Social Security expected to run short by 2035

Social Security is facing a funding crisis. The entitlement program is expected to run short on funds in 2035, one year later than previously projected, largely due to stronger economic growth. American Enterprise Institute Senior Fellow Andrew Biggs joins Wealth! to explain what this projection means for your retirement planning.
Biggs warns that if nothing is done to address the funding issues facing the federal government's largest spending program, benefits would have to be slashed across the board by 17%. "If I were somebody saving for retirement - and I am - I would save a little bit more today because you don't know exactly how the government is going to resolve that funding gap 10 years from now," he tells Yahoo Finance's Brad Smith.
On the private side, he adds that with more people utilizing employer-sponsored retirement programs, retiree incomes are at record levels. "The private side of the retirement savings story is a really unrecognized success story," Biggs explains, "But we still have to get on top of Social Security, and that's a political challenge, not so much as a financial or retirement planning one."
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[@David-xy4nk]

Stop giving money to other countries and care for Americans

[@DimitriosChannel]

Hey Zelensky loves his 3 yachts and his mansion in Florida.

[@mrbaab5932]

Decreasing USA aid to foreign countries doesn't change Social Security funding. Increasing Social Security separate tax is the only current way to increase the Social Security fund.

[@francynelane9253]

The world needs the world . Stop giving Billionaires and multi millionaires HUGE tax breaks off the backs of everyone else . 💙

[@albertmooney2628]

end the war machine.

[@erickenner4847]

Quit giving it to people who never paid in and who don’t deserve it

[@la7era1u54]

And the ultra-wealthy who don't need it. I bet every person that complains about it, but doesn't need it, cashes every check they get. Not one of them hand it back

[@Alfred.E.Newman]

@@la7era1u54 their are stories of the RICH people using their checks for TIPS sure they earned it but on the long side they the RICH also skirt paying their fair share by a LONG SHOT

[@Susweca5569]

Nobody gets Social Security money without paying into the system except for people like my grandson who gets his deceased dad's Social Security. His father paid that money into the system. As a minor, my grandson is fully entitled to the stipend that his father earned... and he suffered the loss of his father to qualify.

[@mattbarker1411]

@@Susweca5569 false

[@ImMeandYouAreYou6942]

@@Susweca5569 under the current system and how it’s put together, your grandson is entitled to receive it. The money stolen from our checks should be returned at a minimum if the worker dies. That said, SS should be stopped and future workers should be able to invest the money as they see fit.

[@BrianFillups]

When it runs out does that mean I can stop paying for it when I certainly won't be receiving it? I'm 32 and there's no chance in hell it's still going to be a thing by the time I retire whatever the minimum age is by that time.

[@elperrroverde]

No even when it goes broke and is shut down you will still have to pay even more probably because the government will still need the money for people still in the program then your local government will require that you take in and support an illegal alien family until they decide to apply for citizenship

[@bayyinahzhaxx7620]

I agree. If it's not going to be there, then why am I paying it every check.

[@boneappletea3858]

Taking it out of our checks won't run out, though. Just the payout. Maybe we can stop screwing the working class and make the rich and wealthy pay their fair share and solve this problem.

[@Jericho3030150]

So what do you think we should do about it because protesting ain’t doing Jack and crying about it ain’t doing Jack. There’s only one thing we can do, but no one wants to do it, but you know what we have to do.

[@KingfishStevens-di9ji]

The rich in this country pay the highest taxes in the world. The working class will start paying more tax next year as the Trump tax cuts expire

[@deanoverlie224]

Huh ? So your plan is to tax the people paying the vast majority of the taxes anyway - and after you've killed the " golden goose " by taking.all their assets - just WHO will be left ?

[@boneappletea3858]

@@Jericho3030150 what would that be?

[@boneappletea3858]

@Jericho3030150 btw, telling people what u think they know, makes you look ignorant.

[@Susanhartman.]

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.

[@91ScottieP]

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.

