years of bad government and printing trillions of $. In a system where the individual is empowered, if some people choose to spend all the $ on beer and cigarettes, well... reap what you sow. (And your neighbor, friend, family member, church, and other safety nets in the system will hopefully allow you to get by.)
When they started giving our money to people who never paid in to the fund for life as a disability payment it broke the system.
SS Fix idea: An additional tax on companies that use offshore workers to replace American workers.
Why do u think they're all going back to where they came from?
Companies don't pay taxes. That company's consumer pays the tax.
SS Fix Idea: Dismantle the program itself and allocate those funds toward the national debt and individuals need to start contributing to their own personal savings accounts tax tree.
@@nicklll4477 Yeah, a great private way to fix this would be to say we won't tax you on 10% of your income if you put it into some type of brokers account or the S&P 500 or something like that and we also won't charge capital gains on that 10% you have allocated to those things either.
SS was always a Ponzi scheme. Its came to an end. Give me 75% of what I’ve paid in. Change the tax to be put into a 401k and let it ride. If I came make a 10% average return over a 2% I’m good.
I’ve been paying into it for about 40 years. Just give me back the money they’ve taken with interest matching inflation and I will be fine with that
It was used to pay benefits to others.
They don’t even do that now for those currently on SSI
Real inflation, not the fake under reported numbers the government makes up and doctors.
me to
Lol shell game
A tax on a tax. I never hear that the CDC, FBI or any other agency is running "out of money".
Or what about the welfare programs..
Social security is massively more expensive than CDC, FBI or welfare.
Or welfare
Because the $$$ is FLOWING into Gubt pockets
Tax on a tax? Seems like the Boston Tea party all over again.
I have two pensions. I would much rather have had a Roth 401k throughout my working lifetime. $500/month invested from 25 - 65 at 9% is $2.3mil. I hate my job but can't leave because of I won't get my state pension. What do you think about doing a 70/30 stocks bond ratio?
I would avoid the index funds, mutual funds, or specific stocks for the time being. 5% fixed incomes are the safest bet for now. Save your cash for when the market actually shows signs of recovery
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
Generally speaking, a good number of people discredit the effectiveness of financial advisor in planning for retirement, For over the past 5years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $1million in gains… might not be a lot but retirement doesn’t seem so farfetched anymore.
Could you possibly recommend a CFA you've consulted with?
She goes by ‘’Melissa Terri Swayne’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Happy fruitful year,I'm beyond excited! In just one week I'll be debt-free, having paid off my entire $285,000 debt and begun a new chapter of financial freedom.
Happy for you! Good for you!
How were you able to do It?
Am a born Christian and sometimes I feel so down 😭 of myself because of low finance but I still believe God😞
its luck, it's me just being
at the right place at the right time. I met a financial and trading consultant at a seminar back at Los Angeles later last year, where she was featured and interviewed and I reached out to her afterwards.
Her name is Elizabeth Ann Hanson, I didn't know much about trading and investing so I spoke to her about it, she then later introduced me to her platform where I and other people could invest.
Elizabeth Ann Hanson's doing she's changed my life. A BROKER- like her is what you need.
Giving all our SS money to wall street is a HORRIBLE idea
It would be better to dissolve Wall Street and use the proceeds of what had been tied up in the markets to fund a real social safety net.
People who have paid into Soc Security
Should get their full Soc Security… fully.
stop taking soc security out our checks… then. These Mfs don’t
have a Clue.
It depends on whether the government gives the money to wall street no strings attached or regulates our social security accounts just like a 401k. I have a feeling our government would just give the money to wall street no strings attached and walls street would quickly gamble it away.
@@MereAYT Says the person who doesn't own anything and never will.
@@markadler8968 The only reason to own things is in hope of one day having relaxation and leisure. If that is never going to happen, there is no point in owning anything. Right now, it feels like a trap in always working and being afraid over money until we die.
Congress stop raiding SS funds.
How is Medicaid solvent but not SS?
@@irritatedkitty7301 Or Welfare.
SS is invested in US government bonds.
