Sad that us who invested in the system will only see 80 percent pay out come 2035! In addition, Medicare is subject to be insolvent around the same time!
Social Security is not a major issue, for the politicians! The politicians could have ended the double taxation of social security, ensured that annual COLAs actually reflected real-world inflation. And, the decades old social security tax table could have been adjusted for current inflation. Or, the tax on social security could be eliminated. Besides, the Federal Reserve Bank is standing by, and more than happy to provide social security with all the currency they need! The only time seniors are relevant to politicians, is at elections!
Most folks cannot afford to retire, unless you have bucket loads of money. This is why you should start putting a portion of your income away for retirement from a young age, to give compounding sufficient time to work its magic.
Last I checked the US national debt around $34 trillion adding on trillions of dollars the value of a dollar buys you less especially for those on a fixed income like social security that pays out on average a meager $1200 to $1800 per month. I mean how can Americans cope with sky-high inflation and stale wages? All the recommendations by Lou are spot-on like raise the retirement age. I like that side-hustle advice develop a talent, skill or service that you can develop into a business. 🤞🤞🏼🤞🏾
Thank you for your comment. I know starting a side hustle isn't for everyone but I'd like to see more folks take that route, especially when every other road to financial well-being is blocked.
With the average retirement savings under $100k, Social Security is immensely important to the majority of Americans.
Yes, it is very important. Most people I know who are on SS couldn't live comfortably without it.
Sad that us who invested in the system will only see 80 percent pay out come 2035! In addition, Medicare is subject to be insolvent around the same time!
More sad that many politicians don't care unless they are up for re-election.
Another good informative video from Lou Reyes.
Thank you Dave! I appreciate your support.
Great vid Lou! 👏👏🙏🙏😊😊
Thank you Peter! I'm glad you enjoyed my video.
@@Over50tv 😊
Social Security is not a major issue, for the politicians! The politicians could have ended the double taxation of social security, ensured that annual COLAs actually reflected real-world inflation. And, the decades old social security tax table could have been adjusted for current inflation. Or, the tax on social security could be eliminated. Besides, the Federal Reserve Bank is standing by, and more than happy to provide social security with all the currency they need! The only time seniors are relevant to politicians, is at elections!
I couldn't agree more with: "The only time seniors are relevant to politicians, is at the elections!"
Most folks cannot afford to retire, unless you have bucket loads of money. This is why you should start putting a portion of your income away for retirement from a young age, to give compounding sufficient time to work its magic.
I agree with you Dave, but there are lots of folks who haven't done that.
Last I checked the US national debt around $34 trillion adding on trillions of dollars the value of a dollar buys you less especially for those on a fixed income like social security that pays out on average a meager $1200 to $1800 per month. I mean how can Americans cope with sky-high inflation and stale wages? All the recommendations by Lou are spot-on like raise the retirement age. I like that side-hustle advice develop a talent, skill or service that you can develop into a business. 🤞🤞🏼🤞🏾
Thank you for your comment. I know starting a side hustle isn't for everyone but I'd like to see more folks take that route, especially when every other road to financial well-being is blocked.