Will never happen as long as the rest of the world is willing to loan us money. If this ever happens (think Greece), then things will change. Meantime, congress has realized they get re-elected by giving people free stuff, not by paying for stuff. Want to wipe out student loans, no problem. With a stroke of a pen, it's gone. No consequences to doing this, except you get more votes from people with student loans.
Welcome to inflation, it's a tax on the poor and middle class. Those with lots of money and assets do fine, as inflation increase the value of those assets.
I have a spreadsheet of all monthly bills, including credit cards, with due dates and closing dates. This way I know when my payments are due and when the billing cycle ends. I chose to make payments at least a few days before due date in case something happens. I also get notifications whenever a charge is made to any of my cards, so I can keep track and know of any fraudulent charges.
I wish I could sign a document that says I forfeit all of my social security benefits and in return I don’t want another cent taken from me for this horrific program. I’d sign it yesterday!
I have missed credit card payments about four times by deleting the billing emails by mistake. I called the next month and begged for forgiveness. Everything I was given forgiveness, but I needed to pay right away from my checking account. I kept my credit score in the 800s.
thats why I get paper statements but the postal service is not the best and missed sometimes as well. Give em a call and get the charges refunded as they see I pay on time.
@@asullivan4047 You had the opportunity to sign a bipartisan border deal, but your people are too far up 45's a** to make a rational decision. And good bye
Great informative show !! Recently my credit union issued new debit cards for all their customers. I was paying my cell phone with my debit card(old card) with automatic payment but then decided to change to have my automatic payment by credit card . Then I noticed that my bill went up .I found out that you receive a $10.00 discount by paying with your debit card . So back on my debit my payment went. A good idea for automatic payments on CC’s too, incase you’re ill good back up . Our country’s debt is unsustainable but sadly not many politicians seem to care, except for a few like, Senator Rand Paul .
Good for you, but I believe Verizon does not charge for using my cc - and there is a discount for using autopay and not getting hardcopy bills. (My electric utility is the only one who does). I get 2% back on my Fidelity cc.
I just checked my HSA with Fidelity. Opened it simultaneously when I had the employer sponsored Discovery benefits HSA at the time. So, unless things have changed, you can open another HSA outside the company one as long as you stay within contribution limits and I think employer contributions apply to the limit too.
Some people didn't want us to have a manufacturing base and we got NAFTA, which offsourced all that. Our economy is based on consumer spending, which is by it's very nature inflationary.
I had a self-directed Roth IRA - the trustee kept upping the fees. In addition to what Clark said about a Roth not having the tax advantages for real estate, another big disadvantage is in a Roth you can't have a mortgage on the property. Traditional Roths or IRA's do not allow you to use credit or margin.
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Patricia Annie Brooks
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
Her good reputation already speaks for her .I’m also one of the beneficiary of Annie Brooks. So happy I gave it a trial after being skeptic of the process.
About 2 years ago my brother was charged about $800. for an about 4 mile ambulance ride to the hospital for what turned out to be COVID and related pneumonia/hypoxia. He has Medicare and also a Medigap like insurance through his CSRS retirement. The ambulance was the local government professional Fire Dept. The "insurance" spoken of is almost more like a prepaid plan rather than true insurance.
It’s just a matter of time before the government goes defunct, they need to quit handing out money to people left and right, and a lot of younger people don’t know how or care about discipline with money and being frugal 😮
I manually pay my credit cards every month so they will be deducted from my bank account on the same day I get paid. I have automatic payments setup to cover me in case I forget or make a mistake.
My credit score has never been impacted by missing a payment on a credit card. There is typically a grace period before they report it to the credit agencies, usually 2 missed in a row. I love the auto pay on monthly payments that dont change like internet service but when it comes to my credit card Im with Clark on this I want my paper statements to review.
Hmmm...don't know if I'm a rarity. However, I am one that never had a silver spoon & has worked since I was 15 yrs old & never had an issue with how much I've pd. in taxes. I would prefer to pay more in SS taxes than have those that need & depend on SS to receive less benefits. I am not one who believes that a majority takes advantage of government assistance; in particular to the programs we pay into ...in any case ✌️💖🇺🇸🥂
For the credit card automatic payments, do we initiate from our bank or set it up with the credit card company? Btw I always print out my statement and go thru it before paying. Thanks
Everytime we get a SS cost of Living increase; Medicare takes it by increasing costs. Good Luck finding a good MD, most I’ve talked to, they don’t want anything to do with Medicare or Medicare Advantage Patients. YIKES 😳
When we restrict the Federal Government to its Constitutional duties and return all other responsibilities back to the States, the budget will balance.
It doesn't help when SS when Presidents borrow from SS and don't pay it back. e.g. Bush borrowed 1.37 trillion for the Iraq war and tax cuts for the rich.
When a paycheck is auto-deposited to a bank and the bank loans the funds to a business man, to buy produce or to expand, was that workers money mishandled? Taking deposits and loaning money is the nature of what a bank does. The same is true between SSA and the Treasury. By law, extra SS collections have always been deposited in the Treasury in exchange for a CD. The Treasury pays interest to hold those CDs -- not enough, but that is part of SS's poor design. It is true, and it is questionable accounting to use the SS deposits to offset debt, thereby making is smaller. It is sort of irrelevant what the "bank" uses the borrowed funds for as long as they are paid off when SSA requests it.
I got a birthday card delivered 1 month after my birthday 2024! It came from Atlanta , GA to Ohio. US mail is getting worse. I also had some vitamin supplements delivered from Kansas City, Missouri 45 days after its normal delivery date in 2023. I had to cancel the service because it was too unreliable.
