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Let’s go Brandon
In France, we have a system of redistribution (where the working population funds the pensions of previous generations). Let me give you the end of the story straight away: as soon as birth rates dropped in the 1980s-90s, the system began to run deficits. At least, that’s the narrative that was widely spread by the media and politicians. In reality, most pension funds accumulated considerable war chests and lived extravagantly off of them. Nevertheless, we had debates discussing the three possible scenarios outlined by Enrico to overcome this impending crisis. You’ll have a hard time guessing which one was ultimately chosen, as the French successive governments simply opted for all three! The latest installment, following pension devaluation and increased contributions, was the extension of the contribution period. However, it won’t surprise you to learn that the system still isn’t balanced. Additionally, we’re experiencing a ratchet effect where, one after the other, contributions increase, the retirement age rises, while the actual pension amount decreases. As a result, retirees who once enjoyed a decent and peaceful retirement have seen their purchasing power often halved, with an increasing proportion of retirees now living below the poverty line. So, we have a very clear idea of what you’re going through, and American citizens have our full sympathy on this matter.
Also most of the 60 million babies who have been murdered would be contributing to social security, to make up for the population loss they are illegally importing people who are a drain on social security.
WR NEED TO EDUCATE OURSELVES POLITICALLY SO THAT WE CAN CHANGE THE NEOLIBERALISM SYSTEM.
BIG CORPORATIONS NEEDS TO PAY THEIR FAIR TAXES, WICH WILL ADD TRILLIONS TO THE ECONOMY..
Social security is not a pension. It is insurance.
The whole thing is headed towards going off a cliff. Meanwhile, each congress and each administration keeps kicking the can down the road to address the looming danger. The longer they wait to address the problem the more extreme the action they will have to take to avoid going off the cliff.
The problem with income supplementation is it may work for retirees drawing Social Security but people who left the workforce earlier and started drawing SSDI run the risk of losing their pensions entirely if they start earning money. This is particularly true for CDB pensioners who ended up drawing from their parents tax contributions. (Both of my parents died before they were even old enough to collect Social Security Retirement.)
For every self styled entrepreneur out here saying “Social Security was never intended to be your sole source of income”…I have this much to say- you do realize that Social Security was created in 1935 right? Times change. Social Security was created long before this huge, bloated pentagon budget syphoned off nearly half our national budget every year and many restrictions have been imposed upon it since then. Also simple economics have greatly changed since the 1930s.
Aside from being a digital nomad, don’t expect to find much work in the Philippines
Thanks Reekay your knowledge on this and explaining in a most understandable way. We keep getting *#^=#ed my our government they are thieves
Its been bad in Australia for a while too. A lot are working past retirement just to survive. sent you a message Reekay, too long for here.
Reagan cut taxes for corporations and the wealthy. Reestablish the tax rate to that level. The amount needed to fund the prospective future retirees is already known. It’s not rocket science. The answer is there. What is not there is the guts, the temerity to do it.
Great info. SSN funding is a challenge. But think about the average medicare cost for someone on a western diet, smoker etc. Get a side hustle, exercise, lose weight, good diet. Because all those expensive hospital bills medicare is covering now are going to have to be rejected in the future.
Australia started addressing this issue a few years ago. From, I think those born after 1950, the age to get the “Old Age Pension” was on a sliding scale (increasing age of entitlement) to take into account people living longer. Also if you wished to live overseas, you had to have been employed for 35 years to get the OAP.
I think there were a few other provisos, but cannot remember. I scraped through being born in 1949!
Raise the cap on SS in order to reflex inflation. A $2T tax cut for corporations was no help towards any problems.
Exit the system. Use Form 4029..Praise the Lord. You are vested after 10 years of employment.
Another option would be to raise the cap of wages subject to SS tax participation from the current $168k to at least $250K. That, along with maybe raising retirement age to 63, would help
Meanwhile, there’s bottomless funds available for endless war, 800 overseas military bases, subsidies for Big Oil, bailouts for banksters, Israeli genocide, the Ukrainian proxy war, the massive Deep State, etc., etc.. In the USA, socialism for Big Business is very, very good, while socialism for ordinary people (including social security) is very, very bad.
Interesting that you seem to mainly focus on the most recent events and spin on the pandemic but choose not to focus anywhere near enough on the past other than “the 80’s”.
Yes, it needs to be fixed but I always tell people the same thing about social security as I tell them about 401k’s; It’s a great idea but a horrible retirement plan.
Been telling you for years you need a revolution but nobody listens but you will when you’re broke
I work into financial sector.
I find your approach wise and preventive.
With the new American generation not being that bright, they will vote for pushing back the age retirement without knowing that it will affect them on the long run..
So the strategy of retiring 10 years early with 10 years of living expenses saved and hoping SS kicks in might not work?
I’ve seen many retirees just scraping by on social security. This is an important topic.
Thanks for covering it.
Great video, Reekay. The “Social Security Trust Fund” was always an accounting fiction. Presidents and Congresses from both parties have been robbing from Social Security and Medicare for decades. The US government is broke. People planning on retiring in the Philippines need to have a large emergency fund and at least 1500-2000 a month income coming in every month. Otherwise, they’ll turn into ‘Expat John’ begging for money on vlogger’s channels. SAD!
GUESS THATS WHAT YOU GET WHEN YOU FUND EVERY FKN WAR ON THE PLANET
This is why i am making even more plans and getting mine that i paid for all my years, before the next or even present administration, reduces, or even pulls the plug on it, and you will find some very angry and downtrodden populations in time to come. This places is bankrupt and crumbling…Fast too!
Could say more but you are so right and this is especially pertinent of relying on Social Security for expat funding.Being poor[er] is bad enough in your own home country…But overseas it can and will be an existential threat to your life and lifestyle and much more. Peace
yes was rob by going to wars
Never underestimate the Governments ability to screw over the taxpayer.
I’ll probably have to work up until noon on the day of my funeral.
The current monetary system is on life support. Again, we’re being lied to about how bad things really are.
Congress keeps taking the $$
Scary stuff but you explained it very well ! Thanks for the info and take care !
It seems changes would be grandfathered in and not effect current recipients.
Vote for democrat more so that you can have nothing left for you
excellent video rikkay. Many retirees just are not seeing this coming. Im a gen x guy so I have little doubt Im screwed and am planning appropriately. Most baby boomers choose to keep thinking that this will just all be figured out for them. When youre 70 years old and counting on ss what can you do about it then? its too late at that point. How hard will it be to keep convincing young voters to continue funding ss when they figure out that there is nothing in it for them?
Speaking of sucking SS dry…you reminded me I need to apply for SS widower benefits. I’m still 6 years out from FRA.
I’m a bit disappointed in this video. It appears you may have allowed your Conservative agenda to negatively affect your purported facts. As a Veteran retiree and Social Security recipient it is true that the program needs to be redesigned. However, what is most misleading is that you imply that costs for COVID rescues, the Ukraine war, services to illegal immigrants, etc., are the big drivers of the risks. In fact, a very small percentage of immigrants likely receive even Medicare services. They more likely might receive Medicaid or CHIP services. In the beginning you hit the nail on the head when you described how the politicians in 1980 and later started “borrowing” from the Social Security fund but effectively not paying it back. But, then you went factually astray. They do not pull funds directly from the Social Security fund. Yes, they siphon it off through other mechanisms that may be referred to as “borrowing.” As you likely know, Reagan was the one who initially encouraged Congress to start taxing most Social Security benefits. Yes, we need to vote in politicians who will logically get Social Security back to long-term solvency. But, I can assure you, the current batch of Conservative politicians have no desire to get us there. By the way I don’t, and neither should anyone else, rely solely on Social Security. It’s meant as a security blanket for the most needy. For some of us it’s more discretionary. I’ve enjoyed your videos for a couple years but felt compelled to give you my opinions on this one. Best wishes and thanks for bringing forth the topics that you do. Miraming Salamat!
