I agree. That's exactly how it was always meant to function. You're meant to keep working until you are no longer capable of doing so. Retirement was meant to be a luxury not an eventuality.
Okay, had to speak up and correct this guy. Politicians have stolen (borrowed) over $2.9 trillion dollars from our Social Security trust accounts with no intention to pay it back. If this theft didn't occur the average American would have about $1.2 million in their account with a modest 5% interest and after working 45 years. That's $60K/year in interest alone without touching the principle which could be used for the next generation. I give this post 5 minutes before YT takes it down...
@@robfarleyliwith the chronic isolation people report in America (loneliness is an epidemic), when people do realize those are their work choices, and all else is hardship...I really wonder how rates of auto termination will increase. Surely they will. Social Security has to be fixed, we can't let them drain it or older and sick people will be left with only that choice.
Before social security, the elderly poverty rate was over 30%. By 1995, that rate dropped two below 10%. That’s because of Social Security and financial literacy will not solve the problem of stagnant wages. if the minimum wage kept up with productivity like it did decades ago, the minimum wage would be over $25 an hour today. Corporate greed has led to squeezing the working class for every dollar they can get out of us.
Came here to say the same but you said it first. To add on social security also benefits thise who worked but have become disabled and those who are disabled and cannot work. Social security works but corporations and the 1% have to pay their fair share.
So the government steals your money from every paycheck, inflates away the value of the money they let you keep, and doesn't let you give the money you earned to your children when you die by passing on your social security and your biggest complaint is with corporations, not the government?
This blaming of corporate greed for the state of the economy is so stupid. Heads of corporations didn’t just wake up one day and decide to be greedy. Decades of bad economic policy is what has lead to our economy being in the state it’s in. Corporate greed and shady business practices only exist because they are supported by the government.
SS has been an unsustainable PONZI SCHEME since day-1. In 1935 there were 17 workers to pay for each retiree. Today there are 3. My math teacher showed us in 1977 that my 10th grade class would never collect, so I began saving 10% of every paycheck, and never stopped. Young people should demand that they be allowed to opt out of Social Security!
@@jimfindley1004 Last time I can see that they borrowed was 2018. Which they already paid this back in full with interest. I don't really like the government or social security system, but I just don't think the history of what you're saying is true.
@steph...I think you're right. People may have been given a wage increase, but it was only a pittance compared to what it should've been. I was in a union, we would get a new contract every 3 yrs. Just before expiration date we would have a meeting with the union BA. I would always tell them to keep the raise but give us a cola instead. I was told they(employers) would never go for that. So we would get a 3% wage increase. My fellow drivers never felt strong enough for this& so we never had a strike. Corps. & employers never liked unions because of the strength in numbers. Now unions are slowly making a comeback. People must be strong & DEMAND a living wage. 🙏❤😡
@@SaddleHunter Yeah that’s a giant no you wouldn’t. Our entire economic system doesn’t work that way. If everyone had 300 more dollars to do whatever with. Companies would increase the price of their goods and services to get all that money that was now available. For most people that would mean they’d have no SS and no savings as they’d be paycheque to paycheque.
*_When you understand_* that the U.S. and most other "Developed" countries use a "Prussian" based education system... then you'll realize that the lack of a financial education was & is DELIBERATE.
That's assuming people have a few hundred dollars left to invest. Financial education is part of it, but stagnant wages compared cost of living is making it much harder to save for retirement.
I believe the point he's making is that if we could self invest the money the government is taking from individuals, would still belong in the individuals family. Instead, any excess goes back to the government cash register.
Meaning to take that 7.65% from every paycheck to invest for like 40 years, that money is yours and when you die you could pass it to your spouse or kids…..what happens to ALL that SS money that was taken out of all the people that died young?…hum
@@sython8188 let me tell you something if everyone on the planet invested the way you and others claim the market would crash and there will be less money to go around. the grifters/Politicians/Financial punks just print money which in turn increases inflation and debt. we need to shrink gov it was never meant to be the largest employer as it is now and will be forever.
@@youreyesarebleeding1368 weakness and incompetence? Wages haven't kept up with the cost of living for decades. They literally just have no access to opportunities that yield enough money to "save a few hundred bucks a month"
I still live with my mom, I don't have a car and I save everything I make and invest it. I only buy the food that is on sale and use every opportunity to eat at work for free. I don't buy new clothes (my clothes are like 10 years old on average) I cut my own hair and work out in my room at home. I'm pretty young and I know living here even though it's very annoying with my mom, it lets me save a lot. My goal is financial freedom, and achieve that til I'm 35. So I don't spent on anything, work full time and invest everything I can.
My husband died after only getting maybe 1 or 2 social security checks. He had paid in for decades... as we walked back to our truck after we found out that the cancer was too advanced and he was going to live only 6 months, at most... the first thing he said to me was that he had just set up his social security payments several months before. He set it up in July, and died January of the next year. Think about that. Social security is con. I would be rich if we had saved and invested that money.
I'm sorry for your loss. That's tough! You should know that as a legal spouse, you're entitled to survivors benefits, so you'd get a portion of his social security income.
You can say that about any type of insurance. Even more so because other types of insurance require the business running them to make a profit so you're wasting even more money. It's all about perception. As the other commenter says you're entitled to some of that which is something insurance companies would never give you and even if he doesn't benefit, someone else does so it doesn't actually go to waste.
I'm sorry for your loss... Social security is also not a personal savings account. You aren't "getting your money back." All those years you paid into it, it went to current retirees, and when you and your spouse collect, it was from current workers.
Wrong assessment. Social security was designed to supplement the strong pensions programs employers provided. We're where we are today because that stopped in the '70s as a result of strong lobbying from corporatists and Wall Street to commoditize retirement savings (enter the 401(k)). In the past the employer-employee loyalty was bilateral, but the death of pensions ended that.
Hedge Funds took over the Foreclosure Pools from Private Investors. And now going after the rental market. BlackRock has a huge deal to help Ukraine when the so called war ends….
In the early 80's President Reagan RAISED the Social Security age I CANT Receive FULL benefits until I'm 70. IM 54 NOW. HE Also made it to where people Don't have to retire. Companies use to retire you after 20 or 30 years. But THANKS to President Reagan WE WORK TILL WERE DEAD
@@Goofyfan32 to be fair reform was needed because older people control the outcome of elections we can't get rid of it now and keeping it as it was wasn't a possibility. Sadly Goldwater didnt win against LBJ. Part of his platform was getting rid of the public retirment system because it was just a tax and ended up leaving people poorer than just putting the money into a retirment account.
Exactly, my understanding is it was supposed to be three sources. Savings, pensions and the social security. However Pensions went to 401k which became voluntary paid by companies, not regulated like pensions were in the beginning.
Pensions only work if you stay at a job until you a fully vested - it's the reason people stayed with companies for 20+ years. you own your 401k, it moves with you
I'm a GenXer and my grandmother told me that social security was a supplement not a way of life in retirement. She told me to save my money and hope that social security was still there and it would be a nice extra.
She told you right. It's the same thing I told my Millennial sons. So as I did save money, build multiple streams of income, and live within your means.
It was a replacement for the civil war pension because the generation between the civil war and Social Security is the one whose poverty in old age sparked the creation of the program. Earlier the Civil War generation in old age could depend on their military pension thus a permanent pension program was not needed and they didn't think that far ahead. The generation after the Civil War generation became destitute in old age.
When legislation was being passed, Social Security was promoted as part of a "3-legged stool" of support for elders: their employer to whom they had been loyal, the worker's own savings, and the society to which they had contributed.
And yet millions of people in your country alone can't afford to put away 20$ month. Maybe get off your high horse rich man and come see how the world works for us making $hit.