I just set up auto pay for the minimum due on my credit cards. I never thought about it since I pay them off as I use them, but it's a great idea if something happens that I can't get to it. Thank you.
Here's a business model. See what you think. I'm going to start a business to collect information about your income, spending, consumption, and borrowing. I'm going to do this without your permission or knowledge. Then I'm going to sell this information to others for my profit, which I won't share with you. The information I provide will greatly affect your life, possibly even interfering with you being able to get employment -- i.e. make a living. So what do you think? "Sounds like a racket," you say? Yeah, guess you're right. Better not try it.
With advancement of healthcare technology and science that is better and better it is also more costly. Medicare cost more and more. Longer lifespans makes social security and Medicare much more expensive in the future.
As mentioned by others, fixing SSI is easy. Eliminate the cap. Done. Medicare is more complicated by fixable. National healthcare. Sadly a lot of insurance companies are going to cry. Boo hoo. Will it be done well? Doubt it but it could be. It will be our failure if national healthcare sucks.
It never will. Social Security will be around for many years. I think people are usually not scare tactics and making a bigger deal out of it when what it is!
@@ronnythompson9115 , There’s a New Generation in the World today, 3rd party Logistics Companies, Temp Workers, No Strong Unions anymore, Low Wages, Franchises, etc. Postal Workers aren’t considered to be Government Employees anymore… If you need more, AT-WILL EMPLOYMENT, as a Worker in today’s World, you have no Rights b/c you are vicariously coerced into signing away all your rights in fear of not being hired. So you agree to have all your disputes settled through Arbitration. Now, what kind of quality workers do you think are in the workforce today?
@@ronnythompson9115 BTW, there are many incentives in today’s Labor Force to hire X-Cons, they’re actually a hot commodity. Before I decided to Retire 2 years ago, I was pasted over from quite a few jobs b/c there were no tax advantages or incentives for hiring an old Bloke like me self. Besides, the annual incomes just isn’t worth it anymore.
If the us quit sending money to every country around the globe for 2 yes we could get out of debt if your money is short at home u can't help everybody else
Well, what I thought, too. The major exception I've found is utilities - mine only keep 12 months of bills and I find least 3 years is useful in look-backs. But it's working well for financial institutions, tax returns....
I was set up like that for a while - until my computer died, and I couldn't afford a new one for a while. For at least a month I didn't know what was due or when, and had to scramble to use public computers to find out where I was. No more! I went back to requesting all paper statements.
Your economic analysis is stupid with this current administration and open borders with the tens of millions that will need social security in the future
Congress is broke and regularly voting to spend more money they do not have. There is only one way to "pay it back" (unless you believe congress can actually cut spending). Raise taxes. In the case of social security, the rate would have to go up to 9%, well on its way to 10%. And then employers have to match that amount. We are addicted to getting something for nothing.
By law, extra SS collections have always been deposited in the Treasury in exchange for a CD. Is every bank that takes a deposit stealing? As SS is now running short, those CDs are being paid. It is poor accounting to use those funds to make the Debt look smaller.
Social Security isn't the real problem. The problem is Medicare and Medicaid spending. Social Secuity has an operating deficit of about 18% or $216 billion. Raise the tax about 1% and raise the cap on the tax a modest amount. Problem solved there. Medicare and Medicaid is a different story. Only $358 billion was collected last year against a spend in that department of $1,708 billion. The spending is 5 times the tax collected. Our medical system needs fixing because you'll never fix Medicare and Medicaid by raising taxes or cutting benefits.
Right on. The cost of healthcare is the root of the problem. It has gone from 5ish to 20ish percent of GDP (some productivity huh?). Something like only 1 out 10 healthcare employees ever touch a patient. Insanity. It would be a good idea to stop spousal benefits also as it is a form of double dipping. Survivor benefits great - not double-dipping.
The US health care system only cares about money. Drug costs are ridiculous. I'm an expat from the US living in Thailand. Health care here is world class and a fraction of the cost of the US. And they have a public health care system that covers everybody.
Ha ha I live in Thailand. Had to take an ambulance once from one hospital to another. About 20 miles. Cost was $15. Health care in the US is a total ripoff. And it's quality is only ranked 11th in the world.
On SSA: There is No Way the government will reduce someones payout (That is already receiving a payout) It would spin the country into crisis. People spend 100% of what they get... whether it be a paycheck or an SSA check. They spend it all... So, the only option in a reduction is to those that dont receive the benefit yet.... When that happens you will see a flood of early claimers... Which will send us into recession or worse.... Thus, the only solution for SSA is to 1) Raise the cap on taxable earnings. Double it! Its the least painful method to fix SSA. 2) SSA is already means tested, right??? There are tax tiers on SSA earnings. Thus, its means tested. Thus, increase the means testing to eliminate the benefit for high net worth persons. Make the ceiling to receive a benefit at $10 million. They don't need it. 3) Reset the tax tiers and index them for future years.
The younger generations WILL vote for politicians who will reduce benefits for us already receiving it, make no doubt. The reason: Because we spent THEIR money through all the pork barrel stuff WE wanted. Money that was "borrowed" from the SS trust. We really did. AND Medicare may become limited to a certain max age. Get ready for it. Cut your travel budget.
My wife and I will not need Social Security. I would much rather invest the money I am paying into Social Security in my own retirement account. Additionally, the employer match into my retirement account would be very beneficial. I started working at 16, and I would be a millionaire several times over by 60 if that money had been invested in the stock market. Regardless of the outcome, my wife and I are planning for a retirement that does not include Social Security.
