Should You File Before Social Security Goes Bankrupt?! ⏱

Should you file for Social Security before it goes bankrupt? If there's a possibility of benefit cuts in the future, wouldn't it make sense to go ahead and file for benefits before they are cut? Today I will dive into this and answer this question once and for all.
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🎤 If you're preparing for retirement or already enjoying it, you'll definitely want to catch my podcast, Big Picture Retirement. Your retirement's success hinges on seeing the "big picture" and tying together your legal, tax, and financial strategies. On the show, we dive deep to offer insights on effective planning, and I'm joined by my co-hosts - attorney John Ross and yours truly, financial planner Devin Carroll. www.bigpictureretirement.com/
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Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn:
✔The Most Important Factors to Consider BEFORE You File for Benefits
✔How to Coordinate Your Social Security Filing Decision with Your Other Assets & Income for a Tax Efficient Distribution Strategy
✔Why This Is The Biggest Decision of Your Retirement
Access the workshop today at this link
www.devincarroll.com/SSessent...
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📜 HEAR YE HEAR YE: Some of my videos contain links to third party products, apps, and services. If you click through, I may receive a small referral fee to my media company (Carroll Media Properties) through their referral program. Rest assured, I only recommend products or services that I believe will be helpful and informative to my audience.
⭐⚠️⭐Please read this⭐⚠️⭐
⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government. I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇
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[@gingerkilkus]

I’m currently retired, and considering the current rollercoaster nature of the stock market, I decided to stay on the sideline for awhile, now I’m worried with the numerous bank failures as of late, am I better off reinvesting my savings in the stock market or do I wait?

[@lowcostfresh2266]

@@TomD226 Inspiring! please can you leave the info of your investment adviser here? I’m in dire need for one.

[@nanhand99]

@@lowcostfresh2266 scam

[@UPLINKUSA]

They don't have trouble finding money to start new wars.

[@tinalippincott9823]

My thoughts exactly. We underwrite other countries while our citizens are penalized.

[@idaevans2509]

Shalom from the Ohio Valley 🙏 Don't forget how the illegal aliens are being given benefits too Including housing and food stamps

[@lamontpearce170]

All wars are bankers wars...

[@johngill2853]

And think how many times re elect the same people over and over,

[@deannanderson3867]

2;57

[@deborahforrest5601]

Social security should never be touched. There is so many cuts that can and should be made to make sure these benefits stay safe . If there needs to be a cut made to the social security, stop taking out this money from the pay checks and give back the money to the people that paid in already.

[@andrewgeissinger5242]

Most of the money that you paid in has been used to pay previous beneficiaries. You will have to rely on younger workers to pay your share.

[@mickeypreston7505]

I agree with that completely

[@matthiatt6834]

Congress could stand to take a pay cut.

[@whatistruth1155]

@@andrewgeissinger5242 Still!

[@abqneely]

@@andrewgeissinger5242 You’re one of the few that realize that important fact.

[@MichelleREast]

Why ate retired government workers, (senators, V.President, President) still receive their full pay amount, plus paid Healthcare, retirement pension etc...why must the US citizens continue paying Senate's and such their same salary as when they were in office? Are they even paying Social Security Taxes or any taxes. When I became disabled I took a massive cut in pay, now on $1,019 month SSDI, Medicare, Medicaid, Anthem HealthkeepsPlus. I paid SS Taxes and Meducare Taxes fut over 50 years, regularly, every week. Now they are saying my benefits must be cut? Well what if I had decided to "Cut" the amount of SS Tax I paid? I paid in fir over 50 years, therefore I should have over 50 years of benefits. I swear. The government, especially Biden and his Dems can't wait to get their grubby hands on Social Security Money. Make all retired government workers receive the same type of retirement benefits that the regular citizens get. I wasntxable to keep my full pay. Once retired, no person in the US should continue being paid their full salary, they need SS benefits, Medicare and all the same as us. Let's see if they can survive on $1,019 a month.

[@boristheamerican2938]

They dont, its a myth you just want to believe.

[@Satjr35031]

They do not get paid healthcare They are on ACA their own insurance or their spouses insurance

[@bobschriswell565]

Thank you for the video, I found out that investing is not for everybody, you just need a strong stomach too see your portfolio go down. It might be wiser for a novice to start with copy trading investing, but it is not easy. To invest in growth stocks it is another level, definitely you need to know what are you doing.

[@bobschriswell565]

From my own point of view, you need to invest smartly if you need the good things of life. so far i've made over $255k in raw profits from just 6 months into the market from my diversified portfolio strategy and i believe anyone can do it you have the right strategy, mutual funds takes long time but investing smartly is the key for short term. Most of us tend to pay more attention to the shiniest position in the market to the cost of proper diversification.

[@Charlotte77683]

This is a phenomenal advice for a new stock traders and investors who want that quick short term game, but don't see the light at the end of the tunnel.

[@mariaaguilar7076]

@@bobschriswell565 I've been solely investing in real estate. But with the recent hyper home pricing i've liquidated a few things and have $45k in cash laying around idle. Would love to get your recommendations, I'm in search of something lucrative in the current crazy markets, i will be glad.

