How 2024’s Record Retirement Numbers Could Spark a Recession | WSJ

Over four million Americans will reach traditional retirement age this year, more than any other time in history. By 2030, baby boomers will all be 65 or older, shrinking the workforce share of the population. What does this mean for Social Security, which is funded by taxing current workers?
WSJ breaks down how this demographic shift threatens the future of Social Security if nothing is done before 2034.
Chapters:
0:00 Baby boomers retiring
0:27 How the workforce is changing
1:10 How this impacts Social Security
2:26 How this affects the people
4:30 What reform would look like
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#Retirement #Economy #WSJ

[@sommersalt88]

Baby boomers are retiring or on the verge to, so how do we deal with such recession-influenced market conditions? Typically my $250k worth of holdings go up 8% then lose 20% right after and the cycle continues, I’m confused and truly sick of the system

[@gagnepaingilly]

Knowledgeable Investors know where and how to put money during a crisis in order to reduce risk and maximize returns. See a market strategist with experience if you are unable to manage these market conditions

[@Curbalnk]

Brent Johnson, who I think is an or the authority on de-dollarization, already said that the dollar will be replaced eventually. The question really is when and more importantly by what? The Fed & US & other governments will do what they need to do to kick the can down the road. The challenges is how should one invest, & what one’s current situation is? I am very interested in what or where should an average Joe should do just so they can get by, & not really get rich.

[@greekbarrios]

The market is not necessarily a rollercoaster if you know your way around the market, there are various opportunities in the present market to accrue good profit, If you are not too savvy with the market, just buy and hold on strong companies with good earnings, or consult with advisors on ETFs and actively managed funds.

[@Lewyn298]

I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help.

[@greekbarrios]

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Jennifer Leigh Hickman” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.

[@Riggsnic_co]

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.

[@bob.weaver72]

The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.

[@martingiavarini]

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000

[@TheJackCain-84]

Mind if I ask you to recommend this particular coach you using their service?

[@martingiavarini]

'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.

[@TheJackCain-84]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@benitabussell5053]

The market is out of control, and banks are failing one by one. Could there be any potential in the stock market for a boomer like me? I am working on an approximate estimate of $3M for retirement.

[@RickWatson-xu6gw]

You should hire a CFP to help you diversify your assets to include ETFs/index funds/mutual funds and stocks of companies with consistent cash flows, rather than betting on penny stocks.

[@A_francis]

It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.

[@benitabussell5053]

That's impressive ! I could really use the expertise of these advisors.

[@A_francis]

*Sharon Lynne Hart* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@lightschunk]

I was told in two economics classes that I shouldn't expect social security so I had to save up for retirement. I still have to pay into it though...

[@thedopplereffect00]

Yup. Biggest ponzi scheme

[@J3LVN1]

Work for the gov’t. You don’t have to pay into social security and the pensions are often pretty good

[@thedopplereffect00]

@@J3LVN1 "work" for the government

[@AChungusAmongUs]

@@thedopplereffect00 Lol, getting a government job in IT was viewed as the golden goose by my college classmates. Per testimonials from a few who got those jobs, there was next to no oversight, no accountability and practically no risk of ever being fired. Basically just show up and don't make waves and you can collect a paycheck indefinitely.

[@J3LVN1]

@@thedopplereffect00 what Chungus said. Insane job security & often little to no micromanagement if you can just come in and do the bare minimum

[@KieferRomer]

I'm 48, sad to say I made terrible money decisions growing up which I'm presently paying for, been dedicating every waking hours towards my retirement and I'd really love to retire to Portugal with atleast $3million by, the market up and down is not helping at all.

[@BlaiseOnowhosa]

Strategic investment is important. My ideal investment is a varied portfolio that includes stocks, bonds, and ETFs. It gives excellent long-term return and has performed admirably thus far, with the assistance of a coach on the side. 10xing my portfolio in a few years does not seem too far-fetched to me.

[@AugustoRosario22]

I’d say at this point, you gotta have cash on the side and exposure so that you don’t completely fumble during bearish times, just to come out with nothing but buying bags too high later on. Not a financial coach, just my two cents of advice.

[@KieferRomer]

I've been in the red for the past couple months, lost 12k last week alone, Indubitably I've got good companies but profit is still stalling, how did you go around finding a coach? I wouldn't mind looking yours up.

[@BlaiseOnowhosa]

Lisa Ann Moberly, is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.

[@KieferRomer]

Thank you so much! I found her webpage and left a message. Hopefully, she responds.

[@NicholasBall130]

I’ve been diligently working, saving and contributing towards financial freedom and early retirement, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors.

[@StocksWolf752]

Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses.

[@EleanorBaker474]

I’m a contractor, and my job doesn’t permit me the time to properly analyze my holdings/evaluate stocks myself, so I’ve had a fiduciary actively restructuring my portfolio for the past 7 years now to match the present market condition and that’s how I’ve been able to stay afloat, knowing when to buy and sell…maybe you should do the same.

[@StacieBMui]

How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings

[@EleanorBaker474]

“Sonya lee Mitchell’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@crystalcassandra5597]

I searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you

[@autobotdiva9268]

people are focused on paying the now $1674 rent for a 1 bedroom when 3 years ago it was $720 a month

[@SigFigNewton]

Support policies that increase supply

[@Distress.]

@@SigFigNewton There's plenty of supply, the problem is where that supply is and who owns it.

[@jilbertb]

And someday you'll grow up and be smart enough to fix your YT name! 😂

[@notsorandumusername]

@@jilbertb This is supposed to be a smug comment? The irony of you lecturing someone on 'growing up' when you haven't done that yourself yet. 😂

[@thebookwasbetter3650]

​@@SigFigNewtonpeople have been tricked into thinking that corporations buying properties is the problem. Government limiting the supply through regulations is the problem.

[@Davidstowe872]

Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

[@Elkemartin213]

as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management

[@Greghilton3]

Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.

[@Quason788]

@@Greghilton3 this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future

[@Greghilton3]

There are several independent advisors you could research. However, I have been working with “Melissa Rose Francks” for almost four years, and we get along great. If she appeals to your judgement, you could continue with her. I support her.

[@Quason788]

very much appreciated, your response suggests a person of benevolence.. just inputted her full name on my browser, and came across her site, top-notch qualifications! she seems well-qualified

[@cezar684]

Nobody is prepared to do anything about it because at the eleventh hour it becomes leverage for political expediency.

[@arthurh5707]

With Dems and Neocons in power, none of us will live to see retirement.

[@FJB_TheBigGuy]

How do we afford to spend so much money on Ukraine and Illegals?

[@SigFigNewton]

@@arthurh5707the Dems are the ones helping solve the problem by preventing the number of working age people from falling too much. Worst thing we could do for the American economy is halt immigration

[@SigFigNewton]

@@arthurh5707halting immigration would be terrible for the economy. (Dems are the ones helping this problem of the working age population no longer growing)

[@SigFigNewton]

halting immigration would be terrible for the economy. (Dems are the ones helping this problem of the working age population no longer growing)

[@williesullivan3985]

I love how cutting military spending is seen as a worst case scenario lol

[@j10001]

Fair. But remember that Social Security check won’t do you much good if you’re working (and dying) in a Russian Gulag or Chinese labor camp.

[@lt8833]

For a nation protected by 2 massive oceans Military is only for geopolitical reasons

[@kingcheezit7]

As someone who works in the military industrial complex, I see every day how big a threat Americans face every single day. I know I'm biased, but I do know this for a fact: a reduction in American military spending is a reduction in the American ability to forget about how just unsafe they really are from the enemy. I don't know about you, but I would prefer to not need to get drafted...lotta good retirement money would do me in my grave lol

[@kuatliocelotl1]

Red Dawn was a movie dude​@@j10001

[@lorenabueno8620]

@@kingcheezit7the reason why the gov pays people is because no one wants to be drafted. So they incentivize with their pay. But many people would argue if the US began to work with China and Russia away from the rhetoric you stated above @j10001, then we shouldn’t be in this mess. The military did receive a higher budget they themselves did not ask for. If you ask me the Us is in a great geographical position away from great danger.