Before you do anything, that you say is mostly right.....we need to abolish all immigration. At least for the next 7-10 years. Less population equals more supply ....less demand as far as housing. Affordability.
social security will not run out, only the trust fund would if not fixed, do you really think the politicians will allow that to happen with over 90 million folks on some form of SS, taxes will be raised, retirement age will increase and possibly means testing will happen
The Social Security fix is easy in a way. They just need to remove the cap and make everyone pay the tax. $168,000 limit doesn't make a lot sense, change that before raising the rate on everyone else.
The "easy" fix for Social security always seems to be the one that does not raise your taxes or decrease your benefits. Letting someone else shoulder the burden of fixing SS while making no sacrifice yourself is always easy. If you make less than the cap and never will raising the cap is easy! If you are already retired and collecting SS raising the cap, increasing the tax and raising the retirement age are all easy solutions! If you are young and don't think you will ever collect SS making it 100% taxable, means testing or just letting benefits decrease when the trust fund runs out are all easy solutions! If you are only willing to make changes that cost you nothing you are part of the problem. SS was designed so it would be seen as a universal benefit that was earned, not welfare or charity. Something that nearly everyone paid into and later received a benefit. Any "solution" that only takes from one group of people and gives them nothing in return does nothing but produce more of the us vs them kind of divided politics we already have way too much of. A fix for SS needs to include some sacrifice on young and old as well as rich and middle class. The only people that should not have to pay or take a benefit reduction are low income seniors who truly cannot afford to.
@@davelively7423 - Applause! I like the way you expressed that. For some reason we retired folks seem to feel that we bear no responsibility for electing gutless politicians, ones that do not grasp how math and economics work. So we just let the young cover our mistakes! Whatever is done, the pain needs to be shared.
@@davelively7423 Those of us born after 1960 and have worked 40+ years have already made our sacrifice. While we were working and paying into the system, supporting those already collecting, congress did a couple of things to screw us. One, they raised the portion that SS could be taxed to 50% and then to 85%, and two, raised the Full Retirement age from 65 to 67. I suggest: 1. Remove top wage earnings cap. 2. Increase SS deductions of both the employer and employee 1%. 3. Increase FRA to 68 or 69, gradual over time, for the next 10-20 years. 4. Remove the 85% tax cap and make SS fully taxable. There are people a lot smarter than me who can best determine which combination of these levers to pull, to make the numbers work. They know what has to be done. They have the data and calculators to fix this.
Because they don't have any money. Where will that money come from? Us, the tax payers. We currently borrow money to pay the interest on our debt. It's like putting your house payments on a credit card and running up the balance.
By law, extra SS collections have always been deposited in the Treasury in exchange for a CD. Is every bank that takes a deposit stealing? As SS is now running short, those CDs are being paid. It is poor accounting to use those funds to make the Debt look smaller.
Raise the taxes we collect. NOT the payroll tax rate that the average joe pays. But remove the cap. And tax passive income much more aggressively. Shift some of the burden to the supa rich. ez
The SSN segment sound good, but when everyone talks about cutting items, we want to cut items that effect people and people who have less resources. Most are people who have worked all their lives. Most people will not retire with stock options... The gap between people who have and people who have less resources is so large.
Clark Stinks: Clark, you said the bad word, " taxes" as a solution to inflation. I have a better suggestion. How about our government is reduced to numbers back in early 1900's and our government stops giving our taxes away to foreign governments & pork pet projects. I don't need to know the meaning of fly noises nor mating activities, & I certainly don't need my taxes funding hamas/ Iran Iraq Qatar etc etc. I don't think Americans agree with our government funding illegals from travel here to all their necessities from start to finish. Funding certain wars is not in our best interest financially. Yes there are a lot of ways to help.our economy besides taxing our citizens into their grave
I have been autopay for everything for 20 years. It's the way to go. No late fees or interest ever. Several times per month I review all accounts and notice charges and pay off the total balances. I opt for electronic delivery for everything, nothing by mail, well except for stupid systems like property tax and the IRS. I hate USPS, they just deliver junk mail.
I have never heard Clark address the tax implications of the secure act with the shift of large 401K inheritances from boomers to their children. This seems like a significant tax increase on the middle class, but also a benefit to government tax collections. I was planning to stretch my distributions, but now I cannot.
Don’t worry, ZILLOW or some other Reality Company will come along and offer to buy you out with 💰 cash 💵 $, then convert your apartments into Condos and Sell them for $450K or Rent them out for $2800 to $3000 a month… this type of Corruption happens under a Republican controlled Government , it certainly isn’t Democratic. 😡, GEEZ, when will people learn? YIKES 😳 it’s too late.
And no income. Do as you wish, but normally folks want income or wealth; in RE this means rental income and increased value. Land will increase, but usually slowly.
We did have enough money in medicare and social security but the government keeps borrowing it and never paying it back so why taxes more if the government is only going to take it anyway
Great question. The government statistics are totally rigged, and he just laps them up like a dog. He needs to stick with consumer advice. Clark is not an economist- no way, no how, son.
@kleetus88 @chuckinhouston9952 Clark reads over 24 publications a day. The Financial Times of London and the WSJ are just 2 of them. Please share your economic resources and let's see if it's on the daily list! 💚
Clark Stinks here - he avoids this issue: The Government can print money! But instead it "outsources" money creation to the banking system - in a crony deal that benefits banking crooks, the US Treasury must borrow money issuing bonds, indirectly, from the Federal Reserve which buys the bonds using cash from its balance sheet. Here's the crime: The Fed has no money on its balance sheet - it types it into its balance sheet computer and makes money from thin air! It then buys the US Treasury bonds! Therefore the US Treasure creates an ever increasing US Debt where the US Treasure can simply create the money itself! For that matter, the US Treasure could create the money to extinguish the US debt (although it's not so simple...).
