The Social Security Jackpot 💰

In a recent video, I shared that my wife and I could collect over $5 million in Social Security benefits, sparking a wave of skepticism and curiosity among viewers. Today, I'm addressing your comments and concerns head-on! Join me as I break down the math and show you how, under current laws, it's possible for us to receive nearly $6 million in benefits.
🎤 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/
➡️ Want to hire Devin and his team? -- www.carrolladvisory.com
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...
➡️ Get a copy of my best-selling book, Social Security Basics, here -- amzn.to/2twsABZ
➡️ Social Security Questions? Join my FREE Facebook Group! / 428684237572614
📜 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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[@iralevy4879]

Social security benefits has nothing to do with the federal budget it’s an earned benefit paid by the employer and employee

[@billh4285]

No, people are getting paid more than they ever put into the system.

[@Lynn-cv1md]

NO one is getting more than. paid into it Our Government is too Corrupt & don't want to care for the American People who cared for them 💢

[@michaeldamico4403]

You can scare anyone with these big numbers by extrapolating it out with an inflation adjustment. If you do this with medical, groceries etc you’ll get the same scary result.

[@prairiemark4084]

Someday an economy car will cost a million!

[@tracylow9143]

If Congress would keep their fingers out of the pot I think we would be fine

[@glensmith491]

No, congress doesn't put their finger in the pot though they may in the future although you could argue that the artificially low interest rates on government debt is a huge problem (of course, that interest rate is key to even equity valuation). About 25% of Social Security income does rely on government borrowing.

[@tracylow9143]

@@glensmith491 are you fricking serious that you don’t know that Congress has been dipping into the S. S. Funds? They put it under the terms of borrowing well it’s time for payback plus interest. Do your research man. I knew this was happening when I was in high school and that’s been over 4 1/2 decades.

[@tracylow9143]

@@glensmith491 to bad you’re wrong they are a bunch of thieves

[@johnc2438]

Example of how Congress does not keep their fingers out of the pot? Just one example, please.

[@tracylow9143]

@@johnc2438 How has Social Security gone from being such a successful program to an outright mess? One postulation is that the federal government is to blame. You see, the Social Security program has accrued close to $2.9 trillion in net cash surpluses since its inception, with nearly all of this amount being generated over the past 35 years. Put another way, the program has collected more money than it's expended every year since 1983. Where is this money? That's the big point of contention. By law, these net cash surpluses are required to be invested in special-issue government bonds and, to a lesser extent, certificates of indebtedness. In return, the federal government gets access to $2.9 trillion in borrowing capacity that it can use for normal line items in its budget. In other words, Social Security's Trust has $2.9 trillion in asset reserves, but not a red cent of cash in the vault, so to speak.

[@michaeldamico4403]

What’s wrong with it being the backbone of the country’s retirement system? Yes, it didn’t start out that way, but if it’s properly funded, it would work just fine

[@NoidoDev]

Many if not all Western countries have a similar system. One big problem is that it takes away the advantage of having children. There should have been a benefit for people having children baked into it during the last few decades. The other thing is that it should only cover the basics to survive, maybe a bit more for parents.

[@glensmith491]

That was always the real plan. The only reason social security was limited was because almost all law in the US is about what you can get passed as opposed to what those behind the laws actually wanted. Heck, the US Constitution itself is pretty much a great example of this.

[@mikedougherty1117]

In 2023, the maximum monthly Social Security benefit is $4,555 for those who wait until age 70 to claim their benefits. The maximum benefit for those who file at age 62 is $2,710 per month, while those who file at full retirement age (between 66 and 67) receive $3,822 per month. The maximum benefit for those who file at age 70 is $4,873 per month.

[@judgeclark8017]

No one in our community see these amounts

[@cutehumor]

Hope Devin isn’t trying to influence social security cuts with this video. 😂

[@tomearly111]

I started collecting Social Security when I was 66. Lets say I live until 100. I will collect $1428,000 approximately. Some of that the government gets back because I have a pension as well so 80% of that is taxed.