For us young people watching this, this pretty much means you’re gonna have to start a long term strategy for your retirement *now*. All these pensions and benefits the old-timers are enjoying now won’t exist for us. Not just for the US, but for everywhere.
Thank you for this informative video. It is a frightening thought that most don’t look into their futures. As someone said below in the comments, smoke and mirrors.
Because they keep stealing money from it. Giving money from social security to people who do not contribute to it. Paying for illegal aliens etc. American Government has been ripping us off for 50 plus years
maybe we should not go to war so quickly
There are several countries in the West having issues at the moment like this as there is a demographic shift, with less people paying tax, and more people in retirement. The other options are
1. To means test benefits, but this also costs money to administer.
2. To exclude certain groups or exclude them from increases in benefits (like retirees living abroad)
3. Have, a tiered approach where the retirement benefits increase with age, therefore trying to persuade lower age retirees to keep working.
I’ve been saying for years that expats relying on Social Security solely are going to be in trouble a few years from now
All you dudes that “don’t do politics” and have your heads stuck in the Philippine sand (or between a pair of filipina legs) pay attention!! Exceptionally well done…..the Murdoch Brothers should put this on TV!
It’s no joke, Reekay. The US National debt will soon exceed 35 trillion dollars;’ adding about $1 trillion every 100 days. Many leftist US states and local governments, like California, Chicago, and NYC, provide illegal immigrants with about $1,500 in government-funded monthly welfare benefits (in addition to housing, healthcare, cell phones, and cell phone services). Relentlessly nonstop.
You can thank Ronald Reagan for starting to tax SS and then Bush for using the funds “ear marked” for it.
Yes. Reagan was the one who figured out a way to use Social Security money as general revenue, and his successors just followed his example. President Reagan signed legislation in 1983 providing for taxation of benefits, and for a gradual increase in the age of full retirement benefits to 67.
Add in the fact that “minimum wage” is what is “funding” SS so if you do not raise it then each year SS funds fade away as cost of living raises.
How to reverse this? Scrap the cap on collection and raise minimum wages. Our economy is ONE system and creating a new tax loop holes for corporations is NOT going to help. Remember the “Boston Tea Party” yea that was NOT about taxes it was about King George creating another tax loop hole for the largest international corporation at the time ie “East India Trading Company” in which he held stock.
Excellent analysis and statement of facts concerning Social Security/Medicare funding without being political. Thank you for an honest presentation.
Social Security quite literally is a population based ponzi scheme. It doesn’t need additional funding… It needs to be completely re-worked.
I was on another channel and commented that the U.S. has collapsed. I tried to explain to him there is NO ‘benefits’ (that you are forced to pay for). There is no more UI, although the gov’t steals it from your income anyways. There is no Workman’s compensation anymore, although it’s stolen from your income. I did not get a Tax refund this year, IRS is defunct now, and nobody works there. The programs and apps the IRS uses, are defunct and not working, and there is no more human interaction. Taxes are random, whatever the gov’t feels like stealing from you.
1992 with Al Gore as the President and deciding vote of the Congress removed SS from the SS fund and then to a ‘General fund’, and spent it ALL within a few years. I knew in the 90’s, from an economist, I would not receive SS at 65, now changed for my age to 67 1/2.
U.S. has collapsed. This is not the Constitutional Republic gov’t, that is gone. There is no longer ‘law enforcement’, that is now gone. Your money and savings are not safe anywhere, not in the banks, not in your safe, not in Bitcoin, not in bonds, stocks, or land ownership. It’s hard…. But U.S. has collapsed.
I think all 3 things you mentioned will need to be done but most likely nothing will get done and then in 10 yrs or less, SS benefit will get cut 25%. That’s one reason I decided to delay my SS until I’m 70 and since I don’t need that SS money for retirement at this time (I just retired 3/15/2024, now living off my IRAs and investments) but would likely appreciate the extra money later in life when I’m more likely to need it for living and medical expenses.
About 3 years ago, concerned about SS & maybe not having enough, long term, to sustain my retirement when I retire, I started learning how to invest in the US stock market. It was slow going at first but now in 2024 it’s working out very well and making about 75% of my full-time paycheck with those investments but only working on that for about 5-10 hrs/week. My plan is to keep that money growing so I have a buffer of funds to hold me over during lean times or have other unforeseen expenses, whenever they may occur.
Lefty scare tactics… Illegals not paying in is the real problem
Adding to the problem as well is all these lazy younger generations thats faking all these back injuries to get SSI and Social Security disability denifits but at the same time working for cash
You have about 8 to 10 years. You will be taking a cut of about $500 a month. Now is the time to figure out how to replace this income.
Their solution to everything seems to be raising taxes or printing more money, or both. If you add that to the other solutions mentioned in the video, the end result is the middle class experiences more and more financial stress and becomes more and more broke. Best to start making some backup plans now like Reekay said
Imagine if America save money from funding illegals & other nations. We would be way better off.
The gov’t needs to ‘give back’ the money they took from it.
… And WE need to hold them accountable for using it as a piggy bank they could tap from!
I want to encourage critical thinking. Spend a few minutes to see what each party is proposing, to address Social Security. Vote accordingly. If we all do the research and vote accordingly, we get what we deserve – regardless if it’s to our benefit, or our detriment. To steal a line from pop culture, “You must choose…. but choose wisely!” I know I will. Peace and success to you all.
The cost of capital has tripled because as the boomer generation moved into retirement it wiped trillions off of available capital because retirees change to cash and T bills while they enjoy retirement. Every generation behind the boomers was smaller causing rising labour costs and a labour shortage that will continue with capital costing significantly more. This is not a partisan issue but if it were Trump printed more money than any US president in history.
The money people think has been sent to Ukraine is wrong and lazy reporting. Most of the billions that is reported on is actually on old arms that was scheduled for decommission. It continues to be reported as billions because we don’t send this stuff for free, just like how the US “paid” for the wars fought in Europe, paving the way to a post WW2, American led global order. Sending arms to Ukraine is much cheaper than disposal and provides an opportunity to study effectiveness in real combat. Afghan was apples to oranges different.
The US does not send any arms that are considered latest generation because of classification. Letting autocrats invade sovereign countries and killing civilians is not the world our fathers and grandfathers fought for. We’ve become so accustomed to comfort we forget there are school shooter mentalities that run entire nations.
Australia age of pension is now 67,used to be 65, previous governments wanted age to be 70..
OK I’ve been following this extremely close. I read everything I go to the Social Security website almost daily. I read the proposals, put forth by senators and congressmen by Joe Biden, and even the one on the Trump website, Trump idea basically is to cut benefits end of story, and that doesn’t work for me, Biden‘s idea is to increase everybody’s Social Security tax on the employee side by $.25 and to increase the employee side by $.50 not a big deal but he also wants to eliminate the salary cap get rid of it so that people when they cap out at $169,000 they don’t pay any more and the Social Security they’re maxed out well he wants to eliminate that cap That’s Joe Biden‘s plan now. Bernie Sanders has basically the same plan as Joe Biden, but he wants to make it so that if you’re a billionaire you can’t get Social Security even though you paid into it if when you retire your financial situation, whatever that may be says that you’re a billionaire you don’t get Social Security There’s another guy out there and I can’t remember his name or where he from what he wants to do. He wants to do basically the same thing as Joe Biden and Bernie Sanders only wants to make it so if you make more than $10 million a year you don’t get Social Security Also wants to reduce the military spending budget and funnel that extra money in the Social Security and he wants to give everybody on Social Security a $240 a month increase and eliminate the taxes on Social Security and I have read what economical an analyst said, and the last plan that I mentioned They said that it could actually work in favor of Social Security to the point where it would be solvent for another 135 years but so far there hasn’t been any real action on any of those none of them so we’re in a waiting game and I can tell you right now. Republicans won’t vote for that last plan Because of the way the political spectrum is over here they wouldn’t want to give the Biden administration what they would consider a win and Donald Trump doesn’t want to do that either. He straight up wants to just cut Social Security as buy as much as 25% so there it is.
