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.
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.
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'.
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.
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.
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
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
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.
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
@@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.
Basically, they withhold a portion of your paycheck and then slowly pay you back your own money when you are old enough.
With interest.
@@SandfordSmythe Account for inflation--the interest means nothing.
@@beth16440 I'm not sure of the formula used.
When does the taxes come in
@@beth16440they account for inflation.
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.
Social Security explained! Thanks for the quick and clear video.
I am starting to learn how social security works and am making plans for my retirement.
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.
nice to know AARP Answers post videos like this.
at last, Social Security retirement benefits explained. I’ve been looking for this.
La portada del SS entre dos columnad, todo esta coodificado un tanto raro.
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??
Once you start collecting Social Security benefits, you collect them for life... until you die.
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
We do. Were doing great until two Januarys ago.
Now, stocks have nose dived.
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
naw they will tax you and give you winfall penalty
Nice explanation
If I didn't pay into SS can I still get a Federal welfare check? I really could use the extra money.
Supplemental Security Income
en.m.wikipedia.org/wiki/Supplemental_Security_Income
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'.
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 😁👍🏾
The waiting game.. I’d rather take my money upfront
Hi 8am ramel montemayor,iam I teristed to apply this job thank you
This did not answer my inquiry... it is a vague video
Another part of the scheme....
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.
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.
Social security is not taxed
@@dehydratedwater9806 it is in some states. That’s why a lot of retirees go to Florida.
It’s 100% passive income 😊 (never taxed) ps you can invest it to make more money too.
@@infinitekid4612when can you start investing it?
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
Every retire should get 2000.00 a month. Even if they retire at 62
ONLY if you paid in.
Work for cash, don’t report or pay taxes? Go hungry.
Oh I worked since I was 16. Put money in. I'm 67
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
💰💰💰💰💰💰💰💰💰💰💰💰💰💰
Alright now how do i get rid of that
Well I told them I would retire at 69 lol!
who else is in policy debate lol
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.
This is so true!
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
Very very poorly compared to Negative Income Tax
What is “negative income tax?”
@@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.
@@WiPri0371 Wow, thank you for sharing!
All seniors should be able to collect a Federal welfare check each month.
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.
It depends on where you're from, I guess.
@@pa5666 From anywhere in the world.
Seniors don't need a COLA. This money should be used to support the great people of the Ukraine.
@@haroldcarson5677 You don’t get to decide how my money is spend.
@@ElParacletoPodcast The money in the SS Trust Fund is not your money. Never was.
Seniors don't need a COLA. This money should be used to support the great people of the Ukraine.
Social Security is a joke