[@bobschriswell565]

My portfolio is very much diversified so it's not like i have a particular fund i invest in, plus i dont do that by myself. i follow the trades of Mrs Karen Gaye Gray.

[@danielrichter465]

@@bobschriswell565 By following her trades do you mean copying her trades? I have heard about copying trades

[@carolj.3175]

Everyone gets paid, illegals, lying disabled not true disabled,other countries,EXCEPT THE WORKING CLASS PEOPLE! I've pd in nearly 50 yrs. Start with retirement cuts to politicians.

[@whatistruth1155]

Agree.

[@SandfordSmythe]

Class struggle here

[@dalepasswaters4898]

Started taking my SS at 62 I’m now 72. . No regrets .

[@amaliahightower]

I wonder how they would feel if their (Congress) wages, pensions and benefits get cut?!

[@whatistruth1155]

Agree!

[@SandfordSmythe]

Federal pension is under federal control and has been mandated to have enough pay-roll taxes to support itself. It doesn't have to deal with voters complaining about taxes.

[@geneticdisorder1900]

Like term limits,,,, it will never happen !

[@marysvara5017]

they'd just continue to get rich with insider trading.

[@laurathornton5828]

Devin you are the best! Thanks for keeping us retires updated!❤

[@DevinCarroll]

Thanks for watching!

[@hippiegirl5167]

I filed at 62 . Best thing I ever did

[@whatistruth1155]

Me too. You can’t take everybody’s advice!

[@glennjones596]

It is funny. Welfare will never go bankrupt, but social security will?? I think not.

[@howardfriedman7077]

Welfare does not have a fund.

[@manolocalifas6488]

@@howardfriedman7077 Really, how are they funded?

[@howardfriedman7077]

@@manolocalifas6488 Through general expenditures of the government.

[@manolocalifas6488]

@@howardfriedman7077 thanks

[@whatistruth1155]

Agree

[@Peachy08]

I started mine at 62. With that being said we were prepared. All debts paid off except for a few more years on house. Husband is 7 years younger than me but is luckily drawing a good pension from former job. He still works, now at a different place. Just get your ducks in a row and it is doable.

[@rebels1982]

It’s doable if you have a “good pension”. Many working-, middle-class people aren’t so lucky to work for an employer that provided a pension … so I guess that’s our problem we don’t have pension to fall back on.

[@fuzzresponder2225]

@Paul Smith Go-away you been a KZbin member since (two days ago) June 8th 2023! Fraud Alert from the HHS OIG February, 2023 - The U.S. Department of Health and Human Services (HHS), Office of Inspector General (OIG) is alerting the public to a fraud scheme that uses social media and fake websites to steal money from individuals by offering fake HHS grants. 🤣

[@mickeypreston7505]

​@@rebels1982u got that right u have 401k but no pension so basically u are saving for uself if u dont lose it

[@georgehough9992]

​@@rebels1982 😊

[@billbeverly2864]

Currently I pay taxes on 85% of my Social Security income, I wonder how long it will be before they raise the percentage to 100% ? That way they could avoid or delay benefit cuts and the politicians could say 'we did not cut your benefits.'

[@boristheamerican2938]

Republicans want to make it so you dont have to pay any taxes on it. You will just not get any checks anymore. Isnt that great?

[@johnnyadams1755]

Basically, they have been doing this for years. This started during the Reagan administration. However, the dollar amounts haven't changed since then. In the 80s few had to pay taxes on there SS, today a majority of people do.

[@whatistruth1155]

Agree.

[@SandfordSmythe]

100% would be the proverbial tax on a tax.

[@billbeverly2864]

@Paul Smith what state are you in?

[@debbiewilson4123]

Thank you for your clear concise info. I am relieved every time I listen in.

[@DevinCarroll]

Glad it helped!

[@whatistruth1155]

Really?

[@naturetrails8217]

I love how these KZbin content creators use click bait to get more viewers then water down the hype by giving the viewer a “what if” worse case scenario 😂🤣

[@whatistruth1155]

Agree. I learned nothing from this!

[@howardfriedman7077]

Devin: Anyone making the claim that SS will go bankrupt, clearly knows very little about SS.

[@fuzzresponder2225]

@Paul Smith Go-away you been a KZbin member since (two days ago) June 8th 2023! Fraud Alert from the HHS OIG February, 2023 - The U.S. Department of Health and Human Services (HHS), Office of Inspector General (OIG) is alerting the public to a fraud scheme that uses social media and fake websites to steal money from individuals by offering fake HHS grants. 🤣

[@July.4.1776]

Another item is if they decide to move the tax up to 100% on the benefits you receive vs only taxing 85% as they currently are applied.🤔

[@seventhchild7270]

DEVIN, ...I retired on SSDI due to a near fatal accident with a drunk driver !...I've retired from State service with full benefits, NOW receiving my full Social Security retirement!...I have no regrets taking my retirement early due to the accidernt!..However;.....There is still constant talk of cutting Social Security by 20 to 25%, in the next 5 years!...Also, being mindful that this Debt Ceiling crises is only resolved for the next 2 years, and then WERE back to square one!.....I honestly do not Trust most of these politicians due to their greed, biases, manipulations, corruption, and lies!...When you realistically look at the millions of people losing their jobs by means of companies downsizing, more people retiring earlier or regular retirement, Tech jobs, retail, medical, etc are laying off millions!......I retired, and downsized my life since the 2008 recession, I live my life more simple, nice, healthy, more peaceful, spiritual, without a lot of debt!....After Working 35 or more years, I love just LIVING my Life in a way adjusting to these hard, uncertain, economic , pre depression times!....There is still more Money leaving the Social Security funds then being put back into the Social security Fund...Not to mention those people that just flat out refuse to work!!

