How Social Security Works
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3 роки томуSince 2010, Social Security’s cash flow has been negative, meaning that the agency does not collect enough money through taxes to cover what it is paying out. Even though there was still this vast trust fund behind Social Security, they started tapping that fund’s interest.
Starting in 2021, they will have to dip into the trust fund itself to cover those benefit payments, and even that pool of cash has an expiration date. Trustees of the fund expect that by 2035 it will not be enough to cover full benefit payments. Due to COVID-19, that date may come years sooner than expected, which has some retirees seriously worried about their future.
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How Social Security Works
@Monster12255 3 роки тому
Can we just lower congresses wages? They hardly do anything
@koilamaoh4238 3 роки тому
Sadly they are already rich to begin with.. And they use most of our socialist tax dollars for their vacations and free socialist healthcare, now go tell that to the replubicans see what they tell ya lol, they are only socialist when it comes to them and the rich, screw the poor as jesus once said.
@broschlierf21 3 роки тому
I doubt that would help vert much spread across so many people. Also they will have more incentive to be corrupt
@Dylang01 3 роки тому
Doing this will only make things worse. Reducing congressional salaries just means that only rich people can run for office and in the overall scheme of things the amount of money spent on congressional salaries is basically nothing compared to the entire budget.
@TKUA11 3 роки тому
@@Dylang01 agreed and they will get bribed more often by lobbyists.
@angelgjr1999 3 роки тому
Senators make like 200k a year to take a vacation every two weeks while the rest of us are suffering in a global pandemic.
@austinhannemann2615 3 роки тому
I can’t believe paying two state income taxes, insane
@suspicionofdeceit 3 роки тому
She will get it back at tax time.
@RK7LifeLine 3 роки тому
I live in the tri-states area, Kentucky, Indiana and ohio. I live in ohio ,work and study in Kentucky .. I pay two states taxes and out of state school fees
@TheMrgoodmanners 3 роки тому
sad is that they are paying all that for little to nothing in services
@kashfortheking 3 роки тому
No way I’m paying 2 states’ income taxes.
@noahmarkman4093 3 роки тому
They partnered with Acorns but tagged Robinhood :)
@throwuout87 Рік тому
When you lie to the government it’s a crime, when government lies to you it’s politics
@user-qr7ee2cp4y Рік тому
And you keep voting for the same liars, don't you?
@jacobjankowski Рік тому
@@user-qr7ee2cp4y lmao liars are the only options
@Unknown-ft8zd 8 місяців тому
we get the choice to choose who displays bs to us
@sprinkle61 6 днів тому
@@user-qr7ee2cp4y "100 million soccer moms that want your taxes for their parks and kids" keep voting for the same liars. There, fixed it for you. Our votes don't count, at least not enough to overcome the 'taker class'
@tahirisaid2693 4 місяці тому
One thing a successful retiree never discloses is how they got to realize that the key to amassing wealth lies in making sound investments. I purchased my first home at the age of 21 for $87,000 and sold it for $197,000. My second home, acquired for $170,000, was later sold for $320,000, and my third property, purchased at $300,000, fetched $589,000, with buyers covering all closing costs and expenses. Not reaching a million before retirement feels like an unfulfilled goal.
@georgestone0123 4 місяці тому
You have done great for yourself. I’m trying to get onto the investing ladder at 40. I wish at 55 I will be testifying to similar success!!_
@sanaalazare 4 місяці тому
I'm exploring different investment opportunities and would appreciate others' insights on this matter..
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@georgestone0123 4 місяці тому
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@nathwest 4 місяці тому
Scam @@chriswalter92
@sysavanhsouthimath6967 3 роки тому
This video is misleading. They left out the part where the SS fund has been looted over the years by Congress for 'other' things. The fund would be doing great if the 'borrowed' funds were repaid.
@noneshere 3 роки тому
In an economic society UBI Qualification is absolutely necessary. You cant crawl around on your knees and forage enough money for rent and food, especially as you age. You either pay the people a basic share, or spend even more keeping them incarcerated.
@BTrain-is8ch 3 роки тому
It wasn't "looted". The law requires any excess revenue to be used to buy treasury bonds. They literally spent a minute or so talking about it.
@HuevoDuro702 3 роки тому
deficit myth, it can all be easily paid this is just fear mongering!
@TKUA11 3 роки тому
@@noneshere ubi would disadvantage those that are sick and unable and to work as they would get less benefits than they do now
@louisreynolds9304 3 роки тому
@@BTrain-is8ch it was looted. The 2 minute explanation has nothing to do with what was looted. Look or read beyond the limited video clip.
@districtnerfco.8390 2 роки тому
Ridiculous that were forced to keep up our end of the bargain, while the government can just say, “Sorry y’all.” Legalized thieves 😡
@andreabraun8235 2 роки тому
You got that right
@saiyedsallahuddin1040 2 роки тому
My uncle has applied for social security benefit now, processed everything as per law. I sent documents with attestation. but they are asking for original documents which I'm unsure if it is to be sent or not. can any body help me please as to how to approach. Thank you for suggestions..
@juangarcia8828 Рік тому
What was "your end of the bargain'?
@PeterBryn Рік тому
Who’s “the government?” Blaming politicians is an age old pastime, but the government is us. The government includes SSA. SSA pays out money to fellow Americans. Americans vote for politicians. If we voted for politicians who promised what can’t mathematically be delivered, shame on us. Blaming the “government” is a scapegoat, in this case, for old people living longer. If you want to cut their (and, in future, your) benefits then fine, tell your politicians.
@navajorezathlete1202 Рік тому
Boomer generation are the ultimate scammers
@JLW667 Рік тому
2:51 FDR 1:40 Cashflow 6:50 Case Study 16:33 Universal Benefit Plan
@cartergomez5390 9 місяців тому
Thank you!
@sallywing123 2 роки тому
They should let people choose to opt out paying social security or not, if the money is not guaranteed to be paid out in retirement.
@joestein6603 Рік тому
i agree but it would collapse the system
@Namath1000 Рік тому
How would they continue to pay benefits if people opt out of the system?
@joestein6603 Рік тому
@@Namath1000 increase taxes on the existing people or make opting out illegal
@Namath1000 Рік тому
@@joestein6603 Opting out is illegal.
@Namath1000 Рік тому
@@mail-qh2qc Where are you going to get the money to pay people back what they paid in?
@cat-.- 3 роки тому
So millennials are paying for boomers retirements today and we won’t have a pension when they retire lol why am I laughing *tear*
@hacatan24 3 роки тому
The problem about the baby boomers and the millennials is that during the baby boomers people had more than four five kids... Millennials only want one or two kids...
@Furiends 3 роки тому
@@hacatan24 That's definitely not the problem. SS pays out to kids as well. If immigrants come into the country as adults they cost the system less and contribute more. Further its not that boomers parents had more kids that's the issue its that they had them all at the same time causing stress all at once time. This is important to how the SS fund works. If you take out the money now its not invested for the next generation to take advantage of. If you fast forward to end of payments for baby boomers then everyone putting in now will have some of their contributions invested again. The big problem here is that SS should have been adjusted decades ago to account for this probably by removing the taxable income cap.
@patrick6662 3 роки тому
@@Furiends very well reasoned analytical explanation of the nub of the problem
@alenpaul2523 3 роки тому
Go have some kids.
@cat-.- 3 роки тому
@@alenpaul2523 cant even afford my own college how am i gonna afford kids and kids college
@lisaowens5070 3 роки тому
If they can cover bailouts they can cover our social security.