[@pferkler9426]

Thanks for the informative video. I wonder what your thoughts are on the plan to exclude tax on SS earnings (along with the higher limits of earnings subject to tax)

[@is4life862]

Now wages 4.0% and prices 35%😢

[@daisycindy]

Come on, let's admit it. A lot of the solvency problem is because the govt and "borrowed" a lot of our money for their pet projects and have never paid back all they have stole. The more wages we make means we pay more into SS. Price inflation has eaten into our ability to survive.

[@ws775]

No the solvency problem is that too many people will be receiving benefits compared to people paying into the program from the payroll tax. It has nothing to do with the borrowed trust fund surplus which interest is paid on and which is paid back as needed.

[@pferkler9426]

That's not true at all, the government borrows when SS fund has a surplus so the government gives SS fund a IOW so the money is not stolen or missing it's going to be paid back even if the government has to borrow money to pay it (or raise taxes on income etc).

[@daisycindy]

@@ws775 no, if all the monies were paid back there wouldn't not be a shortage of funds, the govt has stolen billions of dollars and those people retiring have paid thru taxes for their SS and probably won't live long enough to get out all they put in.

[@daisycindy]

@@pferkler9426 sorry, not true.

[@susanlong8978]

💯 this man is a bunch of word SALAD. This is OUR DAMN MONEY!!

[@msgmak1379]

Our government is more focused on giving away money and benefits to non American citizens.....

[@tonynesta3577]

To Other Countries 😮

[@everettcalhoun8197]

Non American citizens I am trying to wrap my head around that one

[@LR-xx5ig]

My dad retired at 59 1/2 and died at 62. So what happens to all the money he paid into social security. I know a lot of people this has happened to. Where does all their money go.

[@cutehumor]

it goes to those who live for several decades past age 62. My family doesn’t live a long life either. I’m determined to take care of my health to get that social security money I paid in

[@msgmak1379]

Ukraine and Illegals.

[@AngelEyes-xm7el]

To Brandons Illegal's

[@johnbarrows1499]

to the government!

[@Richard-bc8ys]

Where would we be without it ??? Just get congress to STOP tapping SSec to cover their pet programs so they get re elected 😂😂😂😂😂😂😂

[@leesmith5419]

Man I hate to say this but when you deal with the government don't assume anything

[@cuz129]

I earned the maximum taxable amount my entire 38 year career. So my wife and I will receive similar amounts as you. Most people have no idea how much high earners will get from SS. It's a boatload of cash!

[@whatsup3270]

It is a 2 bend point system, the last bend is basically $85,000 today. Any amounts over that $85,000 pay back at 15%.

[@Bonez1999]

Applying 35 years of inflation adjustments will inflate your nominal SS benefits exponentially, BUT, it's the same spending power as it was 35 years prior It is just an illusion created by the power of inflation over time. The same power of compounding growth in the stock market over a 35 year period and a 5% - 7% real return (which would blow your SS payments out of the water)

[@m8sm8s74]

….bets are you won’t collect all of it. The house always wins.

[@mark60118]

Also for all the money that these states are making on lotteries they shouldn't be taxing any Social Security

[@ws775]

I started my benefits last year. In three years I will have received back everything I paid in. It is a good deal.

[@user-ht6lu1eg1r]

When you factor in inflation on the contributions you made may years ago, it will take many more than 3 years to get back what you paid into the system.

[@victorvelarde4409]

Thanks for report.

[@cjimcook]

I really hate the phrase "21% of the Federal budget" because Social Security is a separate budget. It pays for itself. The taxes it collects are held to make its payments. It does not consume money from the general fund, no?

[@SandfordSmythe]

And some people will define SS as a social welfare expenditure.