[@mikegarvey17]

I fully agree and place great value on my advisor's role in guiding my daily investments. They excel in both long and short strategies, managing risk for potential gains and protection against market downturns. Their access to exclusive insights and in-depth analysis makes exceeding expectations a regular outcome. In the two-plus years I've worked with my advisor, I've gained over 1.2million dollars.

[@ThomasChai05]

@@mikegarvey17who is your advisor please, if you don't mind me asking?

[@mikegarvey17]

*Gertrude Margaret Quinto* 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.

[@mariaguerrero08]

Thanks for the info, i found her website and sent a message hopefully she replies soon.

[@gregorygreer4220]

It is totally impossible for Social Security to run out of money. This is got to be total BS.

[@elperrroverde]

No it's true the whole thing will be shut down in 3 years from what I read

[@nonyadamnbusiness9887]

Social Security is a pension paid for by a separate tax, 12.4% per employee, It was set up like a Ponzi scheme, in country that already had increasing life expectancy and decreasing birth rates. I don't know how you think it can't run out of money; unless you mean that the government can just print the money and pay for whatever.

[@ADH_Addy]

You are correct. It is impossible. Its not going to run out of money. However people will get less money starting in 2035. Anyone who thinks it will 'run out of money' didnt pay attention to the video outside the title.

[@Wolf9of9Odin]

Impossible? Why? 10-20 illegals getting entitlements, Ukraine getting billions, trillion dollar spending package after package! I think it's time for people to wake up to reality of an irresponsible fiscal government bankrupting the country. Not sure how this is hard to understand.

[@KingfishStevens-di9ji]

@@elperrroverde They've been saying that for 40 years. Thank the democrats who moved the trust into the general fund then handed it away. Google that.

[@rmcfete]

Simply fear mongering

[@blue03r6]

They're telling you they're going to be taking it away. Papa zelenski needs a new summer house jack. -joe biden

[@internet2055]

so should we stop letting them take social security from our check? because we wont get anything back or will we?

[@CraftEccentricity]

Government is a Ponzi scheme. Get out of the cities and into the countryside. Plant a garden and fruit trees. At least you will be able to eat, and your property tax will be lower.

[@asanablue]

WHAT are you doing with the collected social security payments from WORKERS?????

[@JackHudler]

I'm 66 years old. I've been hearing SS running out of money for 50 years. Sort of like climate, oil, wood, water.....

[@NoMoneyG]

I was just going to say that! lol I'm 55 & been hearing that my entire life.

[@nonyadamnbusiness9887]

I don't know where you two get information. It's been known for a long time that Social Security would run short in the early 2030s.

[@mrswilbert]

@@nonyadamnbusiness9887 like they've been saying since the 70's that "global warming" was supposed to have killed us all by now.

[@jrowlandj]

Yeah but the country wasn’t being actively pillaged by economic hitmen in the capacity it is now. BRICS is going to remove the US dollar as the world’s reserve currency. Few understand the implications of this.

[@NoMoneyG]

@@nonyadamnbusiness9887 Hell it was supposed to run out by 2010, 2015, 2020 in the year 2000! Here we are in 2024 & it's still going & now 2030? 2035? Next year it will be 2040. The US just prints money out of nothing. So how can it go broke when we just print money out of thin air? It's nothing but scare tactic to fill the day.

[@Brad-ip8wz]

Not if they put back the money they pilfered from the social security fund

[@jayhallett4704]

But we got billions to send over seas smh

[@angelacowens8291]

Americans don’t make enough wages to save money. 401k’s depend on the stock market.

[@DimitriosChannel]

Maybe we can get some donations from U kraine?

[@KingfishStevens-di9ji]

Or isreael

[@blue03r6]

But we have endless billions for ukraine and illegals

[@stevehollywood1]

It's not tax dollars, its paid for by employees and their employers...managed by government.

[@TheOG-GG]

Conservatives are the only illegals in this country. Jan 6th much?

[@gordonadams5891]

Congress can raise or even remove the cap on contributions. Bernie Sanders And here's an idea. Take contributions from capital gains. After all, those gains are on the backs of workers.

[@nonyadamnbusiness9887]

Good, when you retire and sell your house and the government takes half of it you'll feel you deserved it.