[@CatherineWilson8]

Planning retirement has never been this confusing! First SVB, then Signature bank and now First republic, these are all the signs of yet another 2008 market crash and recession 2.0, so my question is do I still save in the United States dollar, or could this be a good time to buy stocks? So I’m left wondering what 2023 has in store for us investors, I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here,

[@ritalorrigan]

Everyone needs a different stream of income , unfortunately having a job doesn't mean security due to the high rate of tax , one needs to move ahead their expectation, I would recommend refraining from investing in stocks for now. Instead, it would be prudent to consider retaining a portion of your assets in gold. Alternatively, seeking advice from a financial advisor could provide valuable guidance in this matter.

[@KevinClarke9]

true, A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.

[@KevinClarke9]

Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@jvn-117]

If you follow the news narratives, you've come to see how over the years Bitcoin has proven time and time again it's value against an everlasting dollar depreciation. My advice is not to go all in, but to allocate a good portion into a long term position. The news will keep telling you it's risky, it's volatile, but behind closed doors you will see how institutions and wealthy class buy more and more. If a big crash occurs, buy more, and stocks that the world depends heavily on. NVDA, AMD, Intel. The nervous system of our entire civilization depends on those companies

[@christiansantiago2730]

Be careful, scammers above.

[@csm9105]

I remember sitting in a high school class, around 1978, and the teacher laid out the same scenario.

[@KayKay0314]

In 1978, the percentage of your salary paid into Social Security was 5.05%. Now it's 6.2% and has been that way since 1990. They need to remove the income cap completely as a start. You make a million dollars (or more) for a salary, then ALL of it should be subject to 6.2% Social Security, not just $168,600 in 2024.

[@starventure]

@@KayKay0314Prepare to be voted out of office then. Your proposal is about as palatable as conscription.

[@vladimirofsvalbard9477]

Anybody that touches Social Security (in any manner) loses re-election. It's all about how your opposition can frame you in the media lol

[@SmallSpoonBrigade]

@@starventure No, it's not, it's mostly the wealthy and uneducated that see it that way. The reality is that the trust is going bust because the wealthy have been hoarding their wealth at the expense of workers, which leads to money not being paid into the trust that should be. And to make matters worse, since workers aren't making what they should, it's also harder for workers to save enough to not need the social security pension money.

[@RossiPopa]

There is potential for considerable wealth increase with the correct strategy. I want to know; How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $3M over time?

[@RusuSilva]

An effective strategy serves as a cornerstone in an investor's portfolio. As the level of risk increases, so does the potential for reward, making it essential to seek advice from experienced professionals for making sound decisions.

[@FusunTumsavas-cq7tp]

Precise asset allocation is crucial, with some employing hedging strategies or allocating to defensive assets for market downturns. Expert guidance is vital for success. This approach has kept me financially secure for over five years, yielding almost $1 million in investment returns.

[@RichardMoore-jg5tl]

How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?

[@FusunTumsavas-cq7tp]

Monica Shawn Marti is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.

[@RichardMoore-jg5tl]

I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.

[@Itsmarkyoung]

“How covid could spark a recession” oh never mind “how inflation could spark a recession” oh never mind “how record retirements could cause a recession” the media will keep us “on the brink of a recession” no matter the economic climate it seems

[@JakeSmith-jy1kx]

The WSJ really wants there to be a recession, plus it can't see beyond the perspective of Baby Boomers. Millennials are both a larger and more productive generation.

[@geofflepper3207]

I heard that if Taylor Swift retires it could spark a recession. By the way, speaking as a boomer who the heck is Taylor Swift?

[@notsorandumusername]

They want a recession, but only if Trump wins so they can blame him.

[@arevolvingdoor3836]

Yeah, its because sensationalism sells

[@brusso456]

the recession started in 2008, you are in the recession.

[@theroadstopshere]

Bold of you to assume any of us younger generations expected to get Social Security payouts in the first place, WSJ. Hearing that it'd still be there to a large degree and things would just generally be shittier is already better news than most of us were expecting. We already knew that we were gonna be facing a tougher financial future than our parents and grandparents because we're living it now, knowing that even when the trust runs dry we'll still be able to get back a portion of what we paid in is a helluva lot better than the 3 slugs retirement plan most of us were expecting. (2 slugs of liquor, 1 of buckshot)

[@XMR02R]

Pension is a scam luxury

[@Kev88-wf8no]

Correct - I got a nice card from SS in 2005 that accurately predicted these reduced payments beginning at a certain date, I was told at age 24 and took note

[@no-barknoonan1335]

​@@Kev88-wf8noMy public school textbooks in 2005 told us we'd be out of money and we'd be SOL. I think it's sad if it's to the point you're telling kids in school, that they'd rather leave a whole heap of problems for them, rather than risk asking the rich to pay a little more taxes. Fiscal responsibility died during Reagan era, when he cut taxes the deficit boomed. George Bush Sr knew the only way to be responsible was to raise taxes, and the backlash was bad enough that people voted 3rd party and he lost. Bill Clinton to his credit did try quite hard and in many ways did bring spending in, but after 9/11 we stopped counting and never started counting again. Sad state of affairs we leave for future generations, because we're too entitled to bother fixing it ourselves.

[@kimisreading]

True.

[@Bradastan]

I’m gen-x and don’t expect much if any SS when I retire.

[@christophergreen5693]

Unbelievable. This problem was perfectly clear when we were arguing about retirement security during the 1988-1989 high school policy debate season, and got even clearer after GWB spent so much of 2005 talking about it.

[@ScaleScarborough-jq8zx]

Apparently people like nearly destroying each other.

[@Letsplay222]

Wasn't the problem first made perfectly clear when the program was expanded to its current use in the 1960s?

[@patty109109]

It’s not unbelievable at all. Voters are notoriously bad at delaying gratification. They are myopic- this video even says as much by pointing out how many don’t have their own retirement saved. In short any party that pushes this topic will have entitled boomers voting against it, happy to see their kids cover their profligacy and lack of planning. A selfish generation, many believe.

[@marioh_flores]

My Econ teacher in 2011 told me I’d never see a penny of it when I got older, he said the solution is to save our own selves and not to count on the feds

[@mrMYass]

@@marioh_flores don’t worry the fed will just print more money and destroy the value of your savings. 😊

[@actualsnow345]

I'm 26 and I've just accepted that I'm going to have to work until I die. My plan is to get a job at a hospital where I can work 3 12 hour night shifts per week. Then just do that until I die lol

[@Kevin-zz9nc]

That was my plan too until they closed more than half the hospitals in NYC.....

[@actualsnow345]

@@Kevin-zz9nc that sucks bro I hope your doing well

[@j10001]

Sorry to hear that, bro. Any chance you could get 5-6 twelve-hour shifts per week (possibly across two hospitals)? I know that sounds brutal, but that’s a pretty typical workload in high-end professional jobs, and it might let you stash away a bunch of money toward retirement for the next 5-10 years. With compounding of that investment, there might be some hope to truly retire someday. It’s just an idea- I know those are brutal shifts! That said, better to do it while you are young so you can have a home of your own and a place to rest your weary bones in old age.

[@JakeSmith-jy1kx]

Why not instead accept that you need to save and invest in order to avoid that? 26 is young. You have time. You don't have to sacrifice your future.

[@MeltingRubberZ28]

Invest in VOO thru Vanguard, in a Roth IRA account. You max that account out every year you will have at least a tax free million dollars by thr time you retire.

[@medz3398]

We avoided this in Australia by having mandatory superannuation (401k for Americans). Your employer is legally required to contribute 10%(soon to be 12%) of your wage into a managed account that you can’t touch until retirement age (65) We also have pensions for those who don’t have superannuation or retired before they came in

[@YoutubeSupportOfficialUS]

Did anyone who contributed to your equivalent social security get anything from that fund?