[@idaevans2509]

Shalom from the Ohio Valley 🙏 I'm with you better life!

[@geneticdisorder1900]

@Paul Smith Are you one of those bots, you keep putting the same BS on every comment

[@wa210]

I like you forced to retire early on SSDI. Just approved fully disabled 3 weeks after turning 62. Flew airline job for 37 years, and worked odd jobs since 12 years old. Planned to work till 67, but life throws people curveballs at times, and unfortunately happened to me. Thank goodness receive full FRA now, still some LTD pay till 65, have savings, 401k, and took lump sum pension. Not rich per se, and have reduced expenses. Living, but not blowing on unneeded crap. Budget my monthly expenses at $3,300 a month. Also DEBT free. SSDI and LTD cover all my expenses monthly with almost $200 extra left. But when LTD drops, will have to start drawing off lump sum pension.

[@mariacuachon3906]

Thank you for explaining 😮😊

[@steelcastle5616]

A bird in the hand...

[@OroborusFMA]

For the last time, SS is NOT GOING BANKRUPT. What MAY happen, IF Congress does not act, is that the revenues from currently employed workers will only cover about 75% of benefits. MAY happen. IF no action is taken. And even then it will be a REDUCTION of benefits. Could someone for the love of cripes get this right!

[@johngill2853]

You Tubers sell fear, it's all about the money

[@geneticdisorder1900]

It’s my money, FHAK THE FEDS, I have my own retirement plan that they hopefully won’t steal when I die !! Forced to pay double for being self employed and if I die before retirement the commie government steals my money !! My family deserves that $150 grand !!!!

[@samanthabarberlette-edward8546]

Thank you Devin, This issue has been in the back of my mind. Since I am in my in my late 50's. I really plan on working until full retirement age.

[@fuzzresponder2225]

@Paul Smith Go-away you been a KZbin member since (two days ago) June 8th 2023! Fraud Alert from the HHS OIG February, 2023 - The U.S. Department of Health and Human Services (HHS), Office of Inspector General (OIG) is alerting the public to a fraud scheme that uses social media and fake websites to steal money from individuals by offering fake HHS grants. 🤣

[@whatistruth1155]

Good for you!

[@robertfranz9506]

Nice FEAR MONGERING!

[@idaevans2509]

Shalom from the Ohio Valley 🙏 My thoughts exactly!

[@bradleyvanzile1111]

I’ve got to see it to believe it!!!

[@user-hm9fv7mx9n]

Intelligible and thoughtful.

[@happyface2373]

There’s enough money to send to Ukraine. Keep it here.

[@jskaggs8188]

There is enough money to provide housing, food and medical to millions of illegals.

[@denicesanders4586]

Over and over again 😮

[@jamesingwersen4240]

Cut some of the loophole on survivor benefits on an ex when remarried. Even after 60. Its ridiculous. A lot of the nutiple ex spouses pulling is also ridiculous. 1 ex not remarried ok. But God theres a lot of loopholes for mutiple ex.

[@whatistruth1155]

Totally agree!

[@wa210]

There's enough money owed to the USA by the likes of don the CON and his buddies. You know, like 17 counts of TAX FRAUD for the CON. Just one example of thousands. See how that works happyface?

[@lorielundgren7169]

Another factor to consider, aside from just how long you expect to live is a person's overall health. I would think that when you're younger and healthier, a person is more likely to need/want a higher monthly income. When we age past say 78-80, most people slow way down, stay home more, eat less, buy less, travel less etc., and just need less money to live. Seem to me like it makes better sense, to start collecting earlier, take the lessened amount for a longer period of time and live your life while you're healthy and active enough to want to enjoy life. There are so many more factors to consider than just the math and expected lifespan. I'm 63 1/2 years old and am considering starting to collect SS at 65 years old and working only 3 days a week instead of 5 earning up to that $21 annual limit. That way I can start Medicare and not need my employer's health plan. I will work part time, earn roughly the same amount of monthly income, but have more free time to enjoy while I'm healthy and active. My full retirement age is 67 and that's when I will retire completely if I still want to. I do have some fairly serious health concerns, and am currently feeling no ill effects, but life offers no guarantees for our futures.

[@melodynorman3362]

Glad I kept my civil service

[@duellonaboudica400]

till the state goes bankrupt.

[@sct4040]

I did.

[@billclancy4913]

All they need to do is eliminate the salary cap where they stop collecting on high income earners.

[@SandfordSmythe]

So who will get that money? SS is not a welfare program.

[@wa210]

The red party will NEVER do that. Their owned by the rich. If they do that, their cush congress jobs go buh bye.

[@vinceveltri7732]

The sooner the necessary changes are made, the lesser bitter taste impacting the overall SS system will have on our society. Devon, thank you for keeping this issue on the front burner.

