How Social Security Works
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- čas přidán 16. 11. 2020
- Since 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
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
I am currently burning through my 40s and This is no time to taper retirement savings. I want to max out my retirement funding and I also have another $200k in a savings account that i want to invest in a non-retirement account.Would it be better going to housing? Maybe own property and let it till im ready to move in at 65.
Research dividend aristocrats and choose six to ten firms with over 25 years of dividend payments. Also consider working with an asset-manager to build a strong portfolio.
A good percentage of people do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of… now my dreams are getting bigger. Going from ($50k to $600k) is surreal all thanks to insights from a professional.
I thought gains like that are nothing but a pipe dream! mind sharing details of yourmanager please?
She goes by ‘’.Sonya Lee Mitchell’ I say you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.
When you lie to the government it’s a crime, when government lies to you it’s politics
And you keep voting for the same liars, don't you?
@@user-qr7ee2cp4y lmao liars are the only options
we get the choice to choose who displays bs to us
@@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'
@@user-qr7ee2cp4yhow can we know who are liers .. it’s all about trust just like this system
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.
Scam
@@chriswalter92
Hi James, I am fairly confident the accounts randomly suggesting to contact "Jenny Pamogas Canaya" are spam accounts hoping to redirect concerned viewers to a scam website. I have reviewed the website and identified the website to be fraudulent and the photos depicting the person are clearly stock photographs. If you have already engaged with this website/"person" I would strongly suggest ceasing communication or reporting them.@jamesabdelkarim
Are you white?
Cool numbers but you’re leaving off how long that took. Stocks would probably do better and take less work.
@@steftrando Stock market Averages 10% a year, average cost of housing has gone up 3.1% from *MARCH TO APRIL.*
If you had a house in Miami Beach Florida last year, you made $173,000 this year without doing anything.
I can’t believe paying two state income taxes, insane
She will get it back at tax time.
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
sad is that they are paying all that for little to nothing in services
No way I’m paying 2 states’ income taxes.
They partnered with Acorns but tagged Robinhood :)
Can we just lower congresses wages? They hardly do anything
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.
I doubt that would help vert much spread across so many people. Also they will have more incentive to be corrupt
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.
@@Dylang01 agreed and they will get bribed more often by lobbyists.
Senators make like 200k a year to take a vacation every two weeks while the rest of us are suffering in a global pandemic.
2:51 FDR
1:40 Cashflow
6:50 Case Study
16:33 Universal Benefit Plan
Thank you!
Ridiculous that were forced to keep up our end of the bargain, while the government can just say, “Sorry y’all.”
Legalized thieves 😡
You got that right
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..
What was "your end of the bargain'?
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.
Boomer generation are the ultimate scammers
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.
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.
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.
deficit myth, it can all be easily paid this is just fear mongering!
@@noneshere ubi would disadvantage those that are sick and unable and to work as they would get less benefits than they do now
@@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.
6 percent of every check you'll never see. Could of put that into a 401k.
Well, at least it's going to a safety net place waiting on standby when you retire.
@@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.
@@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.
Agreed
Basically, the responsible are paying for the irresponsible that would never save their money.
Been watching, listening, and paying attention to all of predictions and forecasts since early Covid. He hasn't disappointed yet 👌
@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
@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👌
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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.
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.
i agree but it would collapse the system
How would they continue to pay benefits if people opt out of the system?
@@Namath1000 increase taxes on the existing people or make opting out illegal
@@joestein6603 Opting out is illegal.
@@mail-qh2qc Where are you going to get the money to pay people back what they paid in?
Those who are paying into this should be more worried. They will receive nothing in return when they do retire.
Sucks for us
Yup, it’s the biggest Ponzi scheme ever.
@@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.
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
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.
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.
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.
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
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.
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.
big surprise, defunding the education system turn out to have consequences.
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 :-)
Why don't you think it's going to be there when you need it?
You better start coming up with clever ways to make money outside of working a 9-5 . That sh!t is dead.
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.
I feel the same I may be young today but still better get ready today for not surprises in the future. 😅
Respect💯 so what's your advice to plan for the future?