[@Sylvan_dB]

The SS program is the same thing, but it is government run and the funds are paid out to current recipients and any extra are lent out to the government instead of being invested. The employer has to pay the same tax amount as the employee - 1:1 match. If I had been able to invest my ss tax instead of giving it to the gov't, I'd be able to start taking my max benefit now, and if I had been able to invest the employer portion I'd have 2x my max benefit.

[@crazybeartimba]

I heard in the AU higher education is automatically loaned and not required to be paid back until you reach a certain income threshold which is then automatically deducted. Smart move.

[@marvinmallette6795]

It is confusing to most Americans, but the problem is overblown. Social Security had a surplus as a result of a "baby boom", they had more money coming in for retirees than anybody knew what to do with. That surplus was never going to last, and was always going to be depleted. We don't really want the population issues that China and India have seen, should the USA have continued on the Baby Boom path. This is no reason to panic. There is just the normal red tape of politics of managing how Social Security should be taxed and spent. American 401k plans are a different subject. An entirely different deep dive.

[@BearingMySeoul]

They have a similar thing in Korea but I think the amount is one month's salary for every year you work. Unlike the US, the money is in your name only---no giving out loans---and you're enttitled to all that was paid in under your name.

[@masterchinese28]

Gen Xer here. Can't help but notice that in 2034, the year SS is supposed to run out of IOUs, is the year that I become eligible for SS. Thanks, Boomers.

[@beecee921]

Thank President Reagan who started raiding the trust fund for tax breaks, etc.

[@user-rr9ng9bo9l]

Why won't you just have kids tho?

[@chezellis]

The Boomers definitely put tons in. The problem is the government raiding the funds. Reaganomics gave us not just the "IOU"s from raiding Social Security but also started up the taxing of certain amounts of Social Security; In essence, taxing us twice on the same money.

[@jarrettbobbett5230]

1 Boomer is worth 10 Z-ers

[@mark.harvey]

​@@beecee921anything used from the trust fund must be repaid and will be repaid. At worst money will be created to balance the debt. Blame general government overspending instead.

[@lorenabueno8620]

My high school teacher in 2013 told me to forget about my social security benefit even if I am a young student in the workforce I will probably not see the benefits. And here we are 10years later. And I’m starting to feel like legislative body is not going to do any of this

[@jilbertb]

They knew this 20 years ago, kids. Blame the Republicans Reagan, Bush, Clinton, Bush for stealing 2 TRILLION from the SS fund to use on our military!

[@dr_flunks]

high school teachers aren't the smartest lot.

[@randy74989]

As an individual, it is your responsibility to invest in your retirement via your company's 401k or 403b plan or by opening up an Individual IRA and funding it to the maximum allowed amount annually. It is important to remember that no one owes you a living, so it is crucial to plan and save for your future. Social Security is only intended to cover 30% of your retirement expenses, and it is estimated that out-of-pocket medical expenses for a retired couple aged 65 will be $315,000.

[@mangodiet801]

@@randy74989 401(k)s are subject to market downturns, you're best off getting a pension .. there's a reason why companies hate pensions = it's good for the people but not their pockets

[@martinczejalski1543]

yes, no political party wants to try to sort it out as initially, unpopular decisions will have to be made. which means losing votes and getting removed from power. So would you do what's right and lose or don't do anything and hope that when the 11th hour comes, the opposition is in power during that 'term'?

[@Jasonshelton-]

The thought of retirement makes me cry. 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 weren't to blame for.it's especially difficult for people who are retired.

[@pineedbydmoon]

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.

[@MiaKatherine-sj7ne]

With the help of an experienced coach, I made some changes in my investments. I started with $321k, and now I have more than $750k by investing in stocks, ETFs, and bonds. I think housing prices won't go down much until there are more houses available.

[@pineedbydmoon]

How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings

[@Wtylerosborne]

People view Social Security as a retirement plan but it wasn't designed to be that. It was designed to keep the elderly people out of poverty. When it was created the average lifespan was below the age in which you could claim Social Security meaning the average person didn't get any payout. Since then, the average US lifespan has increased to ~10-15 years after one can claim Social Security meaning the average American is claiming it for much, much longer. Congress should've tracked the benefit age to slightly above average US lifespan and US education systems have failed by not teaching kids about how these programs work and how to save for retirement.

[@MeltingRubberZ28]

This is the worst take I've ever seen. If politicians never robbed SS we all would have more than enough money to fund it and then some.

[@mikeingeorgia1]

So they should make you pay into something you’ll never collect from? Just be born, grind, die? I doubt anyone would object to that at all lol

[@jimshoe402]

3 legged Stool and SS is ONE...😁😁😁😁

[@Sylvan_dB]

You misinterpret average lifespan. Average lifespan includes infant and childhood mortality. Once reaching adulthood, the average lifespan is and was much longer. Since most people do make it to adulthood, the average person did collect SS when the program first started.

[@X4zerm4n]

The average post-childhood lifespan was not significantly shorter than it is today.

[@slimjimjimslim5923]

Boomers enjoyed the golden economic age of USA, good employment benefit, job security, affordable housing cars, and now retiring and taking out a huge chunk of money from everyone. 😢 but I don’t blame anyone, the government is suppose to be in charge of handling these country wide issues.

[@manovrsb]

Well um you see humans were suppose to procreate and leave behind a younger generation to foot the bill. Instead some of these people went the other way and thought pets can be children.

[@joshua511]

Zoomers are in the golden economic age right now. You can start a very successful business with a fraction of the resources needed 4 decades ago, plus you have information at your fingertips. Stay off the silly TikTok videos and go build something.

[@Christian-uj1mq]

😂😂 u forget the fact boomers have had strong impact on politics if anything it just shows they never cared about it their whole life or something would have been done, but now younger generation are supposed to care ?

[@neveser]

The government is in charge, that's why we are here now.

[@doujinflip]

Boomers still dominate politics, especially now as retirees when work and kids no longer distract them from TV and voting. If anything things will first get worse because their voting consistency will attract more political attention to their expensive terminal benefits at the expense of everything else the government needs to budget for.

[@pcb462]

It’s simple, remove the cap of max payment per year on the top 5% of income earners.

[@johnsamuel1999]

I think biden already remived the cap above a certain income

[@letsburn00]

The US overall has one of the flattest tax bases of all for this reason. The wealthy simply do not pay the taxes that just the tax brackets look like. In reality, once you're in the higher wealth areas, you stop paying a higher proportion as taxes, even when you get into the millionaire region.

[@ryantetreault3447]

@@letsburn00you don’t “just stop” paying taxes at higher levels. The income they generate is apart of their business and they deduct their expense

[@letsburn00]

@@ryantetreault3447 no, I mean that for social security there is a cap. Overall, accounting for sale taxes, the tax rate in the US is very flat, with the rich not really paying that much higher a rate.

[@Shadowtiger2564]

Theyre talking about the SD tax cap​@letsburn00

[@gianfrancobardiaparicio721]

It would be interesting to see how much social security would be better off if wages had kept up with productivity and inflation. Would the huge gains in productivity per worker make up for the demographic shift?

[@user-hn1ns2dn7h]

Google the amount gov has borrowed🤣🤣😂😂....its 2 trillion$$ if invested like it should be the interest alone could pay out citizens on SS

[@joshua511]

It would be interesting to see how things would be if minimum wage was constantly getting artificially increased by politicians.

[@eric2394]

I still get a pension at my job 🎉

[@SOULRELIEF22]

LOVE JESUS FOR ETERNAL SECURITY! ST JOHN 3:16! ❤️✝️❤️

[@WeekiWacheeMax]

@@joshua511 It's been years since anyone would go to work for minimum wage. Supply and demand and businesses competing with each other for workers have set the price of wages at different skill levels for years.