[@porkysnature]

Sent to other countries, right?

[@Hylianmonkeys]

Bro what??? This is because of republicans gutting taxes for decades.

[@user-gs6ms5hq9y]

They have borrowed large amounts of money from that account numerous times, It is time they start repaying their loan..........!!!!!!!!!

[@KingfishStevens-di9ji]

Democrats did

[@patrickthibault8119]

Oh no. But oligarchs won't run short. They gained 5 trillion during pandemic. Social Security is not a federal spending program. Also, the government borrowed 2.9 trillion from Social Security. The creators of Socìal Security predìcted longevity and took into account population growth. Austerity implemented by the policy gurus, does not allow for increased savings. It is both an economic añd political problem. American Enterprise would like it privatized.

[@KingfishStevens-di9ji]

Democrats did

[@chuckydee2013]

I better get my SS

[@elperrroverde]

Don't count on it best to get a second job now just to be sure

[@KingfishStevens-di9ji]

They're gonna say it was a disability premium.

[@chuckydee2013]

@@elperrroverde i’m prepared for my retirement by other means but Social Security is something that we have invested in throughout our work life and we deserve to get it.

[@brendajohnson3682]

Great take money from our older people have worked hard all their lives and give it to unnecessary things over seas...

[@JESUSISLORDforever888]

or to those who have never worked in this country or have crossed the border illegally.

[@KingfishStevens-di9ji]

Disability frauds too

[@mamaalaska]

The money Americans pay into Social Security but who die before they can collect goes back into the system I don’t understand how there is a deposit besides the two times the federal government rated Social Security for over $3 trillion

[@scaryperryx1050]

Social Security Has been saying these things since I've been disabled... Meaning since 1980!!!

[@PhuccinAyee]

The more Artificial Intelligence is implemented, the more they will be forced to pass Universal Basic Income legislation.

[@rosemariecamerer3366]

What happen to all the iou they took out of the accounts. This should not be running out stop the government from giving all this money away Eyewear.

[@KingfishStevens-di9ji]

Shalom

[@timothytaylor5632]

Instead of cutting social security by 17% and 2035 why not cut out all the raises that government employees get that cost of living increase let me get is ridiculous every year

[@datahark]

Stop using the word entitlement. Get your facts together.

[@acmeallpurpose4974]

It is an entitlement....because we are entitled to what we paid. They need to invest SS money like congressman do.

[@somewhrntm]

There’s a PERFECT way to handle this problem… STOP STOP STOP spending so much and giving our money AWAY to other countries!!!!

[@WTH1812]

AGAIN?!? Quick! Call a 10th grader who did their homework. OMG!!! Only one of the four independent funds for Social Security will run out of money in the next 10 to 12 years, leaving the Social Security overall accounts still solvent for decades to come. BTW: It is illegal to use Social Security/Medicare finds as part of the general budget. They are pejoratively called "Entitlement Programs". Because the working people who paid for these programs through mandatory payroll deductions are entitled to their money that was set aside for their retirement and medical expenses. The false entitlement is the tax cuts that go to the few at cost to the many. Cutting top tax rates on individuals and corporate profits in half since 1981. Deductions and loopholes available only to the rich, the really rich, the ultra rich, and single individuals who net worth is more than 5% of the people. What will this independently funded retirement program based on payroll deductions from every employee their entire working life do? Are the Republicans who could not use the funds from Social Security to make their annual deficits look smaller going to "borrow" against it, again, and repay the principal plus interest never, like they have done so far?

[@shanac5536]

Does this affect both SSI and SSdi? It's all so confusing. What can we do to not run out of money? How do we make it if we are disabled and cannot work? Is this a state by state problem? (Sorry I'm asking questions)

[@josephrichter826]

How about we end social security. I'm not even 50 yet and with the money I have paid into social security would have already made me a millionaire if I could have put that money in a low risk investment account

[@freedomlvr88.]

where does that leave those who collect for disability?

[@josephrichter826]

@@freedomlvr88. Hurting everyone to provide a small benefit to some is how we ended up where we are.