SS Has never been raided
Most Medicaid $$ goes to poor elderly people filling in the short falls in Medicare. If your poor and/ or long term disabled on Medicare the Medicaid pays for part B and a most of the 20% in Part A and picks up copays for proscription drugs. Nearly 0% of Medicaid goes to working age adults the exception is single working mothers but it's cheaper then the state/orphanages raising these children. I Was a CHIP kid till high school after my mom finished her Master degree ( got a well paying job ) while working full time and raising 2 kids. And now her income is much higher so she as easily paid the system back by being in a high tax bracket for the last 3 decades. May of never happened without the support we needed in our youth.
The promise can be kept if we stop supporting everyone else.
That’s propaganda. SS has its own fund it does not come out of the federal budget
Social security funds do not support other things
Just not enough workers paying in and to many at benefit age . Classic Ponzi scam
Social security funds do not support other things
Just not enough workers paying in and to many at benefit age . Classic Ponzi scam
WE PAID IN, AND WE DEMAND OUR MONEY!!!!!
If I were a multi millionaire with a solid financial portfolio I would be too happy to opt out of receiving SS benefits. At that point my country owes me nothing because I'm living the dream. Greed is our problem not a lack of money.
Very noble of you. Thank you.
How the government had billions and billions to give to Ukraine and other countries but we are worried about SS running out of funds???
Where do you think all the inflation is coming from? The more money is brought into existence through loans, the less all the money in circulation is worth, driving inflation. It's not that anything actually costs more, the money is just worth that much less. We're currently racking up $1 trillion in interest every 6 months, so we have to borrow a trillion twice a year and spend nothing just to tread water.
Trump just cut all aid to the Ukraine
and the syria building so called kurdistan
Exactly!!! They borrow from SS and never pay back!!!
FYI: The USA business model is start wars and then plunder the country. We are still stealing Syrian export oil. ka-ching. Ukraine export grain is now USA owned Ukraine export grain. ka-ching. Do you really think the USA is spending $billion in Ukraine for democracy? We are plundering Ukraine. The American dream is plunder Russia next. Russia has $70 trillion in assets.
Social Security would not be in trouble today if congress would not have used the money for other programs etc. It was never paid back in IOU's. I always enjoy your videos Michael! Always informative.
Yeah, like all that money that went to the Ukraine & other countries.......(Cuz war is profitable) But who exactly profited off of these wars exactly?
The average American contributes about $210K @12.4% (6.2% employee and 6.2% employer) of their income to social security. This is about $390/month over 45 years. At a 5% rate of return we should have $794K in our individual trust accounts. If we drew only the 5% interest off that principle $39,700 per year or $3,308 per month. We'd still have the principle. The issue is that politicians have stolen "borrowed" over $2.7 trillion from our trust accounts.
You need to "Google" how SS is funded. "used the money for other programs" is the way it works.
johnson needed free money to play war in Vietnam cleaned out our SSI funds and placed them into the general funds ---- poof gone!
@@bubbajones4522 I figured that out 25 years ago and found a way to pay in as little as I could to social security. If you buy, remodel, and sell a house and own the house longer than a year, the income is investment and not earned. Being self-employed, that is a savings of 15.3% (medicare and social security) I have sold some houses under a year and paid in for that income. My projected SS payment is fairly small but I will have plenty of investment income AND the capital.
This scares the living shit out of me Michael. Some of us Gen-Xers will have nothing to retire on. Wage stagnation since the 1990s.
💯
Relax, it's pure bs. None of us would have money if government didn't issue the money in the first place.
@@sjb3858Your correct you will pay and get nothing sorry !
I’m 42 and right behind you. We need to stop sending aid to other countries and take care of our own.
You shouldn’t rely on gubmint for your retirement funds. That contract has been broken for decades now.
The problem with SS is that to many people draw SS that didn’t pay into SS
Private accounts are a really bad idea. Most people don't know how to handle money properly. We'd end up with thousands of homeless elderly because they didn't save enough or they made bad investments and went broke.
