How Social Security Works (Explained)

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  • čas přidán 20. 08. 2024

Komentáře • 71

  • @beth16440
    @beth16440 Před 9 měsíci +23

    Basically, they withhold a portion of your paycheck and then slowly pay you back your own money when you are old enough.

    • @SandfordSmythe
      @SandfordSmythe Před 8 měsíci +3

      With interest.

    • @beth16440
      @beth16440 Před 8 měsíci +7

      @@SandfordSmythe Account for inflation--the interest means nothing.

    • @SandfordSmythe
      @SandfordSmythe Před 8 měsíci

      @@beth16440 I'm not sure of the formula used.

    • @ZalamaTheDragonGod
      @ZalamaTheDragonGod Před 5 měsíci

      When does the taxes come in

    • @nomad8130
      @nomad8130 Před 5 měsíci

      @@beth16440they account for inflation.

  • @hollydavidson5219
    @hollydavidson5219 Před 7 měsíci +2

    I have been working for nine years and have one more year to go before I can start getting my social security benefits. This is the first time I have really thought about how it all works.

  • @laurajames8612
    @laurajames8612 Před 7 měsíci +3

    Social Security explained! Thanks for the quick and clear video.

  • @AnneWilliams-ek7gp
    @AnneWilliams-ek7gp Před 7 měsíci

    I am starting to learn how social security works and am making plans for my retirement.

  • @pattyquinn8111
    @pattyquinn8111 Před 2 lety +3

    You haven't posted anything about Medicare, so I'll post here. Medicare raised premiums in the last cycle to a degree that's price gouging. It's not comfort at all being told to just apply for Medicaid once we reach a point where we can no longer afford Medicare premiums. You have to be near destitute to qualify for Medicaid. It's the depths of cruelty to leave us with only that option, and to keep raising Medicare premiums to a point where many of us in later years won't be able to afford medical insurance at all. We need you to advocate for us.

  • @MaryLowe-ke2fm
    @MaryLowe-ke2fm Před 7 měsíci +1

    nice to know AARP Answers post videos like this.

  • @PatriciaBroom
    @PatriciaBroom Před 7 měsíci +1

    at last, Social Security retirement benefits explained. I’ve been looking for this.

  • @barbaragroeiro1437
    @barbaragroeiro1437 Před měsícem

    La portada del SS entre dos columnad, todo esta coodificado un tanto raro.

  • @stevenboivin1239
    @stevenboivin1239 Před 5 měsíci +1

    Ok, thanks for the explanation, but how long will i be able to collect these benefits? Does the money, that I receive, ever run out??

    • @MrEdwardCollins
      @MrEdwardCollins Před měsícem

      Once you start collecting Social Security benefits, you collect them for life... until you die.

  • @JustMe-pu3xm
    @JustMe-pu3xm Před 2 lety +1

    It’s good a have a401 k or IRA to go along with Social Security. That’s what I’m doing. Hopefully it will be enough

    • @garypiatt4666
      @garypiatt4666 Před 2 lety

      We do. Were doing great until two Januarys ago.
      Now, stocks have nose dived.

    • @miguelcastaneda7236
      @miguelcastaneda7236 Před 2 lety +1

      Catch 22 if you make to much retired...you pay taxs again...friend retired electrical union got his s.s.too now hes mad... taxs

    • @FreeJasonKendra
      @FreeJasonKendra Před 21 dnem

      naw they will tax you and give you winfall penalty

  • @tgokulprasad
    @tgokulprasad Před 10 měsíci

    Nice explanation

  • @walterknox5953
    @walterknox5953 Před 2 lety +2

    If I didn't pay into SS can I still get a Federal welfare check? I really could use the extra money.