*than ignorant.
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
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
If they can cover bailouts they can cover our social security.
Bailouts are loans, you know that right? So you'd be okay with social security taking a loan?
@@cptfalcon5101 it's all loans, tax cuts for the rich =loans, military spending = loans.
the budget is always in deficit so its all loans.
@@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.
@@daniellehinson5581 They are not taking loans, they are cashing out existing securities.
@@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
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!
Sell for profit
You can go to Cuba and have any surgery for like 10% of what you pay for here
In Lebanon🇱🇧, prices for rhinoplasty (fixing the nose) go from $1,500 USD to $2,500 USD.
Thousands of dollars less than America's🇺🇸 prices with/without insurance, and I am saying this *as an American* 🙂
Doctor visit in Mexico 2$
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.
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.
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.
@oldcastleswan Can you kindly provide me with the information of your investment advisor as I am currently in desperate need of one?
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.
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.
Well said.
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.
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?
SSI or SS? SS has to come out of its own fund.
We can also give about millions of dollars to other countries that are fighting a war that has nothing to do with us too….
@@SandfordSmythe why?
@@megustavophoto SS was set up to be a self-contributory system not out of general funds.
They will take 6%of your check ypur whole life and give you nothing at retirement
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.
@@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%.
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...
@@jaketyler7088 Q... why the same tax to your employer, I'm confused?
@@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.
I have actually come to realize that I can receive my social security benefits even while working.
I collected my social security benefit so early simple because I started making my financial decision with an advisor; *Teresa Jensen White.*
With her financial management strategy, I have been so profitable. I urge you all to stop the stressing and get to work with her.
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.
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.
Yes, you can but -- depending upon your age -- you may be limited in how much you can earn while still collecting social security.
Thank you for explaining this information. I needed to understand deeper about our state taxes. I hope that many people can see this video.
thank you as well.
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.
Your not alone☹️😢
Take control of your retirement, don't trust the government.
Or take control of the government? :-P
Anarcho-capitalism doesn't work.
@@freaked-outcenk7990 Got a better system? I wouldn't want to live under any of the other choices we've seen in the world.
@@just4funallday508 Ayn Rand-worshipper detected.
@@freaked-outcenk7990 I'll take that as a no.
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)
Most people venture into the crypto currency to be millionaire meanwhile I just want to be debt free and live comfortably, thanks to trading I don't worry about retirement survival.
Assets that can make you rich
Bitcoin
Stocks
Real estate
@@mirabellelia9996 Stock's are crashing, Bitcoin investments Right now will be at every wise individuals list, in a month you will be ecstatic with the decision you made today
You're right, it's obvious a lot of people remain poor due to ignorance
I'm looking for something to venture into on a short term basis, I have about $6k sitting in my savings
@@lasbreydante9465 I'm new to this Bitcoin trading, how do I get started with the help of a professional?
So millennials are paying for boomers retirements today and we won’t have a pension when they retire lol why am I laughing *tear*
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...
@@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.
@@Furiends very well reasoned analytical explanation of the nub of the problem
Go have some kids.
@@alenpaul2523 cant even afford my own college how am i gonna afford kids and kids college
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.
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
She is completely incorrect.
Your teacher was wrong.
@@civildk9077 No one has stolen from the Trust Fund.
@@Namath1000 Well now, when they pay US back, I'll admit I was wrong.
You put together a very informative program. It is clear and understandable. Thank You
you're welcome.
Great video! I learned a lot
Damn girl, that’s a lot of taxes in one paycheck, goddam! There’s nothing left to save and invest.
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.
@@moriver3857 Jersey, then Cali. But my dad always said, "That Ford costs the same everywhere!"
Social Security isn’t supposed to be the SOLE system to retire on.
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.
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
What borrowing? I hear that all the time but no one can point to anything.
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.
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.
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.
@@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.
For some reason this helped in my AP Gov exam
How Social Security Works: It doesn't.
I take it you don’t qualify for social security retirement
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.
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.
Ummm you ok bro?