[@aolvaar8792]

Since 2010, SSA redeems an IOU from the Trust Fund at the Treasury, weekly. Does not pay for itself. Has to dip into the Trust to make ends meet. 2032, Trust Gone. The Treasury "prints" money, (deficit spending), From the General Fund to repay The Government borrowed money at ~2.4%

[@RobertGarveyATL]

1) He doesn't seem to understand that social security is accounted quite differently that the Federal Budget (like it ain't on the Federal books at all) and 2) Defense take up more than half of the aforementioned budget!

[@aolvaar8792]

Since 2010, SSA redeems an IOU from the Trust Fund at the Treasury, weekly. The Treasury "prints" money, (deficit spending)

[@douglaswhite9777]

Oh yeah and it doesn’t matter who’s party it is whether it’s a democrat republican or independent they’re all the same take them for ever

[@da1shark]

Yes, when I watched your other video I thought that was a large amount. But I started thinking about the math for changing bend points, cost of living adjustments, and the way indexing works and realize that your numbers could be achieved if you earned the max each year.

[@jockaud]

What about the taxes for you and your wife for $5.9 million until age 95? How much will you take home after taxes?

[@Bagsn86]

Wages have not grown as much for lower earners then high income earners. The wage gap has skewed the average wage growth. This is why they should remove the cap

[@MrCPPG]

Why was there ever a cap in the first place?

[@Harleyglide03]

A $mil today ain’t what it used to be years ago. By the time you are 90, a McDonald’s hamburger meal combo will be about $120, give or take. Your monthly cost at a seniors living will be 30 to $50,000 a month. A new car will be $100,000…. Wait….. sorry…. It already is.

[@Wild1BillS]

Thats bidenomics working

[@Satjr35031]

A Big Mac meal in the mid nineties was around $4.59 today on their App around $6.59

[@arthurshingler2025]

Why would it be any part of the budget.....? I thought that SS was paid thru the collected payroll FICA "tax" and what interest it collected.

[@randolphh8005]

He is right about the money you will get. It can be way more than I would have thought 10 years ago. My wife and I will be drawing $84,000 per year from SS in today’s dollars when I hit 70 in 5 years. it will likely be close to $100k in inflated dollars by then! That can easily lead to $2-3million in lifetime benefits. The current max monthly benefit is about $4800 per wage earner!

[@Montbound1]

You have to consider the number of people collecting in 1950 compared to now with the baby boomers coming on board. What was the cost of living then to now compared to compared to benefits. You won’t collect that amount if you die tomorrow, your spouse will get $255.00 and your spouse will collect your monthly amount. Today’s benefits don’t cover the cost of inflation today. Maybe if the money was invested in the stock market 70 years ago the fund wouldn’t be insolvent considering they were being paid government interest bond rates

[@jimde3002]

Just not sure on this math. The numbers seem to be way above the Maximum Monthly Benefit for Social Security even if you maxed out the amount paid into Social Security for every month of your 35 years.

[@JuanMartinez-kn2qs]

I am not in favor of EX-spouse receiving social security based on your years of work. That is an unfair amount that affects the total of the SS system 😡

[@alphamale2363]

From comments, I always see that a lot of people think they are getting "their" money back when they take SS, as though it was kept in a safe somewhere. You should educate people about how it really works.

[@mikeshaw4610]

It does not surprise me and a reason it should not be part of the federal budget. Collections and payments should be self contained. We should also have an option to take our take our social security private.

[@bigdog1150]

You claim that your monthly SS payment will be $7787, but the SSA website shows that the max benefit possible if you retire at age 70 in 2024 is $4873. So where does the extra $2900 come from? Also, it would be more helpful to see these calculations all together on a whiteboard rather than just tossing out separate numbers.

[@donporter1247]

Devin is not 68 in 2024. He will be 68 in 2044 (if I heard right and didn't botch the math). The max in 2024 places no limit on what he expects to receive in 2044.

[@jc10907Sealy]

I think it’s his wife AND himself he referred to

[@bigdog1150]

@@jc10907Sealy In order to get the $137K annually mentioned, he gets $7787 and his wife gets 50% of his benefit.