Are you sure it is 175 Trillion, with a T? The whole US public debt is 32 trillion….
Well explained and informative.thanks
Your still lucky in America. They are raising retirement age to 68 in the UK. The government pension is only around $1000 a month. Imagine having to work in a hard trade till your that age
Hit the nail on the head my friend.
Of course they’ll do whatever it takes to keep the poor in the same situation or even make it worse…the government doesn’t care about THE PEOPLE…lots of changes need to be done to the system for this country before it goes back to slavery.
As a UK retired person my brothers state pension fir him living in Thailand is Frozen at the level when he left UK.
However should I retire to Philippines my pension will continue at UK level, rising annually.
Thus is because they have a reciprocal arrangement.
Hi, Thanks. That was great information. what Beaches is that ?
Yes in UK many pensioners do downsize their home.
Also to give a deposit to their children.
Retire at 62?
My children can’t retire until 68.
Me? My state pension will be at 66.
You will overpay yourself if you keep retiring as early as 62.
Everyone in England in full time employment must be part of a private pension (in general) on top of state pension.
Hi Reekay, you have covered a lot of aspects and it would take a long essay to relate to them all, but I will comment on a few. One alternative to lowering SSI deficit is to adopt the Canadian system . It is a socialist system. They pay every retiree the same Low amount, and poverty level people get supplementary money. You can read more about Canadian OAS and GIS. Moving abroad and losing medicare becomes costly after 71 , especially when having prior problems. So – if you move from CA to AL , you can live cheaper , moving to some cheap EU country with universal health care system, might be another option. Of course, those options will not include finding young English speaking filipinas, so – one will have to compromise. Good luck.
Hi! That was a fairly sobering video. You mentioned some options for dealing with the shortfall in revenue but there is, I believe, a plan to increase the taxes of the ludicrously wealthy and to close corporate tax loopholes to increase tax revenues more fairly across the expanse of those who pay taxes and decrease the tax burden on struggling Americans. Have been enjoying your channel for years! Cheers!
Gen x here – this is no surprise to anyone that isn’t a Baby Boomer. Our whole adult lives, we’ve watched Boomers (as a whole) throw a party with everyone’s budget, and the rest of us have to clean-up the mess. This isn’t to say “I hate Baby Boomers”, I don’t, but its impossible to look at the entire Baby Boomer generation and not shake my head. P.s. thanks for the good video!
Few notes: Pension / SS have never been meant to be your only source of income when you’re retired, and those who believe it is are in deep, deep trouble. You’re correct in that Reagan took funds for SS and allowed it to fund other programs. Unfortunately, no other administration after had changed it. Personally for making the US broke, I would have added that GW basically tricked the US into Afghan and Iraq, which became *the longest and costliest war in US history* These two wars, essentially were the beginning of the end in that they bankrupted the country — and we accomplished nothing. Zero. Nada. Also I’ve seen no evidence that illegals are getting anything from US Social Security / Pension, but this is a right wing scare tactic.
From what I gather, the US social security and pension may start to have serious financial troubles by the year 2035. Recently, I’ve heard a few pundits discuss the necessity of working until literally the day you die — and probably you will die broke. Regardless, the younger generation will probably get zero from US pension / SS.
SALAMAT FROM NORTHERN WISCONSIN ……….
Our lives as we know them have been smoke and mirrors all along.
Ponzi scheme hahaha
Means testing is the best path. No payments to multimillionaires. It will save billions.
Eliminate the cap on social security which currently is $168,600 in 2024. Which means that there is no more deduction from the employee or the payment made by employers stops. What is the benefit for stopping, it favors the high earner that more than likely could care less about social security impacting their retirement.
There are many illegal migrants working in US. They are usually doing the work which US citizens do not really want to do. I think that not a bad idea would be offering them legal work – maybe temporary or even with option to become a citizen if they obey the law form now on. This way the government would obtain plenty of money without being forced to make any other not popular decisions. I know that this idea may seem controversial but for me is one of the best – espacially that now those people are working anyway – they just do not pay taxes.
Its an utter shit show here in the United States right now.
To improve this country economically, we need to vote for Trump minded people for the next 75 yrs who want to put the country and it’s citizens 1st.
We do for you and you do for us mindset where it makes business sense.
One hand washes the other type of mindset.
I save your country in exchange for this and I give you money in exchange for that while America and it’s citizens also WIN!!!
I bet they will be going after veteran benefits at some point..
Thanks Ricky I have heard some options: 1. Raising max income to unlimited.
2 Freeze cola
3 Changing how cola is calculated… right now they have one formula for people working and one for recipients.
4. Negotiate with individuals for release from the system
5 Turn social security into annunites bought and sold on the open market.
6. Immigration allows younger workers who will pay into the system.
7. Repeal legal tender laws; let the currency inflate itself out of existance
hehe ;-] LOL!
That’s what covid was all about, to get rid of the older generation so not to pay out pensions
I’ve been saying for years that they need to take a pay cut it doesn’t matter to them they are rich what happens to the small guy
My kids, and maybe my not-yet-retirement-age self, born citizens, are fukked, but not the so-called “leaders”. Every point you made is straight up treason. There’s a penalty for that, right? It’s van-life DOWN BY THE RIVER or expat, I suppose…
Currently trying to understand the Modern Monetary Theory… yes, trying… can’t get my head around the justification of printing money.
Option # 4
They print more money?
The people who hollowed out social security should be in jail. It’s insane they can just get away with that robbery.
Great info!…I saw that you did leave 2 options on the table that people in these categories don’t want to talk about. The #1 would be Means Testing. There are a significant number of people that have significant wealth that don’t need the money from Social Security. They may just use it for “running around” money….There should be an income stress test….if. you are a high income earner, you should not be entitled to receive SS Benefits. The 2nd option is a hot button issue because so many Congressmen and Senators fall into this category, is to raise the income level that Social Security taxes. Currently that number is $168,600, for individuals making more than that amount….they don’t pay any income into the Social Security Trust Fund. All others (the common working stiff) all pay 6.2% of your earnings into the Trust Fund……but not one dime over that $168.6K figure goes into the account.
I think most people whose benefits could be cut by 25%, would be shocked by the number of wealthy people getting SS benefits that outright don’t need the money. How would you feel knowing that then having to give up that 25% for the “common good”…..
Or all 3 options at once…
Reekay, very informative and you cut to the chase quickly. No hearts and flowers just reality. This clip is exactly what’s needed to wake senior citizens up regarding their sunset years. I’ve realized years ago the US is no country for old men. Plan, save and go offshore to enjoy whatever time God grants you. All the best to you!
Great Video! More people should be not just talking about social security but taking action now to ensure a bright and happy retirement.
You seem to cherry pick things that fit your narrative. If you’re being honest you would know the Bush administration financed income tax cuts and the Iraq war by plundering money from Social Security. Ronald Reagan was the first president to raid the Social Security coffin.
Love your videos!
