How To Fix Social Security || Social Security Explained || Retirement Income Strategies
In this video I want to continue talking about Social Security and especially how to fix social security (This is not a political agenda video. Strictly retirement planning). We are talking about social security because it is a major aspect of your retirement income strategies and your retirement planning. Social security, medicare, & medicaid will make up 2.5 trillion dollars of the 2022 US budget. This is a HUGE piece of retirement money, BUT social security is in serious trouble. The government admitted that by 2033, the social security trust fund will be empty. In 2034, social security is estimated that it can only pay out 78% of your social security benefit. That is why we need to fix social security and protect your retirement income!
How do we fix social security? Well in a perfect world the government would budget, cut spending, and appropriate funds to social security, but we don’t live in a perfect world. So, we have to fix social security with the rules that are in place for social security:
1. Raise the Full Retirement Age for Social Security beneficiaries
2. Raise Payroll Taxes (Least favorite option)
3. Raise the Cap On Taxable Wages
Keep in mind this is only social security. Medicare will be empty in 2026. Who pays for all this? Again, not a political statement, just asking for my retired and soon to retire clients.
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Other videos you might like:
Big Social Security Increase in 2021: https://www.youtube.com/watch?v=0WoEI80SruM&t=12s
Max 401k Contribution 2021: https://www.youtube.com/watch?v=288ivBvYgM0
Retirement Planning & Retirement Income: https://www.youtube.com/watch?v=jUQytd4qAjg
Retirement Savings & Retirement Investing: https://www.youtube.com/watch?v=CbwZSYKRpXs
QUESTION — What retirement topics would you like us to cover on this channel?
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Glass White Board: https://amzn.to/3iTMhdP
Keyword Research: https://www.tubebuddy.com/YourFinancialEKG
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