[@bigdog1150]

@@donporter1247 Missed the part where these benefits start in 2044. Again, it's better if everything was shown together on a single (or a couple of) slides rather than just one number per.

[@tomearly111]

@@bigdog1150 He seems to be saying in 2044 the max monthly benefit will be almost twice what it is now.

[@pennyhinson4949]

I have a question. A 401k is a donation is a combination from a worker and plant you were working at time of retirement. When calculated 3% of what I was committing out of my paycheck each week for 3 yrs. When I finished looking at each check, and what I received, never showed what the company was supposed to equally contribute. Can I go to somewhere and see a remediation of getting that money they were suppose to do?

[@whatsup3270]

you should be receiving account statements from the financial institution which has those invested funds. Call the old company's human resources department and ask for help locating those funds. AND ask about the "vesting rule".

[@pissedoffpennsylvanian]

Bottom line is the Chained CPI-U drastically changes and reduces plus hurts all beneficiaries while CPI-W does recognize current pricing/inflation it however does lessen what you’d receive compared to CPI-E at least for those who are middle-poverty level income.

[@geomtgirl]

That was an annuity right-what happened on the investment side????

[@davidfolts5893]

Thanks for the great content, Devin!

[@shawnebeal6863]

What about the Family Maximum? This does not come into play if your spouse has her own account to draw off of.

[@aolvaar8792]

It limits the amount your minor children draw. your 62, your wife 32, 2 minor children Each child ~$1250/mo, FRA $2600/mo>> 62 ~$1900/mo Wife on her own account Keeps Family max under $5300

[@michaelclark2788]

Devin, I have watched you over the years but not super regular so maybe you have addressed this. My question is simple. We get the estimates of what our monthly amount will be in the mail occasionally. My question is, are numbers accurate we get in the mail from the gov. accurate or should we be hiring someone to make sure we are getting what we are suppose to be getting? My guess is the latter and after watching this video as there were a lot of "adjusted numbers" used in formulas for inflation, cost of living etc. Typically what does someone charge to to go over what your benefits should be and would that person help you through the process. I apologize for what may seem a rudimentary question?

[@whatsup3270]

The only thing you need to watch is if the earnings listed are correct. After that everything else is

[@sharondonohue2332]

Didn't think you were boasting.Everyone that pays into S.S. deserve's to collect it when they retire.My husband passed away 7 yrs ago.One month after starting receiving S.S. I was a stay at home wife/ mom.I hope they don't take away spousal benifits.

[@MC-bm3cy]

It's a "budget" item but not adding to the debt....it is self funded. Just get rid of the max contribution....problem solved.

[@threeftr3349]

It sounds simple, that's why the rich has lobbyist in their back pocket to protect their wealth. I really can't see them doing this to the high earners of 250K+ to way past millions earned in a year. The politicians would be biting the hand that makes them wealthy as well.

[@lulucly]

WOW I didn't know it was the biggest line item in the budget!

[@bethhall957]

This calculation does not consider that there is a maximum benefit that is paid out. For 2024, it is $4,873 per month.

[@whatsup3270]

He is going off the projection of that number and all numbers going up continuously through 2070.

[@Mary-yu3sn]

o;m one of 5 all worked onto later 50-60 1 collected 2 months and passed away joining the other 3 and im sure im not only one that can say that so where is the money going?

[@davidcarbery2388]

Since Jan 2021 the SSA paid out more in benefits than it received. This is depleting the funds accumulated. All money paid in today goes immediately to recipients.

[@tonynesta3577]

Any money for the qualfied person is great. Any money for lets say, a war overseas, donation to other countries well, that should be severely restricted. I find that other countries that don't have a military complex as the USA does, seem to be "richer" when coming down to societies' resources for the individual person. Ie Canada and even Mexico., for healthcare education, etc.

