36 Burst results for "Social Security"
Fresh update on "social security" discussed on The Erick Erickson Show
"And so there are twenty nine rings from that solar storm to the outer edge of the tree meaning. It was ten twenty one. The vikings were north america. We don't really know what happened to them We found viking swords in newfoundland that we've found other artifacts up there. It appears that they stay left. They didn't stay in set up shop. There was really nothing there for them. But all of this means all you people who celebrate columbus utah that hateful monster columbus. I mean the the the the man who gave us in did you should hate columbus for giving us indigenous people. I mean what an awful name for a holiday. I kids today. We're celebrating indigenous peoples day. No actually columbus and i just a little bit. Columbus was a bad do. But we're not going to judge you. By the twenty first century. The man actually sailed around the world in search of india. I mean how would we not call the people of north american indians. If via never wanted to sail the india we would be actually calling them indigenous peoples. I'm an indigenous person north america and so are you unless you were born somewhere in came here and yet we got a class of people in the country wouldn't be called indigenous people when i'm indigenous to north america to and it turns out my viking family. Were here long before a whole lot of you. Even if they didn't stay. I actually am really impressed by the story not to make to light of. It's really cool that they can Archaeologically fine trees and count the rings and see the pattern of the rings to be able to tell precisely that it was a thousand years ago this year. The vikings set up shop in north america. I'm impressed with that. All right we gotta move on. We come back. Listen we gotta talk about the alec baldwin story. I'm going to save that for the top of the next hour because man if it's an awful awful awful story and instead of gloating about him someone social media do you probably need to be in your prayers but when we come back we i gotta talk about joe biden townhall. None of you saw. Hello there it. Is there here except here. Listen we've gotten some phone calls about the situation in fairfax county. Virginia the board of elections there so the state is required to collect the last four digits of people social security numbers other absentee ballots with one exception under the law under virginia law. If you cast your absentee ballot at the board of elections you don't have to write show security number if you mail in your absentee ballot. You you have to. Which social security number down the fairfax county. Which is a highly liberal county in virginia. The fairfax county board of elections has decided. They're going to skip the verification process. If you leave off your social security number lawsuit has been filed. I'm trying to get more information on yet. Definitely i mean. It's it's a democratic board. They're definitely doing hanky-panky Unlike last time unlike twenty twenty the republicans have actually. They're they're being more aggressive here. You know my apologies to the call screener when the craziest call.
"social security" Discussed on TIME's Top Stories
"What people are able to purchase is very profoundly affected by the number that comes out. We are talking the necessities of living in many cases. This year's social security trustees report amplified warnings about the long-range financial stability of the program, but there's little talk about fixes in Congress with lawmakers consumed by president Joe Biden's massive domestic legislation and partisan machinations over the national debt. Social security can not be addressed through the budget reconciliation process, Democrats are attempting to use to deliver Biden's promises. Social security's turn will come, said representative John Larson, a Democrat from Connecticut, chairman of the House, social security subcommittee and author of legislation to tackle shortfalls that would leave the program unable to pay full benefits in less than 15 years. His bill would raise payroll taxes while also changing the Cola formula to give more weight to healthcare expenses and other costs that weigh more heavily on the elderly. Larson said he intends to press ahead next year. This one time shot of Cola is not the antidote, he said. Although Biden's domestic package includes a major expansion of Medicare to cover dental, hearing, and vision care, Larson said he hears from constituents that seniors are feeling neglected by the Democrats. In town halls and tele town halls, they're saying, we are really happy with what you did on the child tax credit. But what about us, Larsen added? In a midterm election, this is a very important constituency. The kola is only one part of the annual financial equation for seniors, an announcement about Medicare's part B premium, they pay for outpatient care is expected soon. It's usually an increase, so at least some of any social security raise gets eaten up by healthcare. The part B premium is now $148 50 cents a month. And the Medicare trustees report estimated a $10 increase for 2022. Economist Marilyn moon, who also served as public trustee for social security and Medicare, said she believes the current spurt of inflation will be temporary due to highly unusual economic circumstances. I would think there is going to be an increase this year that you won't see reproduced in the future, moon said. But policymakers should not delay getting to work on retirement programs, she said. We're at a point in time where people don't react to policy needs until there is a sense of desperation, and both social security and Medicare are programs that benefit from long-range planning rather than short-range machinations. She said. Social security is financed by payroll taxes collected from workers and their employers. Each pays 6.2% on wages up to a cap, which is adjusted each year for inflation. Next year, the maximum amount of earnings subject to social security payroll taxes will increase to $147,000. The financing scheme dates back to the 1930s. The brainchild of president Franklin D. Roosevelt, who believed a payroll tax would foster among average Americans, a sense of ownership that would protect the program from political interference. That argument still resonates. Social security is my lifeline, said ruderman, the New York retiree, it's what we've worked for. Meet Shannon Simmons, owner.