[@tstorm3706]

If only there was a way to get a large number of working age people to come to the country and boost the workforce.

[@twelvecatsinatrenchcoat]

"The American family is collapsing and American young people can't afford to have children anymore because they're loaded with overpriced student debt and housing is too expensive. It's hollowing out the middle-class work force. What do we do?" "Start shipping in millions of gang members from El Salvador to replace the children working Americans can't afford to have." -literally you, actually thinking you have a good idea

[@tw8464]

Exactly

[@SigFigNewton]

Immigration is the best thing to happen to an economy since technological advancements

[@SigFigNewton]

I think what people are kept from understanding is that immigrants supply more than they demand. Because I was born here, this country had to support me during my unproductive preadult years

[@twelvecatsinatrenchcoat]

​@@SigFigNewton The equator is expected to warm by up to 3.3 C before 2100. If you think this "migrant crisis" is just a moment in time, you need to wake up. In the next 75 years the Rio Grande and the Mediterranean are going to turn into World War Z.

[@gorshenbag]

There should never be IOUs for Social Security

[@At_the_Garden]

I think what they mean is that for years SS took in more money than it spent. The extra money was invested in US Treasury bonds. Now SS is redeeming the bonds to pay out benefits.

[@jmagicd9831]

@@At_the_Gardenhe has a point though. Almost no private retirement fund is running with an non diversified 100% bond portfolio, and yet we are stuck with that in the social security trust fund

[@mylifeisajoke1]

@@jmagicd9831 That was put in place to prevent any monkey business with the investment of the fund as it would have been the single largest institutional investor on the planet.

[@jmagicd9831]

@@mylifeisajoke1 I know that, that’s the government doesn’t belong in the wealth management business to start with, and yet we are forced into an investment that doesn’t make sense . (I’d say bad investment but that means something else in this context)

[@christianlibertarian5488]

You misunderstand what SS is. It is NOT an investment. It is straight payment from workers to retirees, nothing more. The amount taxed over the payout was just another tax, used to fund everything else in the government.@@jmagicd9831

[@hikerliz]

Easy fix, eliminate the cap on the taxes that fund Social Security

[@Comm0ut]

The American public are not that intelligent. Look at our elections. It's horrible for those of us with IQs above room temperature, but that's not very many.

[@jilbertb]

And let the ultra rich opt-out of the mandatory withdraw from SS.

[@SandfordSmythe]

SS is self-contributory

[@HQSCJIPZ]

Easy fix… raise full retirement age to 75 years old

[@starventure]

@@HQSCJIPZRIP to your political career. AARP will send the flowers and a FU card to your service.

[@Elizabethgreen779]

*WSJ is beyond amazing.* How to create wealth during a recession

[@Elizabethgreen779]

Making money is action, keeping money is behavior and Growing money is knowIedge.

[@Elizabethgreen779]

I am fortunate I made productive decisions that changed my life forever (accumuIated over a MiI) through my finance-mentor. I'm a single parent, bought my house in January and hoping to retire at 53 by next year

[@Elizabethgreen779]

sear ch the name, lf you care.

[@Elizabethgreen779]

*Rebecca Martin Watson*

[@sarahfletcher01]

l’m amazed to partake on this, lt has rekindled the fire to my goals.

[@garrettdesantis9421]

Phase out social security. Stop taking it out of our checks now and let us decide what to do with it.

[@charleshill7184]

Been there, done that, not going back. That's what we had before Social Security and the Great Depression saw poverty rates among senior citizens soared to over 50%. Those who fail to learn from history are doomed to repeat it.

[@bigdog8008]

So those of us forced to pay 12.6% into FICA for decades are completely screwed as long as you get all your money, right?

[@winniethebubbly]

Born in 96. I’m in the military and will do 20 years for the pension and TriCare for life. I am also contributing 25-30% of my checks to 401k. I also invest all my other savings into stocks. I am making sacrifices today so I don’t need to rely on SS. (We probably won’t get it in 2060 anyways)

[@thedopplereffect00]

This is the right attitude

[@christosemper8715]

We definitely won’t get it in 2060. If we do it’ll be a meaningless amount

[@FadeHook23]

@@thedopplereffect00except you can die at any moment and you won’t be able to use it.

[@crazychase98]

When did you join th3y got rid of the high 3 pention a few years ago. An switched it for a social security light pension. Basically only a set percentage that you decided to put in. Even if you do 30 years it will eventually thw retirement moeny will run out

[@ortcutt]

The oldest Baby Boomers are 78. The youngest are 60. Most Baby Boomers are already retired. They aren't entering retirement.

[@chrippin]

Tell that to the ones who haven’t retired yet because they can’t afford to

[@tonii5690]

Or they don't want to @@chrippin

[@MagicNash89]

@@chrippin OK, why is this relevant here exactly? Wil lthey suddenly be able to en-masse retire in the nearest time, and if so, why?

[@twelvecatsinatrenchcoat]

Neither of my parents are retired. They have to work in their 70's to support my recovering addict single mother sister and her two kids with ADHD who can't read.

[@ackeejag]

@@chrippin tell that to the millennials and gen Z that have been robbed of a future by these people. We don’t care. Lift yourself up by your bootstraps, boomers.

[@jeffcauhape6880]

The problems has been known for decades, but there haven't been enough people in Congress with enough back-bone to deal with it.

[@noazucar519]

If we know that trickle down economics doesn’t work, why do we still give rich corporations all those benefits?

[@SigFigNewton]

It’s lobbyists of those corporations who write our legislation

[@nanszoo3092]

because they are the ones putting lawmakers in office so they expect to get what they paid for - laws that benefit their interests

[@sitrakaforler8696]

try to speak with a congressman hahahaha

[@bigdog8008]

So tax corporations? Haven't you figured it out *yet* that businesses do not pay taxes? They collect taxes from *you* and pay that to the government. So raising taxes on businesses is actually a tax on yourself. What congress needs to do is completely eliminate business taxes and redefine 'income'. A business is not an individual and does not 'enjoy' money. As soon as the money trades hands (e.g. bonuses, corporate jets, etc) then it becomes that person's income and is now taxed. Neither Democrats nor Republicans will ever do this - they both have their private sources of dark money to keep them from doing this.

[@DanielThomas-kb8wl]

Great video, thanks for sharing it!

[@coversby2]

No one is talking about the outright fraud in SSI disability. Poor people are collecting ssi for kids with add. My friend has lower income rentals the entire family 7 people were “disabled” on SSI. These plaintiff firms should not be allowed to take a third of ssi benefit. These plaintiff lawyers coach their “clients” on what to say. Ssi disability is now a welfare program

[@SandfordSmythe]

SSI is not SS. Social Security Disability is a separate fund, and it is doing much better than retirement.

[@bigdog8008]

@@SandfordSmythe Yes, separate pot of money. But not like our government has *never* mixed them up before.

[@SandfordSmythe]

@@bigdog8008 You have to explain what you are saying."Mixing" means what?

[@bigdog8008]

@@SandfordSmythe Exactly what it sounds like. There have been many cases of the US government "robbing Peter to pay Paul".

[@throwinturtles]

America should look at a superannuation system like in Australia. Essentially forced savings inaccessible until retirement, it may not be initially well received but could appeal to US "you gotta support yourself" individualist mentality.

[@GolemDude]

When I was a kid that’s what I thought social security was

[@denisebycapricorn]

Uh no and mind your business. On stolen land

[@bigdog8008]

So essentially you are forced into savings inaccessible until retirement. We call that "Social Security" and pays monthly comparable to your fortnight (converted to monthly). But many of us prefer to have additional money at retirement -- what we call 401K. That part is not forced.

[@WillpowerCinema]

Mandatory 401k taken as a percentage of your paycheck would be better in my opinion than the ponzi like structure of Social Security There are also products like annuities that pay you when you retire. Is it really the government’s job to take care of all the old people? Or is it up to us?