[@joeplacetas1]

Question, my father is getting about $1,300 per month in desabibility,,his 60 years old,,he just had a baby with a younger woman,,,if he retires at 62,,how much money will he get every month and how much will the baby get every month? Thanks,,,just give me a close idea .

[@2023Red]

@Devin. I know you do not respond. I won't be commenting to your channel much longer as the silence has become deafening. I just looked at credit card balances and delinquencies from Fed Financial Stability Report. In the past three years, balances from prime and below prime have raised parabolic. So have delinquencies. Much faster than any social security increase. It follows seniors if allowing their credit cards to get out of hand will be hurting as the year progresses. I am not clear if the problem lies with the government or the consumer. It appears to me that the root cause for people is not making the right choices between wants and needs. Best, Robert

[@michael7054]

Great video! I enjoyed watching! Most men and women in the US dont live to be 95 though. My stepfather died in his 60s of cancer. My father died in his 70s because of diabetes. A lot of workers die in their 70s or maybe 80s.

[@MrCPPG]

My dad made it to 95. It does happen. He did not graduate high school and did not visit the doctor regularly. He also did not smoke or drink. As he got older, he didn't over eat either.

[@michael7054]

@@MrCPPG That's great!

[@blackmanops3749]

Well, this was as clear as mud. None of those wage/price numbers are based in reality. And WTH does a spouse have to do with any of this!?

[@natersalad889]

The real shocker would be if there wasnt a social security system and you had invested all of your social security taxes throughout your working life into just the S&P 500 index fund. By your retirement age you would of had well over $5.5 million, paying you a minimum of $220,000 based on even a 4% withdrawal rate....

[@carstars]

"The top income tax rate reached above 90% from 1944 through 1963, peaking in 1944, when top taxpayers paid an income tax rate of 94% on their taxable income. Starting in 1964, a period of income tax rate decline began, ending in 1987."

[@garrysinger9704]

Social Security is a great plan and should only be changed to eliminate the ceiling on the payroll tax. It should also be changed so that taxable earnings are inflation adjusted. I am 71 and my wife is 72 and we have a combined benefit of $80k per year with COLAs for the rest of our lives. Add in our investment portfolio distributions and retirement financial risk has been substantially reduced. If your wife worked and made the maximum for 35 years just like you will, the two of you would probably make over $10 Million in Social Security during your lifetime. Why complain?

[@carlbohman3668]

Great video. Should have included the effects as people call for removing the income cap and the benefit without a cap. I suppose many athletes are 1099 employees. If you are a great pitcher and are paid $10M a year, $1.5M in one year of SS taxes. That will never happen.

[@frogpedals]

Budget? we are paying into it.. How much of SS is coming from the general fund above what SS taxes are taken in?

[@SandfordSmythe]

None. You know something different?

[@frogpedals]

@@SandfordSmythe I don't know anything different. I took exception to him saying that SS is x part of the budget. It doesn't matter what percent of the budget it is, because all the SS taxes taken in are for SS purposes.

[@MichaelfYoung-ec7bw]

Yes it is hard to believe ,I don’t think that will ever happen.

[@donporter1247]

Good news is that if people cannot believe such levels of benefits are promised, maybe they won't object so much when they are scaled back.

[@prairiemark4084]

Yes. If they knock 22% off in a few years most of us will struggle on, after we quit bitchin!

[@prairiemark4084]

Thanks for the personal and honest presentation and how it affects the solvency of the program. Some have presented you as a heartless conservative that presents skewed Republican programs that appeal to the ignorant and racist elements of our society. But as near as I can tell you keep your vlogs informative and factual, and I thank you for that.

[@pensacola321]

Nah, Devin is a MAGA trumpbag 🤡, as are most of his viewers.