True. I never had enough money to put "a few hundred dollars away until the 1990s, when my employer started pushing 40k plans. I as a single person who could barely afford to pay $100 /mo.
Much faster than that because a lot of people will be in some universal basic income (UBI) program due to mass loss of jobs to Ai / machines. This income will most likely barely be enough for groceries
That's partially true. The trust fund will run out of money. You will still be able to get 75% of your benefits from currently working citizens. Just like the previous generations got 75% of their benefits. They just had the supplemental trust fund as well.
It is if you really research some of the jobs they have available almost nobody is being paid a livable wage unless they work in Hollywood or unless there some sort of politician. People have to start telling themselves the truth your not going to be a podcaster or only fans model your going to be broke and trying to save your paychecks and too tired to go out on your day off. So it causes people to lose motivation to work or seek higher education because there very extremely picky about who they hire and that's why there not finding people because there unwilling to lower their standards for the same people they shortchanged. It seems easier just to play dumb and act helpless and some how you might get rich off it and even if you aren't trying to act stupid some how you will be supported..
@@ThermicLight ~70% of Americans now live paycheck to paycheck with close to nothing in savings. This is not an issue of individual responsibility or knowledge. Not to mention that, even if it was, we should be immediately abolishing any economic system that even allows for error on that scale
@@cashewmellow - I'm not saying there aren't notable challenges. However I've lived long enough to see all kinds of people from any kind of generation that are really inept with the financials. Particularly in the frivolous sense.
We figured back in 1979 in my Economics class. That the average person would retire on around $1500. a month. We were telling our friends who were also in there twenties. If they put twenty five dollars a month into five mutual funds. At five dollars a peace. You would have a good savings to get you to retirement. I let my spouse have everything in the divorce because I thought we would reconcile. I was wrong.
It's because social security was never meant to be a retirement program. It was envisioned as a way for caring for those of extreme advanced age, which at the time of its founding was 65 years old because as you pointed out life expectancy for men was less than 60 and life expectancy for women was less than 64. It was supposed to care for those in a very niche population.
Which made 0 actual sense considering the amount of money being put into it But let’s be real honest with why it was truly created And it wasn’t to help those who were actually paying into it
@@universalplayz7496no, it's not meant to help those who paid into it, that's the point - it's meant for us as a society to make sure our CURRENTLY elderly population at least has some secure income if their other options fail them. Old people were begging and dying in the streets during the Depression after losing their savings in the crash, the run on the banks, the crazy inflation. It's not a retirement savings program, it's a taxpayer funded public good.
@@AmyKozerski the thing is the amount being payed into it Vs the amount the elderly are receiving Are so grossly different it’s sad, the moment the government is allowed to use that money for whatever it wanted was the moment it was just another useless program. No person in 99% of the U.S can even begin to live off social security so really what purpose does it serve
Not necessarily. It was sold as part of a natural "three-legged stool" of support for elders: the employer they had been loyal to (returning their own part of that bargain), the worker's own savings, and the society to which they contributed.
im on SSI 900 a month. the COLA "cost of living adjustment" is 2.4% so in 2025 $921. who here is living on les than 11 k a year? my back went out from 30 years hard labor in drywall construction building schools an hospitals an homes for the poor an Uber wealthy. now SSI pays me $1.12 cents an hour as a thank you for 30 years of hard labor. and every dollar i made i spent in this country.
The system requires cheap labor. You are written off and separated from the Uber rich so they can forget about you. They’ll say “thank you for doing your service” and tell you no one forced you to have faith in the system. I’m sorry to hear what happened to you. Most I can do is pray
Average Life Expectancy =/= Mode Life Expectancy. And "just save a few hundred dollars a month for 40 years" doesn't help when you're 60 and it's 1932 and you lost most of your savings in the Stock crash. Just to clear that up for ya.
Do you even work? If you made $2,000 you would have paid $153 in Social Security Tax on that money. Maybe your work or spending habits are the problem?
@@user-nk1zc4ou8pI can understand what he's talking about because you have to understand most people don't make good money and a lot of people are drowning in debt. So the government providing a form of retirement is realistically they're okay with that. Because what incentive is there to do anything else when they're already stressed out enough. Having kids in an actual life outside of your narcissistic childless liberal pipe dream. And think about it for a minute. There are millions of people who actually live the family life and actually have responsibilities. The guy in the video even admits this as a childless man. He admits that families are struggling far more than he is. And this is coming from someone who is pretty liberal don't get me started on certain things cuz girl you'd think I was Bernie Sanders.
@user-nk1zc4ou8p In Texas, there is no state-level income tax. If you make $4k every month, that puts you at a 22% Federal income tax rate ($880/mo). SS eats another 6.2% ($248/mo). The monthly average for a mortgage in the US is around $1,600/mo. (Or the US average for rent is $1,500/mo). That leaves $1,400/mo for groceries, car payments, car insurance, utilities, gas, necessary bills, and childcare. Considering the consumer price index doubled from 2019 to 2023, most people who could afford all of these basic necessities are paying double what they were 4 years ago. That will surely strain your budget, especially if your income hasn't doubled to meet the CPI. And a friendly reminder that all of this taxed income is taxed again when you use it to purchase anything. Some people who were putting money into savings 4 years ago just can't afford to do it now. Even if they don't have any new financial obligations. Not everything is as simple as you seem to make it.
@user-nk1zc4ou8p most monthly living situations tend to total roughly 2k for all mandatory living expenses, food, rent, utilities, insurances, monthly gas expenses, etc. This doesn't Include anything that eventually needs maintenance, like housing repairs that gets added to rent, late payments on the occasion the stress proves too much and you forget to transfer over the money to the right account because you're worried about the rest of your life, car repair, medical bills (if any), rising rent prices, rising food prices, rising insurance prices, the list continues. And any combination of these things can happen at anytime. Anything from a relative passing away and needing to take a few days off to grieve, resulting in getting behind on bills, to being sick and unable to work resulting in lost money due to most companies not giving PTO or sick days and the medical bills that go with that situation if applicable. Looking at this lens it barely means you're able to have disposable income, let alone treat yourself to a bag of chips every month or two.
It’s a national pension. So while that’s technically true that it isn’t a savings, it’s not “gone”. If you’re collecting social security the people working today are paying for those benefits.
It's an insurrance you pay for . It's not an entitlement nor is it a retirement plan . Stop lying to people so you cantry to Sellers them your retirement plan and report them off.
Social security also helps the SAH spouse who didnt work outside the home. They are allowed to draw half of working spouse's SS upon retirement age. Its not a retirement account but it does keep folks from starving.
Imagine if that working spouse could have taken that money that went to SS and actually invested it. The SAH spouse would have actual money instead of a pittance from Big Daddy Gov’t.
@@Dominic1962imagine if the working spouse had taken that money and “invested” it, without financial literacy or controls into the equivalent of cryptocurrency or other incredibly risky bets. SS isn’t an investment account. It’s retirement insurance.
I mean, I put away a 'spare ' 100$ a month, but I can't put away more than that and pay rent and food and gas. The only reason I can do that much is because my rent is just 795, and it's only that low because they can only jack up the price by so much while I'm still living here. If I moved out and immediately moved back in the next day, I couldn't afford to live here, lol
Your $100 a month will add up. There was a time when I couldn't even save that much. I used my meager savings and tax refund to start paying my car insurance premiums in bulk so I could save a couple hundred bucks a year. Did the same with a few other things and then continued to save. It doesn't take a lot to get the ball rolling. Once it does, it's all about keeping the ball in motion. You're doing great.
