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Retirement Planning

Social Security to END in 2034? What to Do TODAY to Prepare [Video]

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Social Security to END in 2034? What to Do TODAY to Prepare

What we DON’T want to do…is work until we die.And if you’re only focusing on collecting social security in retirement, we need to talk. Things are getting a little weird.

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The Social Security trust fund reported that they believe funding will run out in 2034 for Social Security and Medicare benefits.

So relying specifically on these two options for retirement is potentially a gamble if it’s not fixed anytime soon.

Check out the details here: https://www.ssa.gov/oact/trsum/

Check out your Social Security benefits: https://www.ssa.gov/

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Chapters of Today’s Video on Social Security Ending:
00:00 End of Social Security
01:21 How Does Social Security Work?
02:47 How to Check Your Social Security Benefits
04:43 Social Security 2034 – Why It’s Running out of Funding
06:09 What the Social Security Administration is Saying
08:31 What YOU Should Do for Financial Future

So first let’s start with how Social Security actually works.
Now this applies to my United States based viewers, but ultimately Social Security works by pooling mandatory contributions from workers into a large pot of money.

They then pay out benefits to those who are eligible for these benefits. The maximum taxable earnings limit is $142,800. This basically means your taxed on SS for anything earned up to $142,800 as of 2021. Anything above that in your income is not taxed.

So for now you end up paying this tax, which you likely see on your paycheck is FICA. But the goal is that later on, you get to collect money instead of paying benefits for others.

Now how much you actually earn in Social Security really depends on how much you earned during your working years.

What they do is base your benefits on your lifetime earnings through an adjusted indexing method. They basically take your average monthly earnings during the 35 years of your working life in which you earned the most money. Social Security then applies a formula to the earnings and arrive at your basic benefit otherwise know as the Primary Insurance Amount.

You can actually see your estimates so far by going to ssa.gov/my account and ssa.gov/estimator for three different estimates:

1. Early Retirement at Age 62
2. Typical Retirement Age of 65
3. And Late Retirement at Age 70.

Now a BIG WARNING is that Social Security is designed to replace ONLY 40% of your income. This means anything over that would have to be filled with other money. This is why having a ROTH IRA or a 401k from your job is so vitally important, unless you plan on cutting down your costs and living quite significantly in your later years.

But even if you do that….if Social Security is planning to dry up by 2034…I guess it doesn’t really matter anyway right?

Let me know what you think in the comment section if we think social security to end will occur.

Yours,
Bob

*Disclaimer: Bob is not a financial advisor. Please contact a professional financial advisor prior to making any decisions. Some of the links and other products that appear on this video are from companies in which Bob Sharpe earns an affiliate commission or referral bonus. Bob Sharpe is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

I have a financial relationship with Public and will be compensated if consumers apply for an account and/or fund an account with Public through links in my content. However, the analysis and opinions expressed here are my own.