[@k6gsxr1000]

Haha this is hilarious you have no idea how many people are currently living off ss and every older person I know plans on using ss as their retirement!

[@timothytaylor5632]

Government employees get a cost of living increase every year and that increases pretty substantial compared to what social security recipients get every year well they get 2530 a month every year kind of ridiculous

[@samiam3297]

Lies! Replace the monies borrowed. But if so determined STOP TAXING everyone paycheck...already nickel and dimeing left and right!

[@carolc.776]

Thought my generation would make it. Damn. Can I stop paying into it now?

[@la7era1u54]

I need about 5 more years beyond that date before I even see a dime of the money I have been paying in for all these years

[@Alfred.E.Newman]

im FINALLY on the FIRST YEAR after 55 years im getting ready to be told OH WELL WE CAN T PAY YOU NOW all the while people who never paid a dime can still draw the min amount monthy once they reach 65 or older damn shame

[@rebeccamiller6266]

Disgusting!!!

[@rebeccamiller6266]

They shouldn't ever touch that money!!! Theft!!!

[@blackeneddarkangel]

Maybe they should have kept some of that 160 Billion they sent to Ukraine

[@JESUSISLORDforever888]

And we are giving other countries BILLIONS?

[@savageCI]

Cool then there should be no need for me to keep having it leave my paycheck

[@zchhrrs4590]

Quit sending my money to other counties America

[@LouisGFranco]

Still need to reinstate tax rates of the period (50's maga) in which the US was at its most prosperous.

[@mrbaab5932]

So, an increase in Social Security tax or an increase in the maximum taxable income? Or maybe start Social Security taxing capital gains?

[@thomasgriffith2953]

It'll run out for those reaching retirement age in 2035 not those already retired.

[@mypronounismaster4450]

so stop taking it out of the paychecks

[@needhelpwaquaregiadrop562]

Can I opt out now?

[@BEACHDUDE71]

I am not worried about this 😂

[@abdur-rahimbriggs6670]

Settle in everyone - we’re screwed

[@rdaniel4187]

This is what the orange man bad crowd wanted

[@kdj703]

Social security went to Ukraine and illegals. We should bring back cash pay and let people decide at the end of the year if they want to pay taxes anymore

[@nadiaquraini344]

Did you forget israhell on purpose? Far more money

[@forzendikar9908]

Not suprising.

[@Heartfullofgoldentempire]

Don't think everyone does trust funds etc about that

[@Wolf9of9Odin]

I guess its time to stop paying into SS then!

[@darkskinamerican7826]

They gave Zelensky the money

[@pete6705]

Sounds like everyone under 50 is screwed

[@american9245]

How much has the govt sent to Ukraine?

[@michaelkissner2284]

Then why don’t they let me take my money and save it for when I retire instead of taking it from my check to give to the entitled and non working people. Stop paying McDonald’s workers 15 an hour when I’m a welder making 20 an hour.

[@blue03r6]

Pull yourself up by the bootstraps and demand more pay. Its just that easy said Republicans and Democrats

[@JESUSISLORDforever888]

McDonald workers make $20/hr now.

[@DavidSilvia-ms7tk]

I got a letter over 10 years ago from the social security administration saying that I possibly won't receive benefits by the time I'm eligible.

[@tyler0506]

20 something year old here. I’m not banking on SS being around. Got to work a lot harder

[@blue03r6]

And then they'll raise minimum wage to match what you do at a job you had to get a degree for

[@JackHudler]

Yeah, I said the same thing then. I laugh at my youthful foolishness.

[@danielkaminske5048]

Biden doesn’t care.

[@ivomedic5745]

How you know money will run out , you are drinking bad coolers we are going to gold and silver backup and federal printings money all days over.

[@user-uj3kw5wt3i]

Who walks away with lots and lots of $$$$? I know its not me or you.

[@nadiaquraini344]

I wonder where the country's money went 🤡

[@RosaWooten-pr1uu]

It would not be short of money money if they would make the rich people pay on every penny they make guit talking about running out of money and do your job and make everyone pay on every penny if I know what to do why don't you

[@KingfishStevens-di9ji]

The rich pay the highest tax rate in the world here. Stop believing the social Democrat lies. It's a well known fact if you taxed the top 1 percent, 100 percent of their income, it wouldn't change anything.