@@Sandyyyyyyyyyy Oh yeah, I know I'm doing alright, but if not for my extremely lucky rent situation, I'd be knee-deep in my grave just trying to pay for the essentials. Right now in Canada, it's looking like our next PM is surrounding himself with people with a... let's call it a 'detrimental' outlook on rent prices, so the long-term of that $100 is more tenuous than I'm comfortable with. Maybe the provincial gov will put their thumb on the scale to balance the worst of the suspected price hikes from the next likely feds, but I've learned to lean away from optimism when it comes to the government, lol (To be clear to any Canadian looking to jump on this because politics; I hate Trudeau as much as anyone, and I don't, and never will, vote for the guy, but Pierre is such an obvious snake in the grass that I'm amazed his tongue isn't forked.)
@@matthewmorgan4765 Incorrect I don't have to spend it on anything that I don't want to spend it on. It's my personal choice. What? I spend my own money on.
What he means by that is the 7% of your paycheck that you put into social security and maybe we could have it where your employer also matches that 7%. Most employers do for the 401k anyway and they mandatorily have to for social security anyway. That your rate of return would be far greater than a retirement with social security. He's basically saying that it is inefficient and hasn't necessarily worked out. Even if the government didn't take all the money out of it or mess it up, it still wouldn't be enough. That you would have a better rate of return. Just putting whatever that percentage is into privatized accounts. Personally, I'm pretty liberal on a lot of economics and I am praying that I'm able to get a union job. As an RN. Have a lot of them in Midwestern states. And I agree with this. But I want the government to insure up to a certain your retire. At least 400,000. Which could be just 2% of the normal rate that employers are already putting in. We put that into a separate account that they cannot touch and I cannot stretch that enough. But no one wants to listen to this because they're narrow-minded and don't want to take away certain things. We're not taking anything away. We're just reforming it so it actually works. ❤
Guys I finally able to save 200-300 dollars a month for emergency fund/Investment/Trad IRA... by getting a second job. I work 50-60 hours a week now but it's better than feeling like your not getting anywhere. It pissed me off that I have to get a second job just to actually save money at all.
infant and maternal mortality rates were much higher in 1935. brought down the averages. stats 101. further, scrolling past the "people also ask" section shows that there were 7.8 million Americans 65 or older in 1935.
how is this guy gonna tell us that people need better financial education when he doesn't know what average means, also many young men just died from work injuries in those times
Yep. If you reached 21 still alive, 54% of men would expect to reach 65, and of those the average length of time collecting benefits was almost 13 years. As of 2021, the life expectancy of 65y olds has gone up to 17 years, from that 12.7y. It’s not the crazy jump you see when looking at life expectancy from birth.
I've heard of a way around it although it requires fraud. This lady in Japan kept collecting her dead father's pension for years until government workers came to congratulate him on turning some age over a hundred.
So, to start off with, the average age back in 1935 wasn't that people lived shorter, but rather you had a lot more children dying than we do currently. That would skew the numbers greatly. Secondly, raise the cap on social security when it comes to income...
Exactly, survival rate improvement at early age plays a big role in the numbers. People had the pontential to live as long as today, the biological limit of human lifespan never changed.
Companies used to have these things called "pensions" that were supposed to be the majority of your retirement income, Social Security was supposed to augment that and be a "better than nothing" stopgap. Corporations have killed off pensions and we're all about 40 years too late to the workforce to get anything. What a cool and fun society we all consented to live in. But hey, at least we made Line Go Up for some shareholders along the way!
@@CADizzy The part where they are implying it should go away. The only reason that conservatives want it to go away is because the employer has to match that 7.65%, if it was only taken from the employee Republicans and Libertarians wouldn't care.
I hope people have better media literacy to know that this is a mischaracterization at best. Please consume media with more scrutiny, especially short form media that lacks substance.
Please explain yourself more what mischaracterization is there if you could provide substance thats missing instead of just speaking out empty words of criticism.
My mother in law worked her whole life and paid her taxes. She's only getting about 1500 a month... In one of the most expensive cities to live in. We have decided to have her live with us.
The assumption that all workers can put several hundred dollars a month is absurd and false. Many people need all their income to barely survive. The problem is wages, of course, and the Social Security cap.
You actually can pass your social security to your adult children if they are declared disabled between the ages of 18 and 22. It's primarily for the disability and advanced age side of things. If you die and your spouse doesn't remarry, they can collect your disability allotment from what's called "widow's benefits". And if your adult child is declared disabled in the proper time-frame, the benefit they get is a lifetime benefit, unless they get married. Also, the vast majority of beneficiaries find roommate situations that get their rent down to $500/month. Social Security is also for Medicare. Today's life expectancy is like 80 something years old. If you die while on medicare, Medicare pays 100% of the medical cost of your death. Plus, Medicare offers Part C plans (Medicare advantage plans) that give ridiculous amounts of benefits. Benefits like utility money, grocery money, free rides to and from the doctor, $0 primary care provider visits, free medication, and So much more. I'm not even advertising. I've just been on disability since I was 18. Under the right circumstances, Social Security is a life-saving organization and benefit.
Exactly. Even if you take social security as a type of insurance. It's the best type you can get on the market and you're also not extra fleeced for profit.
I am a 37 year old Millennial. I see Social Security as theft under threat of Federal persecution, and to add insult to injury, I firmly believe despite having paid into Social Security for decades, it will be defunct by the time I reach retirement age.
You're actually paying the whole 15.3%. It doesn't matter to your employer how much of which checks he has to write goes to the government and which goes to you. It's all part of the same cost of hiring you. If it wasn't going to Washington, it would be going to you Your work is worth the whole amount, not just the part of it that you see on your paycheck.
Dude, how are you going to be for schools but against social security? People ready to dump social security are the same people who've been attacking public education for forty plus years.
I'm not for abolishing either of those but it's really a stretch to say how can you support xxx when xyz people also support it when you disagree on another topic
You're supposed to have PAID OFF your house! I did! My YEARLY property taxes are $700 PER YEAR!! (And I only just turned 47! And I made a LOT of the mistakes everyone else is currently making!) $1,700 a month will pay for a months worth of water, electricity, gas, cable/internet, and food with HUNDREDS of dollars left over!
Amazing that the response to "we aren't paying people enough to pay rent after they retire" is not to devote more resources to ss and make it a livable income, but to take the money and use it to fund "financial education," as though that will solve the problem for current retirees or the fact that our economy is so broken for anyone in the lower classes.
Can we take another second to just talk about how the banking system in this country makes it nearly impossible for the average person to possess the wealth they accumulate through their labor?
I'm all for financial education but the idea that someone out of high school can afford rent, food AND still have "$100 a month to put in a roth IRA" is the most ridiculous out-of-touch-with-reality take i've heard in a long time. I barely made $200 a month at my first job when minimum for a minor was like $4.
It's not just 7.65%, it's actually double that. They get away with that lie by having w2 employers match it, but that's effectively money they'd consider your pay either way.
Somewhere like 30-50% of Americans have no retirement savings by the time they’re like 55. I say 30-50% because the percentages are a little different depending on the source/age range the source uses. SS was designed to help a little with this problem ALONG WITH pensions. It wasn’t designed to be the ONLY source of retirement money but as a safety net/absolutely last resort option. Now it has become an ONLY source of retirement money for lots of people. Take it away and you’re going to see a lot of elderly poverty.
Dude I wish we could spread your word worldwide. Thanks for making these videos… I talk about this crooked, criminal crap our country is doing every day. I just wish we could do something to change it… aside from a revolution.
At the time it could provide for retirees to live off of for years. Big issue is money put in the social security fund (more than $2 trillion) was stolen by Congress and wasted. The money in the fund was invested to allow it to grow, but when Congress stole it, here was no money left to invest.
60 years ago the Social Security fund was drained to pay for the daily operations of government and other unrelated social support programs, never to be paid back. Social Security was never meant to be a retirement fund, but an emergency fund to bring the elderly above the poverty line when included with their private retirement fund and family contributions. There are some in government who, generation over generation, mislead the new voting population that Social Security was meant to be something other than a means to keep the elderly financially solvent.