I think a lot of what you’re saying in this video applies to most other western countries as well. In Belgium we are also struggling with large portions of social security going to refugees and asylum seekers from countries outside the EU. Although I have always invested before, I’m now holding back as there are too many uncertainties that could potentially have a detrimental impact on the stock market. There’s the war between Russia and the Ukrain that NATO might or might not get involved in. There’s the war in Gaza, the Presidential elections in the USA and the fact that many European countries are leaning more and more to the right. In a way I’m glad to be already 65 years old, because future generations are in for a hard time and will probably not get the same opportunities our generation had.
Republicans in Congress have been trying to slash, eradicate and raise the retirement age for Social security for decades and I hope the idiots that support them, who are 100% reliant on SS get their wish.
Understand the role of Govt, esp super powers like USA, China and Russia…….they get the power (assets) from the number of people, i.e. population and have to manage the GDP based on production compared to population for feeding and potential coming wars. Russia will win the current war bcoz they have more people than the enemy has bullets or bombs. USA needs more people(i.e. immigrants) both for this reason and internal production, food goods etc. Govt makes money off citizens and immigrants…..good for overall business.
It’s a social program, the republicans have always wanted to kill it. Remove the $160,000 threshold income cap.
You’re avoiding the real cause of the problem, maybe because you’re a Trumpeter. Tax cuts for the rich brought on by Republicans. Greedy billionaires that buy elections for Republicans to do their dirty work. Stirring up resentment in the not so smart, creating cultural wars to get votes and preserve their greed. It was Ronnie Reagan who started this ball rolling.
how could SS be in trouble when the just paid out trillions in foreign aid. its the swamp
Good piece, but most will ignore it…they want to live for now. As a student of history and economics what the USA is now experiencing is merely a repeat of history. Read Gibbon: Decline and Fall of the Roman Empire. Or, When Money Dies by Ferguson.
The wealthy invest in…land, especially to grow food, rentals are dangerous, can tenants afford the rents? Precious metals, gold, silver, diamonds, particularly if the economy collapses to bartering. Stock market…stocks do rise in inflationary times, but not if cause a crash. Art, Picasso and Van Goghs etc, may be out of reach for we peasants…but there are schemes where you can be a part share holder. Other currencies…moving out of an inflationary economy by moving into a low inflationary one and holding their currency.
This situation has arisen because of Nixon coming off the Gold Standard in 1971. I believe Ron Paul has been warning about it for years now.
Finally, listen to Warren Buffett…$2 trillion of cheap loans will need to be refinanced in about 2 years time. Thanks Alan Greenspan…the “Wizard/fool” of the Fed…depends how you view him.
But heed the warning…doing nothing is not an option. Unless you want to live in a cardboard box!!
Good video and very informative. This morning I read a report that they may lower the payout rate to new retirees who retire before 2033 so that it won’t seem like they are taking anything away from existing retirees. Many politicians don’t want to lose the votes of the baby boomers.
Lol! It’s like dumb and dumber with their suitcase full of IOUs.
There never was a “Social Security trust fund.” It has always been a transfer from working people to non-working people with the remainder spent by politicians for whatever. In other words, it is and always has been a gigantic, state sponsored Ponzi scheme.
ALL the problems you mentioned in the video we have in the UK. Are national health service is on its knees and these so called politicians just talk bull, and yes in the UK there was millions made thru these companys who supplied PPI during the pandermic puts you of voting on election day.
With certain entities buying digital assets, I’ve got a plan for my retirement income. I don’t trust I’ll have social security when I reach the age
I am planning my retirement without SS. That doesn’t mean I think it is going to zero though. If you are retired already, you will be fine. If you are retiring before 2030 you will be fine. SS will be one of the last things that gets cut for existing retirees. Future retirees though, I would plan for less that what you think it might be.
If we let Russia win in Ukraine then the US dollar will lose a lot of it’s world currency status. And that will collapse the whole house of cards that is the US economy. At this point it is just a matter of time with the economy swirling around the bowl. Brace yourself. There is no soft landing.
Thank the great Bill Clinton for this debacle. Social Security was looted by him to claim a “balanced budget” and most all presidents have been stealing your money ever since. Yea! Nothing more criminal than a Dem.
Grow a garden.
What Is the Social Security Tax Limit? You aren’t required to pay the Social Security tax on any income beyond the Social Security wage base limit. In 2024, this limit rises to $168,600, up from the 2023 limit of $160,200. As a result, in 2024 you’ll pay no more than $10,453 ($168,600 x 6.2%) in Social Security taxes.Mar 4, 2024
Thank you for the excellent video and the information. Lots to consider on many levels. I’m still considering the Philippines for my future home. Your video validates even more that it’s the right decision for me personally. Great work!
An accurate assessment ! What is really needed is an accurate study by an independant source to find out where all that money was spent on. It is my understanding that S.S funds are being used to fund family court among other things ! To me to keep the system solvent is for the government to replace any shortfalls. Think of all the money that ends up in the hands of foreign countries that don’t even like us ! A perfect axample was all the pallets of money Obama sent to Iran. Bottom line is that we need to care of our own first !!!
We need to vote them out
You missed the point…there is a cap on social security amount you pay in in a year once you hit that cap you don’t pay in anymore in that year. That would be a better issue.
Raise the ss cap from 250 k to unlimited to the rich
We can thank Old Ronnie for putting his hands into the people’s cookie jar. I’m bracing myself for the worst. But, I’m still moving to the Philippines.
Can I write it off on taxes if I just cut Reekay a SSI check myself for $12k?
Particularly terrifying when you consider that $1,000 in social security benefits today is actually worth about $750 in 2018 dollars.
I like where they are lumping social security and Medicare together. It’s Medicare that is burning down the system. Social security is self funded by your payroll taxes.
Congress can print more money and raise the debt limit. They already been doing this method.
Investments, I can trust that as much as I trust gov. This is a big thing making decisions about moving to Philippines. If i only had a Crystal ball.
I recall a certain political party wanting to give people the option of switching their SS to a 401K and another political party screaming “They’re trying to destroy SS! They want to throw grandma off a cliff! They want to starve grandpa out!” So nothing was changed.
It is unwise for anyone to pin their hopes on SS.
We have two options:
1. Adopt austerity measures like Milei is implementing in Argentina or
2. Complete collapse.
Given the absolute cowardice of politicians in DC when it comes to touching SS or “entitlements”, I think we’d better prepare for #2.
It’s been like this for years. Congress will fix it before it falls. Raising retirement age taking the cap off paying in. And maybe stop giving it to people not paying into it. It wasn’t set up for welfare. People on SSI pay zero for medical and medicine and they didn’t pay into the social security system
A portion could be raised threw tariffs? And stop funding off Ukraine!
Sucks. I paid into it for 45 years to support a lot people sitting on their asses, and now it runs out when it is my turn to collect. My mother did absolutely nothing to collect a check for 30 years. If a private fund or pension did something like this, the administrators would be imprisoned for the rest of their lives … but for politicians, it is just business as usual. The US government is just organized crime, public sector.
175 Trillion shortfall is quite telling. It means that the government has been overspending on everything and simply didn’t tell us, the people who voted them in. 175 Trillion in IOU’s is a mess on so many fronts that it’s hard to even imagine what the consequences will be going forward, because the piggy bank is now empty. Sounds to me like 1.2 Trillion being added to the National Debt every 100 days is the new norm, and we’ll need to start bringing wheelbarrows of cash to the grocery store when we go shopping.