@@jasonpark1556 😂
@@jasonpark1556 😂😂😂
@@jasonpark1556 Which big word are you stumbling over?
Social Insurance. That's how it works.
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.
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.
@@TheSterlingArcher16 House Bill H1 wants to lower medicare age and -- add full dental, vision, hearing. Imagine what dental alone would cost.
@@TheSterlingArcher16 Adjustment of the variables involved with SS is possible and easy, but too many folks like to play politics with the issue.
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.
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.
Yes that's a completely stupid assumption made by a person who has no idea how real life works.
Even though we pay in our entire life, ssdi only looks back your past 5 years of employment as to what you can receive.
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?
@@noneshere really?! 😱
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.
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.
If you are that aware at 18, sounds like you'll be ok by retirement SS or not. Good job.
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.
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 ✌
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
What if the government decides to tax 401k to fund SS 🤪🤪🤪
Thanks for the updates & info! God bless & Be safe
How social security works?
Me: It doesn’t.
Miss, live in New Jersey to avoid paying New York taxes since your job is in New Jersey.
I seen that and I wonder how bad they're screwing New Jersey taxpayers.
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.
Can I join you Brian 🥳?
We need you to follow through
You definitely do not want to write this online my guy
😂😂😂
I'll bet it will he there
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.
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.
@@susanarsoniadou3588 rumble has a good video called why does trump keep promoting the vaccine kind of explains it
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?
A little error in the title, you're missing "doesn't"
Can’t we just take a small bite of that defense/military budget?
social security spends about 150% of the military budget every year. So no.
@@doncamfrantz 750 billion $ military budget versus 1.1 trillion $ social security. So yes you could.
No, corps and governors need to make money from military budget too.
Fine - the Chinese and Russians will love to take you over while you are getting checks - then they will take your checks too!
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.
As a Canadian, interesting to know how US system works. But, I feel that there are many similarities.
Well now I don’t feel so bad about taking gas money from my grandma. XD
As a millennial I grew up being told in elementary school we would never see social security .
Save and invest. Dont depend on one basket.
We wont. Our parents will be lucky to get it all their lives
You'll see it, it just might not be as lucrative as it was previously.
If you know, you know...
@@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.
They need to figure something out , if not , stop taking money from my check please .
Too much politics like you see here.
Can someone explain to me how they come up with the number 864 and 1026 at 8:22 ? Thank you
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.
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.
Basic maths tells you that as the population ages the worse it will get.
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.
@@d.dementedengineerc99isurf26 that's exactly what it is.. people living longer...
@@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.
@@zakirehman1165 Yes. We have the right to live but no right to die... Yet keeping suffering animals alive is "inhumane."
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.
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.
Ummm I don’t think we’re supposed to talk about that😌🤫‼️
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!
Well the sad thing is we probably won't have retirement by the time we get there.
And the boomers retirement
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.
Why would I pay taxes and get the same benefits as the ones who barely work during their life work time?
Exactly. BS
A shorter version of how it works?
Get paid one day be broke the rest of the month until you get paid again
The cycle never stops unless you're incarcerated or
DEAD
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.
Correction: 75 hours total for 2 weeks.
She's showing her biweekly paycheck.
FACTS my fellow millennial.
75 hours for 2 weeks sitting on her ass is not a hustle but ok
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).
@@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.
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.
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).
it's the same situation in other countries too:/
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.
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.
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.
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.
That's my beef. I never get to see what I put in.
Unless somebody changes the law, you WILL get social security when you retire.
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!
Thats a good advice but investing is a vast topic. Can you tell me on what or how or where you invest money.
Amen!!!!
@@paragpatel8381 google is your friend.
Poor people can’t make investments
@@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.
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.
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.
Since Day 1, SS has invested/lent money in Treasury bonds.. And most definitely it gets paid back
No one has taken Social Security Funds.
@@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
@@EngineerMikeF What SHOULD be there?
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.