It goes to people who have chosen drugs as coping mechanisms, and some actual disabled people. But it needs to be stopped, investigated and a possible redesign for actual birth disabilities.
I agree that it would be a great idea to include personal finance education in the school system curriculum ranging from elementary school through college! If 1,700 a month isn’t enough to live on right now then it definitely won’t be in the future. It’s funny because I have personally tried to encourage some of my coworkers to sign up for the 401k and even gave them an information sheet about how they work and none of them signed up. On the bright side, longevity has considerably increased in this country over time.
Social Security had a purpose during a time when people had standards and shame. During the Great Depression, there was a 30+ percent poverty rate for seniors. Seniors were starving to death and being evicted. They lost their farms to the dust bowl. Their children all died from disease or war. They wouldn't accept welfare because it was considered shameful. This program claimed to be paying them for work already performed. That was the only way to get them to accept some help.
Social security failed when the government decided to open up that money to general funds spending it where they want to just like they do the rest of our money. That happened when I was a kid and I am 59 now.
Women live longer, it was primarily to take care of the families of men who died much earlier than the average at that time women did not work. The jobs were also much more hazards and you could, if you were unlucky, die much earlier. There would have no likelihood of the woman being able to remarry, so she and any children would have literally been in the poor house (these actually existed). Since Social Security taxes go into the general fund, your payment into the social security system goes out immediately to retirees who are already retired. It is not a savings system, but a service that in order to recieve when you retired, the requirement is that you have paid into the system when you were not retired. It is a quid pro quo. At no time in history was social security ever a savings plan. It is meant to help the masses, not the individual. While any individual might have used that money to save, the masses in fact didn't (and still don't) and they would populate the poor houses and streets dying of starvation. This became the norm as the older multi-generational family structure fell apart once industrialization took hold. This was an example of communism saving capitalism from itself.
The Social Security we have today is not what was intended when it first was implemented. You’re talking about something that over 80 years ago was made to save 30% of the elderly population from living in abject poverty during the Great Depression. It was a very good idea at the time, it wasn’t bizarre, and it did exactly as it was intended to do. Its responsibilities since its inception have ballooned and the true problem has continued to be that the source of funding which is designed to be safe and secure was never seriously addressed to handle this expansion.
Not only that- CAN WE TALK ABOUT PENSIONS?? Boomers love to talk about “can’t raise the minimum wage without increases prices because ThAt MoNeY hAs To CoMe FrOm sOmEwHere. But then forget that people in their age group have been retired for decades and have still been getting regularly paid out without providing any current benefit to those companies. Where does all THAT money come from??
Don't forget about the disability portion of SSI, that goes to any age group. For example, giving $900+ a month to adults that have ADHD with no expectations on how to use that money. It's ridiculous.
I don’t believe in social security anyway. It’s not an individual’s responsibility to pay for someone else not being financially responsible with their money. They, like he stated, should invest their money or be more financially responsible with their money.
For me personally. I consider it the epitome of "taxation without representation" in my life time. I don't want to pay in anymore. Because I'll never see a dime
Corporations will never let us teach financial literacy in public schools. They would lose so much money to financially literate Americans not falling for every scam, shyster, and grifter. Being able to save and pay your bills on time alone would wreck their exploitative model. 😂
Life expectancy statistics are a bit hard to understand if you don't think about them. They are so low because so many would die as children. If you made it to 5 or so you had a very good chance to live into your 70s.
You're average joe isn't meant to retire. They want you working until the day you die.
I agree. That's exactly how it was always meant to function. You're meant to keep working until you are no longer capable of doing so. Retirement was meant to be a luxury not an eventuality.
Okay, had to speak up and correct this guy. Politicians have stolen (borrowed) over $2.9 trillion dollars from our Social Security trust accounts with no intention to pay it back. If this theft didn't occur the average American would have about $1.2 million in their account with a modest 5% interest and after working 45 years. That's $60K/year in interest alone without touching the principle which could be used for the next generation.
I give this post 5 minutes before YT takes it down...
Yeah.
When the choices are “die” and “work until you die” and you choose the faster option, suddenly you have a “debilitating mental illness.”
@@robfarleyliwith the chronic isolation people report in America (loneliness is an epidemic), when people do realize those are their work choices, and all else is hardship...I really wonder how rates of auto termination will increase. Surely they will. Social Security has to be fixed, we can't let them drain it or older and sick people will be left with only that choice.
When social security was introduced company pensions were still a thing so it was really there to supplement them rather than replace them.
Before social security, the elderly poverty rate was over 30%. By 1995, that rate dropped two below 10%. That’s because of Social Security and financial literacy will not solve the problem of stagnant wages. if the minimum wage kept up with productivity like it did decades ago, the minimum wage would be over $25 an hour today. Corporate greed has led to squeezing the working class for every dollar they can get out of us.
Came here to say the same but you said it first. To add on social security also benefits thise who worked but have become disabled and those who are disabled and cannot work. Social security works but corporations and the 1% have to pay their fair share.
So the government steals your money from every paycheck, inflates away the value of the money they let you keep, and doesn't let you give the money you earned to your children when you die by passing on your social security and your biggest complaint is with corporations, not the government?
This blaming of corporate greed for the state of the economy is so stupid. Heads of corporations didn’t just wake up one day and decide to be greedy. Decades of bad economic policy is what has lead to our economy being in the state it’s in. Corporate greed and shady business practices only exist because they are supported by the government.
After what you guys did in Vietnam and the Middle east, no one cares
@@lilfingertoe6213 guess who writes (buys) laws?
Social security had billions in surpluses until our government took it to build the interstate system. They need to pay that shit back
SS has been an unsustainable PONZI SCHEME since day-1.
In 1935 there were 17 workers to pay for each retiree.
Today there are 3.
My math teacher showed us in 1977 that my 10th grade class would never collect, so I began saving 10% of every paycheck, and never stopped.
Young people should demand that they be allowed to opt out of Social Security!
They do, with interest. ???
@@conatus1306 no they keep spending it every chance they get
@@jimfindley1004 Last time I can see that they borrowed was 2018. Which they already paid this back in full with interest.
I don't really like the government or social security system, but I just don't think the history of what you're saying is true.
We don't have spare 300 dollars a month to invest. We live paycheck to paycheck. education is absolutely not the issue.wages are too low
You’d have a spare 300 bucks a month if the government wasn't taking 7.5%. Your employer also pays 7.5% on your behalf.
@steph...I think you're right. People may have been given a wage increase, but it was only a pittance compared to what it should've been. I was in a union, we would get a new contract every 3 yrs. Just before expiration date we would have a meeting with the union BA. I would always tell them to keep the raise but give us a cola instead. I was told they(employers) would never go for that. So we would get a 3% wage increase. My fellow drivers never felt strong enough for this& so we never had a strike. Corps. & employers never liked unions because of the strength in numbers. Now unions are slowly making a comeback. People must be strong & DEMAND a living wage. 🙏❤😡
@@SaddleHunter whoopie...
@@SaddleHunter
Yeah that’s a giant no you wouldn’t.
Our entire economic system doesn’t work that way. If everyone had 300 more dollars to do whatever with. Companies would increase the price of their goods and services to get all that money that was now available.
For most people that would mean they’d have no SS and no savings as they’d be paycheque to paycheque.
@@SaddleHunter And if it was left to my employer and his "Company Store" I would not have even that to live off of.
*_When you understand_* that the U.S. and most other "Developed" countries use a "Prussian" based education system... then you'll realize that the lack of a financial education was & is DELIBERATE.
That's facts! Cogs in the machine.
It's illegal to teach in schools..
@@rousinrabblewhy and who made it illegal?
It's a Prussian military model, not even for education...