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Let’s go Brandon
In France, we have a system of redistribution (where the working population funds the pensions of previous generations). Let me give you the end of the story straight away: as soon as birth rates dropped in the 1980s-90s, the system began to run deficits. At least, that’s the narrative that was widely spread by the media and politicians. In reality, most pension funds accumulated considerable war chests and lived extravagantly off of them. Nevertheless, we had debates discussing the three possible scenarios outlined by Enrico to overcome this impending crisis. You’ll have a hard time guessing which one was ultimately chosen, as the French successive governments simply opted for all three! The latest installment, following pension devaluation and increased contributions, was the extension of the contribution period. However, it won’t surprise you to learn that the system still isn’t balanced. Additionally, we’re experiencing a ratchet effect where, one after the other, contributions increase, the retirement age rises, while the actual pension amount decreases. As a result, retirees who once enjoyed a decent and peaceful retirement have seen their purchasing power often halved, with an increasing proportion of retirees now living below the poverty line. So, we have a very clear idea of what you’re going through, and American citizens have our full sympathy on this matter.
Also most of the 60 million babies who have been murdered would be contributing to social security, to make up for the population loss they are illegally importing people who are a drain on social security.
WR NEED TO EDUCATE OURSELVES POLITICALLY SO THAT WE CAN CHANGE THE NEOLIBERALISM SYSTEM.
BIG CORPORATIONS NEEDS TO PAY THEIR FAIR TAXES, WICH WILL ADD TRILLIONS TO THE ECONOMY..
Social security is not a pension. It is insurance.
The whole thing is headed towards going off a cliff. Meanwhile, each congress and each administration keeps kicking the can down the road to address the looming danger. The longer they wait to address the problem the more extreme the action they will have to take to avoid going off the cliff.
The problem with income supplementation is it may work for retirees drawing Social Security but people who left the workforce earlier and started drawing SSDI run the risk of losing their pensions entirely if they start earning money. This is particularly true for CDB pensioners who ended up drawing from their parents tax contributions. (Both of my parents died before they were even old enough to collect Social Security Retirement.)
For every self styled entrepreneur out here saying “Social Security was never intended to be your sole source of income”…I have this much to say- you do realize that Social Security was created in 1935 right? Times change. Social Security was created long before this huge, bloated pentagon budget syphoned off nearly half our national budget every year and many restrictions have been imposed upon it since then. Also simple economics have greatly changed since the 1930s.
Aside from being a digital nomad, don’t expect to find much work in the Philippines
Thanks Reekay your knowledge on this and explaining in a most understandable way. We keep getting *#^=#ed my our government they are thieves
Its been bad in Australia for a while too. A lot are working past retirement just to survive. sent you a message Reekay, too long for here.
Reagan cut taxes for corporations and the wealthy. Reestablish the tax rate to that level. The amount needed to fund the prospective future retirees is already known. It’s not rocket science. The answer is there. What is not there is the guts, the temerity to do it.
Great info. SSN funding is a challenge. But think about the average medicare cost for someone on a western diet, smoker etc. Get a side hustle, exercise, lose weight, good diet. Because all those expensive hospital bills medicare is covering now are going to have to be rejected in the future.
Australia started addressing this issue a few years ago. From, I think those born after 1950, the age to get the “Old Age Pension” was on a sliding scale (increasing age of entitlement) to take into account people living longer. Also if you wished to live overseas, you had to have been employed for 35 years to get the OAP.
I think there were a few other provisos, but cannot remember. I scraped through being born in 1949!
Raise the cap on SS in order to reflex inflation. A $2T tax cut for corporations was no help towards any problems.
Exit the system. Use Form 4029..Praise the Lord. You are vested after 10 years of employment.
Another option would be to raise the cap of wages subject to SS tax participation from the current $168k to at least $250K. That, along with maybe raising retirement age to 63, would help
Meanwhile, there’s bottomless funds available for endless war, 800 overseas military bases, subsidies for Big Oil, bailouts for banksters, Israeli genocide, the Ukrainian proxy war, the massive Deep State, etc., etc.. In the USA, socialism for Big Business is very, very good, while socialism for ordinary people (including social security) is very, very bad.
Interesting that you seem to mainly focus on the most recent events and spin on the pandemic but choose not to focus anywhere near enough on the past other than “the 80’s”.
Yes, it needs to be fixed but I always tell people the same thing about social security as I tell them about 401k’s; It’s a great idea but a horrible retirement plan.
Been telling you for years you need a revolution but nobody listens but you will when you’re broke
I work into financial sector.
I find your approach wise and preventive.
With the new American generation not being that bright, they will vote for pushing back the age retirement without knowing that it will affect them on the long run..
So the strategy of retiring 10 years early with 10 years of living expenses saved and hoping SS kicks in might not work?
I’ve seen many retirees just scraping by on social security. This is an important topic.
Thanks for covering it.
Great video, Reekay. The “Social Security Trust Fund” was always an accounting fiction. Presidents and Congresses from both parties have been robbing from Social Security and Medicare for decades. The US government is broke. People planning on retiring in the Philippines need to have a large emergency fund and at least 1500-2000 a month income coming in every month. Otherwise, they’ll turn into ‘Expat John’ begging for money on vlogger’s channels. SAD!
GUESS THATS WHAT YOU GET WHEN YOU FUND EVERY FKN WAR ON THE PLANET
This is why i am making even more plans and getting mine that i paid for all my years, before the next or even present administration, reduces, or even pulls the plug on it, and you will find some very angry and downtrodden populations in time to come. This places is bankrupt and crumbling…Fast too!
Could say more but you are so right and this is especially pertinent of relying on Social Security for expat funding.Being poor[er] is bad enough in your own home country…But overseas it can and will be an existential threat to your life and lifestyle and much more. Peace
yes was rob by going to wars
Never underestimate the Governments ability to screw over the taxpayer.
I’ll probably have to work up until noon on the day of my funeral.
The current monetary system is on life support. Again, we’re being lied to about how bad things really are.
Congress keeps taking the $$
Scary stuff but you explained it very well ! Thanks for the info and take care !
It seems changes would be grandfathered in and not effect current recipients.
Vote for democrat more so that you can have nothing left for you
excellent video rikkay. Many retirees just are not seeing this coming. Im a gen x guy so I have little doubt Im screwed and am planning appropriately. Most baby boomers choose to keep thinking that this will just all be figured out for them. When youre 70 years old and counting on ss what can you do about it then? its too late at that point. How hard will it be to keep convincing young voters to continue funding ss when they figure out that there is nothing in it for them?
Speaking of sucking SS dry…you reminded me I need to apply for SS widower benefits. I’m still 6 years out from FRA.
I’m a bit disappointed in this video. It appears you may have allowed your Conservative agenda to negatively affect your purported facts. As a Veteran retiree and Social Security recipient it is true that the program needs to be redesigned. However, what is most misleading is that you imply that costs for COVID rescues, the Ukraine war, services to illegal immigrants, etc., are the big drivers of the risks. In fact, a very small percentage of immigrants likely receive even Medicare services. They more likely might receive Medicaid or CHIP services. In the beginning you hit the nail on the head when you described how the politicians in 1980 and later started “borrowing” from the Social Security fund but effectively not paying it back. But, then you went factually astray. They do not pull funds directly from the Social Security fund. Yes, they siphon it off through other mechanisms that may be referred to as “borrowing.” As you likely know, Reagan was the one who initially encouraged Congress to start taxing most Social Security benefits. Yes, we need to vote in politicians who will logically get Social Security back to long-term solvency. But, I can assure you, the current batch of Conservative politicians have no desire to get us there. By the way I don’t, and neither should anyone else, rely solely on Social Security. It’s meant as a security blanket for the most needy. For some of us it’s more discretionary. I’ve enjoyed your videos for a couple years but felt compelled to give you my opinions on this one. Best wishes and thanks for bringing forth the topics that you do. Miraming Salamat!