"social security" Discussed on TIME's Top Stories
"For 2022. The biggest cost of living adjustment in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic. The kola, as its commonly called, amounts to an added $92 a month for the average retired worker, according to estimates Wednesday from the social security administration. It's an abrupt break from a long lull and inflation that saw cost of living adjustments averaging just 1.65% a year over the past ten years. With the increase the estimated average social security payment for a retired worker will be $1657 a month next year, a typical couple's benefits would rise by $154 to $2753 per month. But that's just to help make up for rising costs that recipients are already paying for food, gasoline, and other goods and services. It goes pretty quickly, retiree, cliff rumsey, said of the cost of living increases, after a career in sales for a leading steel manufacturer, rumsey lives near Hilton Head Island South Carolina. He cares at home for his wife of nearly 60 years Judy, who has advanced Alzheimer's disease. Since the coronavirus pandemic, Ramsay said he has also noted price increases for wages paid to caregivers who occasionally spell him and for personal care products for Judy. The kola affects household budgets for about one in 5 Americans. That includes social security recipients disabled veterans and federal retirees nearly 70 million people in all. For baby boomers who embarked on retirement within the past 15 years, it will be the biggest increase they've seen. Among them is kitty ruderman of queens in New York City, who retired from a career as an executive assistant and has been collecting social security for about ten years. We wait to hear every year what the increase is going to be, and every year it's been so insignificant, she said. This year, thank goodness it will make a difference. Ruderman says she times her grocery shopping to take advantage of midweek senior citizen discounts. But even so, price hikes have been extreme. She says she doesn't think she can afford a medication that our doctor has recommended. AARP CEO Joanne Jenkins, called the government payout increase crucial for social security beneficiaries and their families as they try to keep up with rising costs. Policymakers say the adjustment is a safeguard to protect social security benefits against the loss of purchasing power. And not a pay bump for retirees..
"social security" Discussed on WSJ What's News
"Next year, seniors and other Americans receiving social security will see their benefits go up by 5.9%. That's the largest increase in 40 years. For the average recipient, that will mean 92 more dollars every month, according to agency estimates. But with inflation rising, will that cost of living boost be enough to keep pace with the cost of living? Joining me now with more is Wall Street Journal, labor economics and policy reporter Eric morath. Hi Eric, thanks for being here. Sure, thanks for having me. Eric, can you start by telling us how this cost of living adjustment is calculated and how much of what we're seeing for 2022 has to do with inflation? Yeah, so it all has to do with inflation. This cost of living adjustment is calculated. By using kind of an opaque measure of inflation, it measures inflation for blue collar workers, but nonetheless that generally tracks what we're seeing across the economy, which includes, you know, higher prices for things like gas, groceries, cars, and with those higher prices, inflation is rising and social security is increasing the amount that they're paying out to help seniors and others compensate for that. But the real world increase here also depends on a lot of factors as we've talked about with the wage gains we've seen this year. A lot of that is being eaten up by the price increases we're now seeing. So explain that for us a little bit. Right. So you're receiving more, maybe in your paycheck or in your social security benefits, but then you need to go out and buy things and you're finding out that gas is a lot more expensive. We're seeing certain things like airline tickets and used cars, really rising in price because we see these supply shortages throughout the economy, we're expecting energy prices to heat your home this winter to be to be higher. So whether your social security recipient or a worker in the economy, you're likely to be paying more so, well, it feels pretty good to maybe to get almost a 6% raise. Then when you look at your budget, you might not really see that big of a benefit. And what does this mean specifically for seniors who are living on fixed incomes? Yeah, so it can be really important for seniors. We know from the AARP that about half of those over 65 rely on social security as half or more of their income. And a quarter of those folks, it's 90% of their income, right? So this is their primary source of income. And so seeing that increased to at least offset these higher prices is really essential to a lot of these seniors. Now, on the other side of this, we also learned that the amount of income for those still working the amount of income subject to social security tax also increased. It'll be a $147,000 next year up from a hundred and a $143,000 this year. So that means higher income folks will be paying more in taxes. But it's interesting that increase isn't as large as the colon. It's only about a 3% increase because that increases based on average wages, not average prices. Eric how are experts viewing this increase, especially for the long term? Is it a good thing or a bad thing? Somewhere in between? I think it's somewhere in between a good thing and neutral, right? So, you know, it's kind of can be a wash, right? Or at least protecting recipients from, you know, facing, you know, much higher prices without any additional income. But it potentially can be a good thing because seniors, budgets don't necessarily mirror those in the rest of the economy. For example, they might not, you know, commute every day. You know, they're not working they're retired. So they're probably not commuting every day, and maybe they can avoid paying some of these higher gas prices. Maybe they can put off buying a car until prices level out. And so they can adjust their spending, they might find some extra money in their pocket and maybe they take that and buy some more Christmas gifts for the grandchildren, go out to eat a little bit more and that's pumping more money into the economy and could help stimulate economic growth. What does