[@HenryCalderonJr]

A lot of people die before collecting SS and a few that make it also die way before 80 and if you contributed since the age of 18 you have more than earned every penny we get and then some. On top of that the I owe you from the gov should pay interest the same way irs charges interest when you have to make payments to pay back too. I filed my taxes in Feb 5. I got my refund from the fed of 47 dollars from my extra job to make ends meet. But till date my state kansas has not giving me my refund or my homestead exemption. I check and they told me it can be up to 24 weeks? Really? They should pay interest for the delay. If it was the other way around they would fine me, charge me late fees and interest. Government is a scam artist

[@jonathanwick8887]

And response to all that I would say death and taxes.... Unfortunately a high percentage of us will never see 95 years of age. I think we should upgrade the wage percentage that we need to keep on going. 👍💯

[@douglaswhite9777]

What you’ve earned Deb and you and your wife you’ve earned it you’re entitled to it. Well, I would like to see is the Taken off so that everyone pays taxes on the Social Security, including the high income tax we pay as well, so Social Security taxes should go up, though, to make more percentage should be higher paid out, those who make less according to what they make at that percentage that’s what they pay but you’ve earned your money and believe me you’re entitled to it but yes, the capital is the danger right there it’s stopping at a certain level, making it impossible for Social Security to rebuild its financial structure and they need to reform Social Security. I don’t know why they just don’t put it as a total federal retirement plan as the government pays federal employees with the understanding that the colors and all of these things will be kept in place especially for us lower class, financial individuals who didn’t make that much money in life I got two pensions, one from the federal government and one from my Social Security, leveling it off because I didn’t work enough and Surveying Life most of my money was from my retirement for the government is calling it out about what an average individual would get of the rate of a $98,000 income but yes Social Security is really badly needed on reform big-time but good luck Devon you’ve earned it you keep it you pay then it’s only right you receive it you and your wife. God bless and protect. Great programming. Love your programs.

[@msurreal_929]

How is this Not Self (Administratively) fund as it was originally set up?!

[@babszollak2512]

The volume on this is very low. I upped the video volume and my computer. Other KZbin videos sound just fine. This is very hard to hear.

[@prayenify]

Can a wife (62+) file for spousal benefits same day husband files for his FRA benefits? Or does the spouse has to wait until the husband’s benefits actually start? Thank you!

[@ws775]

You can apply at the same time.

[@bosstime2010]

Yes but the spouse will only collect 50% if they also reach fra.

[@jshutzman]

Devin, this is one perspective, however not completely honest. Had you invested your 839,000 modestly , like S&p500 with 11% average annual return, you’d have had over 16 Million Dollars to start your retirement at 67, not 5.9 at 95.

[@earlcarr8490]

I'm already on social security how would I get a 5 million dollars I Don't get enough money now 🤔

[@DoctorSmartyPants]

I guess you would need to live another 60 years?

[@threeftr3349]

He's talking about someone who maxed out their 35 year yearnings to be taxed for SS. So the high end of the spectrum of benefits at FRA, with a wife that will get 1/2 of his benefit at her FRA.

[@Victor1Charlie]

You might be a rich dude, but there are many, many elderly people that eat rice, potato's, and Ramah noodles everyday just to survive. Some can't even afford their utility bills and have to go w/out heat in the Winter. Before you spill your crap about getting too much money from SS, think about the millions out there who are barely making it.

[@daveburkitt5287]

If they got rid of the dollar cap currently $168000 and everyone paid no matter how much y make they claim it would be solvent for 75 years why does no one ever bring this up

[@SandfordSmythe]

Welfare move

[@cutehumor]

interesting. my ole buddy josh scandlen just had a video that said "this is why Social Security will never get cut" that it will lead to some kind of economic crash for the USA

[@Wild1BillS]

If they cut SS there will be a civil war.

[@Lynn-cv1md]

Then we have the Idiots who have their hand out that's NEVER put ANY money in to the system.... That needs to just move along and look for help elsewhere.. this was ONLY for people who made the contract with Social Security

[@tomearly111]

The max anyone can collect as of right now is $3822. at full retirement age. Even if you made a million per year for that last 35 years. There is no way you can collect over $7000. per month. Don't take my word for it Google it. I hope your not basing your retirement income on these figures and you shouldn't be putting this erroneous information out there that some people might believe.