For us young people watching this, this pretty much means you’re gonna have to start a long term strategy for your retirement *now*. All these pensions and benefits the old-timers are enjoying now won’t exist for us. Not just for the US, but for everywhere.
Thank you for this informative video. It is a frightening thought that most don’t look into their futures. As someone said below in the comments, smoke and mirrors.
Because they keep stealing money from it. Giving money from social security to people who do not contribute to it. Paying for illegal aliens etc. American Government has been ripping us off for 50 plus years
maybe we should not go to war so quickly
There are several countries in the West having issues at the moment like this as there is a demographic shift, with less people paying tax, and more people in retirement. The other options are
1. To means test benefits, but this also costs money to administer.
2. To exclude certain groups or exclude them from increases in benefits (like retirees living abroad)
3. Have, a tiered approach where the retirement benefits increase with age, therefore trying to persuade lower age retirees to keep working.
I’ve been saying for years that expats relying on Social Security solely are going to be in trouble a few years from now
All you dudes that “don’t do politics” and have your heads stuck in the Philippine sand (or between a pair of filipina legs) pay attention!! Exceptionally well done…..the Murdoch Brothers should put this on TV!
It’s no joke, Reekay. The US National debt will soon exceed 35 trillion dollars;’ adding about $1 trillion every 100 days. Many leftist US states and local governments, like California, Chicago, and NYC, provide illegal immigrants with about $1,500 in government-funded monthly welfare benefits (in addition to housing, healthcare, cell phones, and cell phone services). Relentlessly nonstop.
You can thank Ronald Reagan for starting to tax SS and then Bush for using the funds “ear marked” for it.
Yes. Reagan was the one who figured out a way to use Social Security money as general revenue, and his successors just followed his example. President Reagan signed legislation in 1983 providing for taxation of benefits, and for a gradual increase in the age of full retirement benefits to 67.
Add in the fact that “minimum wage” is what is “funding” SS so if you do not raise it then each year SS funds fade away as cost of living raises.
How to reverse this? Scrap the cap on collection and raise minimum wages. Our economy is ONE system and creating a new tax loop holes for corporations is NOT going to help. Remember the “Boston Tea Party” yea that was NOT about taxes it was about King George creating another tax loop hole for the largest international corporation at the time ie “East India Trading Company” in which he held stock.
Excellent analysis and statement of facts concerning Social Security/Medicare funding without being political. Thank you for an honest presentation.
Social Security quite literally is a population based ponzi scheme. It doesn’t need additional funding… It needs to be completely re-worked.
I was on another channel and commented that the U.S. has collapsed. I tried to explain to him there is NO ‘benefits’ (that you are forced to pay for). There is no more UI, although the gov’t steals it from your income anyways. There is no Workman’s compensation anymore, although it’s stolen from your income. I did not get a Tax refund this year, IRS is defunct now, and nobody works there. The programs and apps the IRS uses, are defunct and not working, and there is no more human interaction. Taxes are random, whatever the gov’t feels like stealing from you.
1992 with Al Gore as the President and deciding vote of the Congress removed SS from the SS fund and then to a ‘General fund’, and spent it ALL within a few years. I knew in the 90’s, from an economist, I would not receive SS at 65, now changed for my age to 67 1/2.
U.S. has collapsed. This is not the Constitutional Republic gov’t, that is gone. There is no longer ‘law enforcement’, that is now gone. Your money and savings are not safe anywhere, not in the banks, not in your safe, not in Bitcoin, not in bonds, stocks, or land ownership. It’s hard…. But U.S. has collapsed.
I think all 3 things you mentioned will need to be done but most likely nothing will get done and then in 10 yrs or less, SS benefit will get cut 25%. That’s one reason I decided to delay my SS until I’m 70 and since I don’t need that SS money for retirement at this time (I just retired 3/15/2024, now living off my IRAs and investments) but would likely appreciate the extra money later in life when I’m more likely to need it for living and medical expenses.
About 3 years ago, concerned about SS & maybe not having enough, long term, to sustain my retirement when I retire, I started learning how to invest in the US stock market. It was slow going at first but now in 2024 it’s working out very well and making about 75% of my full-time paycheck with those investments but only working on that for about 5-10 hrs/week. My plan is to keep that money growing so I have a buffer of funds to hold me over during lean times or have other unforeseen expenses, whenever they may occur.
Lefty scare tactics… Illegals not paying in is the real problem
Adding to the problem as well is all these lazy younger generations thats faking all these back injuries to get SSI and Social Security disability denifits but at the same time working for cash
You have about 8 to 10 years. You will be taking a cut of about $500 a month. Now is the time to figure out how to replace this income.
Their solution to everything seems to be raising taxes or printing more money, or both. If you add that to the other solutions mentioned in the video, the end result is the middle class experiences more and more financial stress and becomes more and more broke. Best to start making some backup plans now like Reekay said
Imagine if America save money from funding illegals & other nations. We would be way better off.
The gov’t needs to ‘give back’ the money they took from it.
… And WE need to hold them accountable for using it as a piggy bank they could tap from!
I want to encourage critical thinking. Spend a few minutes to see what each party is proposing, to address Social Security. Vote accordingly. If we all do the research and vote accordingly, we get what we deserve – regardless if it’s to our benefit, or our detriment. To steal a line from pop culture, “You must choose…. but choose wisely!” I know I will. Peace and success to you all.
The cost of capital has tripled because as the boomer generation moved into retirement it wiped trillions off of available capital because retirees change to cash and T bills while they enjoy retirement. Every generation behind the boomers was smaller causing rising labour costs and a labour shortage that will continue with capital costing significantly more. This is not a partisan issue but if it were Trump printed more money than any US president in history.
The money people think has been sent to Ukraine is wrong and lazy reporting. Most of the billions that is reported on is actually on old arms that was scheduled for decommission. It continues to be reported as billions because we don’t send this stuff for free, just like how the US “paid” for the wars fought in Europe, paving the way to a post WW2, American led global order. Sending arms to Ukraine is much cheaper than disposal and provides an opportunity to study effectiveness in real combat. Afghan was apples to oranges different.
The US does not send any arms that are considered latest generation because of classification. Letting autocrats invade sovereign countries and killing civilians is not the world our fathers and grandfathers fought for. We’ve become so accustomed to comfort we forget there are school shooter mentalities that run entire nations.
Australia age of pension is now 67,used to be 65, previous governments wanted age to be 70..
OK I’ve been following this extremely close. I read everything I go to the Social Security website almost daily. I read the proposals, put forth by senators and congressmen by Joe Biden, and even the one on the Trump website, Trump idea basically is to cut benefits end of story, and that doesn’t work for me, Biden‘s idea is to increase everybody’s Social Security tax on the employee side by $.25 and to increase the employee side by $.50 not a big deal but he also wants to eliminate the salary cap get rid of it so that people when they cap out at $169,000 they don’t pay any more and the Social Security they’re maxed out well he wants to eliminate that cap That’s Joe Biden‘s plan now. Bernie Sanders has basically the same plan as Joe Biden, but he wants to make it so that if you’re a billionaire you can’t get Social Security even though you paid into it if when you retire your financial situation, whatever that may be says that you’re a billionaire you don’t get Social Security There’s another guy out there and I can’t remember his name or where he from what he wants to do. He wants to do basically the same thing as Joe Biden and Bernie Sanders only wants to make it so if you make more than $10 million a year you don’t get Social Security Also wants to reduce the military spending budget and funnel that extra money in the Social Security and he wants to give everybody on Social Security a $240 a month increase and eliminate the taxes on Social Security and I have read what economical an analyst said, and the last plan that I mentioned They said that it could actually work in favor of Social Security to the point where it would be solvent for another 135 years but so far there hasn’t been any real action on any of those none of them so we’re in a waiting game and I can tell you right now. Republicans won’t vote for that last plan Because of the way the political spectrum is over here they wouldn’t want to give the Biden administration what they would consider a win and Donald Trump doesn’t want to do that either. He straight up wants to just cut Social Security as buy as much as 25% so there it is.