Labor participation rate is the key factor. It's at an all time low. Smoke and Mirrors "Strong" Economy. How is it that we don't run out of money for Illegals, mediCAID, EBT, TANF, Ukraine, etc.?
We’re 1 small balance away on our last credit card then we’re done jumping through the hoops of credit cards!!! Moving on to building up our 6 months of our emergency funds because of the gift of my inheritance from my precious daddy so far.We still have to sell 2 of daddy’s rentals and we will sell some of our 4 rentals to reach our goal of paying off our home mortgage to get 100% debt free so we can finally retire🙂 8:36
Autopay also helps with different deadlines. Autopay minimum payment, but then once a month we go through the statement and pay in full. Otherwise, you are on their schedule, not yours. This lets us handle all cards at once, not piecemeal, while avoiding any possible late charges.
Wow. Budget deficits - you don't say? Unemployment low; some folks with three minimum paying jobs at once, ha! Pricing on - Everthing - is in the sticker shock zone and you say the "economy is great!" Really Clark? Have you, in person, even been to the grocery store here lately? Your comments on this topic are certainly - not even close to the - "Clarkie" category, but more in that of the "Clark Stinks" realm, like the odor of old fashioned freshly sqaushed bull excrement. Even still I like you, even though...
Regarding the government deficit, our social security fund is the largest lender to our government currently. Please add that into your timeline. If social security funds continue to be used to support our spending, we will run out of money faster. Of course, the required reserve ratios that banks have might not apply.
@clarkhoward you say we have to cut payout on SS or increase taxes to support. But yet we seem to have hundreds of billions of dollars available to send overseas to Isreal and Ukraine. Every time they ask, we send. This money should just as easily be put back into our fund that WE paid into over many decades. Now that it's time to collect my meager pittance, they want to they need to cut. I'm not letting them off the hook that easy. That money is not to fund other things and then have them tell us there is no money for us.
Add: Huge x100000 expenses for gov and citizens to mitigate effects of climate related disasters, extreme weather, insurance costs and migrations from uninhabitable areas.
The US has had the world reserve currency for a long time. The way we are printing money will eventually make the world select another reserve currency, most likely China. Then the US economy will collapse. We have seen this with every civilization in the past. Before the US, the British had the world currency, they failed. Before then it was Holland, Amsterdam was world financial center, remember the East Dutch India Company. East Dutch India trading company. The US is in decline and will fail.
What about cutting government spending?
Exactly, stop spending trillions on other countries wars while the politicians ( both parties ) are getting rich off kick backs.
That part! 🙌
Will never happen as long as the rest of the world is willing to loan us money. If this ever happens (think Greece), then things will change. Meantime, congress has realized they get re-elected by giving people free stuff, not by paying for stuff. Want to wipe out student loans, no problem. With a stroke of a pen, it's gone. No consequences to doing this, except you get more votes from people with student loans.
@@Clarkor rescind the tax cuts for the rich
@@crazyjrp Yes!!! You are absolutely right.
Rich people are doing great, average and poor people are freaking out about rent, insurance, and food prices.
Welcome to inflation, it's a tax on the poor and middle class. Those with lots of money and assets do fine, as inflation increase the value of those assets.
As the poor and middle class people is gone .. who is left to steal from
I have a spreadsheet of all monthly bills, including credit cards, with due dates and closing dates. This way I know when my payments are due and when the billing cycle ends. I chose to make payments at least a few days before due date in case something happens. I also get notifications whenever a charge is made to any of my cards, so I can keep track and know of any fraudulent charges.
Clark got it right on the head !
Everyone knows this but we are in a dream state .
I wish I could sign a document that says I forfeit all of my social security benefits and in return I don’t want another cent taken from me for this horrific program. I’d sign it yesterday!
I have missed credit card payments about four times by deleting the billing emails by mistake. I called the next month and begged for forgiveness. Everything I was given forgiveness, but I needed to pay right away from my checking account. I kept my credit score in the 800s.
Great tip! 🙌
thats why I get paper statements but the postal service is not the best and missed sometimes as well. Give em a call and get the charges refunded as they see I pay on time.
One way is the unpopular cutting of the over inflated defense spending... Just doing this will save a lot of social programs.
How about foreign aid going to " Border Czar' harris's border crossers???🤔 Along with all the free amenities @ tax payer expense-???🤔
@@asullivan4047 You had the opportunity to sign a bipartisan border deal, but your people are too far up 45's a** to make a rational decision. And good bye
Great informative show !! Recently my credit union issued new debit cards for all their customers. I was paying my cell phone with my debit card(old card) with automatic payment but then decided to change to have my automatic payment by credit card . Then I noticed that my bill went up .I found out that you receive a $10.00 discount by paying with your debit card . So back on my debit my payment went. A good idea for automatic payments on CC’s too, incase you’re ill good back up . Our country’s debt is unsustainable but sadly not many politicians seem to care, except for a few like, Senator Rand Paul .
Good for you, but I believe Verizon does not charge for using my cc - and there is a discount for using autopay and not getting hardcopy bills. (My electric utility is the only one who does). I get 2% back on my Fidelity cc.
I just checked my HSA with Fidelity. Opened it simultaneously when I had the employer sponsored Discovery benefits HSA at the time. So, unless things have changed, you can open another HSA outside the company one as long as you stay within contribution limits and I think employer contributions apply to the limit too.
I did the same. I opened my own HSA outside the company. You do not need a company sponsored plan.