[@davidcarbery2388]

He is many years away from FRA. Inflation will drive up the numbers as explained in the video.

[@tomearly111]

@@davidcarbery2388 So he thinks the monthly benefit when he retires will be almost twice what it is now? That's some pretty hefty inflation. Can you imagine what a car will cost or medical and food under that scenario? How about the average middle class job paying a half million a year or more?

[@tomearly111]

@@davidcarbery2388 If that's true then although those figures sound big it will not be as inflation will also effect everything else.

[@elijahhanavi7023]

THIS CHART OF SPENDING YOU PRESENTED IS INCORRECT , NATIONAL DEFENCE IS MORE THAN 51 %

[@donnamurphy6086]

Not sure how you get that number 😮. I am being charged $332 a month for Medicare and I only get $460 a month to live on. I was told it was because of making more than $100k a year or something crazy like that. I only get less than $18k per year to live on with addition of my small pension.

[@DoctorSmartyPants]

It's based on your high 35 years. Maybe that is why. Some of your years might even be zero.

[@DennisGilmore-wk5gv]

When were you ever worried about being in poverty?

[@matthewnicholson1298]

Limit on ssa tax. All salary income should be taxed.

[@BricksVideo]

I say the mistake was made when the highest earners had a cap on the amount of taxes they pay into the system. It will be interesting for the generations after the baby boomers are gone.

[@SandfordSmythe]

There is a cap also on their benefits. How come no one mentions that?

[@Wild1BillS]

If you are used to making more then 23k a month this will be poverty

[@gen2-x364]

OR be a youtube influencer.

[@jamesalias595]

You would not receive all your money back by 72, it would take you 10 years. You are counting your spouse benefits as if she had paid nothing, maybe she did, I don't know. If employers didn't pay half, employee wages would be higher if we paid all, we would demand higher wages to cover the higher taxes. So employees are paying it, just hidden. Social Security isn't fair, especially for single men who die early and may not have collected all they paid into the system. If you factor in what investments would have returned on $839,672 at market rates your nest egg would be significantly larger than what you will collect. Those who collect more in benefits than than they paid in are most likely to be women who were married and didn't work or worked very little, they live longer and collect more because they get the higher benefit amount when their spouse dies while not paying for that. So assume your spouse didn't work and you die she gets to collect the full $6883 a month while say a single women who worked her entire life most likely won't collect near that amount. I can't go into all the ways Social Security is not fair, but it isn't a jackpot for most people.

[@daisycindy]

Must be nice to make over 100,000. A year but most of us don't make anywhere near that. Most barely maintain middle class.

[@SpookyEng1]

“Must be nice” the kind of language used by someone who thinks all their problems are caused by someone else. My dad died when I was 15, grew up in rural south, worked my a$$ of for 35 years now making 120k a year.

[@daisycindy]

@@SpookyEng1 too bad you don't know me, all I said is it must be nice because it must be, don't you think so!!!!! There was no blame in that remark so your remark was just plain crude and uncalled for. I have worked since I was 16 starting at a pineapple factory, the rest of my life is actually none of your business as I owe you no explanations. I did save this video because it is good info. I just wish he would go about discussing a lower income like most people make. Have a nice day Spooky☺️

[@g.t.richardson6311]

@@daisycindy anyone who makes 100,000 owes you no explanation either Like you I worked since I was 15, my kids since 14, now productive members of society and paying taxes. Semi retired at 60, now 63 .. still work nearly every day (2nd career painting contractor.. skilled blue collar) because I want too, not cause I have too. No one gave me poop, I worked hard.

[@mark60118]

Even at the amount you said you'll get they made more money on you then you'll make on them

[@pamelariley6694]

They would have plenty, if they stop sending other countries $$$$.