@cptfalcon5101 3 роки тому
Bailouts are loans, you know that right? So you'd be okay with social security taking a loan?
@MegaJohnnycage 3 роки тому
@@cptfalcon5101 it's all loans, tax cuts for the rich =loans, military spending = loans. the budget is always in deficit so its all loans.
@daniellehinson5581 3 роки тому
@@cptfalcon5101 you know at the beginning of this video said they don’t have enough to cover what they are paying out. So they are taking loans.
@SandfordSmythe 3 роки тому
@@daniellehinson5581 They are not taking loans, they are cashing out existing securities.
@optimisticnihlist9705 3 роки тому
@@cptfalcon5101 no matter what, they need to give the people what was promised, so I mean yeah. Obviously is only a short term 'solution' but if it comes to that, which it hopefully wouldn't, then it would be the right thing to do
@helenharrison8916 Рік тому
Been watching, listening, and paying attention to all of predictions and forecasts since early Covid. He hasn't disappointed yet 👌
@helenharrison8916 Рік тому
@Jason Clinton lookup MARTHA ALONSO HARA , this is her name online, she's the real investment prodigy since the crash and has helped me recover my loses
@helenharrison8916 Рік тому
@Jason Clinton Investment now will be wise but the truth is investing on your own will be high risk. I think it will be best to get a professional👌
@danieljamal3709 Рік тому
*MARTHA ALONSO HARA* has extensive training and knowledge in the financial industry. She is regarded as an authority in the field and has an in-depth understanding of portfolio diversification. I advise doing more study on her credentials. She is a great resource for anyone looking to understand the financial market because of her extensive experience.
@sprinkle61 6 днів тому
When you invest in a Ponzi, you don't get to the disappointment, until it inevitably falls apart later, once the Boomers get out with their checks.
@KarmasMyBesto Рік тому
I’ve been working since I was 15. Applied for unemployment 2x when I was in between jobs. Denied. And now I have to look forward to the fact I’m paying for something that won’t be there for me when I need it EVER :-)
@Namath1000 Рік тому
Why don't you think it's going to be there when you need it?
@domesticatedwolverine4152 Рік тому
You better start coming up with clever ways to make money outside of working a 9-5 . That sh!t is dead.
@PresidentHerbertCamacho 3 роки тому
6 percent of every check you'll never see. Could of put that into a 401k.
@TheCoachRC 3 роки тому
Well, at least it's going to a safety net place waiting on standby when you retire.
@nunya9763 3 роки тому
@@TheCoachRC except its not. Maybe you missed the memo, ss is running out and likely not a feasible thing for younger ppl to tap into when it's time.
@TheCoachRC 3 роки тому
@@nunya9763 That is true, Steve, which could apply to many older people as well thanks to Congress tapping into the fund and looting some of the money for foolish purposes.
@JW-kx1oo 3 роки тому
Agreed
@channell11 3 роки тому
Basically, the responsible are paying for the irresponsible that would never save their money.
@kazukinakamura1110 3 роки тому
something is wrong in this country when medical charges are this high. i just got $4K worth of meds from outside of the US for $100. and that includes shipping!
@zeon_trl1326 3 роки тому
Sell for profit
@riveraJG 3 роки тому
You can go to Cuba and have any surgery for like 10% of what you pay for here
@hassanbeydoun2460 3 роки тому
In Lebanon🇱🇧, prices for rhinoplasty (fixing the nose) go from $1,500 USD to $2,500 USD. Thousands of dollars less than America's🇺🇸 prices with/without insurance, and I am saying this *as an American* 🙂
@mexcanfun4498 3 роки тому
Doctor visit in Mexico 2$
@noneshere 3 роки тому
Reminds me of Michael Moors documentary film "Sicko". A US lady left a Cuban hospital with $160 inhalers for $4ea. It just goes to show how U$ will let its own people get ripped off for the taxation profit.
@jeremygago1886 Рік тому
Never was a fan of politics but I wanted to learn about retirement plans at a young age that has brought me to social security research and now I’m here. This has opened my eyes to why it’s so important to stay in the loop. It’ll effect us ether way. Better to be prepared then ignorant.
@ronalburgos3855 Рік тому
I feel the same I may be young today but still better get ready today for not surprises in the future. 😅
@niquetv1083 8 місяців тому
Respect💯 so what's your advice to plan for the future?
@Yobbie72 7 місяців тому
*than ignorant.
@Gamerstall-Dorado 15 днів тому
What i hate ab this is that ppl are getting too confy, they want others to get them things, and ok i get it they paid for a bunch of years what it was suposed to be their retirement, but lets be realistic, what they have saved its not going to be enough, solution? Reducing comfort stuff, traveling, vacations, luxury stuff, im not saying not to spend any on those thing, but the KEYWORD is reducing it, and the left over money to be invested in medium yield investments, that way YOU as a person living in US will make sure that you are ok for when you get to retire
@Gamerstall-Dorado 15 днів тому
Basically my standpoint here is that take things under your control while you can, so you dont have to rely from others when the time comes and you have no other choice
@Greggsberdard 6 місяців тому
I think the retirement crisis will get even worse.> A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
@crystalcassandra5597 6 місяців тому
I recommend you come up with a plan to spread your money out because it's been harder to manage your finances since 08 Crash and COVID. A coworker told me to get help from a financial advisor, and I've actually made more than $210k following my coach's advice during this market turmoil. She used smart tactics to safeguard my investments and even make money in this unpredictable market.
@lolitashaniel2342 6 місяців тому
@oldcastleswan Can you kindly provide me with the information of your investment advisor as I am currently in desperate need of one?
@crystalcassandra5597 6 місяців тому
I'm guided by Laurel Dell Sroufe an experienced coach with extensive financial market knowledge. While you can consider other options, her strategy has yielded positive results for me. She offers valuable insights, including entry and exit points for the securities I concentrate on.
@gamesilike4984 3 роки тому
I am still in high school, I was never taught about investing or saving for the future. The only thing we were taught was work and you'll receive retirement benefits. I opened my Roth IRA earlier this summer, I have a 401K plan, an IRA, and I'm investing in stocks to have money for when I retire. I had to go out and learn all of this on my own with no help from the school system.
@dpok69 3 роки тому
It's done on purpose kid. This country banks on you being a cog in the debt machine, and by having no financial knowledge it helps the system out.
@BLACKAAROW 3 роки тому
Same here, I’m 26 and I already have my Roth IRA set up and I’m only buying shares of Coca Cola, realty income, and vanguard total bond market. I just enrolled in my company IRA and I’ll just buy VT, and VTEB. I also have other brokerage accounts where I buy dividend stocks, trade options, futures and forex to make extra money
@TheIvyLens 3 роки тому
The school system teaches you to become part of the human capital stock. In other words, you’re being taught how to follow. The funding ends when it comes to the arts, because they teach you to question everything.
@woodchuck003 3 роки тому
Investing is super easy if you start early enough but you should never underestimate the stupidity of a population; unfortunately, this problem is compounded as the FED targets 2% inflation in derivatives saving and encourages saving. That is why US securities are a bad investment for the Social Security trust fund, after inflation is calculated there is minimal gain.
@noirto2 3 роки тому
big surprise, defunding the education system turn out to have consequences.
@TheMystery51 3 роки тому
Those who are paying into this should be more worried. They will receive nothing in return when they do retire.
@staleprad 3 роки тому
Sucks for us
@JohnSmith-lk9fv 3 роки тому
Yup, it’s the biggest Ponzi scheme ever.