Some people didn't want us to have a manufacturing base and we got NAFTA, which offsourced all that. Our economy is based on consumer spending, which is by it's very nature inflationary.
Thanks for these early videos! 💪🏾
Clark is so right, as always!
We still got an endless supply of money for illegal immigrants, Ukraine and Israel.
I had a self-directed Roth IRA - the trustee kept upping the fees. In addition to what Clark said about a Roth not having the tax advantages for real estate, another big disadvantage is in a Roth you can't have a mortgage on the property. Traditional Roths or IRA's do not allow you to use credit or margin.
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Patricia Annie Brooks
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
You trade with Annie Brooks too? Wow that woman has been a blessing to me and my family.
YES!!! That's exactly her name (Annie Brooks) so many people have recommended highly about her and am just starting with her from Brisbane Australia🇦🇺
Her good reputation already speaks for her .I’m also one of the beneficiary of Annie Brooks. So happy I gave it a trial after being skeptic of the process.
She communicates on instagram..
I could add directly to the HSA --- but when it was passed from paycheck by employer there was no medicare tax.
Politicians need to deal with SS now! Before it is gone or so much lower!
About 2 years ago my brother was charged about $800. for an about 4 mile ambulance ride to the hospital for what turned out to be COVID and related pneumonia/hypoxia. He has Medicare and also a Medigap like insurance through his CSRS retirement. The ambulance was the local government professional Fire Dept.
The "insurance" spoken of is almost more like a prepaid plan rather than true insurance.
It’s just a matter of time before the government goes defunct, they need to quit handing out money to people left and right, and a lot of younger people don’t know how or care about discipline with money and being frugal 😮
I manually pay my credit cards every month so they will be deducted from my bank account on the same day I get paid. I have automatic payments setup to cover me in case I forget or make a mistake.
Great strategy! 🙌
My credit score has never been impacted by missing a payment on a credit card. There is typically a grace period before they report it to the credit agencies, usually 2 missed in a row. I love the auto pay on monthly payments that dont change like internet service but when it comes to my credit card Im with Clark on this I want my paper statements to review.
Hmmm...don't know if I'm a rarity. However, I am one that never had a silver spoon & has worked since I was 15 yrs old & never had an issue with how much I've pd. in taxes. I would prefer to pay more in SS taxes than have those that need & depend on SS to receive less benefits. I am not one who believes that a majority takes advantage of government assistance; in particular to the programs we pay into ...in any case ✌️💖🇺🇸🥂
For the credit card automatic payments, do we initiate from our bank or set it up with the credit card company? Btw I always print out my statement and go thru it before paying. Thanks
Everytime we get a SS cost of Living increase; Medicare takes it by increasing costs. Good Luck finding a good MD, most I’ve talked to, they don’t want anything to do with Medicare or Medicare Advantage Patients. YIKES 😳
When we restrict the Federal Government to its Constitutional duties and return all other responsibilities back to the States, the budget will balance.
H.S.A can be altered by a company to allow for changes throughout the year. Perhaps ask HR to consider changing this.
It doesn't help when SS when Presidents borrow from SS and don't pay it back. e.g. Bush borrowed 1.37 trillion for the Iraq war and tax cuts for the rich.
When a paycheck is auto-deposited to a bank and the bank loans the funds to a business man, to buy produce or to expand, was that workers money mishandled? Taking deposits and loaning money is the nature of what a bank does. The same is true between SSA and the Treasury. By law, extra SS collections have always been deposited in the Treasury in exchange for a CD. The Treasury pays interest to hold those CDs -- not enough, but that is part of SS's poor design.
It is true, and it is questionable accounting to use the SS deposits to offset debt, thereby making is smaller. It is sort of irrelevant what the "bank" uses the borrowed funds for as long as they are paid off when SSA requests it.
I got a birthday card delivered 1 month after my birthday 2024! It came from Atlanta , GA to Ohio. US mail is getting worse. I also had some vitamin supplements delivered from Kansas City, Missouri 45 days after its normal delivery date in 2023. I had to cancel the service because it was too unreliable.
Blame it on DeJoke. He is a Trump stooge who wants him back in a pres.
When is welfare going to run out? It never seems to have this problem.
Especially Corporate Welfare!
I just set up auto pay for the minimum due on my credit cards. I never thought about it since I pay them off as I use them, but it's a great idea if something happens that I can't get to it. Thank you.
I still get paper statements with mostly no issues. I also have a locking mail box 🗃️. People steal mail right out of them in my area.
Here's a business model. See what you think. I'm going to start a business to collect information about your income, spending, consumption, and borrowing. I'm going to do this without your permission or knowledge. Then I'm going to sell this information to others for my profit, which I won't share with you. The information I provide will greatly affect your life, possibly even interfering with you being able to get employment -- i.e. make a living. So what do you think? "Sounds like a racket," you say? Yeah, guess you're right. Better not try it.
🤔
With advancement of healthcare technology and science that is better and better it is also more costly. Medicare cost more and more. Longer lifespans makes social security and Medicare much more expensive in the future.
As mentioned by others, fixing SSI is easy. Eliminate the cap. Done. Medicare is more complicated by fixable. National healthcare. Sadly a lot of insurance companies are going to cry. Boo hoo. Will it be done well? Doubt it but it could be. It will be our failure if national healthcare sucks.
I have been auto pay at least 15 years. But auto pay does not require electronic statements. I still get paper.
Reduce spending !
Seems like the cost of living "inflation" is more like 12% .........🥴
You definitely do not want any statements ever delivered via mail.
It never will. Social Security will be around for many years. I think people are usually not scare tactics and making a bigger deal out of it when what it is!