True
Wall Street will also take fees for "managing" the money. It is done in a way that isn't obvious to people.
We already do.They should've raised the cap long ago.We now have a country of people who don't regard the aged no matter how hard they worked that old physical labor job to provide them the infrastructure they now enjoy and take for granted.Just rotten spoiled people.
People are homeless on SS.
That would be the regulation, You would have to show on your tax returns that it is really invested or be taxed or even fined. You know, like we do with our IRA or 401K
A government of billionaires for billionaires.
The billionaires or alleged billionaires need to pay up to $500,000 in social security as most working people pay all their working life,
tRump was a millionaire by age six?
I wish poor people were not trained to support billionaires.
@@hallhv01 You would prefer them to support the poor? Do you think the poor could fix all of the problems in our country?
When I'm buying ground beef, in line behind someone with a "steak and shrimp" debit card, I don't want to hear about cutting the already skimpy social security benefits. How bout we cut the gravy train for Lockheed Martin?
And how would that help you? Maybe you need a better job
@dc76384 maybe you need a better job. Good luck to you.
@@haldriver1378 No Ive got a good job.
@@dc76384 I'm happy for you. Save your money, my friend.
@@dc76384 good for you! I'm happy for you!
If our government had not been borrowing from the social security fund we would not be in trouble!!!!!!!!
jay: what difference does that borrowing make. In fact, it has helped the solvency of the trust fund due to the interest the government pays the SSA.
The CATO institute calculated if a worker put their earned social security funds into an approved bank savings account with compound interest, at retirement you would add one zero onto your monthly dispersal amount. Instead of $2,000 you would get $20,000. This gives you an insight into a comparison of the power of compound interest vs government theft.
It's a nice thought but as idiotic as the American public is they would never do that.
Except for the several market CRASHES and THEFT in 2008
20000 a month id 240000 a year are you serious 240,000 a year it what you get on 5 million. I suspect you read the Cato report incorrectly or they were conveniently generous on their rate of return per year.
1000 a month a SS contribution on a 100000 dollar a year job by the employee and employer only compounds to the most to 2,400,000 at 7% after 40 years. Unless your think you will die at 75 this numbers are suspect.
At actual number for a 65 year old person would be lower since 100000 a year was a less common salary in 1980.Someone making 1000000 today would have been making about 35-40K a year in 1880 More likely you would have abort 1.4 million. In no way could that five you 20,000 a month.
Politicians have been kicking the can down the road since the 80s. Probably longer. Plan on getting 70-80% of SS. Better yet, start now to invest and put yourself on a plan on what you would earn from that only to live.
I am 63 and planning on retiring at 67. The thought of paying in all those years and earning my credits only to find out I may only get a portion of what was promised is sickening. I respect your thought on eliminating taxes for a number of years to help fund an individuals account but this only creates another shortage of funds that state and federal taxes pay for. What a dilemma. 😩
You have nothing to worry about.
You should have been drawing SS @62. Missing out on 5 yrs of income. Retire today.
They need to raise the cap. Why is this so hard???
They dont tell you that you have to live to 80 in order to benefit from taking social security later than 62.
You should have already got retirement money your not guaranteed tomorrow
The reason I stopped working at 60 and started drawing my SS at 62 is because I’m broken physical and was getting too old to keep up. Better to enjoy then waiting. My 401K now IRA is worth less than I put in it , 1/2 my money pufffff gone.
How did you invest it?
@ my 401k. Through my company driven plan. The big drops, yes drops in my 401K happened many years ago I forget. Oh and I invested in my company stock, big mistake, just never fully recovered. Never really a good time to retire, you just deal with it.
To old, I'm 63 with two jobs, I love working, I know a lady who's around my age who has 3 jobs 😮
@@scottlagasse3182 I understand, thank you for the reply.
@ I understand my mom is 89 and in assisted living my sister can just get by on her SS and I could go on and on…. I happened into a good job at 43 worked that until I couldn’t take it anymore and mom needed help. Which is a whole other story. So here we are.
