Plan for a 20% Cut in Your Social Security Check
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- čas přidán 26. 07. 2024
- It's never too soon to safeguard your financial future against the potential of a 20% cut in Social Security benefits, as warned by Social Security's chief actuary, Steve Goss. In this video, I provide five proactive measures you can implement to protect yourself from the impact of a smaller check.
ABOUT LOU: Lou Reyes is the host of Over50tv. He is also a startup consultant and serial entrepreneur. Lou has spent his entire career building things, including a chain of business-to-business magazines, a weekly newspaper, two national trade show companies, a weekly radio show, and almost a dozen other businesses. Reyes is also the Director of Over50tv.com, and founder of the Over50tv and Side Hustle Rules CZcams channels.
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Dude, they have been saying this since the 80s. Make the agencies who raided the fund in the Regan era pay that back and there won't be a issue.
Social Security benefits will be reduced for our kids and grandkids. It's inevitable.
@@Over50tv Why? Get on your representatives to make the tax cap come off and get the raided funding returned. Complacency = defeat.
Good topic and advice, Lou! 👏👏🙏🙏
Thanks Peter! Once again I'm responding very late to your comment. Sorry buddy.
@@Over50tv No worries! 😊
Tax all funds, no ceiling. Means test what people get on a sliding scale. Millionaires don’t really “need” social security.
Or government could quit deficit spending and be fiscally responsible. Tax the rich is going to be passed on to the poor.
I think that could help in the long run, but the deficit is so great it could be a long time before SS is made whole. The problem needs to be addressed in the next few years.
Remove the income ceiling on paying into SS taxes.
Yes. The current limit is ridiculous and outdated. If that were dealt with, the problem would simply go away. Don’t mess with seniors, they VOTE. It amounts to a competition between those seniors and the big money corporate donors to the politicians who are tasked with making these decisions.
Politicians aren't going to mess with seniors, they are going to mess with our kids and grandkids.
I'm not sure that is the answer.
@@Over50tv And why the heck not? Please explain.
Congress knows it would be a political career ender if they dont do anything to reform SS or shore up the trust fund...
Something needs to be done to shore up the trust fund. I'm hoping politicians don't take an ax to a problem when only a scape is required.
Remove cap on SS and stop helping migrants..
If you are talking about removing a cap for how much a worker can earn while collecting Social Security I couldn't agree more.
Shame we were forced to pay into a system that will be insolvent However we will be taxed more if we work while collecting SS just to cover the cost of inflation!
Yes, it is ridiculous. I will never understand why SS recipients are taxed.
I live in rural South Texas and I wouldn’t move to a city even if you held a gun to my head. I do agree with your idea of sucking more money away however
@TexasScout Years ago I had the chance to move to a beautiful rural area in Ohio. I didn't and have regretted it ever since.
This government needs to pay for the feeding, care and maintenance of illegals and those on the dole by taking away from those that have paid into the system all their lives.
Simple financial logic eludes these rich corporations and their paid-off politicians. What else would you expect from these mammons? The Western world will be a toilet of new third-world nations led by elites from their gated communities and bunkers.
The longer it takes for people to rise and fight for freedom, the harder it will be to reclaim our natural rights from these greedy power mongers.
Sadly, look at the upcoming generations of slackers and you will realize that it is likely too late. We are living in a failed system.
@JoeGator23 In years past I might not have agreed with you, but I agree now. Our elected officials are failing us in every way. Thanks for commenting.
@yodasstuff Our government is broken.
Stephen Hawking said look up at the stars, not down at your feet.
I'd love to get your take on the impact of ChatGpt and AI on learning for seniors. Will it make it easier for seniors to use software?
@@Over50tv It could indeed if it is made as simple as possible with the least amount of problems using it. A lot of software these days, you need to be Einstein to use it.