[@jimlampert2897]

Totally disagree,life isnt about work.Retire @ 62 & enjoy life.Its only a little axtra.Those extra yrs have well chance of costing you health expense issues.

[@lizcoleman5229]

Thank you for this video and for breaking things down for us!

[@fuzzresponder2225]

@Paul Smith Go-away you been a KZbin member since (two days ago) June 8th 2023! Fraud Alert from the HHS OIG February, 2023 - The U.S. Department of Health and Human Services (HHS), Office of Inspector General (OIG) is alerting the public to a fraud scheme that uses social media and fake websites to steal money from individuals by offering fake HHS grants. 🤣

[@joelquinn2037]

The law also forbids them from dipping into the Social Security fund for other purposes....

[@tomtheplummer7322]

Yet it has has been done already in the past. 🤷‍♂️

[@rafaelfebre9383]

The government has dipped in

[@cheeseman9967]

Until they " modify" the "law"😂

[@ws775]

It was borrowed from and interest paid. They have begun paying back as needed.

[@mikeschlup5279]

Since when do they follow the law...

[@randolphh8005]

There is no way current persons receiving benefits will get cuts. Do expect higher taxes, however, on your benefits, especially if you have other income they likely will tax 100% of benefits for higher earners.

[@everettcalhoun8197]

Taxing SS at 100% will do little to affect the shortfall, but it will lose you a lot of votes if you are a politician.

[@NTSCuser]

The minimum age for filing will be raised, just as it has in almost every other western country.

[@NTSCuser]

@Paul Smith Thank you but I'm neither a US citizen nor in need of any grant.🙂

[@whatistruth1155]

Yep!

[@LarryCoburn-iw6cl]

Which their payments will be reduced if they file at 62, or 67!!😂

[@dougb8207]

Great analysis! You're the first I've seen to have run numbers like this. Kudos to you sir.

[@dougb8207]

@Paul Smith scam.

[@everettcalhoun8197]

I believe the cuts and/or changes will be to future retirees. So the people working right now can make changes to their retirement plans to compensate for less SS. There also could be a choice system where those people who don't want their SS cut when they retire pay more into the system during their working years and those who just want their SS check to keep them out of poverty would contribute the current amount.

[@andrewbecerra7600]

I'm out at 62 no matter what.

[@howardfriedman7077]

You are out of what?

[@andrewbecerra7600]

@@howardfriedman7077 of working

[@howardfriedman7077]

@@andrewbecerra7600 When will you start SS benefits?

[@jimbo3609]

Devin, great video. I was told by SSA if I filled in October for SS benefits and kept working. They will give me credit back in January which is about $126 more per month and it will be for the rest of my SS benefit. Is that correct?

[@jameswitte5676]

Wow! What a great title to get views.

[@jim7953]

I feel this was all plan to spin it to say its running out of money that my option

[@reneerobertie3266]

They should raise the income limit to which SS is taxed - a lot. Also, you can’t go by how lawmakers have acted in the past. Too many loose cannons who think SS is an ‘entitlement’ that we don’t deserve.

[@marklen2322]

Sixty years ago Speaker of the House Tip O'Neal told Washington politicians that Social Security and Medicare need to be funded properly for future generations. For sixty years our politicians have swept the problem under the rug. Today the American people need to hold current and retired politicians criminally responsible for misfeasance in office.

[@ws775]

He was speaker 45 years ago.

[@sinebar]

McCarthy said he was forming a commission that appears to be for finding a way to cut Social Security and Medicare. Is he going after current recipients or future? My poor grandparents are worried sick. I'm trying to find as much information as I can so they can stop worrying. I just hope I don't have to give them bad news.

[@andrewgeissinger5242]

It's doubtful that benefits will be cut for current recipients, but the commission will be examining what options might be available. Until they're done looking into it, no one can possibly know what they might recommend. If they did know, there wouldn't be any reason to have a commission in the first place. Congress is always looking into various things. There's nothing wrong with that. And whatever this commission recommends would still have to obtain the approval of House, Senate, and the president before it could be implemented. Your grandparents are being irrational, but if they enjoy worrying about things, then there's really nothing anyone can do about that.

[@jason60chev]

I'm 61 and still working a Six figure + job and intend to, for the next 4 years. Filing for SS at this income level seems ludicrous.

[@duellonaboudica400]

With a 6 figure + job. I would think you have been able to invest in your own retirement making socialistic security something you shouldn't need to fall back on.

[@jason60chev]

@@duellonaboudica400 One would think, but it hasn't happened that way. That is why I need the next 3-4 years to get my ample old A$$ in shape. Have laid out a plan and am working it.

[@_Coffee4Closers]

Ahhhh, you don't file for it while you are working. You won't have a six figure job when you file for it. Besides if you have already worked more than 35 years and are over 60 then I have news for you... your final benefits are not changing much for working longer. Working until you are 65 at your current income will likely only get you another $70 or $80 a month at your full retirement age, due to how "inflation factors" and "bend points" work for SS. Just remember if you look at your SS estimates at SSI online the amount they show is always in TODAY'S dollars and will be COLA adjusted for the years between now and then.

[@Satjr35031]

Don’t know what the Bend points will be next year when he turns 62 If he is making a good six figure income the next four years that could change his AIME a lot higher With that said he could get $200-$250 more a month.