[@EdwardM919]

Thats what pulling from an investment for a war will do. Thanks LBJ.

[@edwardlangdon9256]

It had to end sometime.

[@JustinSternhagen-sm8jq]

Wealth tax? Raise corporate tax?

[@mattbarker1411]

How about make sound financial decisions and stop depending on the government?

[@felixbarrerasdreamvacatravel]

Remove the cap!

[@tomc.2808]

SLEEPY is doing his best ...

[@michaelkissner2284]

Then stop taking it out of my paycheck if I’m never going to get any of it back when I retire

[@michelleayres5608]

Good. I'll be dead by then

[@unqualifiedproductions1275]

Hmm I'm sure billions to Ukraine didn't help

[@TheMightyZim]

In 2035….the US will just send the SSI Checks straight to Ukraine. 🤡🌎🇺🇦

[@angelacowens8291]

What are they doing with the money we all pay every paycheck? Is that going to Israel too?

[@mattbarker1411]

Nah it went to Ukraine.

[@MarisaCortes632]

Nothing Israel gets from the US is "free". Israel develops technologies for American military, medical, education, and private sectors. Then the US sells Israel back what it produces with interest.

[@MarisaCortes632]

Nothing Israel gets from the US is "free". Israel develops technologies for American military, medical, education, and private sectors. Then the US sells Israel back what it produces with interest.

[@MarisaCortes632]

Nothing Israel gets from the US is "free". Israel develops technologies for American military, medical, education, and private sectors. Then the US sells Israel back what it produces with interest.

[@MarisaCortes632]

Nothing Israel gets from the US is "free". Israel develops technologies for American military, medical, education, and private sectors. Then the US sells Israel back what it produces with interest.

[@2115virgo13]

Stop it!

[@acmeallpurpose4974]

This issues has been known for decades with the impending Boomer generation aging out of paying and then with drawing.

[@JD-ej8zm]

Thank a democrat!

[@Woke365]

Ooooooooooooooooooooooooooh gosh.

[@chrisgarcia2274]

Not surprised keep send those billions i mean trillions to other countries anyone else want to sigh up before it runs out

[@Satjr35031]

We don’t send Trillions

[@chrisgarcia2274]

@@Satjr35031 if you add the billions by now we’re at trillions but ok whatever makes your boat float

[@Satjr35031]

@@chrisgarcia2274 I just do the numbers For some people that’s hard

[@freedomlvr88.]

interesting. the very year the great reset begins. 🤔

[@Heartfullofgoldentempire]

Real shipper's etc vessels about our and your lots 💬🤔 about it

[@francynelane9253]

MAKE BILLIONAIRES AND MULTI MILLIONAIRES PAY THEIR FAIR SHARE OF TAXES AND WE WILL NEVER RUN OUT OF SOCIAL SECURITY ! BUT FIRST WE MUST VOTE BLUE 🗳💙💙💙💙

[@dino9395]

Blue is what got us into this mess! Are you nuts!

[@user-lh1bh7uc8o]

Blue votes is what has caused this problem in the first place! Biden is giving all these illegals our social security and Medicare.

[@francynelane9253]

@@dino9395 BLUE is what gave us Social Security. FDR who was a Democrat started Social Security and Republicans have been trying to get rid of it ever since . Are you a Billionaire bc you seem like it ???

[@robindriggers6271]

Close the darn border. We are out of money to give away!

[@maclemaster5966]

This dude is lying like crazy

[@Susweca5569]

If you want to retain YOUR money that YOU paid into the system, you best vote Democrat and tax the billionaires... To do anything less is to vote against your own self-interests.

[@kdj703]

Lol

[@blue03r6]

Thats exactly the opposite. Trumps tax breaks are set to expire soon and biden isnt continuing them. Democrats always tax you more.

[@Snuggles307]

Keep our borders wide open and raise much higher taxes on everything problem solved