Oh yes, privatize it, that went very well for people who lost a great deal of their requirement accounts in 2008 due to unscrupulous FA's, none of whom went to jail and whose employers were bailed out on the taxpayers' dime.
Privatizing Social Security, a.k.a: Saving a bit of your income for retirement yourself, in which case, who needs a system for it at that point?
If they can bailout financial corporations, they can pay-off the elderly and disabled to get rid of the whole system of SS and SSI.
Once it's dismantled, the government should go to all the workers who have been paying into it all these years and give them an even bigger payoff, concurrent to how much they put in + a truly massive yield on interest.
Third and final step for the government to do after they completely shut it down... is to NEVER DO IT AGAIN!
Federal employees already have this plan for over 25 years. They invest in a fund not stocks.
As it is most workers over 50 don't have enough in their IRA's or 401k.
It's a great solution until it isn't. Markets tank? Hello poorhouse with no hope of salvation for the remainder of one's life. Ask yourself if you are feeling lucky.
It’s telling that there’s ZERO mention of increasing the maximum salary. Right now there’s no SS tax on income above $176k, but god forbid we tax the rich!
Most of the Rich people like Elon musk do not get paid wages, but instead get paid on stock options, which are taxed on capital gains tax.
@@anthonyrodriguez2413 But they can still tax the corporations they own. But let's face it. The tax code was designed so the uber rich don't have to pay. Such was the case in France just prior to the Revolution.
You think 176k is rich? Taxes get taken out of that too. How about we stop punishing our fellow workers and look at the real problems. There is plenty of social security money it doesn’t come out of the federal budget it has its own fund. This is like the chicken little scenario the sky is falling the sky is falling and people panic without doing some research once again.
They pay over 90% of all taxes. The bottom 47% pay zero. There's a lot of dead weight in this country.
@@Chet_24 well that's because the rich have all the money, isn't it? do you think that's really the best way to organize society- to have vast wealth inequality? Oh and by the way, the less well off still typically pay a higher percent of their meager income than do the ultra wealthy. Maybe not in income taxes, but they still are on the hook for Fica taxes, sales taxes, excise taxes, gas taxes etc., most of which tend to be regressive. Seems there's a lot of dead weight between people's ears too...
Both my brother in laws and sister in law worked their whole lives contributing. All died suddenly before retirement. Never used a penny
I'm sorry for them. That is how the government planned it actuarially.
It is unfair but what can you do...
I wonder if that is factored if they go to a new system because the gov would not get to keep the money in those situations any more.
The non-working single mothers on welfare that never contributed a dime to the system got their hard earned money.
Is not what he can do moron, he's trying to make a point that this also happens to millions of people. They work all of their lives and die before collecting a check. What happens then? Where do these thousands of dollars that a person has contributed to this darn scam go if they die before collecting?
No more SSI for illegal aliens. How is this happening to the working class of Americans?
They don't get SS even though they pay into it. Check it out.
They actually help, they pay into it when they work but will never receive benefits.
@@dantheman6607 SSI stands for Supplemental Security Income,
it is General fund welfare money. (Tax Money not SSA)
They don't get SSI now. If a non-citizen is working in the US legally they can contribute to a SS account and get money on the same schedule as other contributors.
@ Noncitizens may be eligible for Supplemental Security Income (SSI) if they meet certain criteria. These criteria include being lawfully admitted for permanent residence, granted conditional entry, or paroled into the United States
Privatizing social security is a horrible idea if it involves any public private partnership because every one of these deals is a loser for Americans
Someone will get rich and not the ones on Social Security.
Private healthcare is working do well! 🤣
Public private partnerships constitute welfare.
I'm 64 with a degree in economics. You did a good job on this.
This scares the heck outta me. As a retired Boomer. Should I be looking for a job?
People arent smart enough and would ruin their retirement..from a decades long banker
By design
Exactly and Byron Donalds R recommending that as a prior investment banker and older people do not want to have to deal with risky stock market...I lost all my money in the first 401k crash and do not like that idea plus why not let people who earn more than 250000.00 pay higher Medicare tax...plus cap on how much they can receive when they retire...how about tax Congress then they will have more compassion...