@dennisp8520 3 роки тому
@@JohnSmith-lk9fv yep that money they take could go to my 401K instead boomers get to milk all the benefits and bankrupt us all they while. Government should ether fund it or completely eliminate the payroll tax entirely and just eliminate it.
@playc.holder6432 3 роки тому
Congratulations! You're comment is approved by corporate interests and has been elected to stay! Did you know most comments don't meet that threshold on this specific channel? Authoritarians are taking notes on this channel's censoring prowess. It's impressive NGL
@MrTmenzo 3 роки тому
False propaganda. New generations pay in for the older generation to receive such as what is happening now: millennials support boomers and we'll be supported by younger generations in the future. But certainly you shouldn't depend on ss to fund your life in retirement and save in a ira, 401k etc now.
@carguybd 3 роки тому
As someone who grew up at the poverty line and worked his a$$ off, ultimately paying max max into every swinging government program there is, and for 30+ years, if Social Security is not there when I go to collect, I will be in Washington, cache of weapons in hand, making the 2020 capitol riots look like two first graders playing tea party.
@sabrionford4121 2 роки тому
Can I join you Brian 🥳?
@carknower 2 роки тому
We need you to follow through
@KingLarbear 2 роки тому
You definitely do not want to write this online my guy
@bloodwargaming3662 2 роки тому
😂😂😂
@josephcoscarelly9130 2 роки тому
I'll bet it will he there
@Discovery_and_Change Рік тому
1:38 Since 2010, Social Security's cash flow has been negative 2:52 President Roosevelt signed Social Security into law half-way through depression (August 14, 1935) 3:34 In 1939, added child, spouse, and survivor benefits 3:50 In 1965, added Medicare and Medicaid 5:17 The first monthly SS check was cashed in 1940 for $22.54 | in 2020, the average check is $1,503 a month 6:42 How your SS benefit is calculated: birth year, average income, retirement age 8:49 You can start collecting SS at age 62 (but benefits are reduced compared to waiting until age 70)
@jefremonte 3 роки тому
If the big brother could give away $7 trillions toward the too-big-to-fail companies in the past several years, why not government does the same and allocates the fractional portion of the funds to the SSI?
@SandfordSmythe Рік тому
SSI or SS? SS has to come out of its own fund.
@GLaZeDDoHNuTz Рік тому
We can also give about millions of dollars to other countries that are fighting a war that has nothing to do with us too….
@megustavophoto Рік тому
@@SandfordSmythe why?
@SandfordSmythe Рік тому
@@megustavophoto SS was set up to be a self-contributory system not out of general funds.
@rainmind 3 роки тому
They will take 6%of your check ypur whole life and give you nothing at retirement
@christianlibertarian5488 3 роки тому
Oh, no that is not true. They are taking 13.5% of your earnings. Don't worry, they will give you 65% of that when you retire.
@jaketyler7088 3 роки тому
@@christianlibertarian5488 Your numbers are incorrect. It's 6.2% for you and 6.2% for your employer, which is 12.4%. It's looking like a 21% cut if you retire after 2035, so receiving 79%.
@sanchezgildardo1128 3 роки тому
Pretty much I dont know this thing and I am young... who knows this will continue to exist at 2060 or 70 or 80 90...
@sanchezgildardo1128 3 роки тому
@@jaketyler7088 Q... why the same tax to your employer, I'm confused?
@christianlibertarian5488 3 роки тому
@@jaketyler7088 Rounded my numbers for a quick reply. My point is that you always pay both the employer and employee contribution, if you are the employee.
@significantsort2181 2 роки тому
Yawn....I am 64 and collecting social security. Back in the 1980's when I started retirement planning my advisor claimed there was a good chance social security would most likely be bankrupt by the time I retired. This was the dawn of the age of 401Ks. If we can increase the military budget we can increase funding for social security.
@Mr_Banker222 2 роки тому
Well said.
@georgewoodard43 Рік тому
Tax money doesn’t go to social security, it’s self funded by payroll taxes only.Front page of your social security statement states this will replace about 40% of your earnings. You have 50 years to save for your future.
@valindabalcarzar8305 Рік тому
Thank you for explaining this information. I needed to understand deeper about our state taxes. I hope that many people can see this video.
@collaborativelearning1 Рік тому
thank you as well.
@cinnawhat8797 3 роки тому
when i was in middle school (2003 ish) i had a teacher tell me that social security wasn’t going to be around by the time i had to use it, and probably wouldn’t be around by the time she needed it. had no idea what she was talking about. but now... just wow.
@civildk9077 3 роки тому
SSA owns.. ALOT of the U.S. debt WE owe OURSELVES, because, WE allowed the politicians to 'steal' from the OUR TRUST account. True story
@talldude5841 3 роки тому
She is completely incorrect.
@Namath1000 Рік тому
Your teacher was wrong.
@Namath1000 Рік тому
@@civildk9077 No one has stolen from the Trust Fund.
@civildk9077 Рік тому
@@Namath1000 Well now, when they pay US back, I'll admit I was wrong.
@BudLeiser 3 роки тому
Take control of your retirement, don't trust the government.
@frankhaugen 3 роки тому
Or take control of the government? :-P
@freaked-outcenk7990 3 роки тому
Anarcho-capitalism doesn't work.
@just4funallday508 3 роки тому
@@freaked-outcenk7990 Got a better system? I wouldn't want to live under any of the other choices we've seen in the world.
@freaked-outcenk7990 3 роки тому
@@just4funallday508 Ayn Rand-worshipper detected.
@just4funallday508 3 роки тому
@@freaked-outcenk7990 I'll take that as a no.
@jethancheta873 2 роки тому
The Philippines GSIS (government employee) have personal share of 9% with wmployer share of 12%; SSS (private and self-employed) on the other has 4.5% for personal and 8.5% for employer.
@jtoddk98 Рік тому
Social security would have been an excellent system if the government kept kept its hand off it. Once they started “borrowing” from the SS fund, it wasn’t coming back. As a young worker, I wish I was able to put the amount I pay in SS tax in to my 401k as I know the social security program will be dead broke long before I retire
@johnscott2746 Рік тому
What borrowing? I hear that all the time but no one can point to anything.
@ws775 Рік тому
They pay it back as needed in the years there is a shortage, also interest is paid. As long as the payroll tax is in effect it wont go broke. It may come up short each year but that is because the ratio of payees to beneficaries has gotten slimmer.
@Namath1000 Рік тому
Without the government paying interest on the money, it would be in considerably worse shape than it is now. And the borrowed funds are CURRENTLY being paid back.
@elistari1050 Рік тому
Oh. We can point to everything. What do you think Welfare is? Or the trillions of dollars spent on "COVID relief"? What happens to people's social security once they die? Where does it go? Social security is set up where, they give you a certain amount of social security every year for the rest of your life. Not all of it at once, but a certain amount every year. So most people die before they even see all of their money they put into social security. And where does that money go? To their children? Their family? Their spouse? Perhaps some other loved one? Nope. It goes to the government to be used by the government for whatever the government wants. It's why they keep raising the age every year. First it was 55, then 60, now they're raising it even more. So that the people who would qualify for social security will die sooner after they start receiving the money, and so the government can keep all of that money for itself. Just look it up.
@Namath1000 Рік тому
@@elistari1050 No, most people do NOT die before they receive all the money they put into social security. Most people take MORE out of social security than they put in. And they don't keep raising the age every year. They have raised the age ONCE in the entire history of Social Security. The full retirement age was originally 65 and now (for those born in 1960 or later) it is 67.
@quynhhanhu8400 3 роки тому
My job is so stressful. I'll probably die at 61.5 years old. Right before collecting early retirement. Perhaps I need to stop working now and move to another country.