[@amaliahightower]

@@jason60chev You gotta remember tomorrow is not promised. Life is too short! More money ain’t nothing if you drop dead…imo.

[@jerryodell1168]

There are too many lottery options now, however????? Some might think a National Lottery open to people World Wide with better payouts than the other lotteries with the income minus modest expenses going in total to the Social Security Trust Fund is the only way to keep things going in to the future. Let those willing to play do the paying.

[@_Coffee4Closers]

Anyone that thinks that Social Security is going to not be paid or drastically cut does not know how politics works. First, there is no "trust fund"... that is a myth and always has been a myth. The money comes from the general fund... just because they write an IOU and claim there is some fund is BS. That said, Social Security is called the "Third Rail" of politics for a reason. Any politician that want to be immediately unemployed just needs to even think about cutting Social Security. There is ZERO chance that even one dollar will ever be cut until every other program paid for by the US Government is totally bankrupt. So after the US has no military, or any other paid for program only then do you need to worry about any cut to Social security.

[@howardfriedman7077]

Coffee: The SS trust fund is safe and intact with about $2.7 trillion in treasury securities. The trust fund has been utilized for over three years running, in order to make up for the shortfall in SS payroll taxes.

[@_Coffee4Closers]

@@howardfriedman7077 Payment come from the general fund... there is not vault full of money somewhere saved. The "trust fund" is an IOU with nothing to back it other than current tax payers paying their payroll taxes.

[@SandfordSmythe]

@@_Coffee4Closers I better cash out my IOU US Saving Bonds. Can't trust Uncle Sam?

[@JR-gz4jj]

I love your logic and you videos. One problem with your thinking here is the changing dynamics of the newer politicians in office today. They have no respect for previous generations and people who have worked all their lives to take care of themselves, they look at us as rich and not in need of assistance. The media, which one respected the older generation is now aligned with this class of politicians and will not come to our aid also. Years ago your logic would be solid and politicians would never touch SS, but this new generation coming will have no problem spending for illegal immigrants and the victims who won't work with no repercussions from the democratic party or media. Get it now while you can.

[@andrewgeissinger5242]

The newer politicians in office are elected by the people which implies that the newer voters also have no respect for previous generations either otherwise they presumably wouldn't elect those newer politicians.

[@leannenovak1261]

Yes more was coming, but the government borrow it, wit bonds!

[@richardt1792]

I'll be 70 in a few months and that is when I will start social security. I know the benefit cut is possible but I am banking on the fact that they'll likely figure out how not to have to cut everyone benefit. I am figuring its old age insurance so if I live into my 90's like my parents, my income will be higher. If I am wrong and I die earlier, I will be the last to know.

[@bryanst.martin7134]

Can I get a lump sum? I can turn that into PM that has a much longer shelf life than Cong.

[@theworksservices4901]

Lift the cap.

[@SandfordSmythe]

Who gets that money then? Don't turn SS into a welfare program. It was purposely designed not to be one.

[@lowcarbhigh7428]

I’m 51 yrs old. My wife is 59. I plan to stop working next year and live on my pension. I plan to take my SS benefit at age 62. My wife has always been my dependent and is not eligible for her own SS benefit. What type of benefit can she get when she turns 65 when I haven’t applied for my SS benefit yet? And when I do at age 62 how much can she get based on my SS?

[@buyerbware25]

Why not increase contributions by eliminating the SS earnings limit?

[@Satjr35031]

I think the FICA will raise starting in 2025 From the current 6.2 to 6.5 and raise every two years by .2% till it reaches 7.1% no different than it went from just over 4% in the early seventies to 6.2% by 1992 The cap on the wages have to raise $15,000 each year for the next 15 years At 62 it may go to 65% instead of 70% in the next 15 years

[@abqneely]

You’re on the right path here. The current withholding rate has remained unchanged since the 1983 Social Security reform package was enacted. In fact, it’s the longest period in the history of the program without any increase in the withholding rate.

[@Satjr35031]

@@abqneely Actrhe FICA rate was 5.4% in 1983 Did not get to 6.2% until 1990 But if they raised it .8% in 7 years they can easily raise it But it will take some doing. What do you think?

[@abqneely]

@@Satjr35031 You’re correct about the year the current rate became effective. The current rate was a part of the 1983 Social Security reform package which phased in gradually a number of changes to Social Security. Those reforms included increasing the full retirement age, increased withholding, increased wage base subject to Social Security tax, and imposing tax on higher income beneficiaries. Unfortunately, they didn’t index the tax to inflation which means that the tax hits moderate income beneficiaries today because 25k isn’t what it was in 1983. I do agree with you that a phased in increase of withholding would be an option because most workers won’t miss the small amount from their pay and it would significantly improve the financial viability of Social Security. Unfortunately, the Republicans will oppose such a proposal because they’ve all taken the pledge to never increase taxes.

[@Satjr35031]

@@abqneely Now that I remember that was part of the Greenspan commission that he chaired for Reagan Your right on the SS tax Back then it was to have the higher income recipients pay some tax on their SS benefit. Like you said it was never indexed for inflation. I’m stuck in the 85% and will never get out of it . Bottom line is something has to be done in the next 2-5 years to address the shortfall coming.