[@sython8188]

@@WillpowerCinema or how about instead of telling people how they have to use their money you let them keep it and deal with it themselves

[@agni772]

Corporations are "people," so tax them accordingly. It's dumb that corporations that take advantage of the government the most pays proportionally the least. Maybe allow them some tax breaks depending on the amount of taxes their workers pay to encourage employment, but with technology replacing humans, taxing humans will become more and more problematic even with a population boom.

[@dr_flunks]

they're more people that you people.

[@bigdog8008]

As stated by many people and most businesses -- businesses do not pay taxes. If their "business taxes" go up, they collect more money from their customers (e.g. YOU) and pass that to the government. Remove all business taxes, rewrite tax code to redefine what constitutes taxable income. Then corporations and businesses can no longer claim "no taxation without representation" -- the bribes to crooked politicians will grind to a halt quickly.

[@user-fs2yd3ky4t]

Basically anything that is good for the ppl can cause a recession. But anything that is good for corporations/billionaires is progress. Wake up people

[@bobsacamano7653]

wrong

[@mlawlor472]

Time to lift the cap on taxable income If we need more money for social security

[@timothycarson114]

That's the fix and get more people back to work

[@robins_rodeo]

Exactly!

[@bigdog8008]

And when those people retire - they get larger SS checks. So that is a fix that will last a couple years and then lead to even bigger problems.

[@cautiousoptimist1926]

It's been clear for some time that the only options were to lower the benefits, devalue the currency, or both. I'm expecting both. I'm retired and I've prepared as well as I can. What they choose to do is beyond my control just as it has always been. My government has only rarely done things that I approve of regardless of who is in charge. It's not the boomers versus the generations that followed us. It's the 1% versus the rest of us just as it has always been

[@ThistainByrthle]

Most people miss it but the secret to retiring comfortably is finding a way to make returns while your money works for you. My Dad, as i remember started saving for retirement quite late but I know he was making more than 10k returns from his investments monthly and it was completely passive.

[@valeriejeanmathis874]

This is amazing, I'm curious, how did he do it? Was it real estate? Or he was a market enthusiastic?

[@ThistainByrthle]

Haha, investing enthusiast? Not really. Our family got introduced to a financial consultant about four years before my dad retired. That was what changed things, and I think my retirement will be on the right track.

[@gabrielbruhnr]

Please could you guide me on how to get in touch with your consultant? My funds are being eroded by inflation and I seek a more lucrative investment strategy to effectively utilize before I consider retirement

[@gabrielbruhnr]

impressive, I'll definitely check it out, I buy the idea of employing the services of a financial consultant because finding that balance between saving and living requires counsel. Who do you work with ?

[@gregorridavichko]

No doubt being financially free and not having to worry much about health care and other expenses after retirement cannot be overemphasized, making smart plans and setting up diversified investment portfolios is quite essential.

[@kapsig10]

Basically I’m hearing we can’t afford to be the police of the globe anymore 😊

[@KhanJoltrane]

That’s what corporate tax cuts and loopholes will do for you 🤷‍♀️

[@joshua511]

@@KhanJoltrane UK Corporate Tax rate is lower and their politicians spend money like drunken sailors, too. People like you are the problem. "If only gov't was bigger, they could do more good". No, tax rates should be so low that gov't departments have no choice but to only keep essential staff and have to justify every single dollar they spend.

[@thaisbakker6846]

34 trillion in debt, time to pay up.

[@seanl764]

Hard to keep policing the Globe when the rest of the Globe is catching up. I mean who tf in the USA wants to work harder than the Chinese and Indians. You go to most of the top US based fortune 500 companies like Google, Meta, Apple, Microsoft, Tesla and most of the workers are already Chinese and Indian immigrants even in the USA...

[@FamilyManMoving]

Or, we just need to charge more. "Nice cargo route you have there. It'd be a shame if something happened to it." ;)

[@moomie1634]

There's a solution almost no one talks about. Social security has one rule that sets it apart from other pension/sovereign wealth funds: It can only invest in bonds. If we take something like the Norway SWF or Canadian SWF they invest into alternative assets that grow by a large amount YoY. Now you take social security, which has been getting 2% bonds for the last few years due to low interest rates, and you begin to see where the issue might be. If we allowed social security to be run like literally any other pension, it would be free to invest into alternative assets. I mean, imagine what 3 trillion could do if it was invested into things like green energy or into the market. It would create millions of jobs and a ton of wealth while also generating a significant increase in interest income.

[@vanclief]

That could potentially backfire if its not invested properly, which being realistic its unlikely to do so. The best approach would be to just put it into the SP500 and have enough cash/bonds for when the market is on a downturn.

[@victoriacooper6892]

Higher return, higher risk.

[@CHMichael]

But then the government would have had to pay more for the money they sent abroad for "gende studies" . ( sarcasm) Given the tremendous wealth of this country in oil unerring federal land et. A sovereign wealth fund would be wonerfull.

[@Shadowtiger2564]

There's also the cap on it. After 129000 dollars in income you don't pay in to the SS tax anymore. It's a huge amount of money that's not taxed on high income earners

[@DingoAteMeBaby]

yea except do you really trust our government to be responsible with a market fund, which would undoubtably become the largest on the planet?

[@jordansmith3721]

I think the mikitary could be perfectly with a 5 billion cut.

[@Pfyzer]

And also foreign military "aid"

[@dr.z8378]

That’s a dangerous idea, the only reason there are more wars and provocations from everywhere is the shrinking military gap between US and let’s say China Russia. Military needs to spend not because they need to make more wars, but they are a deterrent for the world peace. If you don’t have carrier groups in Asia as deterrent, Taiwan will be gone tomorrow, Ukraine will be gone tonight. Yes US military is very inefficient due to focus on R&D for the “edge”, but they need more money so world peace can be maintained. I know y’all mean good and want peace, same here. But never forget who you are dealing with, without US maintaining peace, say goodbye to the world you live in.

[@costcorotisseriechicken2520]

We'll just have to tighten our belts and make do with only 11 nuclear-powered floating airports, instead of 12.

[@danzwku]

​@@dr.z8378most people don't understand this. But also, fellow democracies should also up their military spending so they're not solely depending on the US and making one country pick up the tab. The US should lead and convince others to do this.

[@Polysanityy]

@@danzwku Germany is already doing this, the current chancellor Olaf Scholz basically permitted 100 billion Euros for the Bundeswehr (which is a lot for modern Germany)

[@19MAD95]

I can’t wait for the housing bubble to burst thanks to this. Boomers will finally have to sell their massive houses and lake houses that they bought for 3 buttons.

[@jeffreymitchell4904]

Only to be scooped up instantly by corporations that turn them into short term rentals... I see no light at the end of this tunnel.

[@stevechrollo8074]

Wont be a housing crash if everyone is waiting on the sidelines to buy it. It will be a crash when most people (including you) will lose their job

[@TheCrazeturk]

@@stevechrollo8074 Bingo, prices can only crash if people are forced to sell en masse.

[@gbb82]

I paid more than three buttons for my small house.

[@JoeyZhuNovatronDrakaeneon]

@@jeffreymitchell4904 there is; boomers are not immortal

[@curious_chad]

This video has some really good graphs.

[@paulsaragosa371]

Godspeed mate

[@QueenetBowie]

Millennial here, I honestly expect to keep working well into my seventies if able, I’ve assumed for years SS will not be adjusted as needed and will be in dire shape by the time I can retire…. It would be great if they made some incremental changes now to fix it instead of giant painful ones decades from now but that would require politicians who care about the future generations and who have courage and we don’t have either of those in DC

[@Mavryck_Tha_Myghty]

Rely on yourself. Rely on your own income and investments. Do not rely on Social (in)Security or the government. You will be disappointed every time.

[@hellzshotgun]

​@@Mavryck_Tha_Myghty While I agree in spirit, this is impractical for many poor people.