From the 19th, long before banks, stocks or any kind of insurance even existed for 99% of the population
That's assuming people have a few hundred dollars left to invest. Financial education is part of it, but stagnant wages compared cost of living is making it much harder to save for retirement.
I believe the point he's making is that if we could self invest the money the government is taking from individuals, would still belong in the individuals family. Instead, any excess goes back to the government cash register.
Meaning to take that 7.65% from every paycheck to invest for like 40 years, that money is yours and when you die you could pass it to your spouse or kids…..what happens to ALL that SS money that was taken out of all the people that died young?…hum
@@karmalovesall8994 yeah they still would not invest it would just go to living better
@@jimlarkin1400and that’s their problem, why should we all be punished because others are irresponsible with their retirement?
@@sython8188 let me tell you something if everyone on the planet invested the way you and others claim the market would crash and there will be less money to go around. the grifters/Politicians/Financial punks just print money which in turn increases inflation and debt. we need to shrink gov it was never meant to be the largest employer as it is now and will be forever.
People don't have a spare "few hundred"
That's usually because of weakness and incompetence though, kinda their own fault if they go 40 years of their career without saving for retirement
@@youreyesarebleeding1368 weakness and incompetence? Wages haven't kept up with the cost of living for decades. They literally just have no access to opportunities that yield enough money to "save a few hundred bucks a month"
I still live with my mom, I don't have a car and I save everything I make and invest it. I only buy the food that is on sale and use every opportunity to eat at work for free. I don't buy new clothes (my clothes are like 10 years old on average) I cut my own hair and work out in my room at home. I'm pretty young and I know living here even though it's very annoying with my mom, it lets me save a lot. My goal is financial freedom, and achieve that til I'm 35. So I don't spent on anything, work full time and invest everything I can.
@MisterPyOne That sounds... really sad...
@karbage8536 say hello to one of the few people who might be able to live comfortably financially independently in the next 20 years
My husband died after only getting maybe 1 or 2 social security checks. He had paid in for decades... as we walked back to our truck after we found out that the cancer was too advanced and he was going to live only 6 months, at most... the first thing he said to me was that he had just set up his social security payments several months before. He set it up in July, and died January of the next year. Think about that. Social security is con. I would be rich if we had saved and invested that money.
I'm sorry for your loss. That's tough!
You should know that as a legal spouse, you're entitled to survivors benefits, so you'd get a portion of his social security income.
@@xxxdroidmonkeyxxx
Yeah, I'm willing to bet OP is lying.
You can say that about any type of insurance. Even more so because other types of insurance require the business running them to make a profit so you're wasting even more money. It's all about perception.
As the other commenter says you're entitled to some of that which is something insurance companies would never give you and even if he doesn't benefit, someone else does so it doesn't actually go to waste.
I'm sorry for your loss...
Social security is also not a personal savings account. You aren't "getting your money back." All those years you paid into it, it went to current retirees, and when you and your spouse collect, it was from current workers.
It's the most unconscienable ponzi scheme in history.
Wrong assessment. Social security was designed to supplement the strong pensions programs employers provided. We're where we are today because that stopped in the '70s as a result of strong lobbying from corporatists and Wall Street to commoditize retirement savings (enter the 401(k)). In the past the employer-employee loyalty was bilateral, but the death of pensions ended that.
Hedge Funds took over the Foreclosure Pools from Private Investors. And now going after the rental market. BlackRock has a huge deal to help Ukraine when the so called war ends….
In the early 80's President Reagan RAISED the Social Security age I CANT Receive FULL benefits until I'm 70. IM 54 NOW. HE Also made it to where people Don't have to retire. Companies use to retire you after 20 or 30 years. But THANKS to President Reagan WE WORK TILL WERE DEAD
@@Goofyfan32 to be fair reform was needed because older people control the outcome of elections we can't get rid of it now and keeping it as it was wasn't a possibility.
Sadly Goldwater didnt win against LBJ. Part of his platform was getting rid of the public retirment system because it was just a tax and ended up leaving people poorer than just putting the money into a retirment account.
Wrong. Your full benefits begin at age 67. You get an 8% bonus per year if you delay up to age 70.
@@nathanh5778 STILL 68 IS PRETTY DAMN CLOSE TO 70. AND THAT 8% CAN MAKE A HELL OF A DIFFERENCE
Social security was only supposed to provide 5/8 of your living expenses. The rest was to be savings, pensions, a paid-off house, etc.
Just over half? Okay then, that goes from like a year or two, to three or four, less nowadays
Didn't work out that way for me. I'm still working at over 66. Retirement will never be an option for me.
Exactly, my understanding is it was supposed to be three sources. Savings, pensions and the social security. However Pensions went to 401k which became voluntary paid by companies, not regulated like pensions were in the beginning.
Can you name a non-government job that offers a pension? At this point, how many union jobs even come with one?
Pensions only work if you stay at a job until you a fully vested - it's the reason people stayed with companies for 20+ years. you own your 401k, it moves with you
I'm a GenXer and my grandmother told me that social security was a supplement not a way of life in retirement. She told me to save my money and hope that social security was still there and it would be a nice extra.
She told you right. It's the same thing I told my Millennial sons. So as I did save money, build multiple streams of income, and live within your means.
It was meant as a safety net not a pension.
It was a replacement for the civil war pension because the generation between the civil war and Social Security is the one whose poverty in old age sparked the creation of the program. Earlier the Civil War generation in old age could depend on their military pension thus a permanent pension program was not needed and they didn't think that far ahead. The generation after the Civil War generation became destitute in old age.
It’s theft
When legislation was being passed, Social Security was promoted as part of a "3-legged stool" of support for elders: their employer to whom they had been loyal, the worker's own savings, and the society to which they had contributed.
And yet millions of people in your country alone can't afford to put away 20$ month. Maybe get off your high horse rich man and come see how the world works for us making $hit.
True. I never had enough money to put "a few hundred dollars away until the 1990s, when my employer started pushing 40k plans. I as a single person who could barely afford to pay $100 /mo.
By 2041 at the current rate social security is going to run out of money
Much faster than that because a lot of people will be in some universal basic income (UBI) program due to mass loss of jobs to Ai / machines. This income will most likely barely be enough for groceries
That's partially true. The trust fund will run out of money. You will still be able to get 75% of your benefits from currently working citizens. Just like the previous generations got 75% of their benefits. They just had the supplemental trust fund as well.
When the choices are “die” and “work until you die” and you choose the faster option, suddenly you have a “debilitating mental illness.”
I don't think educating people will help, everyone knows you should save, the problem is low wages.
This. That social security tax could easily go back into folks checks
It is if you really research some of the jobs they have available almost nobody is being paid a livable wage unless they work in Hollywood or unless there some sort of politician. People have to start telling themselves the truth your not going to be a podcaster or only fans model your going to be broke and trying to save your paychecks and too tired to go out on your day off.
So it causes people to lose motivation to work or seek higher education because there very extremely picky about who they hire and that's why there not finding people because there unwilling to lower their standards for the same people they shortchanged.
It seems easier just to play dumb and act helpless and some how you might get rich off it and even if you aren't trying to act stupid some how you will be supported..
Everyone doesn't know how to save. Many people are absoutely terrible with money.
@@ThermicLight ~70% of Americans now live paycheck to paycheck with close to nothing in savings. This is not an issue of individual responsibility or knowledge. Not to mention that, even if it was, we should be immediately abolishing any economic system that even allows for error on that scale
@@cashewmellow - I'm not saying there aren't notable challenges. However I've lived long enough to see all kinds of people from any kind of generation that are really inept with the financials. Particularly in the frivolous sense.