And the government is smarter? 😆
A big big drain from social security are the people who never paid in but receive benefits, SSI
Bingo
SSI comes from general revenues of the US Treasury - corporate taxes & incomes taxes, not from the Social Security trust fund.
You need to have worked 10 years to get benefits
@ not SSI Supplemental Security is for people with no work records or limited work history
This is also for people with disabilities that cannot work
If they raise the FICA cap, it would help a lot.
This is the ONLY sensible answer, to solve this problem.
Every time I go to the social security office I see 2 older people the rest are young or foreign people this is a joke
Americans need to DEMAND that they raise the FICA cap. Someone is gonna get hurt here people who earn over $250,000 should take one for the team. Sorry.
Someone needs to tell Bordenaro this.
Then other taxes will go up and you will get a half of your gross income, instead of 70% now.
Don’t want to pay out SS?
Fine, Don’t take the taxes out of my paycheck!
We Help other Countries , Yet The Government Can't Help Seniors Social security. Stop Wasting Money Help The Seniors !
They never talk about welfare, food stamps, or foreign aid running out of money.
I agree … strange priorities …. Social Security should not be touched.
Don’t forget they just asked for a 40% raise for congress… already making 180k
Welfare and food stamps are small beans compared to money going to Israel, Ukraine, and the military-industrial complex.
Nope and then those that pay in can’t get it if they ever needed it because they made to much in the past or have assets
Indeed 😊
SS administration should investigate the thousands of people who receive SS Disability payments. It seems we all know someone who gets these benefits and qualified because of being an alcoholic or chronic drug user. This would make a huge difference
You know someone who receives benefits for being a drug addict? What state? Gotta check this out!😂 only time I’ve heard of this ever happening is when people are addicted to food & eat themselves to obesity & disability.
Yes, Disability fraud is rampant in this country.
You have no idea how hard it is to get through that system. You get sent to doctors SS picks out for you to make sure your actually too sick to work
Removing the income cap is only unpopular with the wealthy. The vast majority of people don't make over 250k. Why do financially secure people not have to pay in after they reach a certain income? Raise the cap and easily solve the problem.
There is cap on benefits, why not cap the withholding?
actually the people over 250k should forfeit all previous funds paid into SSI and should be bared from getting SSI when they retire
Besides raising the cap, they could also lower the payments to the wealthy based on investment income. I want the gov't to have as little control as possible, but since we have the system, that would help fund it better.
Because you’re never going to get that money back… Why would someone want to pay more than someone else tax people that make the money more …that’s just stupid …figure out something else. Otherwise, the wealthy people will just leave the stupid country and then this will be a country full of poor people.
They won't vote against themselves.
I wouldn't count on it.
Us Gen-Xr's have had the rug pulled out from under us too many times.
I don't see this ending well.
💯
Yep, and we were also the first generation to have it worse than the generation that came before us. I find it rich that the people who complain about not having enough young people paying into SS are the same people who made it exceedingly difficult to afford a family over the past 30 years.
@@solinvictus39 there is plenty of money in the fund. They want to make you hate your neighbor.
If the politicians would keep their grubby hands out of the Social Security fund there would be enough money in there to let folks fully retire at the age of 55. It's the over-spending of our government that has depleted the funds. Mis-appropriated money and taking away from the people has so many negative consequences.
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Tracy Britt Cool Consulting. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, she was able to scale this quickly to $150,000.
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All the billions we wasted on Ukraine would have gone a long way towards shoring up Social Security. The amount of yearly income taxes paid by Social Security recipients, including the very rich, adds up to $43 billion. The Ukraine debacle has cost hundreds of billions.
For sure.
Thank a Democrat for that one
Raising the cap would make more sense than raising the retirement age
Totally agree
Yup. Working at 69 is very difficult for many people, and for some it's impossible.
Yeah
Not really, there's not that many people earning above the cap.
This is all nonsense there is plenty of money in the fund.
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This would be an enormous DISASTER.