Dont send gift cards are cash in the mail. They are being stolen out of the envelop.
DUHH 😲
@@Solitaryman70 I wouldn't think postal workers would steal mail. Didn't know they hire criminals.
@@ronnythompson9115 , There’s a New Generation in the World today, 3rd party Logistics Companies, Temp Workers, No Strong Unions anymore, Low Wages, Franchises, etc. Postal Workers aren’t considered to be Government Employees anymore… If you need more, AT-WILL EMPLOYMENT, as a Worker in today’s World, you have no Rights b/c you are vicariously coerced into signing away all your rights in fear of not being hired. So you agree to have all your disputes settled through Arbitration. Now, what kind of quality workers do you think are in the workforce today?
@@ronnythompson9115 BTW, there are many incentives in today’s Labor Force to hire X-Cons, they’re actually a hot commodity.
Before I decided to Retire 2 years ago, I was pasted over from quite a few jobs b/c there were no tax advantages or incentives for hiring an old Bloke like me self. Besides, the annual incomes just isn’t worth it anymore.
No
All I have is SS so I’m screwed
It may not be too late! How old are you? Are you still working? 💚
@@Clark I’m 59 next month and yes still working but Im in debt at the tune of $230,000.00
@@orangemanonsteroids8569Is bankruptcy an option?
If the us quit sending money to every country around the globe for 2 yes we could get out of debt if your money is short at home u can't help everybody else
You definitely do not want any "self directed IRA."
You are supposed to live free!! You don't need government to smoke a turkey!!! Jeez!!
The honest one is RFK.
Strongest with huge budget defesit and tremendous trillions of debt???😢😢😢😢
I do not rely on paper mail.
I have oaperless statements on everything.
PDF is better than paper every day of the week.
Well, what I thought, too. The major exception I've found is utilities - mine only keep 12 months of bills and I find least 3 years is useful in look-backs. But it's working well for financial institutions, tax returns....
@@GeeWit - You can always save the pdf files on your computer, phone, or tablet.
I was set up like that for a while - until my computer died, and I couldn't afford a new one for a while. For at least a month I didn't know what was due or when, and had to scramble to use public computers to find out where I was. No more! I went back to requesting all paper statements.
Your economic analysis is stupid with this current administration and open borders with the tens of millions that will need social security in the future
Tens of millions will be contributing to social security through jobs
Saying the US economy is the best in the developed world is like saying a 300-pound woman is the best-looking woman at a fat girl convention.
Thank huge deficits to the Trump tax cuts for the wealthy.
😅 it's already GONE !
Congress needs to pay back the money they stole from Social Security.
Congress is broke and regularly voting to spend more money they do not have. There is only one way to "pay it back" (unless you believe congress can actually cut spending). Raise taxes. In the case of social security, the rate would have to go up to 9%, well on its way to 10%. And then employers have to match that amount. We are addicted to getting something for nothing.
By law, extra SS collections have always been deposited in the Treasury in exchange for a CD. Is every bank that takes a deposit stealing? As SS is now running short, those CDs are being paid. It is poor accounting to use those funds to make the Debt look smaller.
Congress is you! You (we) will pay and are paying! Vote them out!!!
@@charleslemaire8137False.
They're above reproach-!!!😳
Social Security isn't the real problem. The problem is Medicare and Medicaid spending. Social Secuity has an operating deficit of about 18% or $216 billion. Raise the tax about 1% and raise the cap on the tax a modest amount. Problem solved there. Medicare and Medicaid is a different story. Only $358 billion was collected last year against a spend in that department of $1,708 billion. The spending is 5 times the tax collected. Our medical system needs fixing because you'll never fix Medicare and Medicaid by raising taxes or cutting benefits.
Right on. The cost of healthcare is the root of the problem. It has gone from 5ish to 20ish percent of GDP (some productivity huh?). Something like only 1 out 10 healthcare employees ever touch a patient. Insanity. It would be a good idea to stop spousal benefits also as it is a form of double dipping. Survivor benefits great - not double-dipping.
The US health care system only cares about money. Drug costs are ridiculous.
I'm an expat from the US living in Thailand.
Health care here is world class and a fraction of the cost of the US. And they have a public health care system that covers everybody.
Ha ha I live in Thailand. Had to take an ambulance once from one hospital to another. About 20 miles. Cost was $15. Health care in the US is a total ripoff. And it's quality is only ranked 11th in the world.
On SSA: There is No Way the government will reduce someones payout (That is already receiving a payout) It would spin the country into crisis. People spend 100% of what they get... whether it be a paycheck or an SSA check. They spend it all... So, the only option in a reduction is to those that dont receive the benefit yet.... When that happens you will see a flood of early claimers... Which will send us into recession or worse....
Thus, the only solution for SSA is to 1) Raise the cap on taxable earnings. Double it! Its the least painful method to fix SSA. 2) SSA is already means tested, right??? There are tax tiers on SSA earnings. Thus, its means tested. Thus, increase the means testing to eliminate the benefit for high net worth persons. Make the ceiling to receive a benefit at $10 million. They don't need it. 3) Reset the tax tiers and index them for future years.
💯 Yes, the reduction would be for future retirees. Thanks for sharing your solution ideas!
Yes! Politicians need to agree with this
Sure, turn it into WAY OVER PRICED WELFARE. Sorry you worked too hard you don't get anything.
GUARANTEED WAY TO END IT FOREVER..
The younger generations WILL vote for politicians who will reduce benefits for us already receiving it, make no doubt. The reason: Because we spent THEIR money through all the pork barrel stuff WE wanted. Money that was "borrowed" from the SS trust. We really did. AND Medicare may become limited to a certain max age. Get ready for it. Cut your travel budget.