We figured back in 1979 in my Economics class. That the average person would retire on around $1500. a month. We were telling our friends who were also in there twenties. If they put twenty five dollars a month into five mutual funds. At five dollars a peace. You would have a good savings to get you to retirement. I let my spouse have everything in the divorce because I thought we would reconcile. I was wrong.
I took mine 4 years ago at 62. Even though I'm still working almost full-time, I need it. Everything costs so much now.🌶
You might want to check on the new taxes for SS.
Being retired, I sold one of my rental properties last year about $4k of my SS was taxed.
@@covercalls88 Oh yeah, they have changed SS tax laws. It sucks.
But yet you can't remove yourself from paying that tax.
Rich people stop paying after income earned above something like $130k.
Actually rich people, those who live off their money making more money - interest and dividends - don't pay into Social Security at all.
It's because social security was never meant to be a retirement program. It was envisioned as a way for caring for those of extreme advanced age, which at the time of its founding was 65 years old because as you pointed out life expectancy for men was less than 60 and life expectancy for women was less than 64. It was supposed to care for those in a very niche population.
Which made 0 actual sense considering the amount of money being put into it
But let’s be real honest with why it was truly created
And it wasn’t to help those who were actually paying into it
@@universalplayz7496no, it's not meant to help those who paid into it, that's the point - it's meant for us as a society to make sure our CURRENTLY elderly population at least has some secure income if their other options fail them. Old people were begging and dying in the streets during the Depression after losing their savings in the crash, the run on the banks, the crazy inflation. It's not a retirement savings program, it's a taxpayer funded public good.
@@AmyKozerski the thing is the amount being payed into it
Vs the amount the elderly are receiving
Are so grossly different it’s sad, the moment the government is allowed to use that money for whatever it wanted was the moment it was just another useless program. No person in 99% of the U.S can even begin to live off social security so really what purpose does it serve
Not necessarily. It was sold as part of a natural "three-legged stool" of support for elders: the employer they had been loyal to (returning their own part of that bargain), the worker's own savings, and the society to which they contributed.
@@AmyKozerski it's also a major factor in the underlying stability of our consumer economy. Social Security recipients spend every marginal dollar.
im on SSI 900 a month. the COLA "cost of living adjustment" is 2.4% so in 2025 $921. who here is living on les than 11 k a year? my back went out from 30 years hard labor in drywall construction building schools an hospitals an homes for the poor an Uber wealthy. now SSI pays me $1.12 cents an hour as a thank you for 30 years of hard labor. and every dollar i made i spent in this country.
The system requires cheap labor. You are written off and separated from the Uber rich so they can forget about you. They’ll say “thank you for doing your service” and tell you no one forced you to have faith in the system. I’m sorry to hear what happened to you. Most I can do is pray
Yeah. It's funny how people who do the least for a company get the biggest retirement benefits.
SSI or SSDI. If you are disabled after working 30 years you should be on SSDI
@@Singlesix6 i am on SSDI
@@Singlesix6I keep hearing this every time disability stuff is mentioned. None of it is enough to life off of if you cannot work.
Average Life Expectancy =/= Mode Life Expectancy. And "just save a few hundred dollars a month for 40 years" doesn't help when you're 60 and it's 1932 and you lost most of your savings in the Stock crash.
Just to clear that up for ya.
So a crash almost 100 years ago justified social security? That some reach around
THANK YOU FOR SAYING THAT FIRST PART!! Infant mortality at that time was much higher, and WW1 was also a factor in the number.
A few hundred...lol
I can't put $50 a month in a basic savings account monthly
Do you even work? If you made $2,000 you would have paid $153 in Social Security Tax on that money. Maybe your work or spending habits are the problem?
@@user-nk1zc4ou8pI can understand what he's talking about because you have to understand most people don't make good money and a lot of people are drowning in debt. So the government providing a form of retirement is realistically they're okay with that. Because what incentive is there to do anything else when they're already stressed out enough. Having kids in an actual life outside of your narcissistic childless liberal pipe dream. And think about it for a minute. There are millions of people who actually live the family life and actually have responsibilities. The guy in the video even admits this as a childless man. He admits that families are struggling far more than he is. And this is coming from someone who is pretty liberal don't get me started on certain things cuz girl you'd think I was Bernie Sanders.
@user-nk1zc4ou8p In Texas, there is no state-level income tax. If you make $4k every month, that puts you at a 22% Federal income tax rate ($880/mo). SS eats another 6.2% ($248/mo). The monthly average for a mortgage in the US is around $1,600/mo. (Or the US average for rent is $1,500/mo).
That leaves $1,400/mo for groceries, car payments, car insurance, utilities, gas, necessary bills, and childcare.
Considering the consumer price index doubled from 2019 to 2023, most people who could afford all of these basic necessities are paying double what they were 4 years ago. That will surely strain your budget, especially if your income hasn't doubled to meet the CPI.
And a friendly reminder that all of this taxed income is taxed again when you use it to purchase anything. Some people who were putting money into savings 4 years ago just can't afford to do it now. Even if they don't have any new financial obligations. Not everything is as simple as you seem to make it.
😬
@user-nk1zc4ou8p most monthly living situations tend to total roughly 2k for all mandatory living expenses, food, rent, utilities, insurances, monthly gas expenses, etc. This doesn't Include anything that eventually needs maintenance, like housing repairs that gets added to rent, late payments on the occasion the stress proves too much and you forget to transfer over the money to the right account because you're worried about the rest of your life, car repair, medical bills (if any), rising rent prices, rising food prices, rising insurance prices, the list continues. And any combination of these things can happen at anytime. Anything from a relative passing away and needing to take a few days off to grieve, resulting in getting behind on bills, to being sick and unable to work resulting in lost money due to most companies not giving PTO or sick days and the medical bills that go with that situation if applicable.
Looking at this lens it barely means you're able to have disposable income, let alone treat yourself to a bag of chips every month or two.
The fact that its mandatory is absolutely horrific.
The fact that you don’t understand why it’s mandatory is horrific.
@@lawrencegraham5086 SS will be insolvent by 2035. How is it a good idea?
Right-just move in with your kids, like the good old days.
@@jw362 If after 60 years you don't have an acre of land with a small house on it...
@@youtubesucks1499 How 19th century
You don't get "your social security". It's not a savings account. It's a tax: the money is gone.
It’s a national pension. So while that’s technically true that it isn’t a savings, it’s not “gone”. If you’re collecting social security the people working today are paying for those benefits.
It's an insurrance you pay for . It's not an entitlement nor is it a retirement plan . Stop lying to people so you cantry to Sellers them your retirement plan and report them off.
@@alejandrotolentino4228= illegal immigrant
Wrong. It is not a tax.
It was never meant to be a tax.
It was not meant to be a Government slush fund either.
@@TryssemTavern what it was sold to the public as and what it actually is are two different things.
Social security also helps the SAH spouse who didnt work outside the home. They are allowed to draw half of working spouse's SS upon retirement age. Its not a retirement account but it does keep folks from starving.
Imagine if that working spouse could have taken that money that went to SS and actually invested it. The SAH spouse would have actual money instead of a pittance from Big Daddy Gov’t.
@@Dominic1962imagine if the working spouse had taken that money and “invested” it, without financial literacy or controls into the equivalent of cryptocurrency or other incredibly risky bets.
SS isn’t an investment account. It’s retirement insurance.
@@dansmith7009 Freedom and accountability are a bitch, right? That some people are dumb doesn’t justify financial coercion from the State.
The legal ponzi scheme
I mean, I put away a 'spare ' 100$ a month, but I can't put away more than that and pay rent and food and gas.
The only reason I can do that much is because my rent is just 795, and it's only that low because they can only jack up the price by so much while I'm still living here. If I moved out and immediately moved back in the next day, I couldn't afford to live here, lol
Your $100 a month will add up. There was a time when I couldn't even save that much. I used my meager savings and tax refund to start paying my car insurance premiums in bulk so I could save a couple hundred bucks a year. Did the same with a few other things and then continued to save. It doesn't take a lot to get the ball rolling. Once it does, it's all about keeping the ball in motion. You're doing great.
