The End of Social Security? Four Myths Debunked
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- Опубліковано 1 чер 2024
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In this video, we delve into a recent alarming headline from the Washington Post about the grim financial outlook for Social Security and Medicare. The report from the Social Security and Medicare Board of Trustees indicates that both programs are running out of funds at an alarming rate, potentially leading to automatic benefit cuts within the next decade. However, headlines often don't tell the whole story. Join me as I break down four major myths surrounding the future of Social Security and discuss potential government solutions to this looming crisis.
By the end of this video, you will have a clearer understanding of the current state and future outlook of Social Security, enabling you to make more informed decisions about your retirement. Stay informed, plan ahead, and consider working with a financial advisor to navigate these complexities.
00:00:00 - Alarming Headline: Social Security and Medicare Crisis
00:00:45 - The Whole Story: Beyond the Headlines
00:01:25 - The Funding Mechanism
00:03:48 - Myth 1
00:05:43 - Myth 2
00:06:30 - Myth 3
00:05:55 - Myth 4
00:8:50 - Solutions: How the Government Might Fix the Problem
00:11:30 - Conclusion: Staying Informed and Planning Ahead
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I’ve always been passionate about personal finance, investing, real estate, and helping people find the freedom to live their life with purpose. But when my dad died in 2015, I tried to help my Mom find an advisor to sort out her finances. Instead of a helping hand, I found an industry of financial advisors dominated by glorified salespeople working on commission - pushing products that were not in my mother’s best interest. Or advisors with minimums that shut-out all but the ultra wealthy. Disappointed with the options, I took matters into my own hands and launched Foundry Financial, a wealth management firm with transparent pricing that specializes in helping provide clarity around money - so you have the confidence to make smart decisions.My goal is to help a million people retire without worry!
📅 THE BASICS OF RETIREMENT PLANNING
Retirement planning has several steps, with the end goal of having enough money to quit working and do whatever you want. Our goal is to help people master retirement and retire without worry.
Step 1: Know when to start retirement planning. When should you start retirement planning? The earlier you start planning, the more time your money has to grow. That said, it’s never too late to start retirement planning. Even if you haven’t so much as considered retirement, don’t feel like your ship has sailed. Every dollar you can save now will be much appreciated later. Strategically investing could mean you won't be playing catch-up for long.
Step 2: Figure out how much money you need to retire, The amount of money you need to retire is a function of your current income and expenses, and how you think those expenses will change in retirement.
Step 3: Prioritize your financial goals. Retirement is probably not your only savings goal. Lots of people have financial goals they feel are more pressing, such as paying down credit card or student loan debt or building up an emergency fund.Generally, you should aim to save for retirement at the same time you're building your emergency fund - especially if you have an employer retirement plan that matches any portion of your contributions.
Step 4: Choose the best retirement plan for youA cornerstone of retirement planning is determining not only how much to save, but also asset allocation. It can make a massive difference in your retirement plan.
Step 5: Select your retirement investments. Retirement accounts provide access to a range of investments, including stocks, bonds and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk. It’s often helpful to talk with an adviser to discover the right mix of stocks and bonds.
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Are you worried Social Security is going away?
I am age 42 and have planned on not having any SS, for better or for worse
No. We’ve paid in and if we need to stop paying our Congress so be it 😆
They took the SS money and put it somewhere else... They cannot do that... Yet, people are still... $tup!d...
No not at all. SS will be fixed. BTW, I think that some people file early because of an irrational fear of their benefit being cut or SS going broke. There is a great deal of fear mongering and false information on the internet. People need to educate themselves.
I think the goal is to raise the age until no one makes it.
Thanks, Kevin, for an insightful video on social security.
Great video that needs to be heard to help counter the fear from all the noise out there - thank you
Yeah, there’s a lot of fear and misinformation which can lead to less than optimal decisions.
Great video! So many misconceptions about SS! Would be great if younger families would have more kids!
Great video!
Great video. Despite your very clear explanation of SS and the SS Trust Fund there are people who will not want to believe the facts.
The trust fund gets no money, as it has all been going into the general fund and the govt just providing the SSA IOUs. Where have you been?
Pretty sure he knows this. He’s explaining it to people not as smart as you.
As discussed in the video… at the present time those IOUs are being paid to the trust fund as the general fund redeems them. In about 10 years those IOUs will be fully redeemed and paid out to SS recipients. Thus the trust fund is depleted.
Great video! Thank you. What age do you consider close to retirement?
All my retirement planning has ignored SSI. I have no idea if anything will be around in 10 years when I turn 70, but not counting on it.
With the lunatic extremists on both sides, will drive the country into the ground.
Very good explanation of SS. Better than other videos in yourube
There is no "trust fund". Stop perpetuating that lie. Any extra is spent in the general treasury and bonds(IOU'S) are issued. And guess where the money to pay those bonds come from.... So stop trying to pass it off as a trust fund.
We need to eliminate the $168600 cap on SS to cover the deficit. It would also be nice if this could eliminate the tax on social security benefits at 50% & 85% or at least raise the taxable threshold indexed for inflation which they currently do not.
If you raise the cap you also have to increase benefits for those workers. Right now the wage cap is in place and so is the max benefit. Raising the cap does nothing.
@@Growing-Our-Retirement the intent would be to cap the benefit and use that to supplement the fund. Most people at that income level plan not to rely on Social Security.
@@PorscheSpeedster-kz6nc So you uncap the contributions but cap the benefits. It’s just another tax then. The higher earners already pay a higher tax rate. Why would anyone think this is fair?
@@Growing-Our-Retirementnot true. You can put a ceiling on benefits.
@@johnnyretires please explain how that is fair? We have already raised the retirement age and taxed benefits. Now we should force some people (Rich) to contribute more but not collect an appropriate benefit.
Is this what you want to do. Poor person goes to the store, buys something for $5, pays with a $10, receives $5 in change. Rich person does the same but gets no change. Ah, he is rich and really doesn’t need the change.
So they (the US Gov) have been paying the money back to the trust fund with interest??? I’d heard they have not paid back anything. ❓
People in their 70’s and 80’s will be working the jobs the Influencers don’t want to do so they will be fine. Nothing to worry about
What will AI do to the workforce. What impact will AI 10:19 have on the economy. Hopefully the U.S. government taxes the heck out of corporate America when their workforce is cut 50% and profits increase considerably.
I can't get past the concept of the inverted Pyramid. It's been around for years and so many people don't talk about it. You picture a Pyramid and the boomers are on the bottom. For years they've been paying into this system and the tiny point on top were drawing benefits. that Pyramid is inverted. Now all of the boomers are on the top and we all want our money. On the bottom is who is paying into that system? That's that little point balancing and it's going to tip over. Because there aren't enough people to pay into the system, and nobody wants to work. You can't get around that concept. The boomers were the largest generation paying into that system for years. And when we all start asking for our money, the system will collapse.
2035 now
2033. www.ssa.gov/oact/trsum/