The vast majority of ppl are not disciplined enough to save their own money for retirement. And down the line, you would end up with TENS OF MILLIONS of homeless seniors, all over the streets of America.
The gubmint seems equally undisciplined financially speaking.
Because people are conditioned to become reliant on the government. That's how they keep us poor. If people had never allowed this scam, they would have had to become responsible and disciplined.
Removing the cap on Social Security tax for those making over 175K could delay insolvency at least 6 years and add $425 BILLION to the SS coffers!
Take the cap off on SS at $176,000 and rise it.
Great, increase the payout too.
Stop corporate welfare how about that?!
None of this is hard, except getting the plutocrats to do it.
They raise the cap every year.
@ That they do - and it was higher than the core index this year!
Dr. Ed Weir, retired SS manager has been amazing and keeping us all informed about social security administration. SS is not going away. Remember to watch Catherine Austin Fitts speaking at Hillsdale college.Stay healthy and safe everyone ........... Cold , cloudy and rainy here in the Ozarks, exercise at home today , age 71 physically fit speaking 3 foreign languages
EXCELLENT
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Curriculum
Hillsdale's 1776 Curriculum for American history and civics has been criticized for downplaying racism, the Great Migration, and the Ku Klux Klan.
Speech codes
The Foundation for Individual Rights and Expression (FIRE) gave Hillsdale a "Warning" rating for its speech codes, indicating that the college doesn't have a clear commitment to free speech rights."
Excellent
Be careful after age 71 you usually don't last very long.
Is that why they have a bill for March to get rid of SSI, Medicare and Medicaid? Also the VA?
Tell the politicians to stop giving away all the money! That's the problem. I want all money going to foreign countries to stop and all tax breaks for corporations to stop. We have enough money!
I'm tired of people like this guy gaslighting us into think it's us and not the government.
With entitled billionaires running the WH I think chances are slim that those below that status will benefit one iota. The complete opposite will happen. America wanted change..you probably won’t like it either.
ABSOLUTELY!!!
THIS!!!!
You are the only person who has brought up (at least partially) the real problem. Follow the money! Look at the loopholes in the tax code that allow the 1% in this country to pay and effective federal tax rate under 7%. Take away the loopholes and you have enough money to take care of the deficit and many other problems.
I’m a huge fan of being accountable for you. So tired of working my tail off to benefit others.
Raise the cap, and pass a law that Congress cannot touch Social Security
trust funds.
Don’t raise the cap stop punishing people who pay enough taxes already.
Why are you worried about taxes when you don't have a job?
Removing the FICA cap is certainly not unpopular. In fact, it is the only fair solution. Please don't advocate sending my income to the casino by privatizing Social Security. WORST IDEA EVER.
The political party that doesn’t save social security won’t do well in the following elections.
Dems already screwed themselves for at least two election cycles anyway so the next President will also be Rep. Only in 2032 will Dems have even the smallest chance of it again, assuming they don't crash and burn with DEI.
Yes but that won't happen until the checks stop going out or are massively cut
The parties that robbed everyone should be prosecuted and have their accounts emptied and put that back into soc sec.
Voting is a sham anyway
Reagan was the first to raid the funds. then screamed oh the fund is going is broke better raise FICA. People are so gullible and uneducated.
Isn't what 401k was to protect your retirement but they tax that too!
The government would tax us for our growing hair if they could!!
Right and you invest the money into it with money that was already taxed from your paycheck, so they are double taxing the money you earned
Its called double taxation. The claim about taxing the rich is enough to get people to agree.
If we have self directed "social security" I want what I've spent the past 25 years paying back
or the last 40+ years.
at 20% interest
Especially when I see SSI scammers living better than me and i work full time. That's my new catch phrase.." I cant afford x, y, z, i'm not on SSI, I work for a living"
SS could be shut down and sunsetted in the same way. Pay everyone off based on their age and how much they paid in and close the junk down as a ponzi scheme.
Calm down, you wont be put on the self-directed plan with that much time in the old system.
0% chance we have social security in 60 years.