@@Sandyyyyyyyyyy Oh yeah, I know I'm doing alright, but if not for my extremely lucky rent situation, I'd be knee-deep in my grave just trying to pay for the essentials.
Right now in Canada, it's looking like our next PM is surrounding himself with people with a... let's call it a 'detrimental' outlook on rent prices, so the long-term of that $100 is more tenuous than I'm comfortable with.
Maybe the provincial gov will put their thumb on the scale to balance the worst of the suspected price hikes from the next likely feds, but I've learned to lean away from optimism when it comes to the government, lol
(To be clear to any Canadian looking to jump on this because politics; I hate Trudeau as much as anyone, and I don't, and never will, vote for the guy, but Pierre is such an obvious snake in the grass that I'm amazed his tongue isn't forked.)
It's literally to ameliorate destitution at an age when you can no longer work. It was never meant to be a universal retirement plan.
I live in Syracuse, there's Apartment you can Is rent for $360 a month. Efficiency. It's called brighton towers
Looks like what you save in rent you have to spend on guns and ammo.
@@matthewmorgan4765 Incorrect I don't have to spend it on anything that I don't want to spend it on. It's my personal choice. What? I spend my own money on.
"put a couple hundred a month into"
Good one.
Right??
What he means by that is the 7% of your paycheck that you put into social security and maybe we could have it where your employer also matches that 7%. Most employers do for the 401k anyway and they mandatorily have to for social security anyway. That your rate of return would be far greater than a retirement with social security. He's basically saying that it is inefficient and hasn't necessarily worked out. Even if the government didn't take all the money out of it or mess it up, it still wouldn't be enough. That you would have a better rate of return. Just putting whatever that percentage is into privatized accounts. Personally, I'm pretty liberal on a lot of economics and I am praying that I'm able to get a union job. As an RN. Have a lot of them in Midwestern states. And I agree with this. But I want the government to insure up to a certain your retire. At least 400,000. Which could be just 2% of the normal rate that employers are already putting in. We put that into a separate account that they cannot touch and I cannot stretch that enough. But no one wants to listen to this because they're narrow-minded and don't want to take away certain things. We're not taking anything away. We're just reforming it so it actually works. ❤
Ya putting a few hundred a paycheck into the market seems great....till it crashes
Guys I finally able to save 200-300 dollars a month for emergency fund/Investment/Trad IRA... by getting a second job.
I work 50-60 hours a week now but it's better than feeling like your not getting anywhere.
It pissed me off that I have to get a second job just to actually save money at all.
My brother in Odin, if you and your employer didn't have to pay SSI you'd have that couple hundred.
Sad but true; if we taught financial literacy in school, our current economic system would collapse.
infant and maternal mortality rates were much higher in 1935. brought down the averages. stats 101.
further, scrolling past the "people also ask" section shows that there were 7.8 million Americans 65 or older in 1935.
how is this guy gonna tell us that people need better financial education when he doesn't know what average means, also many young men just died from work injuries in those times
Yep. If you reached 21 still alive, 54% of men would expect to
reach 65, and of those the average length of time collecting benefits was almost 13 years.
As of 2021, the life expectancy of 65y olds has gone up to 17 years, from that 12.7y. It’s not the crazy jump you see when looking at life expectancy from birth.
I've heard of a way around it although it requires fraud. This lady in Japan kept collecting her dead father's pension for years until government workers came to congratulate him on turning some age over a hundred.
So, to start off with, the average age back in 1935 wasn't that people lived shorter, but rather you had a lot more children dying than we do currently. That would skew the numbers greatly. Secondly, raise the cap on social security when it comes to income...
Exactly, survival rate improvement at early age plays a big role in the numbers. People had the pontential to live as long as today, the biological limit of human lifespan never changed.
It's not an investment, it's a tax to support elderly citizens.
Aka entitled boomers who don’t deserve it
Exactly, it costs being old.
Companies used to have these things called "pensions" that were supposed to be the majority of your retirement income, Social Security was supposed to augment that and be a "better than nothing" stopgap.
Corporations have killed off pensions and we're all about 40 years too late to the workforce to get anything. What a cool and fun society we all consented to live in.
But hey, at least we made Line Go Up for some shareholders along the way!
It was supposed to be for widows at first for when the sole breadwinner died. Then it changed. It's easier to prevent a bad law than to remove it.
Dont matter where you put it, when your poor, they get it all
I agree with one point, it is supplemental income at best. But the rest of this is pure libertarian BS.
It’s greed pure and simple. To the rich enough is never enough. They want yours and my share.
Which part of an exploitative system is libertarian? 🤡
@@CADizzy The part where they are implying it should go away.
The only reason that conservatives want it to go away is because the employer has to match that 7.65%, if it was only taken from the employee Republicans and Libertarians wouldn't care.
@@cody9883 you probably think corporations pay taxes. Please try not to be so dense.
@@CADizzy You do realize that your comments are contradictory right?
Do you know what a Libertarian is?
I hope people have better media literacy to know that this is a mischaracterization at best. Please consume media with more scrutiny, especially short form media that lacks substance.
Please explain yourself more what mischaracterization is there if you could provide substance thats missing instead of just speaking out empty words of criticism.
@@WanderingSou1, he can't say more. That's all the government paid him to say.
If you are looking for the misrepresentation I have a comment explaining some of it. Look for it.@@WanderingSou1
My mother in law worked her whole life and paid her taxes. She's only getting about 1500 a month... In one of the most expensive cities to live in. We have decided to have her live with us.
The assumption that all workers can put several hundred dollars a month is absurd and false. Many people need all their income to barely survive. The problem is wages, of course, and the Social Security cap.
I would love to have had an extra two or $300 a month. But every single month when I tried to save I got hungry. Fuck this useless system.
You actually can pass your social security to your adult children if they are declared disabled between the ages of 18 and 22. It's primarily for the disability and advanced age side of things. If you die and your spouse doesn't remarry, they can collect your disability allotment from what's called "widow's benefits". And if your adult child is declared disabled in the proper time-frame, the benefit they get is a lifetime benefit, unless they get married. Also, the vast majority of beneficiaries find roommate situations that get their rent down to $500/month.
Social Security is also for Medicare. Today's life expectancy is like 80 something years old. If you die while on medicare, Medicare pays 100% of the medical cost of your death. Plus, Medicare offers Part C plans (Medicare advantage plans) that give ridiculous amounts of benefits. Benefits like utility money, grocery money, free rides to and from the doctor, $0 primary care provider visits, free medication, and So much more. I'm not even advertising. I've just been on disability since I was 18. Under the right circumstances, Social Security is a life-saving organization and benefit.
Exactly. Even if you take social security as a type of insurance. It's the best type you can get on the market and you're also not extra fleeced for profit.
That's great. what about kids who aren't disabled. The money their folks paid-in is just gone. How is that fair?
@@MrKoobuh it's not gone, it goes to others who need it. Now for private insurance if you don't use it it's mostly gone
Fr we need more people to talk about how much social security sucks
The average is only $1700. You are so correct about teaching our people how to invest and then retire with 5 million.
Like any govt function, it worked for the moment then gets forgotten and abused.
Dont forget "average" means, half of the people are below.
A few hundred a month. That's funny. You're a funny man.
I am a 37 year old Millennial. I see Social Security as theft under threat of Federal persecution, and to add insult to injury, I firmly believe despite having paid into Social Security for decades, it will be defunct by the time I reach retirement age.