[@pockit57d.a.d.68]

Rip vAXed GOV lied

[@user-vy7iw4lf5o]

We are busy funding retirement for the big “U”. *

[@xfiles4792]

All of these calculations ASSUME that SS will still be there at age 67 or 70 or beyond. This is a BIG assumption considering the program is expected to go broke in less than a decade. Politicians have no interest in fully funding SS, but instead they want to continue cutting benefits and increasing the eligibility age. I am a bird in the hand is worth two in the bush kind of guy. Empty promises of more in the future don't cut it. I am taking SS at 62 this year and collect all I can before the program goes broke.

[@rj-vj8gr]

baby boomer, one reason. I'd have to if the fed would legalize cannabis and put all those funds in that account. how much would it help???

[@matthewnicholson1298]

Not surprised. SSA was not designed for this day and age

[@maryk0522]

Not sure how that helps, not going to get anymore money

[@johnmoore5855]

SS should be for middle income and lower. Not for people who make 250,000 or more for a year

[@SpookyEng1]

But you want them to pay in right?

[@g.t.richardson6311]

Bs tool

[@g.t.richardson6311]

So you want a means test to penalize people who,saved and invested

[@johnmoore5855]

@@SpookyEng1 but your wanting me to pay for illegal immigrants,right?

[@888strummer]

I turned this off as soon as he said he expects to live to be 95

[@Wild1BillS]

With the way medicine is now he may live to 95. I know for me I am basing my numbers on +/- what my dads lives too and he is going to be 84 this year and I am in better shape then he was at my age.

[@user-ps8lp8qf7n]

where are getting this info,..... we where explained its a paid contribution by employer and employee. which is 12.4%.... so how is it it represent 23% of the 2023 budget ... i am a little lost on this information... you need to explained yourself... not clear on the math

[@Lynn-cv1md]

Why are we being taxed on our own money 💢

[@SandfordSmythe]

Originally to means-test the rich.

[@DoctorSmartyPants]

You are being taxed on your employers SS contributions, which weren't taxed.

[@matthewnicholson1298]

$4873 is the max ssa benefits in 2024. Not sure how this giant benefit amount math is truly working....?

[@ws775]

Adjusted wages and COLA.

[@matthewnicholson1298]

@ws775 maximum payment this year is the number I stated. It can't be $7000+ as Devin suggested. Look it up.

[@brucesmith9144]

But in 20 years it very well be that high. Look at the maximum SSA payout 20 years ago (2004), it was $1825.

[@prairiemark4084]

@@matthewnicholson1298 His wife will get 50% of his.......so add that to his and include future COLAs for later years.

[@Dusanteodorovic]

2024 đax FRA is $ 3822 so how many months you live up to 5.5mil? Blah,blah...

[@stevenchalke1415]

Math doesn’t add up

[@davidcarbery2388]

Could you be specific.

[@TheGOF]

The math is basic and dead easy. He explains everything in his presentation. Grab your SS estimate from SS Administration and do the math as he explains it.

[@FWMCBigFoot]

Click bait title with lots of "stay with me" comments. 8 minutes in, and still waiting to see the math. Dude doesn't respect his subscriber's time. I'm out.

[@99Jshort]

And why it’s going bankrupt

[@ws775]

Not going bankrupt.

[@thisisme3238]

That doesn't surprise me...mostly "baby boomers."

[@michaeldamico4403]

If Devin and his wife took all of their contributions plus their employers contributions to social security and invested in the S&P 500, they would have more than $6M. This video is so misleading.

[@davidcarbery2388]

People that do those calculations usually leave out the cost of disability insurance provided during their working careers. Run the numbers with that expense and you will find SS a great program.

[@Lynn-cv1md]

NO such thing as a Jackpot. Quit Spreading Lies

[@susanlong8978]

BS blah 😮😮😮😮😮🤬🤬🤬🤬🤬🤬 STOP talking 🤬