[@abqneely]

@@Satjr35031 I really appreciate the informed dialogue. Too many people just throw around their talking points from other sources rather than actually knowing the underlying facts. I’m considering launching my own channel to rebut some of the nonsensical stuff I hear from doomsday prognosticators. Social Security will not be allowed to fail. It would plunge the country into a cataclysmic recession or worse if nearly 70 million people weren’t paid. Can you imagine how dire it would be if seniors couldn’t pay rent/mortgages, pay medical co payments, purchase food and clothing? It would be an unimaginable disaster to put it mildly.

[@victoryleo8310]

My cousin 39 but disabled and drawing off his deceased dad will he lose his fixed income

[@jm6472]

Question David. I am 66 and July is full benefit time but still plan to work and will also start rcvng spousal benefit in July. Can i collect all and still work without any penalties??

[@penelope5500]

Once you reach your FRA there are no penalties.

[@jm6472]

@@penelope5500 I understand no penalties. But do I get both benefits spousal and my full personal benefit from ss. 2nd. If I continue to work and get ss is there a limit to income from work ?

[@janetmartin9372]

You only get whichever is higher. You do not get your SS and spousal benefits. You get one or the other. That does not matter if you are working or not. You do not get a tax penalty loosing SS benefits once you reach full retirement age. You do still file and pay tax on the whole lot of it how the tax code is written no matter your age.

[@penelope5500]

@@jm6472 If your FRA age is 66 (& you will need to be clear on that b/c, you know, that age started going up in 2 mo. increments) you will not be penalized by SS for whatever you receive. I'm not exactly sure what you are referring to as spousal benefits. Half of your husband's SS or benefits due to a divorce. If you are divorced you will be elig. for your own SS plus whatever (if any) amt. you qualify for from your ex, that being based on 50% of the difference between your benefit & his.

[@jm6472]

@@penelope5500 I am a male and widower. 66.6 age end of June which is my full retirement age. So if I keep working will my benefit be adjusted down due to my work income or just pay taxes on both. Thank you for your help. Just trying to see if it benefits me to work and collect ss or hold off collecting till age 70.

[@hotwheel6663]

I heard SSDI comes from a different fund that will last like 50 years?

[@goingmyway1071]

Wrong… same fund!

[@SandfordSmythe]

SS Fund and SSDI Fund will back each other up. Actually the SSDI Fund is in much better shape.

[@peterromano1911]

What about inflation ???

[@_Coffee4Closers]

@@ib12541 That is because history shows it is a NON issue to retirees... spending goes down by more than inflation as people age. Eighty year olds watch TV and eat at home... my parents spend $1600 per month, just like all old people.

[@_Coffee4Closers]

@@ib12541 Well if you had a brain you would realize that they have Medicare and pay for part B and C with part of their benefit, add a supplemental and they are covered... my Mother just passed in March after a year of several hospital stays.. total bills about $150,000... she paid about $2000 of that. Just because you fools fall for the panic porn does not make me wrong it just makes you uninformed.

[@janetmartin9372]

Inflation is a big issue no .after your age. Costs go up they just shift. Still need housing maybe more heat. Sure less food and car but way more medical. Yes inflation shrinks everyone's dollars and they have less buying power.

[@andrewgeissinger5242]

@@ib12541 Many people have been discussing inflation for decades, but for the most part those people aren't your mainstream sources. So if you only listen to the official regime-approved sources, yes, you might not read much about inflation in that case.

[@paulc1352]

I think Social Security will be around in the future but I think it will be cut.....

[@kimlaw2425]

Devin all these people need to do to save SS present a bill and let old folks work while collecting and add their tax to the program it would save it, get that. There are many ways to help this program use a brain!

[@tralalalala1259]

How can it go bankrupt when billions go into it daily???

[@Inferno5150]

because the government is in charge of it

[@howardfriedman7077]

Tra: The money coming into the SSA through payroll taxes is not enough to pay current benefits. The trust fund has been used for the last three years to make up the difference.

[@andrewgeissinger5242]

So many people don't understand how social security works. See Mr. Friedman's response in order to understand it better.

[@steelcastle5616]

Much like personal finance, it's not about how much you make, it's about how much you keep. When more goes out than comes in, you eventually run out of money -- unless you're the US government.

[@Satjr35031]

Because SS pays out roughly $108 Billion a month this year

[@heyjude6335]

They need to means test

[@_Coffee4Closers]

BULL SHIT! Bastards took 15% of my pay check for 45 fucking years.... I refuse to give that so some damn deadbeat that saved nothing and now says he does not have enough savings. Spent my whole damn life paying for you dead beats, pay for yourself for once.

[@scottrichardson3961]

I'm filing next year at 62....before they RAISE MINIMUM FILING AGE to 65....this WILL HAPPEN....other countries have already started doing this.

[@boristheamerican2938]

If they raise it wont they just take it away and laugh at you?

[@Satjr35031]

They are going to focus on the younger workers 40 and under

[@Satjr35031]

@Paul Smith For what ?