@oliviaortiz5157 Рік тому
Your not alone☹️😢
@rosez4eva 3 роки тому
This is why I started a 401K at 18. I don’t think there will be any money for me to rely on. I’m 21 now so I’m probably screwed.
@AdrianMoseley 3 роки тому
If you are that aware at 18, sounds like you'll be ok by retirement SS or not. Good job.
@gwynedd1 3 роки тому
You are screwed if you are dumb enough to believe in the prevailing propaganda. What SS actually pays out in $USD is not in question. What any $USD payment may be worth is another question. That will have to do with how many people are working per retiree, and how good the operating capital is weighed against resources constrained by not really being a product of human labor directly. All SS is a transfer payment from young to old which has gone on from time immemorial.
@fillup8177 3 роки тому
fok all dat use your cash 2 buy 24k gold. and silver aint a bad idea ....do the research and look back in history without the teacher's U will C ✌
@JuanCastillo-nx3oi 3 роки тому
Same here. I started my own flooring company recently and am investing in myself. As much as cars. Bought a 70 396 ss numbers matching so when electric takes over. I can sell it. Cash out. Gl in life brother
@1966bluemax 3 роки тому
What if the government decides to tax 401k to fund SS 🤪🤪🤪
@wedsonolivia4103 Рік тому
I have actually come to realize that I can receive my social security benefits even while working.
@wedsonolivia4103 Рік тому
I collected my social security benefit so early simple because I started making my financial decision with an advisor; *Teresa Jensen White.*
@wedsonolivia4103 Рік тому
With her financial management strategy, I have been so profitable. I urge you all to stop the stressing and get to work with her.
@wedsonolivia4103 Рік тому
My advisor; *"TERESA JENSEN WHITE".* In terms of portfolio diversity, she's a genius. You can glance her name up on the internet and verify her yourself. she has years of financial market experience.
@fxsrider Рік тому
Yes you can!!! Except you receive less money depending on how much you earn. Why draw it early if you are still working? Reducing it in two ways, by drawing it early and also by working. If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2022, that limit is $19,560.
@Namath1000 Рік тому
Yes, you can but -- depending upon your age -- you may be limited in how much you can earn while still collecting social security.
@JC-vo5dt 2 роки тому
They have been saying since Social Security's inception 85 years ago that there would not be enough money and it would go bust. Every year we hear this.
@TheSterlingArcher16 2 роки тому
Except objectively the math is panning out now. Likely we’ll just transfer a few trillion more dollars from public debt into SS, & kick the can of total US debt implosion down the road.
@JC-vo5dt 2 роки тому
@@TheSterlingArcher16 House Bill H1 wants to lower medicare age and -- add full dental, vision, hearing. Imagine what dental alone would cost.
@SandfordSmythe 2 роки тому
@@TheSterlingArcher16 Adjustment of the variables involved with SS is possible and easy, but too many folks like to play politics with the issue.
@klf9161 3 роки тому
Hmmm... Wonder if we'll have to cut the military to 70% when the military trust fund runs out, or cut corporate bailouts to 70% when the corporate bailout trust fund runs out. Oh, forgot, we only have trust funds when it comes to funding a middle class retirement. Funny how we can find money through deficit spending when we want to, but only talk about cutting benefits or raising taxes when it comes to middle class folks. Great job framing all the options CNBC.
@jasonpark1556 3 роки тому
Ummm you ok bro?
@seanc.5310 3 роки тому
@@jasonpark1556 😂
@dontwhooshme5460 3 роки тому
@@jasonpark1556 😂😂😂
@mimiseeyou 2 роки тому
@@jasonpark1556 Which big word are you stumbling over?
@SandfordSmythe 2 роки тому
Social Insurance. That's how it works.
@chimebath85 3 роки тому
Damn girl, that’s a lot of taxes in one paycheck, goddam! There’s nothing left to save and invest.
@moriver3857 3 роки тому
That's what living in NYC and NJ does to you. I worked in NJ two years at $80k/year and state, county, township, city, znd sales taxes were horrendous, let alone normal living expenses. I gave up and moved to another state, at a 50% pay cut, and had spending money with reasonable living expenses.
@just4funallday508 3 роки тому
@@moriver3857 Jersey, then Cali. But my dad always said, "That Ford costs the same everywhere!"
@sawn3496 Рік тому
You put together a very informative program. It is clear and understandable. Thank You
@Yobbie72 7 місяців тому
you're welcome.
@jbdarr604 2 роки тому
Well, the way I calculate, after the catastrophic deaths during COVID, social security is now saving 600 million dollars a month. That should boost the pool, sadly.
@susanarsoniadou3588 2 роки тому
Could it be that people are forced to get covid vaccinations so that they die early and thereby save the governments the headache of paying for the elderly? The covid is an experiment.
@calico097 2 роки тому
@@susanarsoniadou3588 rumble has a good video called why does trump keep promoting the vaccine kind of explains it
@Prodigious1One 3 роки тому
Miss, live in New Jersey to avoid paying New York taxes since your job is in New Jersey.
@ndnaf3705 3 роки тому
I seen that and I wonder how bad they're screwing New Jersey taxpayers.
@jtm3824 3 роки тому
As a millennial I grew up being told in elementary school we would never see social security .
@Surrey360 3 роки тому
Save and invest. Dont depend on one basket.
@Scxoop123 3 роки тому
We wont. Our parents will be lucky to get it all their lives
@channell11 3 роки тому
You'll see it, it just might not be as lucrative as it was previously.
@DIVISIONINCISION 3 роки тому
If you know, you know...
@aidou97 3 роки тому
@@channell11 And yet, living expenses will go up. That's why I'm gonna have a 401K, investments, and an emergency fund. And with the small social security check of $1300, I'll just move back to Mexico and retire there.
@icu4life240 Рік тому
A law should be passed that will block the government and politicians from taking money from the SS trust fund. They have got use to taking money from the fund and not replenishing what was taken.
@EngineerMikeF Рік тому
I don't know where you got the idea the is money in any trust fund. Jimmy Carter spent the money, replaced it with "Special T-Bills" (i.e. debt that the govt owes to itself, or that we owe to us, or best said: promises to collect more taxes in the future). This is like U or me spending everything we have & replacing it with an I Owe Me. We'd be broke. So is Social Security. And to be fair, no president since has replaced the money nor made SS whole again.
@SandfordSmythe Рік тому
Since Day 1, SS has invested/lent money in Treasury bonds.. And most definitely it gets paid back
@Namath1000 Рік тому
No one has taken Social Security Funds.
@EngineerMikeF Рік тому
@@Namath1000 Then why is the no money there, only government debt? I.e. I owe me's from one govt agency to another? The money goes into the general fund at the Treasury, the govt spends it, its gone, so they put T-bills showing the Treasury owes the SocSec dept money and it adds to the federal deficit. Not only do people take the money, they TAKE ALL the money PLUS MORE. Sorry, the money is gone and all that's left is a promise (T-bill) to take more in taxes later. Liberals can't do the math, sad to say
@Namath1000 Рік тому
@@EngineerMikeF What SHOULD be there?
@jasonrock5220 2 роки тому
How social security works? Me: It doesn’t.
@jakerouthier1778 3 роки тому
17:42 - seems like a lie that a person earning $60k per year would receive an extra $4k per month based on a ~3% reduction in their tax rate. Can @cnbc please correct or make a note in the description.
@josephedward9107 3 роки тому
Yes that's a completely stupid assumption made by a person who has no idea how real life works.