    • @SuperGreatSphinx
      @SuperGreatSphinx Před rokem +1

      Supplemental Security Income
      en.m.wikipedia.org/wiki/Supplemental_Security_Income

  • @fififinance7469
    @fififinance7469 Před 4 lety +3

    The goal of financial independence is great, but I don't think I'll want to give up working hehe. However, I would like to have an income generating portfolio that generates an income to give me the choice to be nomadic, cliched i know... it's the idea that matters. As Freddie says 'Born to be Free'.

    • @JustMe-pu3xm
      @JustMe-pu3xm Před 2 lety +2

      Well each to he’s or her own, but I’m retiring the minute I get a chance. Cause what I have I have and I don’t I don’t 😁👍🏾

  • @RatedR4Raider
    @RatedR4Raider Před 6 měsíci

    The waiting game.. I’d rather take my money upfront

  • @user-je7gd7cb3j
    @user-je7gd7cb3j Před 10 měsíci

    Hi 8am ramel montemayor,iam I teristed to apply this job thank you

  • @samanthaanne246
    @samanthaanne246 Před rokem

    This did not answer my inquiry... it is a vague video

  • @philyeary8809
    @philyeary8809 Před 2 lety +2

    Another part of the scheme....

  • @GROMEXCR22
    @GROMEXCR22 Před 3 lety +10

    I dont like this social security bs. Whats the point of getting if all the money we have wasted in our social will be taxed and not even get everything back. This is just bs that they do this.

    • @deloycestimpson4360
      @deloycestimpson4360 Před 3 lety +6

      I think you should relook at Social Security and the benefits for individuals at Retirement Age. The average worker depend on SS to live on and Disabled workers to.

    • @dehydratedwater9806
      @dehydratedwater9806 Před 2 lety +4

      Social security is not taxed

    • @chanmarr8118
      @chanmarr8118 Před rokem

      @@dehydratedwater9806 it is in some states. That’s why a lot of retirees go to Florida.

    • @infinitekid4612
      @infinitekid4612 Před 10 měsíci

      It’s 100% passive income 😊 (never taxed) ps you can invest it to make more money too.

    • @425gabe
      @425gabe Před 9 měsíci

      @@infinitekid4612when can you start investing it?

  • @gabrieldacruz3150
    @gabrieldacruz3150 Před 2 lety

    And if you don't know what a penny is that that little round copper looking thing with the picture of Abraham Lincoln on it I know a lot of people don't even use money anymore good luck with that in the future

  • @patrickwilson2650
    @patrickwilson2650 Před 2 lety +4

    Every retire should get 2000.00 a month. Even if they retire at 62

    • @garypiatt4666
      @garypiatt4666 Před 2 lety +3

      ONLY if you paid in.
      Work for cash, don’t report or pay taxes? Go hungry.

    • @patrickwilson2650
      @patrickwilson2650 Před 2 lety +1

      Oh I worked since I was 16. Put money in. I'm 67

  • @GazBoyZ
    @GazBoyZ Před 3 měsíci

    This isnt even close to what social security is/do , do more research guys you will be glad you did , social security is for the security of you the consumer to secure to well being and pursuit of happiness learn consumer rights ! We deal with negotiable instruments not dollars bills even tho a dollar bill is a negotiable instrument, a dollar bill is the least valuable negotiable instrument if you ask me i rather do my exchanges thru the mails negotiable instruments… you know the utility bills i recieve n yku receive example light BILL , water BILL , gas BILL , these are the types of bills i like to deal with not them dollar bills they are hardly worth anything campared to the bills we get in the mail its all commerce, its all negotiable instruments its all debt/credit , money is just a means of exchange (a negotiable instrument) so is a bill that you recieve in the mail but you must learn how to put to use the ones (bills) in the mail

  • @Whyinem
    @Whyinem Před měsícem

    💰💰💰💰💰💰💰💰💰💰💰💰💰💰

  • @kurikari1675
    @kurikari1675 Před rokem +1

    Alright now how do i get rid of that

  • @amycondle3725
    @amycondle3725 Před 2 lety

    Well I told them I would retire at 69 lol!