[@heymoe1179]

Misleading title...for clicks. 3 possible changes will fix SS: Increase the 6.2% from employees/employers to 6.3, then 6.4 then 6.5 etc. Increase the income limit for contributing to SS from $168,000/yr to $170k, then $175, then $180 etc. And then incrementally increase FRA. Problem solved. There is no "bankruptcy."

[@happyface2373]

NASERA GASERA

[@BlainsTube]

SS benefits are the responsibility of the U.S. Federal Government. The U.S. Federal Government has the ability to create USD out of thin air. SS benefits will never stop as long as the U.S. Government continues to create USDs. Sure the process amplifies inflation, but the SS benefits are paid. A gallon of gas may be $15, BUT SS benefits are still paid. Now you can worry about something else, other than SS benefit cuts. 😜

[@glensmith491]

My SSA at 62 would put me at about 1000.00 per month behind so I'd need to figure out how to make at least $1000.00 per month for the rest of my life. Unless my cuts at 67 are going to be greater than 30%, it makes most sense for me to wait until at least then where any shortfall comes out of my investments.

[@amaliahightower]

I’m 60yrs old Filipino/American. So glad I can live here in the 🇵🇭. I own my home and live in a private village. I have no bills except the yearly property tax for $125 and utility bills for $55 (water, electric, internet). I have $600/month pension from previous employer. I spend less of it every month. My money goes further here with the exchange rate of $1 US to 56 pesos right now. I splurge and eat out but prefer to eat home cooked meals. It’s healthier 😊

[@amaliahightower]

Btw…plenty of American expats live in the 🇵🇭

[@fuzzresponder2225]

@Paul Smith Go-away you been a KZbin member since (two days ago) June 8th 2023! Fraud Alert from the HHS OIG February, 2023 - The U.S. Department of Health and Human Services (HHS), Office of Inspector General (OIG) is alerting the public to a fraud scheme that uses social media and fake websites to steal money from individuals by offering fake HHS grants. 🤣

[@whatistruth1155]

I say go for it!

[@gerrysanterre6317]

Unfortunately are brain dead politicians just will not bring the issue of social security.😢

[@StevenTWoods-pi2mp]

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[@SinghZahid]

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[@JasonYSwift]

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[@NgoloKante-jq2we]

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[@CarlosTLopez-pi9mj]

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[@KayMN.]

They need a Lockbox. This is my money and it’s being spent recklessly and given to other Countries. New visitors work for cash and we need to tax Welfare too!

[@howardfriedman7077]

Kay: None of your SS money has been spent on anything else beyond SS benefits.

[@andrewgeissinger5242]

What is a lockbox? Are you suggesting they put it in a safe where it won't draw any interest and where the value will steadily fall as inflation makes it worth less and less as time goes by?

[@KayMN.]

@@andrewgeissinger5242 A lockbox means the money designated for SS is protected and can NOT be used for other things. My retirement pension is protected in such a way.

[@KayMN.]

@@andrewgeissinger5242 A lockbox means the money designated for SS is protected and can NOT be used for other things. My retirement pension is protected in such a way.

[@KayMN.]

@@andrewgeissinger5242 A lockbox means the money designated for SS is protected and can NOT be used for other things. My retirement pension is protected in such a way.

[@flierbill]

Yes ! I did . I probably won't live to 79.

[@fuzzresponder2225]

2023 - U.S. life expectancy has declined to 76.4 years, the shortest it's been in nearly two decades, according to December data from the CDC.

[@fuzzresponder2225]

@Paul Smith Go-away you been a KZbin member since (two days ago) June 8th 2023! Fraud Alert from the HHS OIG February, 2023 - The U.S. Department of Health and Human Services (HHS), Office of Inspector General (OIG) is alerting the public to a fraud scheme that uses social media and fake websites to steal money from individuals by offering fake HHS grants. 🤣

[@idaevans2509]

Shalom from the Ohio Valley 🙏 Seems to me your are contradicting yourself You said benefits will continue then said benefits will be cut Whose benefits Why did you say anything about dying before age 77 I think you are being told what to say

[@johnm8284]

If THE LAW stopped the Gov't from "deficit spending" there wouldn't have been any argument over the debt ceiling - EVER and we would have had a balance budget EVERY YEAR. (Up until we stopped actually having annual budgets - and turned them into periodic spending bills- during Obama)

[@wa210]

How much did BOY george blow on the FAKE WMD war he started for his red party to get rich off? You do know, he was in the oval office before Obama, no? The blue guy before him had a balanced budget, but your BOY blew it all over oil. KKR ring a bell? You red party fanatics are so freaking brainwashed.

[@Julia-jj23]

Why did Elvis become a comedian? Because he had the 'Blue Suede Jokes' that always left the audience 'All Shook Up' with laughter! 😄 Share your favorite Elvis memories...

[@giddysmiles2901]

Means testing? Many multimillionaires. Canadian gov plan lower payouts.

[@cavolante]

Did I miss something or does your math assume that they won’t move the full retirement age up again. 🧐

[@robertnagel9041]

They don’t have any problem finding money paying for the Ukrainian Pension Fund.

[@boristheamerican2938]

We need to fund that, its killing Russians.

[@SandfordSmythe]

No SS Funds involved.