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 😨🙄🧐😵💫
I love CZcams it’s basically free college all it needs is your attention:)
Spot on!
this is not education, CNBC are peddling their wall st agenda, govt can afford this no problem.
watch this instead
czcams.com/video/QuUx3IL0a-0/video.html
I will admit, I have learned a lot watching CZcams from grooming dog to new knitting stitches and techniques to to growing a garden in an apartment. I am grateful for it.
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!
imagine being forced to pay into a system your entire life, then not receiving anything in return.
I consider my grandparents thriving and not needing to work the something in return...
Very coordinated and Educational
How it works. You pay in your whole life and government steals it in the end.
THANK YOU SIR FOR KEEPING SIMPLE AND HONEST.
I vote KENN TOLLENS for President 2024.
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.
Hello how are you doing?
American seniors are so greedy. Why all the talk about undeserved Federal welfare benefits? This discussion should not be occurring in a public forum. It is embarrassing!
I collect at age 33. I hope it doesn’t run out. I’ve only worked 3 months of my life. At hot topic.
Thanks for the chuckle
@@nestorv7627 you’re welcome ☺️
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.
Receive “FULL” benefits if you wait till you’re 70 considering if you even make it to 70
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.
They want people to die before they even start collecting it...smh
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.
That's why they keep raising the age, hoping we'll die before we can apply 😡😤🤬
@@bruceleelee3823 It makes no difference to "they". It's not their money.
My grandma has been worrying about this since before she retired and she is now 90
Great Information. 🙏👍👍👍
In short: Millennials in the US are paying for Baby Boomers retirement...
Yes, with the expectation that Generation Z will pay for THEIR retirement. Rather stupid if you ask me.
Yet, we are the "entitled generation".
@@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.
@@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.
@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?
They need to stop paying benefits to people who never paid into social security!
They should’ve never started it then. The first people to get Social security benefits never paid a dime.
Stop being selfish we should take care of our elderly.
Eliminate the spousal benefit?
@@jessepalmer3610 that doesn't seem fair.
Well, I'm a top earner and I disagree. Specifically because life is unfair to the unfortunate. No one asked to be born with a disability or get one later on in life. We all say this stuff until we see someone suffering and say " this person needs help why arent we doing anything ". And here SS is 🤷🏾♀️
@@LoganLeGrand the elderly is not the group spoken of!!! It's the ones who have bled the government for generations without ever working and contributing. Leeches.
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?
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.
More chancy. And there is the issue of large amounts of federal money going into private businesses.
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.
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.
2:22 are we just going to ignore the covid test for no one in the empty car?
Hello
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.
( WHY, can't we or I get notifications on how much I have to pull on SSI , this is a problem for me??? )
Social security is the most complicated ponzi scheme I’ve ever heard of
It's really not that complicated...
Not true. Taxes are a more complicated ponzi scheme.
Just give me the money I put in back and we will call it square social security administration.
Dude you know that million of disabled people are getting paid by social security
@@ahadumer418 The disabled get paid by a separate fund than SS retirement.
So all this money for years and none was invested for long term in a stock fund for some growth ? 5/10%?
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
😀
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.
I'll be back when there are more comments.
Me too
Ok
Whoever sees this comment, in 24 hours, Please reply to all of us^
@@rotocoach5397 Ey bro thanks.
Been reading the comments here for a solid hour! Lol!
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
BIG PHARMA write the healthcare laws, & the CROOKED politicians pretend to write, pass, sign them into laws.
[̲̅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]
Seriously
👏 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.
Thank you ads, for completely destroying my train of thought !!
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
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.
Tax Amazon!
That's crazy
But they’ve created millions of jobs which you’re not accounting for in your tax revenue calculations :)
@@VinceJ1990 That’s a red herring sir.
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.
In the UK the highest social security is around $900 per month (when converted).
Maybe because of comparatively less wages/ cost of living.
@@abdulvahid93 It also cost less to live there when you factor it in. A significant amount too
If your around my age I suggest you invest in the s&p 500 index fund just to be on the safe side
Lol pretty sure my retirement is going to consist of me driving off a bridge
Azrael
en.wikipedia.org/wiki/Azrael