[@DingoAteMeBaby]

like youll have a choice

[@bill33371]

Two things: 1. Remove the income cap on SS contributions, for 2024 its $168,600. 2. Seniors consistently vote so they'll be taken care of and not subject to abject poverty in their golden years.

[@dantheman6607]

I’m a high income earner how is that fair to me ??

[@thomaschew2191]

@@dantheman6607 @bill33371 isn't smart enough to know that there is also a top limit on how much SS will pay as a monthly benefit.

[@SigFigNewton]

@@dantheman6607because you for some reason collect more from social security despite needing it the least

[@bigdog8008]

Raising the SS cap will not make one bit of difference.

[@bigdog8008]

@@dantheman6607 Easy -- you pay more into SS while working. And when you retire - by law, you would be entitled to be paid proportionally higher benefits. In the end - raising the income cap would make absolutely no difference in the Social Security shortfall and would be an absolute waste of time and effort. But these 'just tax the rich' people just can't seem to grasp that reality.

[@USERNAME-pn3gb]

more video like this please thank you

[@Soooooooooooonicable]

This honestly makes me relieved that I'm not anywhere near retirement age right now. I'd rather just work and continue to make full pay than have to worry about what the government is going to do with all this nonsense.

[@richardwilde1348]

But the situation will be much worse when you DO retire.

[@Max-nt7ho]

U r assuming u will be healthy enough to work until the day u die, and u will always have a job that supports your lifestyle.

[@guesswhosgoing2jail2nite78]

You better hope you don’t run into any health issues either, that would force you into early retirement.

[@tonii5690]

Or an accident. @@guesswhosgoing2jail2nite78

[@Wkumar07]

My generation will be working until the day that we die. Some might retire and be better off by I suspect that this will be a minority. My sisters who are younger than me (early 40s) will also have to face a hard decision when it comes to retiring.

[@damienwest2519]

Thank the boomers. Gen x, millinieals, ans gen z will suffer greatly while we all paid for benefits for boomers only to get nothing ourselves

[@ehdyn]

I’ve been working almost forty years .. always forced to pay into this program that they knew would be bankrupt just as soon as I’m set to collect and they knew that back when I was a kid.

[@wrwagoner]

All I have to say is that I have been paying into this for 60 years and I EXPECT that I should be able to get my money back!! It's not the American people's fault that this is a mess. CONGRESS, you NEED to fix this and ensure MY money is still there for me!!

[@ResetToZero3210]

Stopping the excessive, uncontrolled spending in the military is one of the first steps to solving the Social Security problem.

[@pablononescobar]

The military gets $800 billion a year. Social Security is $1 trillion, Medicare is another $1 trillion. Military spending isn't taking away from old person benefits; old person benefits are taking away from military spending. And guess what: China has no old age pensions, you rely on your family; meanwhile, they're building more ships than us. And don't think social welfare is more important in the grand scheme of things than military affairs; 2,000 years later, we remember the military exploits of the Roman Empire, which explain why Western culture is the way it is today. But do you even know what the cura annonnae was?

[@ResetToZero3210]

@@pablononescobar Notice I said “one of the first steps”, not the only step. Several other measures are also needed, as you mentioned. But remember the $800 billion/year refers to direct spending. The indirect spending is far larger than that - check yourself the stats. Glad you mention the Roman Empire. One of the common causes of empire collapse is military overspending, which shifts resources from several other sectors of an economy and channel to single industry cluster. Look how much the US has spent in endless wars only in the last 25 years in name of “security” and now we live in a far unstable world. Read Paul Kennedy’s Rise and Fall of the Great Powers and Gibbon’s The Decline and Fall of the Roman Empire, classics that support my view.

[@pablononescobar]

@@ResetToZero3210 You still did not question my main point: a government's primary role is security, not to subsidize the living expenses of its citizens. Rome's welfare system (the "cura annnonnae," or grain dole) was a cynical attempt by elites to buy off the masses; it's conquests reshaped culture to the present. And you focus on the "fall" of what could be called the Classical Roman Empire. The Eastern Empire survived for another thousand years. Its welfare system was outsourced to the Church, monasteries and such, while the State was largely centered on the military (understandable, given it was surrounded by Goths, Bulgars, Arabs, Turks, Crusaders, etc.). It fell, not to military "overspending," but to infighting. Indeed, the great defeat at Manzikert came about after years of REDUCED military spending. (See the works of John Julius Norwich for a good narrative of Byzantine history.) And while I grant you that not all military spending ends up useful, the massive investments the US made in WW2 proved most useful. Why has there been peace in Western Europe for 80 years, after centuries of rivalry among Britain, France, and Germany (for most of that time, Prussia and/or the Habsburgs)? Because there last spat in 1939 ended in a decisive victory--for the US, which then corralled them into an anti-Soviet alliance. By the time that threat collapsed, the three nations had gotten so used to cooperating that the idea of a geopolitical rivalry among them was all but extinct. America's investment in the Navy in particular in WW2 defeated Japan, turning it into a base from which the US could box in Russia's only significant Pacific port, Vladivostok, and turn the Pacific into an American lake, safe for international trade. And what of the detriment to investment that comes from taxing the earnings of those who are young and still in the workforce, and redistributing to the non-working older generations?

[@SandfordSmythe]

SS is independent of the federal budget. You want to turn it into a welfare program?

[@pablononescobar]

@@SandfordSmythe It is independent of the annual appropriations process, but that does not make it outside the "budget," or more appropriately, outside the bundle of money the federal government spends in a year. Social Security and Medicare taxes are included in overall federal revenue, alongside individual income taxes, and SS spending is counted alongside all other federal expenditures. Who categorizes them this way? The US Treasury Department. (See fiscaldata.treasury.gov/americas-finance-guide/). And SS already IS a welfare program--it's not defense spending, it's not highway spending, it's spending directly related to people's livelihood--their welfare. Constitutionally, it falls under Congress's power to collect taxes for spending on the "general welfare of the United States." US Const. Art. I, sec. 8. But Constitutionally permissible does not meant fiscally advisable.

[@AndreaDoesYoga]

A scary prospect for our economy, stay informed everyone! 💡

[@alq131pod]

You dont talk about what the impact would be to remove the limit on payroll tax cap. Just have no cap. Its not raising taxes, it applying the same taxes to everyone.

[@harveyfernwehz29197]

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[@phongvo913]

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[@nathanvanwie643]

Can’t we just get rid of it? I’d rather save money on my own not having even more stolen for me.

[@carieyoung1111]

You’d see millions homeless if you do that…MILLIONS

[@mcdallywacker8977]

“Stolen” lol

[@quietus13]

The way the left has been winning the war of ideas, our overlords will probably go the opposite way in order to buy votes. They'll tax actual working people to the bone in order to expand the SS system from a retirement pension into a full blown UBI system.

[@jakoblarson4597]

how are old people suppose to survive 60% of seniors rely on social security

[@nathanvanwie643]

@@carieyoung1111 where’d you pull that out of? And obviously I don’t mean stop paying for the people who already paid into the service. I’d forfeit what I’ve already paid in just for the privilege of not needing to pay any more money in. That’s how bad the investment return is. The money I put in would be worth 2-3 times more invested in the stock market rather than just letting it sit in treasury bonds. They squander the money on terrible investments.

[@completelybraindead]

Pro tip: don't rely on the government for jack, build your retirement savings yourself while you're able bodied.

[@jimshoe402]

Right in-law just passed Agent Orange @ 74. His Dad was 92 😝😝😝

[@BitTheByte]

Low wages, high cost of housing and food. What money?

[@njlifeandhealth]

Speaking from experience with our clients, more and more are choosing to continue working even if they don’t want to. The cost of living is very high right now and healthcare costs can be high on Medicare if you have expensive prescriptions. It’s becoming tougher and tougher

[@user-pk8ln3kd2x]

Initially the Trust Fund was separate from the government, until they started dipping into it. The interest that it was accumulating was too tempting. Politicians.

[@Rochelletrem]

This is my fifth year after retirement. I’e been following the 4% rule thing I saw on a youTube channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get really worried.