Elderly were literally eating cat & dog food- you don't how someone came up with this ? Lol ... pick up a history book dude
You're actually paying the whole 15.3%. It doesn't matter to your employer how much of which checks he has to write goes to the government and which goes to you. It's all part of the same cost of hiring you. If it wasn't going to Washington, it would be going to you Your work is worth the whole amount, not just the part of it that you see on your paycheck.
We absolutely do need social security for elderly and disabled people, no question
A few hundred dollars a month is a little unaffordable
Dude, how are you going to be for schools but against social security? People ready to dump social security are the same people who've been attacking public education for forty plus years.
I'm not for abolishing either of those but it's really a stretch to say how can you support xxx when xyz people also support it when you disagree on another topic
It is amazing watching all these children learn what Gen X has known since the early 90s.
Companies don’t make money if people know what to do with it.
I put away 200 per month and that's pushing it pretty hard. I do not waste very much money
You're supposed to have PAID OFF your house! I did! My YEARLY property taxes are $700 PER YEAR!! (And I only just turned 47! And I made a LOT of the mistakes everyone else is currently making!) $1,700 a month will pay for a months worth of water, electricity, gas, cable/internet, and food with HUNDREDS of dollars left over!
Amazing that the response to "we aren't paying people enough to pay rent after they retire" is not to devote more resources to ss and make it a livable income, but to take the money and use it to fund "financial education," as though that will solve the problem for current retirees or the fact that our economy is so broken for anyone in the lower classes.
Yes sir! Older people are poor
Can we take another second to just talk about how the banking system in this country makes it nearly impossible for the average person to possess the wealth they accumulate through their labor?
I’m all for the education.
But Social Security should just be UBI.
The math works when everyone has a safety net.
I'm all for financial education but the idea that someone out of high school can afford rent, food AND still have "$100 a month to put in a roth IRA" is the most ridiculous out-of-touch-with-reality take i've heard in a long time. I barely made $200 a month at my first job when minimum for a minor was like $4.
It's not just 7.65%, it's actually double that. They get away with that lie by having w2 employers match it, but that's effectively money they'd consider your pay either way.
If people can't afford food how can people afford to put money into savings?
Somewhere like 30-50% of Americans have no retirement savings by the time they’re like 55. I say 30-50% because the percentages are a little different depending on the source/age range the source uses. SS was designed to help a little with this problem ALONG WITH pensions. It wasn’t designed to be the ONLY source of retirement money but as a safety net/absolutely last resort option. Now it has become an ONLY source of retirement money for lots of people. Take it away and you’re going to see a lot of elderly poverty.
Medicare Part B premiums get taken out of your SSI payment before your monthly check is cut. You don't get that full amount.
Also blew my mind when I learned social security is taxed. We get taxes on everything.
My mom died at 55, she never got her pension, there are no benefits for her children either. She worked so hard to get no benefits.
Dude I wish we could spread your word worldwide. Thanks for making these videos… I talk about this crooked, criminal crap our country is doing every day. I just wish we could do something to change it… aside from a revolution.
If you dont like your country, please leave..
My parents keep talking about job prospects as if benefits and retirement are still guaranteed things.
At the time it could provide for retirees to live off of for years. Big issue is money put in the social security fund (more than $2 trillion) was stolen by Congress and wasted. The money in the fund was invested to allow it to grow, but when Congress stole it, here was no money left to invest.
This is all fine and dandy but for most people today they don't have the money to even do that
Id rather have wall street steal my money instead of the goverment...😂
60 years ago the Social Security fund was drained to pay for the daily operations of government and other unrelated social support programs, never to be paid back.
Social Security was never meant to be a retirement fund, but an emergency fund to bring the elderly above the poverty line when included with their private retirement fund and family contributions.
There are some in government who, generation over generation, mislead the new voting population that Social Security was meant to be something other than a means to keep the elderly financially solvent.
It goes to people who have chosen drugs as coping mechanisms, and some actual disabled people. But it needs to be stopped, investigated and a possible redesign for actual birth disabilities.
They don’t want us collecting it! This is rigged! Duh!
This is a good idea as many people do not have the discipline
They hoped the majority of people will die before they get it
I agree that it would be a great idea to include personal finance education in the school system curriculum ranging from elementary school through college! If 1,700 a month isn’t enough to live on right now then it definitely won’t be in the future. It’s funny because I have personally tried to encourage some of my coworkers to sign up for the 401k and even gave them an information sheet about how they work and none of them signed up. On the bright side, longevity has considerably increased in this country over time.
Social Security had a purpose during a time when people had standards and shame. During the Great Depression, there was a 30+ percent poverty rate for seniors. Seniors were starving to death and being evicted. They lost their farms to the dust bowl. Their children all died from disease or war. They wouldn't accept welfare because it was considered shameful. This program claimed to be paying them for work already performed. That was the only way to get them to accept some help.
Social security failed when the government decided to open up that money to general funds spending it where they want to just like they do the rest of our money. That happened when I was a kid and I am 59 now.
Women live longer, it was primarily to take care of the families of men who died much earlier than the average at that time women did not work. The jobs were also much more hazards and you could, if you were unlucky, die much earlier. There would have no likelihood of the woman being able to remarry, so she and any children would have literally been in the poor house (these actually existed).
Since Social Security taxes go into the general fund, your payment into the social security system goes out immediately to retirees who are already retired. It is not a savings system, but a service that in order to recieve when you retired, the requirement is that you have paid into the system when you were not retired. It is a quid pro quo. At no time in history was social security ever a savings plan. It is meant to help the masses, not the individual. While any individual might have used that money to save, the masses in fact didn't (and still don't) and they would populate the poor houses and streets dying of starvation. This became the norm as the older multi-generational family structure fell apart once industrialization took hold. This was an example of communism saving capitalism from itself.
The Social Security we have today is not what was intended when it first was implemented. You’re talking about something that over 80 years ago was made to save 30% of the elderly population from living in abject poverty during the Great Depression. It was a very good idea at the time, it wasn’t bizarre, and it did exactly as it was intended to do. Its responsibilities since its inception have ballooned and the true problem has continued to be that the source of funding which is designed to be safe and secure was never seriously addressed to handle this expansion.
Not only that- CAN WE TALK ABOUT PENSIONS??
Boomers love to talk about “can’t raise the minimum wage without increases prices because ThAt MoNeY hAs To CoMe FrOm sOmEwHere. But then forget that people in their age group have been retired for decades and have still been getting regularly paid out without providing any current benefit to those companies. Where does all THAT money come from??
Don't forget about the disability portion of SSI, that goes to any age group. For example, giving $900+ a month to adults that have ADHD with no expectations on how to use that money. It's ridiculous.
Let's also bring up that congress has stolen money from that fund and never tried to put that money back! Congress stole money so we can never retire
Gen x here, we were told as kids that it would all be gone before we can retire.
I don’t believe in social security anyway. It’s not an individual’s responsibility to pay for someone else not being financially responsible with their money. They, like he stated, should invest their money or be more financially responsible with their money.
If it wasn't for SSA taking my money every check I'd have extra money to put into an IRA.
For me personally. I consider it the epitome of "taxation without representation" in my life time.
I don't want to pay in anymore. Because I'll never see a dime
That's how the US justified "borrowing" from it.
Yep my mom always tells me the money that goes to social security is money i will never see
No matter what your age, start a ROTH next week!
Get your 5 year clock ticking so that you can withdraw tax-free at 59-1/2.
Corporations will never let us teach financial literacy in public schools. They would lose so much money to financially literate Americans not falling for every scam, shyster, and grifter. Being able to save and pay your bills on time alone would wreck their exploitative model. 😂
Like literally everything else that FDR did, social security is bad for the country, especially in the long term.
Life expectancy statistics are a bit hard to understand if you don't think about them. They are so low because so many would die as children. If you made it to 5 or so you had a very good chance to live into your 70s.