Are you sure it is 175 Trillion, with a T? The whole US public debt is 32 trillion….
Well explained and informative.thanks
Your still lucky in America. They are raising retirement age to 68 in the UK. The government pension is only around $1000 a month. Imagine having to work in a hard trade till your that age
Hit the nail on the head my friend.
Of course they’ll do whatever it takes to keep the poor in the same situation or even make it worse…the government doesn’t care about THE PEOPLE…lots of changes need to be done to the system for this country before it goes back to slavery.
As a UK retired person my brothers state pension fir him living in Thailand is Frozen at the level when he left UK.
However should I retire to Philippines my pension will continue at UK level, rising annually.
Thus is because they have a reciprocal arrangement.
Hi, Thanks. That was great information. what Beaches is that ?
Yes in UK many pensioners do downsize their home.
Also to give a deposit to their children.
Retire at 62?
My children can’t retire until 68.
Me? My state pension will be at 66.
You will overpay yourself if you keep retiring as early as 62.
Everyone in England in full time employment must be part of a private pension (in general) on top of state pension.
Hi Reekay, you have covered a lot of aspects and it would take a long essay to relate to them all, but I will comment on a few. One alternative to lowering SSI deficit is to adopt the Canadian system . It is a socialist system. They pay every retiree the same Low amount, and poverty level people get supplementary money. You can read more about Canadian OAS and GIS. Moving abroad and losing medicare becomes costly after 71 , especially when having prior problems. So – if you move from CA to AL , you can live cheaper , moving to some cheap EU country with universal health care system, might be another option. Of course, those options will not include finding young English speaking filipinas, so – one will have to compromise. Good luck.
Hi! That was a fairly sobering video. You mentioned some options for dealing with the shortfall in revenue but there is, I believe, a plan to increase the taxes of the ludicrously wealthy and to close corporate tax loopholes to increase tax revenues more fairly across the expanse of those who pay taxes and decrease the tax burden on struggling Americans. Have been enjoying your channel for years! Cheers!
Gen x here – this is no surprise to anyone that isn’t a Baby Boomer. Our whole adult lives, we’ve watched Boomers (as a whole) throw a party with everyone’s budget, and the rest of us have to clean-up the mess. This isn’t to say “I hate Baby Boomers”, I don’t, but its impossible to look at the entire Baby Boomer generation and not shake my head. P.s. thanks for the good video!
Few notes: Pension / SS have never been meant to be your only source of income when you’re retired, and those who believe it is are in deep, deep trouble. You’re correct in that Reagan took funds for SS and allowed it to fund other programs. Unfortunately, no other administration after had changed it. Personally for making the US broke, I would have added that GW basically tricked the US into Afghan and Iraq, which became *the longest and costliest war in US history* These two wars, essentially were the beginning of the end in that they bankrupted the country — and we accomplished nothing. Zero. Nada. Also I’ve seen no evidence that illegals are getting anything from US Social Security / Pension, but this is a right wing scare tactic.
From what I gather, the US social security and pension may start to have serious financial troubles by the year 2035. Recently, I’ve heard a few pundits discuss the necessity of working until literally the day you die — and probably you will die broke. Regardless, the younger generation will probably get zero from US pension / SS.
SALAMAT FROM NORTHERN WISCONSIN ……….
Our lives as we know them have been smoke and mirrors all along.
Ponzi scheme hahaha
Means testing is the best path. No payments to multimillionaires. It will save billions.
Eliminate the cap on social security which currently is $168,600 in 2024. Which means that there is no more deduction from the employee or the payment made by employers stops. What is the benefit for stopping, it favors the high earner that more than likely could care less about social security impacting their retirement.
There are many illegal migrants working in US. They are usually doing the work which US citizens do not really want to do. I think that not a bad idea would be offering them legal work – maybe temporary or even with option to become a citizen if they obey the law form now on. This way the government would obtain plenty of money without being forced to make any other not popular decisions. I know that this idea may seem controversial but for me is one of the best – espacially that now those people are working anyway – they just do not pay taxes.
Its an utter shit show here in the United States right now.
To improve this country economically, we need to vote for Trump minded people for the next 75 yrs who want to put the country and it’s citizens 1st.
We do for you and you do for us mindset where it makes business sense.
One hand washes the other type of mindset.
I save your country in exchange for this and I give you money in exchange for that while America and it’s citizens also WIN!!!
I bet they will be going after veteran benefits at some point..
Thanks Ricky I have heard some options: 1. Raising max income to unlimited.
2 Freeze cola
3 Changing how cola is calculated… right now they have one formula for people working and one for recipients.
4. Negotiate with individuals for release from the system
5 Turn social security into annunites bought and sold on the open market.
6. Immigration allows younger workers who will pay into the system.
7. Repeal legal tender laws; let the currency inflate itself out of existance
hehe ;-] LOL!
That’s what covid was all about, to get rid of the older generation so not to pay out pensions
I’ve been saying for years that they need to take a pay cut it doesn’t matter to them they are rich what happens to the small guy
My kids, and maybe my not-yet-retirement-age self, born citizens, are fukked, but not the so-called “leaders”. Every point you made is straight up treason. There’s a penalty for that, right? It’s van-life DOWN BY THE RIVER or expat, I suppose…
Currently trying to understand the Modern Monetary Theory… yes, trying… can’t get my head around the justification of printing money.
Option # 4
They print more money?
The people who hollowed out social security should be in jail. It’s insane they can just get away with that robbery.
Great info!…I saw that you did leave 2 options on the table that people in these categories don’t want to talk about. The #1 would be Means Testing. There are a significant number of people that have significant wealth that don’t need the money from Social Security. They may just use it for “running around” money….There should be an income stress test….if. you are a high income earner, you should not be entitled to receive SS Benefits. The 2nd option is a hot button issue because so many Congressmen and Senators fall into this category, is to raise the income level that Social Security taxes. Currently that number is $168,600, for individuals making more than that amount….they don’t pay any income into the Social Security Trust Fund. All others (the common working stiff) all pay 6.2% of your earnings into the Trust Fund……but not one dime over that $168.6K figure goes into the account.
I think most people whose benefits could be cut by 25%, would be shocked by the number of wealthy people getting SS benefits that outright don’t need the money. How would you feel knowing that then having to give up that 25% for the “common good”…..
Or all 3 options at once…
Reekay, very informative and you cut to the chase quickly. No hearts and flowers just reality. This clip is exactly what’s needed to wake senior citizens up regarding their sunset years. I’ve realized years ago the US is no country for old men. Plan, save and go offshore to enjoy whatever time God grants you. All the best to you!
Great Video! More people should be not just talking about social security but taking action now to ensure a bright and happy retirement.
You seem to cherry pick things that fit your narrative. If you’re being honest you would know the Bush administration financed income tax cuts and the Iraq war by plundering money from Social Security. Ronald Reagan was the first president to raid the Social Security coffin.
Love your videos!
I think a lot of what you’re saying in this video applies to most other western countries as well. In Belgium we are also struggling with large portions of social security going to refugees and asylum seekers from countries outside the EU. Although I have always invested before, I’m now holding back as there are too many uncertainties that could potentially have a detrimental impact on the stock market. There’s the war between Russia and the Ukrain that NATO might or might not get involved in. There’s the war in Gaza, the Presidential elections in the USA and the fact that many European countries are leaning more and more to the right. In a way I’m glad to be already 65 years old, because future generations are in for a hard time and will probably not get the same opportunities our generation had.