[@xfiles4792]

Instead of reducing benefits and constantly hiking the eligibility age to get Social Security we should claw back the wasted trillions in climate change money and use it to properly fund Social Security and Medicare. It is not fair to keep moving the goal post on seniors. We should also raise the SS withholding from current workers so there will be something for them later too.

[@wa210]

How about going after all the tax cheats, like the rich and corporations? You know, the EX 45 that found guilty on 17 counts for TAX FRAUD. There, fixed it for you .

[@rafaelfebre9383]

Get the Peloski team to return the $ they pulled out...

[@howardfriedman7077]

Since that never happened, it would be a waste of time, wouldn't it?

[@Satjr35031]

Maybe Trump can get us the $7.8 Trillion that he was responsible for In our debt

[@SandfordSmythe]

She ain't a Polack. One of those Italian types .

[@richardperritti5916]

Here we go again. People are being warned again, but they will not listen. Based on rough estimates SS will only be able to pay 70% to 75% of the benefits in 2023. That gives people a decade to prepare. I would factor in a cut to benefits into retirement planning. Figure out a different way to generate another income stream of $500 to $1,000 a month to make up for any cut. You have ten years to do it. Over half the baby boomers have not saved any money for retirement. Well, good luck with that. You were warned for almost 50 years but did nothing but spend and spend and run up debt. The chickens are coming home very soon.

[@Satjr35031]

I thought it was the Roosters coming home to Roost?

[@unclesalty7778]

Next few yew years there’s going to be change? How about next month, that’s better!

[@melissasmess2773]

2024 will be Marburg kill off I hear🪦

[@unclesalty7778]

@@melissasmess2773 M&M keep awake prepared and Alert!

[@mikekron6968]

Nice wishful thinking but not possible to guarantee you suggestion about the under 55 thing etc. Politicians will play politics

[@redneck982]

Trust the govt?

[@idaevans2509]

Shalom from the Ohio Valley 🙏 Never trust the government except for trouble!

[@Inferno5150]

Of COURSE we should file before they go bankrupt!!!! Hello?!!!!!

[@idaevans2509]

Shalom from the Ohio Valley 🙏 Makes sense to me

[@_Coffee4Closers]

LOL, well since that is NEVER going to happen, I think you can file whenever.

[@johnsantorawluszki715]

That would be political suicide

[@bmanske1]

I think you haven't taken the 9% inflation into account. Compared to the paltry raise each year. And hasn't the recent spending frenzy and the standard answer of 2033 that has been given for the past decade... I find your reporting unbelievable. Care to comment?

[@bmanske1]

@Paul Smith doesn't that vary from state to state? In any case, it may be useful to know about. Please send the link. Thanks.

[@FlorianWerfel324]

It's amusing how our taxes are now being taken advantage of. Regardless, I'm overjoyed that I was approved for the relief check, which was $10,000; I received the first payment last week. I was behind on my bills, but this will help.,

[@jamesyurky3048]

The first change will be you won’t be able to early retire until 65 and full retirement will be 70 , blame it on the boomers.

[@DeezBallzz]

we can fund a 9trillion war..but cant afford SS....

[@boristheamerican2938]

Yes but that is making the Russian population smaller so that is a good thing

[@Satjr35031]

Get your fact straight

[@boristheamerican2938]

@@Satjr35031 Do you realize how funny that is to say that to a Russian troll?

[@Satjr35031]

@@boristheamerican2938 Your right How is Natasha these days ?

[@wa210]

Tell us wise one, how much did BOY george bush blow on the FAKE WMD war he started?

[@leebrocato6300]

the jab should fix things

[@OOO-pc3nb]

Maybe they can borrow some money from Ukraine.

[@wa210]

Maybe from don the CON since he was found to be guilty so far on 17 counts of TAX FRAUD. More to come just in NY. Put that in your pipe and smoke it.

[@angus6032]

You get what you vote for! Millennials need to think about this - they are a bigger generation than the boomers!

[@edh7658]

I wonder how many people will be around in ten years, will the bummers generation be fading?

[@Inferno5150]

Yes, but people aren't having the same amount of kids these days, which means less future tax dollars coming in to pay for SS when it's our turn.

[@_Coffee4Closers]

By "the Bummers" I assume you mean the people that built a massive power house of an economic engine and nation that gave you a wonderful place to live in freedom and comfort... a place that you younger fools are destroying. You mean those people?

[@pierceferriter4664]

Go head their big boy….you got this…keep blaming it on the boomers…in reality it’s your liberal mindset that will eat your lunch. Sorry the world is a mess for you….I enjoyed it quite nicely 😂😊😬

[@Satjr35031]

@@Inferno5150 Then if you want it you are going to have to contribute more just like my boomer generation did we went from 4% to 6.2% in 22 years

[@wa210]

Too bad for you ed, as your generation thinks money grows on trees, and life is suppose to be easy. Boomwers built this country, so perps like you could grow up playing video games and eyes glued to the internet.

[@reo241]

some people liked this video, but I don't think you gave any actual useful information

[@robster985]

The idea of Social Security going bankrupt makes Trump bankrupting a casino seem normal.

[@user-ji6mz4du1j]

Tax the heck out of the upper class make them pay in more. Like they need all that money or just cut their income in half

[@hermanbradford-fw4pt]

We would have plenty in Social Security if the government would stop taking from it to pay for other things