Privatizing SS is a horrible idea. If people want to save, they will. They don't, however. Whether they can't or they just don't want to, doesn't matter. They don't - period. So, that "encourage them to save argument" is completely bogus. We are very blessed to have this system of somewhat certainty. Don't mess it up. A better solution is just to tax that donut hole. It puts the burden on higher income folks and still gives lower income folks a safety ring to grab.
I lost two third of my 401K when Obama became president,where did it go? Still don’t know and it changed my life!
Obama used it to pay Julia Robert's to be in his movie.
The other problem is that there is such a large number of people who just are so financial illiterate that it would be like sending sheep to slaughter.
People just aren't smart like they used to be. I can only imagine the kids of today in 40 years. Scary thought.
Increase the maximum taxable earnings and Social Security will be solvent immediately. It’s $176,100 now. Put it to $400,00. It’s only fair for high earners to pay more when they use the system to enrich themselves.
the Social Security fund is fully solvent - it experiences losses when government illegally "borrows" from the fund for other adventures. It is currently a community savings account the gov is stealing from
I worked my ass off my whole life damn it!
There’s also a problem with SSI fraud. I remember reading about a woman who never reported her dad died and kept collecting on his benefits and taking the money and it was years before they caught her. Also there Money that never gets collected if someone dies before they reach retirement
Take care of family first- US residents are family, and other countries need to help themselves. That'll save a lot of $$.
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Most people on social security today don't make enough money to be taxed
Correct
I've been living on widows benefits the last 4 years & received money back filing 2 years. Last year my H&R Block woman told me I was to poor to file taxes 😂& I don't have to file.
As far as I know living only on retirement SS is non taxable. You'd only have to pay taxes if you were bringing in an income additional to your SS.
Someone that’s retired called me this weekend saying retirement age is now 75 because people are living longer. I still have 25 plus years left to work. This is why I started saving for retirement and investing in my 20s.
Cut 5% of OBVIOUS waste and move those funds to Social Security..... done problem solved.
You are misinformed
Very, very misinformed!
Still wouldn’t be enough. We borrowing 3.5 trillion per year to keep up with the spending. It would be better to get rid of all the taxes and let everyone keep their money. 2/3 of the middle class would be millionaires by time they retire if they smart with the money.
I request to
Stop paying social security if I’m not going to get it
Paid into SS for 42 years. It’s not a « benefit, » it’s a reimbursement for a loan I never agreed to make.
Yes, husband died at 40 and paid in since he was 16. It gives me a different perspective. If you're alive and healthy enough to work full time, you're winning! 🎉👏
You will get it there is plenty of money in the fund.
All good till another democrat comes to office and gives it all away
The middle class pays social security on every dollar they earn. Why not raise the income threshold so billionaires pay it one every dollar they earn?
Give us back our pensions to hell with 401k
Employers cannot afford to hand out lifetime free rides. That's what happened to Pensions. People want something for nothing
@@gregorylyon1004Pensions aren't something for nothing. It's giving your life to an employer.
@@benjaminwlang Good point, but those days are over.
@@gregorylyon1004
I wanted a Pension, I went from $130K/yr to $65K/yr
for a 75% pension at 30 years and lifetime family healthcare.
Many people, I know Didn't
They lived high on the hog for 30 years,
now crying.
Pensions are ass. If you die right after you retire you’re fucked out of your hard earned money. 401k or even a 401k/pension mix is a better alternative.
So let me see if I've got this straight. I'm due to retire in 2 yrs and 7 months, after having worked 47 years and paying for the current and past retirees, and you're for ripping the rug out from under me and making me desolate. Does that sound about right?
PROJECT 2025 yes that’s right.
@@elizabethlibero1878 This is Michael Bordenaro's idea not Donald Trump
I’m not so sure removing the income cap is all that unpopular. IMO that would be an easy fix and the most fair thing to do.
It’s a must. These days, those top salaries are very common.
There may be a cap on the benefits. How about we kick the billionaires back down to millionaire salaries? That would be really fair.
No privatization.