@noneshere 3 роки тому
Even though we pay in our entire life, ssdi only looks back your past 5 years of employment as to what you can receive.
@jdratlif 3 роки тому
Yeah, that math makes no sense. I can't believe they didn't call her on that. Even if it was self employment, 12.4% of 60,000 is only 7440. So a cut to 10% would be a savings of only 1440/year. And since most people aren't self employed, it's only half of that. A person making $60,000/year would save $60/month. How did CNBC not check this ridiculous figure? a 1.2 or 2.4% tax cut earns you 80% of your gross salary?
@colorfulcodes 3 роки тому
@@noneshere really?! 😱
@naturalbeauty_abena1230 3 роки тому
My mom was a nurse who made on avarage 80k per year through out her career. Retired last year at 65 and she is not getting 4k a month I can tell you that. She gets half of that so I don't know what calculations they using at the SS compared to what this reporter just showed. I wish she was getting 4k per month.
@johnp139 3 роки тому
Social Security isn’t supposed to be the SOLE system to retire on.
@jacobjankowski Рік тому
Exactly, kinda sucks knowing how much more I’d have in my personal retirement account if I could chose to contribute to my retirement account vs SS. Ironically the coworkers I have that have the most social democratic views saying we need more programs like SS are the ones who haven’t contributed to the company 401k/IRA and they are mid way through their 30’s. Seeing my parents stress about retirement since they didn’t contribute young made me vigilant to start at 16.
@MRSZ5440 2 роки тому
I can help on SS-SSI etc. no landlord can go up on rent for seniors, groceries for seniors must always be a 25% discount no matter what year it will be. No bank or landlord can evict a senior out of their apartment or home.
@ttran1657 2 роки тому
Can someone explain to me how they come up with the number 864 and 1026 at 8:22 ? Thank you
@14laisla 3 роки тому
I was so interested in what percentage of people who qualify for the maximum SS benefit at FRA I asked the Social Security Administration Statistics Department. After a few weeks and a couple questions I got a response. In 2019 the maximum benefit at FRA was $2861.00. 0.18% of all people that filed for Social Security benefits at FRA received the maximum benefit of $2861.00. This tiny fraction is based on all qualifying factors you mention in your video.
@just4funallday508 3 роки тому
So that means on 0.18% of the population earned enough to pay the maximum amount, $142k in 2021. Sounds about right, I think they're called 1%ers I suggest the more interesting question is the distribution going downwards and particularly over time. What percentage under $500 in 1980 versus under $1,500 today (inflation adjustment).
@Daniel323LA 3 роки тому
Can’t we just take a small bite of that defense/military budget?
@doncamfrantz 3 роки тому
social security spends about 150% of the military budget every year. So no.
@onehope6448 3 роки тому
@@doncamfrantz 750 billion $ military budget versus 1.1 trillion $ social security. So yes you could.
@changxing7690 3 роки тому
No, corps and governors need to make money from military budget too.
@LoveThatRod 3 роки тому
Fine - the Chinese and Russians will love to take you over while you are getting checks - then they will take your checks too!
@just4funallday508 3 роки тому
Historically there was a "peace dividend" after major conflicts. Since the change to a volunteer army and the Reagan buildup in the '80s defense spending has been relatively constant. The Founders warned against a large standing army for other reasons, but they did mention cost. We should be asking if the U.S. military presence around the world is making any difference in our lives or will make a difference in our children's lives. This nation wouldn't exist if France hadn't had a large navy in 1778. No simple answers to that.
@Ari-lu5ve 2 роки тому
Great video! I learned a lot
@jackdreddle2740 Рік тому
According to the SSA website if I wait until 70 to collect SS my monthly check will be will be $4,719 per month. If I wait longer will the check be larger?
@lw3269 3 роки тому
So frustrating... I've been working since age 16 and probably won't get anything when I retire. Yet a lot of housewives who never contributed a dime are living off my contributions. I have family members who have been collecting SS for decades but never worked a day in their lives. They take cruises and travel. This was poorly designed.
@harveysanchez6993 3 роки тому
Well they said when the funds run out it just as means you would be getting less than what your supposed to in benefits I think it was 78% of your benefits/pay. So I think your good because either way they also said the government is probably gonna raise taxes to help pay for the social security benefits.
@staceystrukel1917 2 роки тому
What? You don't get social security unless you've worked. If they worked for only a little bit you don't get much. They're going on vacation with other money they saved or invested.
@A_90210 Рік тому
That's my beef. I never get to see what I put in.
@Namath1000 Рік тому
Unless somebody changes the law, you WILL get social security when you retire.
@youtoobization 3 роки тому
I feel bad for millenials already having to pay back big student debts while having a hard time finding a job and now they have to worry about their retirement.
@keitronadams5386 3 роки тому
Ummm I don’t think we’re supposed to talk about that😌🤫‼️
@noway5396 3 роки тому
I feel bad for the adults who paid for their college and then paid for their kids college and now may have to pay for other people’s college debts!
@KingNefiiria 3 роки тому
Well the sad thing is we probably won't have retirement by the time we get there.
@miketdarnell 3 роки тому
And the boomers retirement
@MrTmenzo 3 роки тому
Not millennials but everyone should worry about retirement. It's sad when I see old people working as cashiers or at walmart knowing they probably didn't save enough for retirement.
@kjrchannel1480 2 роки тому
The average payout now is actually $700 to $1200 per month before medicare, or prescription plans are taken out. So prior retires and current recipients in general have it hard. Most people got a gross yearly income of about $30000.00 or less. People making $50k a year are in a minority.
@jillpatton3432 Рік тому
That is terrible. I'm self employed so I get to put all 12.4% in which is usually $10 to $15k a year depending on business.
@pauletteashford3131 2 роки тому
Thanks for the updates & info! God bless & Be safe
@artdude8278 3 роки тому
How Social Security Works: It doesn't.
@MrHarveyrex23 3 роки тому
I take it you don’t qualify for social security retirement
@channell11 3 роки тому
It was doomed to fail. People early on made out like bandits, but as lifespans increase, the model stops working. That's why the government should not be in the retirement business.
@zakirehman1165 3 роки тому
Basic maths tells you that as the population ages the worse it will get.
@d.dementedengineerc99isurf26 3 роки тому
True, but it's more than that. Better medicine and transportation=longer life. Take longer life× older population boom× smaller workforce× slower promotions× higher education abuse... It's a perfect storm.
@hacatan24 3 роки тому
@@d.dementedengineerc99isurf26 that's exactly what it is.. people living longer...
@zakirehman1165 3 роки тому
@@d.dementedengineerc99isurf26 as harsh as it sounds we should improve quality of end of life not just needlessly prolonging it. Euthanasia should be discussed to end suffering and give everyone dignity and reduce strain on the system.
@d.dementedengineerc99isurf26 3 роки тому
@@zakirehman1165 Yes. We have the right to live but no right to die... Yet keeping suffering animals alive is "inhumane."
@Surrey360 3 роки тому
It's like a mix bag of things going wrong. USA needs a higher birthrate, amongst other things to bring in more taxes. Look at Japan and other countries in the same position.
@qone5489 2 роки тому
As a Canadian, interesting to know how US system works. But, I feel that there are many similarities.
@timothy8142 2 роки тому
It's not entirely true what we were told about Social Security going poof by 2035. Social Security will always be here, but we will get only something like 80% of it, not the full amount like previous generations.