Remove the cap altogether, plenty of $ for ss and medicare.
Nice one hour early… good morning all…
Simple credit card solution. Have your credit card send both printed bill and email bill notification.
Some are charging $1.99 for printed bill… Synchrony Bank for sure
Gotta say I was surprised when I heard my question answered today! Thanks Clark and team for pointing me in the right direction!!!
Thanks for being a part of the show! (FYI - you will get an email this morning letting you know that your question was read on-air). 💚
What happened to that trust fund our Social Security payments are supposed to go into? Oh, yeah. Congress took it.
I want the same healthcare as our politicians😂. They seem to live a very, very, very long time.
My wife and I will not need Social Security. I would much rather invest the money I am paying into Social Security in my own retirement account. Additionally, the employer match into my retirement account would be very beneficial. I started working at 16, and I would be a millionaire several times over by 60 if that money had been invested in the stock market. Regardless of the outcome, my wife and I are planning for a retirement that does not include Social Security.
Before you do anything, that you say is mostly right.....we need to abolish all immigration. At least for the next 7-10 years. Less population equals more supply ....less demand as far as housing. Affordability.
social security will not run out, only the trust fund would if not fixed, do you really think the politicians will allow that to happen with over 90 million folks on some form of SS, taxes will be raised, retirement age will increase and possibly means testing will happen
No consumer debt or car payments here. Chasing that credit score and airline miles sounds like a total time suck.
The Social Security fix is easy in a way. They just need to remove the cap and make everyone pay the tax. $168,000 limit doesn't make a lot sense, change that before raising the rate on everyone else.
The "easy" fix for Social security always seems to be the one that does not raise your taxes or decrease your benefits. Letting someone else shoulder the burden of fixing SS while making no sacrifice yourself is always easy.
If you make less than the cap and never will raising the cap is easy!
If you are already retired and collecting SS raising the cap, increasing the tax and raising the retirement age are all easy solutions!
If you are young and don't think you will ever collect SS making it 100% taxable, means testing or just letting benefits decrease when the trust fund runs out are all easy solutions!
If you are only willing to make changes that cost you nothing you are part of the problem. SS was designed so it would be seen as a universal benefit that was earned, not welfare or charity. Something that nearly everyone paid into and later received a benefit. Any "solution" that only takes from one group of people and gives them nothing in return does nothing but produce more of the us vs them kind of divided politics we already have way too much of. A fix for SS needs to include some sacrifice on young and old as well as rich and middle class. The only people that should not have to pay or take a benefit reduction are low income seniors who truly cannot afford to.
@@davelively7423 Nah - just make the rich pay their fair share . We get taxed on all of our income - the wealthy should be treated the same .
@@davelively7423 - Applause! I like the way you expressed that.
For some reason we retired folks seem to feel that we bear no responsibility for electing gutless politicians, ones that do not grasp how math and economics work. So we just let the young cover our mistakes!
Whatever is done, the pain needs to be shared.
@@davelively7423 Those of us born after 1960 and have worked 40+ years have already made our sacrifice. While we were working and paying into the system, supporting those already collecting, congress did a couple of things to screw us. One, they raised the portion that SS could be taxed to 50% and then to 85%, and two, raised the Full Retirement age from 65 to 67. I suggest:
1. Remove top wage earnings cap.
2. Increase SS deductions of both the employer and employee 1%.
3. Increase FRA to 68 or 69, gradual over time, for the next 10-20 years.
4. Remove the 85% tax cap and make SS fully taxable.
There are people a lot smarter than me who can best determine which combination of these levers to pull, to make the numbers work. They know what has to be done. They have the data and calculators to fix this.
Why don't they pay back all the money that was borrowing out of the SS fund?
Misinformation, no money was taken from. SS
Because they don't have any money. Where will that money come from? Us, the tax payers. We currently borrow money to pay the interest on our debt. It's like putting your house payments on a credit card and running up the balance.
By law, extra SS collections have always been deposited in the Treasury in exchange for a CD. Is every bank that takes a deposit stealing? As SS is now running short, those CDs are being paid. It is poor accounting to use those funds to make the Debt look smaller.
Raise the taxes we collect. NOT the payroll tax rate that the average joe pays.
But remove the cap. And tax passive income much more aggressively. Shift some of the burden to the supa rich. ez
The SSN segment sound good, but when everyone talks about cutting items, we want to cut items that effect people and people who have less resources. Most are people who have worked all their lives. Most people will not retire with stock options... The gap between people who have and people who have less resources is so large.
Clark Stinks: Clark, you said the bad word, " taxes" as a solution to inflation. I have a better suggestion. How about our government is reduced to numbers back in early 1900's and our government stops giving our taxes away to foreign governments & pork pet projects. I don't need to know the meaning of fly noises nor mating activities, & I certainly don't need my taxes funding hamas/ Iran Iraq Qatar etc etc. I don't think Americans agree with our government funding illegals from travel here to all their necessities from start to finish. Funding certain wars is not in our best interest financially. Yes there are a lot of ways to help.our economy besides taxing our citizens into their grave
Lift the cap and stop stealing from social security.
Maxing out your credit card makes your household economy look good too. Same result. Wait for it....
I have been autopay for everything for 20 years. It's the way to go. No late fees or interest ever. Several times per month I review all accounts and notice charges and pay off the total balances. I opt for electronic delivery for everything, nothing by mail, well except for stupid systems like property tax and the IRS. I hate USPS, they just deliver junk mail.
I have never heard Clark address the tax implications of the secure act with the shift of large 401K inheritances from boomers to their children. This seems like a significant tax increase on the middle class, but also a benefit to government tax collections. I was planning to stretch my distributions, but now I cannot.