  • @feelinsquuiddy
    @feelinsquuiddy Před 9 měsíci

    who else is in policy debate lol

  • @williamjakobek6866
    @williamjakobek6866 Před 2 lety +1

    EXCUUUUSE ME!!
    AARP is one agency most at fault in grooming the people in accepting a Social Security cut as inevitable.
    They never address the fact that when any sufficiently noble cause comes along, money appears.
    Just not for the worker or others due for what they paid into.
    Think about it.... And talk this up. Thanks for reading.

    • @pa5666
      @pa5666 Před 2 lety

      This is so true!

  • @joeg3741
    @joeg3741 Před 2 lety

    Disruption of government requires that I actively prohibit the government agent from doing their job. If they CHOOSE to stop working to confront me, then that is THEIR action,-- not mine. I am only accountable for MY actions. Not those of others

  • @WiPri0371
    @WiPri0371 Před 2 lety

    Very very poorly compared to Negative Income Tax

    • @garypiatt4666
      @garypiatt4666 Před 2 lety

      What is “negative income tax?”

    • @WiPri0371
      @WiPri0371 Před 2 lety +2

      @@garypiatt4666 Negative Income Tax is the proposed revised tax code submission by Milton Friedman over 40 years ago. It is literally a universal basic income (UBI) but from the tax system. It would pay its max amount if unemployed or retired, and would diminish only after a break over point where taxes begin to actually be paid from employment sources. It graduates in diminishment. It would replace every social program on the books - including social security. That by itself would balance the budget, but the same reason it would balance the budget is why it will never pass : No politician would be able to siphon funds into their own pockets. It would pay more than social security, or welfare, and would actually in reality do what welfare has dismally failed at so far : actually helping the poor. There are several videos on YT that demonstrate how it functions in greater depth. But just for example, my mom is on SS. She can't make more than 2.5 times the poverty level to qualify for Medicare or Medicaid. So she keeps it all below, which is less than $16k/yr. She has a fully stocked 401k, but she aims low to stay on the govt dole. But NIT would likely come in around $40k/yr (give or take) for everyone if all welfare programs were cleared out & no politician had access to any funds (which there would be none). With that, she could absolutely find an old age policy that would take care of everything medical except for 80% (very possibly more as time advances & free market competition does only what it can do). Even if that medical policy was $4k/yr, she'd still bank twice what she's making now WITH 401k. Without any extra cost to the govt. The only catch is it can not be mixed with everything else or else it will fall prey as everything else has to big govt. It would be of no actual benefit to anyone. Best part, because it's Negative Income Tax, it wouldn't be taxable as income.

    • @pa5666
      @pa5666 Před 2 lety

      @@WiPri0371 Wow, thank you for sharing!

  • @georgeandrews1586
    @georgeandrews1586 Před rokem

    All seniors should be able to collect a Federal welfare check each month.

  • @ElParacletoPodcast
    @ElParacletoPodcast Před 2 lety +3

    Every time I hear the phrase “the government”, my blood boils. This is a lie, we do not have a government, we are the government.

    • @pa5666
      @pa5666 Před 2 lety +1

      It depends on where you're from, I guess.

    • @ElParacletoPodcast
      @ElParacletoPodcast Před 2 lety +1

      @@pa5666 From anywhere in the world.

    • @haroldcarson5677
      @haroldcarson5677 Před rokem

      Seniors don't need a COLA. This money should be used to support the great people of the Ukraine.

    • @ElParacletoPodcast
      @ElParacletoPodcast Před rokem

      @@haroldcarson5677 You don’t get to decide how my money is spend.

    • @haroldcarson5677
      @haroldcarson5677 Před rokem

      @@ElParacletoPodcast The money in the SS Trust Fund is not your money. Never was.

  • @haroldcarson5677
    @haroldcarson5677 Před rokem

    Seniors don't need a COLA. This money should be used to support the great people of the Ukraine.

  • @AZsportshut
    @AZsportshut Před 11 měsíci

    Social Security is a joke