@oliviaortiz5157 Рік тому
80% would be better than nothing, but where is the GUARANTEE will ever see a dime, yet they want to keep raising our payroll tax on top of the house of cards thier dealing with ALREADY 😨🙄🧐😵💫
@Xstevenn 3 роки тому
One thing I’ve learned at an early age. Never depend on anyone for your well-being, including the Government. Invest and reinvest your income. Be smart and be a step ahead. GL!
@paragpatel8381 3 роки тому
Thats a good advice but investing is a vast topic. Can you tell me on what or how or where you invest money.
@saritamoorebansa4485 3 роки тому
Amen!!!!
@1x0x 3 роки тому
@@paragpatel8381 google is your friend.
@alexandernakashima4236 3 роки тому
Poor people can’t make investments
@Xstevenn 3 роки тому
@@alexandernakashima4236 lost both parents at 16. They were poor. Nothing was left behind. I Worked two jobs and went to school full time at 16. Rent a room for $500 and saved every penny I could. Fast forward. I am not poor anymore. On pace to retire before 40. Poor people can invest. It’s the poor mind that keeps you down.
@Fuglychick 3 роки тому
Amazon owes more than $1 billion in federal income taxes for 2019, according to SEC filings submitted last month. The online retail pioneer so far has paid $162 million on its 2019 bill, with the remaining $914 million owed in 2019 federal income taxes deferred.
@thereseogorzaly9280 2 роки тому
Tax Amazon!
@KingLarbear 2 роки тому
That's crazy
@VinceJ1990 2 роки тому
But they’ve created millions of jobs which you’re not accounting for in your tax revenue calculations :)
@Fuglychick 2 роки тому
@@VinceJ1990 That’s a red herring sir.
@christeldinkler6736 2 роки тому
Under the 2017 Jobs and Tax act, businesses are able to deduct the cost of fixed assets; however, for book purposes, these assets are depreciated over their useful lives. So for tax purposes, those large asset purchases reduce their actual taxable income (imagine how much Amazon buys in equipment, etc. during the year). So essentially, the difference between those two calculations are deferred and essentially are supposed to turn around in future years.
@JoseReyes-wo2lm 2 роки тому
( WHY, can't we or I get notifications on how much I have to pull on SSI , this is a problem for me??? )
@jayden3751 2 роки тому
For some reason this helped in my AP Gov exam
@imalikconnor 3 роки тому
My Social Security is pretty much stagnant, My rent last year increased by $70.00 a month, and my income increased by $15.00 a month. This year my rent is increasing by $150.00 and my income increased by the same amount as last year. I am currently looking for a new place to live with little luck. There's no such thing as affordable housing anymore. Or affordable utilities, groceries etc. Costs everywhere are going up but my income isn't able to keep up...looking for answers. There are none.
@dericknorman7037 2 роки тому
Hello how are you doing?
@RafaelMartinez-es6we 3 роки тому
I am Retired. Spend all my life working..no time to learn about it . My "folks" from my Union, took care of Business(NYC). Sat me on an airplane and send me to a Caribbean Island.. I am very Grateful to God.. my Union and now to You. You people made it so simple and easy to understand. Amazing. I pray to God, that this situation comes to an end and the young generation of today, could receive the benefits they deserve. To me. This is the only way to understand..my old generation. God Bless.
@just4funallday508 3 роки тому
Unfortunately unions are being systemically destroyed. I think unions are needed, but members should be wary of over unionization (protecting non-productive employees). Reagan showed the way with the Air Traffic Controllers. He de-unionized them by firing them all. Plenty of businesses now following that model and simply firing employees or shutting down the business and moving elsewhere.
@Truth-of-the-matter 6 місяців тому
Shave off the difference from the Defense Spending and problem would be solved. How can we justify a nearly 800 billion military budget
@edgaritzol2985 2 роки тому
Why would I pay taxes and get the same benefits as the ones who barely work during their life work time?
@zuzanazuscinova5209 Рік тому
Exactly. BS
@bromion5123 3 роки тому
In the UK the highest social security is around $900 per month (when converted).
@abdulvahid93 2 роки тому
Maybe because of comparatively less wages/ cost of living.
@eligreg99 Рік тому
@@abdulvahid93 It also cost less to live there when you factor it in. A significant amount too
@Aaron-md5zr 3 роки тому
A little error in the title, you're missing "doesn't"
@TheSterlingArcher16 2 роки тому
Since the government is utterly incompetent at managing anything, the social security deducted from checks should be invested in a market account which is impossible to tap until 62. Then it can make distributions, & if history is anything to go by it would be far more fruitful than social security.
@SandfordSmythe Рік тому
More chancy. And there is the issue of large amounts of federal money going into private businesses.
@jingyuanchen1 2 роки тому
Spain has the exact problem and what they did: ✅increased retirement age ✅increased tax payment ✅ increase minimum salary (2 times in 3 years) And it still doesn’t work
@zuzanazuscinova5209 Рік тому
Of course it doesn't. There are simply too many people living far too long. They either have to save enough to be able to support themselves or keep working.
@willrodz8453 3 роки тому
They need to figure something out , if not , stop taking money from my check please .
@SandfordSmythe 2 роки тому
Too much politics like you see here.
@MrGhosthacked 3 роки тому
12.4% is disgusting -- I only need to save ~8% of my current income to retire on 2x my income inflation-adjusted at a 10% rate of return over the next 34 years assuming a 22% effective tax rate. . . Give me my money back or let me invest it myself. Shoot, get me an annuity that will actually be there when the Fund colapses!
@lynnpaustian6472 Рік тому
It's projected those receiving social security are likely to get a 9.6% cola adjustment in 2023. That cola adjustment is going to stress the trust fund. While wages are higher the number of workers is lower or stagnant. The ss taxes paid probably won't make up for the cola increase. I'm 75 and it's possible any social security I get could be reduced at some point.
@sheiladikshit5110 2 роки тому
imagine being forced to pay into a system your entire life, then not receiving anything in return.
@cmath6454 2 роки тому
I consider my grandparents thriving and not needing to work the something in return...
@frankisawesomee 3 роки тому
I love UKposts it’s basically free college all it needs is your attention:)
@yemialemu9902 3 роки тому
Spot on!
@MegaJohnnycage 3 роки тому
this is not education, CNBC are peddling their wall st agenda, govt can afford this no problem. watch this instead ukposts.info/have/v-deo/iaWGrGmAg2aSjmQ.html
@imalikconnor 2 роки тому
I will admit, I have learned a lot watching UKposts from grooming dog to new knitting stitches and techniques to to growing a garden in an apartment. I am grateful for it.
@gustavovillagrana1980 3 роки тому
Don’t panic. You got 10 years to come up with whatever you need to come up to make it work. All I know is that I want my money back and I don’t take no for answers
@JC_inc 3 роки тому
BIG PHARMA write the healthcare laws, & the CROOKED politicians pretend to write, pass, sign them into laws.
@franklop4276 3 роки тому
[̲̅M][̲̅a][̲̅k][̲̅e] [̲̅M][̲̅o][̲̅n][̲̅e][̲̅y] [̲̅O][̲̅n][̲̅l][̲̅i][̲̅n][̲̅e] [̲̅a][̲̅t] [̲̅F][̲̅R][̲̅O][̲̅Z][̲̅E][̲̅N][̲̅P][̲̅A][̲̅.][̲̅C] [̲̅0][̲̅M]
@blessingdavid3334 2 роки тому
Seriously
@snurod 2 роки тому
👏 this comment made my day 😂 thanks Gustavo ! I’m 27 years old and have a 401k along with some investments and savings started early. My things is never really on someone else. Especially when it comes to my retirement.