Side note - Why can't rational, smart, and kind people like Clark Howard run for office?
The old Clark Howard maybe 🤔, not the new trader Clark Howard that agrees with INNOVATION AND CAPITALISM 😡.
I have apartments every one is late 10-15 days the increase in expenses by 30/40% is killing the regular people.
Don’t worry, ZILLOW or some other Reality Company will come along and offer to buy you out with 💰 cash 💵 $, then convert your apartments into Condos and Sell them for $450K or Rent them out for $2800 to $3000 a month… this type of Corruption happens under a Republican controlled Government , it certainly isn’t Democratic. 😡, GEEZ, when will people learn? YIKES 😳 it’s too late.
I'm thinking of buying unimproved land...no rent controls..tenant evictions..
And no income. Do as you wish, but normally folks want income or wealth; in RE this means rental income and increased value. Land will increase, but usually slowly.
Reduce the military industrial complex
We did have enough money in medicare and social security but the government keeps borrowing it and never paying it back so why taxes more if the government is only going to take it anyway
Wrong, never happened. Show us your evidence.
why does Clark blindly believe anything and everything the Financial Times and WSJ feed him?
Great question. The government statistics are totally rigged, and he just laps them up like a dog. He needs to stick with consumer advice. Clark is not an economist- no way, no how, son.
@kleetus88 @chuckinhouston9952 Clark reads over 24 publications a day. The Financial Times of London and the WSJ are just 2 of them. Please share your economic resources and let's see if it's on the daily list! 💚
I’m glad Clark shares his economic outlook of the U.S,
Record corporate profits = it's not inflation.
Clark Stinks here - he avoids this issue: The Government can print money! But instead it "outsources" money creation to the banking system - in a crony deal that benefits banking crooks, the US Treasury must borrow money issuing bonds, indirectly, from the Federal Reserve which buys the bonds using cash from its balance sheet. Here's the crime: The Fed has no money on its balance sheet - it types it into its balance sheet computer and makes money from thin air! It then buys the US Treasury bonds!
Therefore the US Treasure creates an ever increasing US Debt where the US Treasure can simply create the money itself!
For that matter, the US Treasure could create the money to extinguish the US debt (although it's not so simple...).
Labor participation rate is the key factor. It's at an all time low. Smoke and Mirrors "Strong" Economy. How is it that we don't run out of money for Illegals, mediCAID, EBT, TANF, Ukraine, etc.?
We’re 1 small balance away on our last credit card then we’re done jumping through the hoops of credit cards!!! Moving on to building up our 6 months of our emergency funds because of the gift of my inheritance from my precious daddy so far.We still have to sell 2 of daddy’s rentals and we will sell some of our 4 rentals to reach our goal of paying off our home mortgage to get 100% debt free so we can finally retire🙂 8:36
Way to go, so far! 👏👏👏 Sounds like you're almost there to reach your financial freedom goals. 💪💚
Are those hemorrhages on your forearms? Are you on blood thinners? I don't meant to pry but as a physician I am concerned. I hope your OK, Clark!
Autopay also helps with different deadlines. Autopay minimum payment, but then once a month we go through the statement and pay in full. Otherwise, you are on their schedule, not yours. This lets us handle all cards at once, not piecemeal, while avoiding any possible late charges.
Great strategy! 🙌
Clark, the Trumpers don't like it when you speak the truth about the strong economy.
Especially Fox News Propaganda Rhetoric Station.
Wow. Budget deficits - you don't say? Unemployment low; some folks with three minimum paying jobs at once, ha! Pricing on - Everthing - is in the sticker shock zone and you say the "economy is great!" Really Clark? Have you, in person, even been to the grocery store here lately? Your comments on this topic are certainly - not even close to the - "Clarkie" category, but more in that of the "Clark Stinks" realm, like the odor of old fashioned freshly sqaushed bull excrement. Even still I like you, even though...
Regarding the government deficit, our social security fund is the largest lender to our government currently. Please add that into your timeline. If social security funds continue to be used to support our spending, we will run out of money faster. Of course, the required reserve ratios that banks have might not apply.
@clarkhoward you say we have to cut payout on SS or increase taxes to support. But yet we seem to have hundreds of billions of dollars available to send overseas to Isreal and Ukraine. Every time they ask, we send. This money should just as easily be put back into our fund that WE paid into over many decades. Now that it's time to collect my meager pittance, they want to they need to cut. I'm not letting them off the hook that easy. That money is not to fund other things and then have them tell us there is no money for us.
Add: Huge x100000 expenses for gov and citizens to mitigate effects of climate related disasters, extreme weather, insurance costs and migrations from uninhabitable areas.
The US has had the world reserve currency for a long time. The way we are printing money will eventually make the world select another reserve currency, most likely China. Then the US economy will collapse. We have seen this with every civilization in the past. Before the US, the British had the world currency, they failed. Before then it was Holland, Amsterdam was world financial center, remember the East Dutch India Company. East Dutch India trading company. The US is in decline and will fail.
Clark talk about the UK Blood Scandal
Very soon, since we are apparently making it available to almost EVERYBODY.
If inflation was really 3% I would be dancing a jig ! Come on man. 😮
Yes you can have multiole HSAs. I have two because my employers HSA has no investment options and a fee. My second one is with Fidelity,
With bank accounts being robbed you want to think about tying credit card payments to a bank account.
Clark Howard for president !
I will NEVER use Auto-Pay>.
Reduce the amount of federal bound. 😮
Why the stupid looking headset Clark?
Thanks Clark & Team!