[@donna_martins]

Not a lot of people are able to save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.

[@robert-1miller]

I’m closing in on retirement, too, and I have benefitted so much from using a financial advisor. I didn’t start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who had been investing for many years.

[@ilyaveysman.]

I really need help, please. Can I ask who the financial advisor you work with is?

[@robert-1miller]

Sure, the likes of the popular lady vivian jean wilhelm’’ does a good job. Just look up the name, you’d find details on the web to set up an appointment as she offers free consultations from first timers like yourself.

[@ilyaveysman.]

Thank you for this pointer. It was easy to find vivian handler, She seems very proficient and flexible. I booked a calI session with her.

[@scipioafricanus4875]

Detailed explanation for what's going on thanks

[@michaelpalmer4387]

Same problem in the UK. It's likely the state pension age will increase from 67 (possibly to 71).

[@lacie824]

Still confused about where did the money go

[@berry104]

Dont let the government manage your money

[@Rhaman68]

A statement based on zero basis. “The government” is is, the citizens. The Social Security concept was started to solve extreme poverty. On the way to today, the “us” elected to federal office successfully adapted to central influences from party leaders which were influenced by money grabbing policies. The GOP’s cut taxes from corporations and rich people. The GOP endorses self wealth. Joe and Jane’s income is taxed up to a certain amount. Why? Corporations do not pay any more than as required. Answer: make all income levels pay SS taxes and the same for corporations. It’s easy to point the problem.

[@SigFigNewton]

Medicare is enormously efficient compared to private health insurance

[@k4ba]

Then go live in an island, you can't escape taxes

[@jumbomuffin1316]

You retire, you pay. Why should the young taxpayers be forced to pay.

[@traybern]

DUMBBELL, THAT’s how it’s been set up, for 80+ YEARS!!!

[@cteal2018]

Before Social Security you had about half the elderly people in the country eating cat food out of the can for dinner. As a society, we agreed that wasn't right.

[@bigdog8008]

So you are completely fine that everybody ahead of you was forced to pay 12.6% into FICA to pay those ahead of us and have that completely stolen because of your "why should the young pay". And then you will have an insufficient amount saved up, demand financial help from the next generation or end up eating cat food.

[@jumbomuffin1316]

@@cteal2018and what do we get? If you can afford to move to Florida and buy convertibles, you don’t need anything.

[@jimfar2008]

$35 trillion in debt and work force at almost 1/3 of what it used to be- a really scary, bad situation. Print, print,print.💰💰💸💸💸💸💸💸💸

[@TheGarbageGhillie]

Social security, Medicare and federal income tax should all stop immediately.

[@Sjalabais]

Every developed nation is facing this very same problem in each their own flavour. A half-developed, nastily human-unfriendly place like the US, with barely alive geriatric politicians - concerned with identity politics - doesn't look like it's ready to handle this though...

[@ladedalounge]

Nice....add that problem to year 2024...scrolling along now

[@MrHeavy466]

I'm sick of paying into everyone else's retirement.

[@toolwithintention]

As someone in there 30s who quit working and stopped paying into this system Im loving this

[@bigdog8008]

As long as you are benefitting from 'this system" then you are also known as a leach to society.

[@jet4415]

No one brings up that of the over 1.176 million people who died of Covid were over 65. So a lot of people went off Social Security.

[@19MAD95]

That’s not enough.

[@randy74989]

@@19MAD95 Exactly ~10,000 baby boomers are retiring daily this year. Calculate that number and Covid deaths mean nothing to SS. No one should have expected to live off Social Security. It was set up to replace ~25 to 30% of your expenses. You were supposed to save, save, and save some more while you were working and downsize your living costs before you retired. Americans were spoiled by credit cards, easy money, and near zero interest rates since 2008.

[@PSy84]

and most of those who died dont have retirement benefits😂...so doesnt matter aside from it's small population. Many people who died in covid are working people who's supposed to contribute

[@oldfreddyfrenchfry1]

Amazing how obvious the problem with SS is - take money from workers and “promise” they’ll get it, but your name is not attached to it, and there’s never a stable balance of money in vs money out. So it’s a holo empty promise. SS is really just a tax, and is infuriating. I could invest that money into my own retirement account.

[@duerf5826]

That would be great in an ideal world but we don’t live in an ideal world. We live in a world full of morons who would waste away all their money if left to their own devices, which is why SS was created in the first place. If SS payout is to stop tomorrow, we would have a situation that would make the current SF homeless problem to look like a molehill in comparison.

[@oldfreddyfrenchfry1]

But why do we pretend that the federal government has responsibility for our retirement planning? Everyone is responsible for their own health, their own diet, their own education, and retirement savings should be the same. SS lulls people into a false sense of security, b/c they think it’ll all work out and be enough, but it doesn’t.

[@thedopplereffect00]

​@@duerf5826so have an intelligence test that determines whether or not you have to pay into it? Might work.

[@tw8464]

​@@duerf5826you're absolutely right

[@franciscodanconia4324]

It’s actually legally a hollow promise. A court decision stated that there is actually no requirement in the SS law for the government to ever pay you anything. The only thing that makes them pay is politicians afraid of getting voted out.

[@A1stardan]

There's also scammers who steal retirement money from old and gullible people

[@dj1055]

I have been saying this for two years. If anyone thinks inflation should be over 1.5% per year does not understand that social security has an annual CPI escalation clause that almost bankrupt the system over the last few years. We can't afford anything more than 1.5% per annum, and that is just social security . There are thousands of contracts with CPI escalation clauses. For those who keep naively saying that inflation should be closer to 3%..... run the numbers!

[@nunyabidniz2868]

The solution has been known for decades: allow the SSA to invest a portion of the trust fund, so that is no longer a pure Ponzi scheme. The whole reason why it didn't do this from the beginning is because when it was created, there were still too many bitter memories of the 1929 crash, and not a long enough track record for the knowledge that over time the stock market always regains the losses to become accepted.

[@teehasheestower]

Who wants to bet we pay for this with debt? again.

[@peterbedford2610]

Yup. US gov borrows over $1T/year. Has $34T in debt. Pays ~$500B/year in interest alone. More money must be borrowed

[@franciscodanconia4324]

We already are paying for it with debt.

[@marvinmallette6795]

We're paying for a surplus, with debt, and the solution we are expecting is to pay for that debt with more debt. Debt just being taxes. So we are planning to tax generations upon generations for the crime of the US having a baby boom.

[@OverMankind]

65 of the most economically prosperous years in human history and you still can't afford to retire? Hello?

[@jimfar2008]

I see old single wide trailers now going for almost $2000 a month where I live. Unbelievable.

[@xiphoid2011]

Even when I started saving in 401k in the 2000s, I never expected social security to be there when I retired. Now I'm not worried at all. Taking personal responsibility of personal finances, being frugal and diversified investing with 401K/Roth IRA/HSA, I can retired right in my 40s if I wasn't planning to pay my 3 kids' colleges. It's "The Ants and the Grass Hopper" story I was taught and also read to my children, yet somehow still ignored by so many adults.

[@Me-eb3wv]

Smart. I’m tryna be like you, invest as much as I can and be as frugal while still living comfortably

[@petewilcox3354]

You realize we have been paying into ss our entire working lives xiphoid2011??? That's my damned money, I earned and was paid by ME and all wage earners

[@theimpactx9387]

Yeah. Half of those at or approaching retirement haven’t saved for retirement is an incredible statistic. I have very little sympathy for those who soley rely on it to survive in retirement. Maybe too many were counting on pensions and that’s just “how it was”, but I don’t think younger generations are too different.

[@j.503]

Yeah, the Wall Street Journal's take on Social Security is a trustworthy one, riiiight.

[@jbb00676]

This is why for all the retirement projection models I have I do not include social security. If I get it, great but I’m not relying on it

[@guylr7390]

Just adjust the contribution income limit to $250,000 and it will be fine.