@msc2608 2 роки тому
it's the same situation in other countries too:/
@ryanweaver962 8 місяців тому
I don’t think people realize how important diversity is investments and integrity filled connections with community really is… It’s unreal how important it all is. The efficiency without usurping rights is paramount to safe and security and FREE progress of us all. I can NOT stress this enough.
@luckieoleary6459 3 роки тому
Receive “FULL” benefits if you wait till you’re 70 considering if you even make it to 70
@channell11 3 роки тому
If you have the financial means to do so, you're almost better off taking it at 62 and then investing it. That'll help offset the lower payments from taking it early.
@bruceleelee3823 3 роки тому
They want people to die before they even start collecting it...smh
@just4funallday508 3 роки тому
Despite astronomical medical costs, USA life expectancy is shamefully low (26 of 35 OECD) at about 79 years. That means expecting to work from about age 20 to age 65, pay 12.3% of your salary, then draw SS for an average of 14 years has some math limitations. Assuming your income doubles from age 20 to 65 (flatline it if you like, the math gets stronger in support of SS for low income), you've only paid 6.5% (employer pays the other half) of your total income. I'm unclear how getting 90% of the first $996 and 32% of $996-$6,002 of your income for an average of 14 years is unfair considering you only paid 6.5% for 45 years? Since math seems to be a challenge: 45 years at $20k=$900k lifetime income at 6.15% is $55,350.00 $20k=$1,667 monthly SS pays 90% of $996=$896.40 + 32% $671=$214.72 for a monthly total of $$1,111.12 for an average of 14 years = $186,668.16 Sure Warren Buffet may do better, but even he can't guarantee this ROI.
@oliviaortiz5157 Рік тому
That's why they keep raising the age, hoping we'll die before we can apply 😡😤🤬
@SandfordSmythe Рік тому
@@bruceleelee3823 It makes no difference to "they". It's not their money.
@LoveThatRod 3 роки тому
Never lose track of the facts that Congress in the 70’s & 80’s moved SS funds from SS to general government operating funds so as to make the general budget look almost balanced. They did this many times over many years. So ANYTHING that is done to bolster SS is in bounds and fair game. If that $60B+ that had been “borrowed” was replenished - SS would have little problem of shortfall in paying benefits.
@SandfordSmythe 2 роки тому
It was only a fancy accounting trick to minimize the Nation Debt. The Fund functions as it always did.
@Namath1000 Рік тому
No one moved social security funds into the general budget.
@reno5939 Рік тому
I started collecting SS at 62. I work part time, I'm only allowed to make 18,400 per year. For every 2 dollars I go over they take back a dollar from my SS. With the Inflation rate they still won't raise the threshold of 18,400. I know that once they deplete the strategic oil reserves gas will skyrocket again.
@tyheclayton473 3 роки тому
The hospital charge me $3,000 Waiting at the waiting room
@jameslaupan6499 3 роки тому
I went to college in the first years of the 80's, they used your social security number as a student ID number then. We also received dozens and dozens of credit card applications.
@samsfinancialcorner9756 3 роки тому
This video proves that we have to get smart about our money. It behooves all of us to ensure that we have enough for retirement. Social Security is a great system but we cannot expect it to be around. While I do believe that the government will not allow it to vanish, when you are planning your finances, you learn that you have to plan for every contingency even one that has no social security.
@just4funallday508 3 роки тому
FDR came up with SS to relieve the misery he saw in the '30s. Since then SS has been expanded and modified without paying enough attention to reality. The boomers keep voting themselves benefits and sending the bill to their children.
@miked412 2 роки тому
Social Security kind of sucks (for retirement). When the tax money is being invested, it returns around 2.2%. The stock market averages higher than that. Also, I am not getting back the money I put into Social Security through taxes. My personal retirement plan, I get back what I put into it. They also play games with retirement age and death benefits. I'd rather see more robust laws and protections put into place protecting personal retirement money. I do like the idea of a flat retirement, that both helps low income earners and reduces taxes. That seems like a reasonable way forward.
@oliviaortiz5157 Рік тому
Great system for those that are on it, and are probably on thier way out!!! But not for the millions that are close but not there YET ☹️😢 we can't count on it!!!
@brewmaster95060 Рік тому
@@just4funallday508 "The boomers keep voting themselves benefits " not true.
@patriciarouse2801 Рік тому
Actually the types who pander the " privatized" product lines are selling smoke and mirrors. #1 the solvency of the USA is the GDP ,GNP and it's in the trillions now per year. #2 the SSA , and other such systems by design recirculate the $ in those qualified recipients who then pay for : rent, mortgage, property taxes, utilities, auto and home insurance , food,clothing, s and sundries in other words right back to corporations. The abuse neglect tactic selling a notion that scarcity is now the cause...greedy have not other avenue so now you cañ die on the side of a road in the dirt. It's a greedy hoarders fever dream. Tell your congressman the social security program needs to be expanded. In some states the birth rate will be increasing among all age groups and not all will be well, for example. Who but SSA picks up those dependant people? No one.
@christanomeredith1497 2 роки тому
So all this money for years and none was invested for long term in a stock fund for some growth ? 5/10%?
@hermanrogers1325 2 роки тому
I start drawing my full social security this October 1 2021 and happy to do so because over 45 years of working every day for nickel dime and quarters I have payed for others people retirement my term
@alirott2271 2 роки тому
😀 Do you have any idea what the president, HIS WIFE, congressman,…. hell pretty much any and all politicians get for the rest of their lives???? FOR DOING NOTHING. That’s YOUR money Good Man. STOLEN FROM YOU. And you’re bragging and happy with these crooks giving you a couple of pennies back??? from money they stole from you???🤣😂😂🤣🤣.. You should change your name to……MARK.
@KennTollens 3 роки тому
How it works. You pay in your whole life and government steals it in the end.
@alirott2271 2 роки тому
THANK YOU SIR FOR KEEPING SIMPLE AND HONEST. I vote KENN TOLLENS for President 2024.
@thrivinganarchy5267 3 роки тому
This is a problem pretty much plaguing all modernized nations. As your nation becomes more developed and obtains a higher standard of living, birthrates generally go down and life expectancy increases. So when you have more people aging and becoming older with less young workers to pay into the system, this becomes a real problem. The solution would seem that you need to encourage a higher birthrate which brings problem in of itself. If you go the nordic route and offer hundreds of days of paid leave off, then companies are less likely to hire younger women.
@collaborativelearning1 Рік тому
good insight
@petergrady8848 21 день тому
in Australia our employer pays 11% into your superfund of your choice {so the government has nothing to do with it} so they invest your money in stocks/cash/property and on average we get around 8-10 % return per year so when you retire you chose how much you want as we get age pension at 67 which is around 1600 per fortnight depending on the assets you have
@quinnjones1655 2 роки тому
So, everything would be fine if wages had tracked with growth instead of all growth flowing upwards to the people we now have to borrow from to access the wealth built with wages
@firearmsstudent 3 роки тому
Let's take a moment to appreciate the level of hustle this lady does: 75 hours a week! P.S. I'm a millennial and I don't plan on getting any social security money. The system is screwed. Knowing current politics, lawmakers will wait until the last possible second to debate solutions, and by that time it will be too late. They can't agree on a stimulus bill now, what makes you think they'll get their stuff together then? They should just refund the social security money put in to everyone and let them invest it. It shouldn't be the government's job to save your money for you for your retirement, that's your job.
@johnt3820 3 роки тому
Correction: 75 hours total for 2 weeks. She's showing her biweekly paycheck.
@sking369 3 роки тому
FACTS my fellow millennial.