Republicans in Congress have been trying to slash, eradicate and raise the retirement age for Social security for decades and I hope the idiots that support them, who are 100% reliant on SS get their wish.
Understand the role of Govt, esp super powers like USA, China and Russia…….they get the power (assets) from the number of people, i.e. population and have to manage the GDP based on production compared to population for feeding and potential coming wars. Russia will win the current war bcoz they have more people than the enemy has bullets or bombs. USA needs more people(i.e. immigrants) both for this reason and internal production, food goods etc. Govt makes money off citizens and immigrants…..good for overall business.
It’s a social program, the republicans have always wanted to kill it. Remove the $160,000 threshold income cap.
You’re avoiding the real cause of the problem, maybe because you’re a Trumpeter. Tax cuts for the rich brought on by Republicans. Greedy billionaires that buy elections for Republicans to do their dirty work. Stirring up resentment in the not so smart, creating cultural wars to get votes and preserve their greed. It was Ronnie Reagan who started this ball rolling.
how could SS be in trouble when the just paid out trillions in foreign aid. its the swamp
Good piece, but most will ignore it…they want to live for now. As a student of history and economics what the USA is now experiencing is merely a repeat of history. Read Gibbon: Decline and Fall of the Roman Empire. Or, When Money Dies by Ferguson.
The wealthy invest in…land, especially to grow food, rentals are dangerous, can tenants afford the rents? Precious metals, gold, silver, diamonds, particularly if the economy collapses to bartering. Stock market…stocks do rise in inflationary times, but not if cause a crash. Art, Picasso and Van Goghs etc, may be out of reach for we peasants…but there are schemes where you can be a part share holder. Other currencies…moving out of an inflationary economy by moving into a low inflationary one and holding their currency.
This situation has arisen because of Nixon coming off the Gold Standard in 1971. I believe Ron Paul has been warning about it for years now.
Finally, listen to Warren Buffett…$2 trillion of cheap loans will need to be refinanced in about 2 years time. Thanks Alan Greenspan…the “Wizard/fool” of the Fed…depends how you view him.
But heed the warning…doing nothing is not an option. Unless you want to live in a cardboard box!!
Good video and very informative. This morning I read a report that they may lower the payout rate to new retirees who retire before 2033 so that it won’t seem like they are taking anything away from existing retirees. Many politicians don’t want to lose the votes of the baby boomers.
Lol! It’s like dumb and dumber with their suitcase full of IOUs.
There never was a “Social Security trust fund.” It has always been a transfer from working people to non-working people with the remainder spent by politicians for whatever. In other words, it is and always has been a gigantic, state sponsored Ponzi scheme.
ALL the problems you mentioned in the video we have in the UK. Are national health service is on its knees and these so called politicians just talk bull, and yes in the UK there was millions made thru these companys who supplied PPI during the pandermic puts you of voting on election day.
With certain entities buying digital assets, I’ve got a plan for my retirement income. I don’t trust I’ll have social security when I reach the age
I am planning my retirement without SS. That doesn’t mean I think it is going to zero though. If you are retired already, you will be fine. If you are retiring before 2030 you will be fine. SS will be one of the last things that gets cut for existing retirees. Future retirees though, I would plan for less that what you think it might be.
If we let Russia win in Ukraine then the US dollar will lose a lot of it’s world currency status. And that will collapse the whole house of cards that is the US economy. At this point it is just a matter of time with the economy swirling around the bowl. Brace yourself. There is no soft landing.
Thank the great Bill Clinton for this debacle. Social Security was looted by him to claim a “balanced budget” and most all presidents have been stealing your money ever since. Yea! Nothing more criminal than a Dem.
Grow a garden.
What Is the Social Security Tax Limit? You aren’t required to pay the Social Security tax on any income beyond the Social Security wage base limit. In 2024, this limit rises to $168,600, up from the 2023 limit of $160,200. As a result, in 2024 you’ll pay no more than $10,453 ($168,600 x 6.2%) in Social Security taxes.Mar 4, 2024
Thank you for the excellent video and the information. Lots to consider on many levels. I’m still considering the Philippines for my future home. Your video validates even more that it’s the right decision for me personally. Great work!
An accurate assessment ! What is really needed is an accurate study by an independant source to find out where all that money was spent on. It is my understanding that S.S funds are being used to fund family court among other things ! To me to keep the system solvent is for the government to replace any shortfalls. Think of all the money that ends up in the hands of foreign countries that don’t even like us ! A perfect axample was all the pallets of money Obama sent to Iran. Bottom line is that we need to care of our own first !!!
We need to vote them out
You missed the point…there is a cap on social security amount you pay in in a year once you hit that cap you don’t pay in anymore in that year. That would be a better issue.
Raise the ss cap from 250 k to unlimited to the rich
We can thank Old Ronnie for putting his hands into the people’s cookie jar. I’m bracing myself for the worst. But, I’m still moving to the Philippines.
Can I write it off on taxes if I just cut Reekay a SSI check myself for $12k?
Particularly terrifying when you consider that $1,000 in social security benefits today is actually worth about $750 in 2018 dollars.
I like where they are lumping social security and Medicare together. It’s Medicare that is burning down the system. Social security is self funded by your payroll taxes.
Congress can print more money and raise the debt limit. They already been doing this method.
Investments, I can trust that as much as I trust gov. This is a big thing making decisions about moving to Philippines. If i only had a Crystal ball.
I recall a certain political party wanting to give people the option of switching their SS to a 401K and another political party screaming “They’re trying to destroy SS! They want to throw grandma off a cliff! They want to starve grandpa out!” So nothing was changed.
It is unwise for anyone to pin their hopes on SS.
We have two options:
1. Adopt austerity measures like Milei is implementing in Argentina or
2. Complete collapse.
Given the absolute cowardice of politicians in DC when it comes to touching SS or “entitlements”, I think we’d better prepare for #2.
It’s been like this for years. Congress will fix it before it falls. Raising retirement age taking the cap off paying in. And maybe stop giving it to people not paying into it. It wasn’t set up for welfare. People on SSI pay zero for medical and medicine and they didn’t pay into the social security system
A portion could be raised threw tariffs? And stop funding off Ukraine!
Sucks. I paid into it for 45 years to support a lot people sitting on their asses, and now it runs out when it is my turn to collect. My mother did absolutely nothing to collect a check for 30 years. If a private fund or pension did something like this, the administrators would be imprisoned for the rest of their lives … but for politicians, it is just business as usual. The US government is just organized crime, public sector.
175 Trillion shortfall is quite telling. It means that the government has been overspending on everything and simply didn’t tell us, the people who voted them in. 175 Trillion in IOU’s is a mess on so many fronts that it’s hard to even imagine what the consequences will be going forward, because the piggy bank is now empty. Sounds to me like 1.2 Trillion being added to the National Debt every 100 days is the new norm, and we’ll need to start bringing wheelbarrows of cash to the grocery store when we go shopping.
Article; https://abc3340.com/news/nation-world/medicare-and-social-security-face-175-trillion-shortfall-risking-future-generations-treasury-department-inflation-economy
Article #2.. https://www.tftc.io/social-security-medicare-funding-crisis/
How to invest in BTC ETF.. https://www.youtube.com/watch?v=LUYXFAjcn6M
Riots in France over raising retirement age.. https://www.wsj.com/video/protests-in-france-over-plan-to-raise-retirement-age-to-64/6F4E09AF-9540-4F89-B75D-1053BB7714BB
Video commentary.. https://www.youtube.com/watch?v=RSywjiTEe08
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