[@A1GA56N]

Mindblowing solution: maybe don't send billions of dollars to foreign countries constantly?

[@twelvecatsinatrenchcoat]

You have literally no idea what the budget looks like.

[@A1GA56N]

@@twelvecatsinatrenchcoat It seems like the government doesn’t know what the budget looks like either.

[@twelvecatsinatrenchcoat]

@@A1GA56N They know. Knowing isn't the problem on their end. Broken incentives are their problem. Ignorance is yours.

[@HomersIlliad]

We can always adjust the ceiling for the payroll tax, or apply it to capital gains.

[@shortstraw4]

Wierd how the answer to deficits is always to spend more rather than cut spending

[@thepepperlanders]

Funny how eliminating the income cap is never mentioned as a solution.

[@SigFigNewton]

What is the income cap

[@SandfordSmythe]

The income cap is when someone opts out of SS for the rest of the year because they don't need much SS benefits. People are saying that they should continue to be taxed, so they pay for others. SS is self-contributory, not welfare.

[@bigdog8008]

Because it ISN'T a solution. There is no opting out of SS. There are limits on what is paid into FICA or "federal insurance" at which point a person is paid up for the year. What people such as yourself don't understand is that when you raise the cap on payments into FICA, the government is also forced to raise the cap on payments OUT of FICA. The same people that you want to force to pay more would also collect more when they retire. Hence - not a solution.

[@July.4.1776]

⁠@@bigdog8008… Removing the cap would allow more income to come in…. The third bend point allows for more income to stay in the system vs what is paid out.….This would still allow high earners a slight raise in benefits…..

[@screes620]

I remember my dad telling me how social security was going to run out in the 80's, and then the 90's, and then the 2000's, and then the 2010's. People have been talking about how social security is going to run out for decades now, and it never does. This is a non issue.

[@ArchesBro]

The real issue is these billionaire owned media outlets trying to convince people social security needs to be cut. Look at how much propaganda is hidden in this video, where they pretend US population is declining when the opposite is true due to high numbers of illegal immigrants, who dont get to withdraw anything from social security anyway

[@marvinmallette6795]

Yeah, me too. I spend some time digging into the matter. Turns out that the baby boom resulted in extra funds coming into the Social Security program, funds that were more than enough to achieve the 78% replacement income the program sought for retirees. So they wanted to invest this money for future generations. Investing in stocks didn't seem wise. The stock market could crash. Also, that would grant the government a seat at the shareholders table of many companies. Maybe not suitable for a free society. Investing in Treasury Bonds seemed like a good alternative. They were seeing good returns, and were considered a more stable investment than stocks. It might work for creating a "perpetual motion machine" that prints money, right? What could go wrong? It isn't like Treasury Bonds were going to be a tax to be paid by millennials, that would just increase the size of the Social Security fund for Boomers, is it? We could be allocating funds directly to Social Security, with accurate accounting. Or we could continue to go through Treasury Bonds with all of the chaos and confusion and anxiety about insolvency that comes with such designs. I say let it run out, and lets focus on how to deal with fluctuations in childbirths, "baby booms" and "aging populations". On how we should set Social Security taxes on the working class, for a healthy economy. On what retirement age is practical.

[@July.4.1776]

Same here social security will be around forever…. Everyone worrying about what’s going to happen in 2034…. Congress is not worried they will make a slight adjustment in the final hour…..

[@chancellorasher9417]

Can we just opt out??

[@thedopplereffect00]

That would be my choice. Full refund with interest and I could retire today, not decades from now

[@franciscodanconia4324]

@@thedopplereffect00I’d let them have my existing contributions and 100% opt out of any future benefits just to be able to keep my 6.3% going forward. I could make a nice nest egg over the next 20 years with it.

[@thedopplereffect00]

@@franciscodanconia4324 it's actually 12.6%, your employer could give you their half too

[@franciscodanconia4324]

@@thedopplereffect00 nah the employer half would still be paid in to cover at least some of the payments to current retirees and those close to retirement.

[@peterfmodel]

Governments always do what is easy with minimal though of the long term effect. The social security system of most developed countries is based on the taxes of people currently working. This means when too many people retire and the number of people being taxed drops, we have a problem. Germany does have an element of that in its social security system, but most of a person’s retirement income comes from social security insurance payments that person makes over their entire life. This is a flat tax which goes into a trust fund which is drawn upon when a person has retired, or is unemployed. I suspect most countries will need to move to a similar system, although I must admit its incredible complex. Its also not so good if you have never worked in your life, or have not worked very much.

[@wonderwoman497]

How about all those people getting paid under the table with Zelle cash sop etc

[@dementeduncle]

Raise the wage cap on Social Security taxes. Let the high-income earners save the program. We boomers will vote for it, we're retired.

[@ISpitHotFiyaa]

The high income earners are already saving the program. Social Security is a giant ripoff for anyone earning above the second breakpoint ($7078/mo). They should move the cap down to that point.

[@bigdog8008]

That won't affect anything.

[@July.4.1776]

@@bigdog8008… It certainly would with the way the bend points are designed compared to the tax withholding above the current cap.

[@Andres_853]

As a significant portion of the population exits the workforce, the strain on pension systems, coupled with reduced consumer spending, could contribute to economic challenges. Amid this scenario, considering the expertise of a financial advisor becomes crucial for individuals navigating their retirement plans to mitigate potential risks and uncertainties.

[@GardenerEarthGuy]

If they stop giving social security to young people who don't want to work, probably be okay.

[@tpcleaning640]

Eliminating the limit cap would also mitigate the damage. If some movie star or NFL star gets 10 million for their first contract or movie in January. They pay the 150 something thousand per year in that large check. Then they don't have to pay another cent out of their move that comes out in June or the third movie in December. I have to pay a percentage out of every check. So should they.

[@bigdog8008]

And when they retire - they will equally be allowed (by law) to retrieve higher amounts back out of the system. This would gain us nothing.

[@July.4.1776]

@@bigdog8008… That is not how the bend points work…. The higher earner is in the third bend point the system would gain greatly and the high earner would still increase their benefit slightly…..

[@slambig]

Add 1% point to capital gains, no income limits on SS taxes, and keep the government away from SS funds. Problem solved.

[@user-tw3kr9if1f]

I believe we all contributed to this problem whether directly or indirectly So we must all make Sacrifices towards a solution.

[@raybod1775]

Tax all income from any source equally whether its a person or corporation and no deductions or tax write offs.

[@bigdog8008]

There are no SS taxes. Period. It is FICA -- not a tax but a payment into YOUR "Federal Insurance". If you remove limits on those putting money into the insurance then you also remove the limits on those pulling money out of the insurance. This gains you nothing.

[@bigdog8008]

@@raybod1775 Close. But delete corporation and business taxes entirely! Those are simply passed through to the user --> *you*. Instead, tax all money that actually gets paid to a human or used by a human. As long as the business does nothing with the money, it isn't taxed. But since a business is not human - it cannot enjoy this tax. And since the business would no longer be taxed - they can no longer claim "no taxation without representation" which is used to buy off both Democrat and Republican politicians. Then - complete rewrite on what justifies income. For example - private jet for business use? Sorry but you can only write off the already established government per-diem airfare rate. If you get to use a private jet - great! But you can only write off the established rate of one air plane ticket -- the rest of the cost of the flight including cost of plane, fuel, pilot, etc is considered income and a taxable item. And the human (not the company) pays that tax. Also massive bonuses to CEOs paid as 'stocks' so they don't pay taxes? Sorry - that is now pure income with taxes due. And pay again on the difference when the stocks are sold. Many other loop holes to plug. But - both political parties benefit greatly from this and neither will fix this.

[@July.4.1776]

⁠@@bigdog8008… The way the bend points are set up if you remove the cap you end with more going into the system ….The third bend point is where the top dollars come out…. This would help the system greatly while still allowing the high earners to gain some benefit.