@umarscamartistjohnson1784 3 роки тому
75 hours for 2 weeks sitting on her ass is not a hustle but ok
@Tokamak3.1415 3 роки тому
I was working 4 jobs at once before getting into medical school. During my 2nd year of residency I did one week were I worked 142 hours - I slept in a chair in the residents room and didn't shower for 4 days while doing pediatrics during RSV season at a children's hospital. All this while making $32k a year salaried - the unionized janitorial staff made more than I did with only 40/wk. Firemen working wildfires, police during riots, retail clerks during black friday, pilots during the holidays, UPS/FedEx carriers during Christmas know hustle. 75 hours per week not so much. 75 hours per 2 weeks is a mocha sipping princess (unless having multiple jobs or taking care of babies/elderly/disabled).
@firearmsstudent 3 роки тому
@@Tokamak3.1415 Sorry I thought it was for one week... 142 hour week is nuts! I'm sure you're reaping the rewards now though.
@kevinalbora562 3 роки тому
A NYC income tax? I’d consider living in New Jersey a good trade off to avoid 2 income taxes for 1 state.
@asadb1990 3 роки тому
thats what i was thinking. but even if you don't move, im sure you can find a friend or family in jersey to use their address as mailing address.
@jaketyler7088 3 роки тому
@@asadb1990 are you suggesting tax fraud?
@asadb1990 3 роки тому
@@jaketyler7088 why is it fraud? can't your mailing address be different from your residential address?
@jaketyler7088 3 роки тому
@@asadb1990 I might have misunderstood. Yes they can easily be different, but what is changing your mailing address going to do?
@asadb1990 3 роки тому
@@jaketyler7088 well you get taxed based on the address you give the government. if you can collect mail from that address, why should it matter?
@lmarcu91 3 роки тому
Social security was never meant to be a full retirement plan. It's a retirement supplement
@Gator777 2 роки тому
If you are not dead first!
@staceystrukel1917 2 роки тому
Exactly. A bunch of whiney people that want to retire on the government.
@zuzanazuscinova5209 Рік тому
@@staceystrukel1917 exactly
@MoneyRiot Рік тому
I collect at age 33. I hope it doesn’t run out. I’ve only worked 3 months of my life. At hot topic.
@nestorv7627 Рік тому
Thanks for the chuckle
@MoneyRiot Рік тому
@@nestorv7627 you’re welcome ☺️
@Js14561 3 роки тому
the people in the FIRE movement look like geniuses compared to this.
@lapoco5678 3 роки тому
Explain
@teddybruscie 3 роки тому
Not really. The only reason they can do that is because they had really good jobs that paid them enough to save a lot of money and invest in good interest rate opportunities. Your average American will never get the opportunity to earn that much in a short period of time. Also a lot of people in the FIRE movement never disclose their inheritances. They try to make it seem like they did it all on their own when they likely got a lot of help through money handed down to them. FIRE is literally for wealthy Elite White people and an extremely small few of wealth Elite Minorities. The rest of us are lucky if we get to have stable employment with a decent paying job. And that's with making good financial and career decisions.
@Js14561 3 роки тому
@@teddybruscie Inheritance??? Elite WHITE!!! people???. Bro don't even, I'm tired of people thinking others can't do as well as "white's". You'r basically giving people an excuse to be financially stupid. you don't need lots of money, to be white, or even a college degree to be wealthy. It might help, but at the end of the day it's YOU who wants to learn, benefit, and grow you're finances. The books, videos, and corses, don't care when, where, how and most of all what your skin color is. But again blame it on someone els.
@teddybruscie 3 роки тому
@@Js14561 Wow great way to misrepresent my argument. I never said anyone can't do it. I said it's extremely less likely. Sure I could climb Mt Everest without a guide and no tools, there are people who have, but that doesn't mean that everyone has an equal ability to do so. So the likelihood given varying backgrounds and circumstances of different people to even be able to do FIRE or retire period is pretty next to impossible even with smart financial decisions. And yes being white is a huge factor because white people have higher rates of wealth transfers. Most people who do FIRE have wealth transfers. How are people who habe wealth transfers gonna lie to 99% of people in the world and tell them they can retire early when they were given every opportunity to succeed and simply decided to cash in early. So no 99% of people who are not wealthy or have an inheritance coming, can not and will never be able to do FIRE because the American market is not designed for 99% of people to retire early. By the time 10% of people somehow manage to do it they will have changed the game and those 10% will start dropping like flies.
@directorbeau 3 роки тому
@@teddybruscie personal responsibility is a foreign concept to liberals.
@graham1034 3 роки тому
Meanwhile, in Canada (and likely many other countries), we increased our public pension (CPP) a few years ago to cover a larger amount of earnings to offset the massive decline in employee pensions.
@WalkerOne Рік тому
This is mainly because Canada 🇨🇦 is a net exporter of oil, a lot of your countries revenue is coming at the cost of the climate.
@graham1034 Рік тому
@@WalkerOne yeah oil actually doesn't count for much of our GDP, though it is a lot of our exports. For reference, the US produces about 4x the amount as Canada (per capita is much lower of course). From what I can see O&G is about 7.5% of GDP for both Canada and the US. But that's actually worse since we're outputting so much CO2 for not that much money. While the majority of people see this as a problem, the oil producing provinces vote a large majority for parties that support oil (I.e. the Conservatives)
@junesilvermanb2979 Рік тому
My mother is 68 years old and receives Social Security. How do I learn more about her Social Security situation, in general? Is there a specific website I could visit which would explain things?
@MohanadKhuraishi 3 роки тому
In short: Millennials in the US are paying for Baby Boomers retirement...
@Schmexy 3 роки тому
Yes, with the expectation that Generation Z will pay for THEIR retirement. Rather stupid if you ask me.
@mustafaaalmosawi 3 роки тому
Yet, we are the "entitled generation".
@wallysan31 3 роки тому
@@Schmexy Millennials aren't expecting Gen Z to pay for their retirement, when they are sure that they'll have to fend for themselves in retirement savings.
@rosez4eva 3 роки тому
@@Schmexy lol as a gen z I can tell you we don’t expect millennials to pay for social security. Millennials are already so in debt we know they can’t afford it.
@Schmexy 3 роки тому
@Jack of all trades the cycle cannot last forever and forever. When the time comes that Baby Boomers pass their wealth onto Generations Y and Millennials, then there will be an even larger wealth gap, no?
@jakeb5010 3 роки тому
2:22 are we just going to ignore the covid test for no one in the empty car?
@thomasjames9517 2 роки тому
Hello
@TheMfmccarthy 11 місяців тому
Lol pretty sure my retirement is going to consist of me driving off a bridge
@junesilvermanb2979 11 місяців тому
Azrael en.wikipedia.org/wiki/Azrael
@Carandiru1992 2 роки тому
Two individuals at full retirement age. They both apply for social security and Medicare benefits. One have 3 million in a traditional 401K and the other have 3 million in a Roth 401k. Will they be taxed the same on their social security and will their Medicare payments be the same? Thanks
@UnipornFrumm 3 роки тому
Pension sistem is broken,invest yourself in your retirement
@kn9ioutom 3 роки тому
REAGANOMICS DESTROYED PENSIONS !!!
@obiedashinobi1322 3 роки тому
Indeed
@obiedashinobi1322 3 роки тому
@jennifer minott stay powerful
@cemdursun 3 роки тому
you know you're still paying the taxes for it though, right? So we must make sure it works
@obiedashinobi1322 3 роки тому
@@cemdursun stay powerful
James Conole, CFP®
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