Privatizing social security. No way! We saw what happened when Wall Street took our money to the casino. Investors walked away with bonuses and everyone else lost 40% of their retirement savings.
The change I wish is to allow people to opt out paying into Social Security. You do not pay in, you do not collect. That way those of us that want to pay in can spend that money how we see fit.
Won't work. Those same people who opted out will be crying at your door and blaming you for getting "welfare" (meaning SS which is your money) as they beg for handouts and "justice" at the same time they petition DC for law changes as they keep applying for welfare programs that raise our taxes in just a couple decades because they didn't save.
They meant to, but they didn't. So now they're SoL and will demand we pay them.
That's how this always goes. Human nature and all.
💯. I've been saying this for 15 years
Anyone cutting social security would be committing political suicide. They need to make cuts elsewhere and apply the savings to shore up social security.
Republican Presidents represent BIG MONEY Billionaires. They don't care if social security is ended
The privatized self-directed accounts are a wet dream of the financial institutions who will charge a percentage of your accounts to manage the account. Most people have no idea how financial markets work. And if they select the wrong investment options they are SOL and living on the street.
Social Security will never go away. Just turn on the money printer like they always do. I remember 40 years ago, my dad said “I’ll be lucky if Social Security is around in five years.” It will always be there. you’re being told it will go away so your taxes can be raised. Does no one actually understand this?
Maynard: The government does not print money, nor can the government contribute to SS.
@ Haah! You go on and keep believing that. Did you just crawl out from under a rock?
@@Maynardd No, I am highly educated and experienced though, including in Economics and Finance, with an MBA from Booth (U. of Chicago) and many year in the banking and finance industries. I know how monetary policy works and I know the government does not print (create) money. Only the Fed can do that. I have also studied the Social Security Act of 1935 and know the funding mechanisms, which are payroll taxes, interest on their investments and income tax revenue on benefits (1983 amendment). There is no way for the government to legally contribute.
I am not going to "haha" at you though because it always makes me sad when someone comments on topics for which they have little or no knowledge.
Tax, tax, tax, and more tax. Sick of this S. How about putting these politicians in jail for stealing our money.
This is exactly why I retired at 62. I knew it was going away and I wanted to get something back.
I turn 62 in Sept 2025. My tax CPA husband said to take it at 62. So I plan on doing just that.
@ Absolutely. Take back whatever you can get. It’s your money. Good luck
@@eh4236you won’t be a full retirement age at 62 so if your cpa husband makes more than 32,000 a year the feds will claw back a significant portion of your family income in taxes!!
Same here, I was 62 last November. I have no debt and we live to travel and sail while we still can. My first husband died at age 40 of leukemia. He was from Boston and used to say that money is wasted on the old people who can't enjoy it anymore. Needless to say, we enjoyed life and moved to Florida to be close to the beaches in Orlando.
I'm totally against privatizing the system. Talk to people who had their retirement savings wiped out in 2008-2010. The market works if you can take a long term investment view but shorter term folks would be at risk. They need to do the right thing and raise the cap on earnings.
Just a guess, but privatizing would probably be something like a 401k with a limited number of conservative options. Mostly government bonds or CDs. Not bitcoin and NVIDIA stuff because the government won't want people asking for bailouts later if they choose volatile funds.
If people's portfolios were diversified or they invested in index funds then the only way they lost money in the 2008-2010 period would be if they did not hold onto their investments. The market recovered and advanced greatly from its lows back then.
the government would collapse the markets holding these funds within days of a foreseeable need for a few trillion
If they want to privatize the system, they need to teach all children financial literacy and investing as part of the public school curriculum
@@KevinInPhoenixCertain amount of people looking to retire back then lost and didn’t recover.
The government should have not robbed and stop stealing from the Social Security Trust Système; whereas, the government should payback the funds stolen!
What most people don't understand is Social Security is not a bank account that can run dry actuaries actually predict what costs will be in the future
Thank You Michael !
You put a lot into these videos.
Again - Thank You for Producing these videos.
At 65.
I'm trying to keep my finger on the pulse of this situation....................................................