this tell us about the future of the social security program, which is projected to run out of money in less than 15 years from now, according to the latest estimates, does this outsize increase impact those predictions at all? A little bit. Some of the experts we talked to said it could move up by about three months when the social security trust fund will run out of money. And the reason that is, is because they're anticipating that we'll see you higher wages as well. And so the social security administration will be able to collect more in taxes and that will offset having more money sent out and benefits. And we know this will be true because some people's wages maybe if they work in a labor union, maybe if they are close to minimum wage, those are also indexed to the same inflation measures. So a lot of people could be seeing a higher raise than normal come January. And then, of course, then we'll be paying more taxes to social security. That's Wall Street Journal, labor economics and policy reporter Eric morath, Eric, thanks as always for joining me. Sure. Happy to join you. Thank you. And finally, the latest Blue Origin flight successfully returned from the edge of space today with a crew that included actor William Shatner or captain Kirk as he's known to Star Trek fans. At 90, he's now the oldest man to fly into space. Shatner thanked Blue Origin founder Jeff Bezos for the opportunity to boldly go where few have gone before. What you have given me. Is the most profound experience. I do not. I'm so filled with emotion about what just happened. I just extraordinary extraordinary. I hope I never recover from this. But our space and aviation reporter, Micah, maidenberg, says getting Shatner on board, was also a big win for Blue Origin. Well, having celebrities and actors and famous people on your space flight creates attention, it creates buzz, it gets people, you know, who may not be aware of the company Blue Origin, a reason to sort of tune in to what they're doing. I'm think it's probably fair to say that more people have at some point in their life come across something that mister Shatner has done than perhaps Blue Origin, which has been around for about 20 years or so. So this sort of trend of having high profile people or celebrities on board these flights is a way for.
Social Security checks going up by 5.9 percent, the highest increase in decades
"Millions of retirees on social security will see a big boost in benefits next year it's the biggest cost of living adjustment in nearly four decades of five point nine percent increase in benefits translating to about ninety two dollars a month for the average retired workers over the past decade cost of living adjustments averaged one point six five percent a year the jump comes following a burst in inflation as the economy struggles under the virus pandemic annual inflation is up five point four percent from a year ago matching a thirteen year high the
Where Are the Fact Checkers on Biden's Budget Speech?
"A Democrat the Republicans the media all sound alike because they do not want Slashing the federal budget And so they wrap it all up in not paying our debt defaulting on the debt because they're lying Here's Joe Biden at The White House today cut 5 go The folding on the debt which secretary Yellen said could happen at any day after October the 18th as we run out of money means that social security benefits will stop Okay so now you know he's a liar The guy can't help it It's in his DNA It's in the little bit of tissue that's left in the cranium Go ahead The service members will stop No it won't And where are the fact checkers They're in the tank Go ahead And if it's the veterans will stop No they won't Go ahead Four The failure that raises that the more undermine the safety of the United States treasury securities Not long It will require you to make priorities and slash all the other programs and personnel Within the $3 trillion budget It's more than 3 trillion really 320 billion a month for 12 months The fact it's much more than 3 trillion Go ahead Bretton reserve status of the dollar as the world currency and the world relies on Downgrade America's credit rating and result in a rise in interest rates for families talking about mortgages auto loans actually that will happen when God forbid if Your spending
Biden's $3.5T Reconciliation Bill Provides Handouts to Illegal Immigrants
"And our Friends at excuse me at the free Beacon Joseph Simpson Democrats talk multi-billion dollar handout to illegal immigrants into the reconciliation done And we know they've put tens of billions of dollars in there for left wing groups The 3.5 trillion reconciliation bill include extends the child tax credit to anyone in the United States Who provides an individual taxpayer identification number Overturning a crucial safeguard against fraud federal law Ricardo valid social security numbers The only American citizens get that To receive the cash transfer from the federal government the potential payoff for illegal immigrants who have an individual taxpayer identification number if you can believe that Is massive with each family receiving a monthly payment of 250 to $300 per child This has been snuck into the Bill This is what I'm talking about We've got to look at the substance too A survey from Pew Research Center found that roughly 675,000 children are not eligible for social security number making the tax credit expansion for illegal aliens cost between two and two and a half $1 billion a year Other estimates put the total number of illegal children residing in the United States and more than 800,000 So families regardless of their legal status with the eligible to receive checks of $3600 per year per child Including illegal aliens
Joe Biden's Budget Plan Is Paying for a Massive Welfare State
"All right go ahead It starts with a simple truth The United States is a nation that pays its bills and always has From its inception we have never defaulted Well we pay for so it keeps us a great nation Now we're paying for a massive welfare state Go ahead So security benefits for seniors Salaries for brave service members and benefits for veterans and other financial obligations Now what's interesting is even when the government shuts down or the debt selling is not increased Social security benefits for seniors continue to be paid Medicare continues to be paid because they've created this fiction that these are several separate trust funds I say it's a fiction because they've drained all the money out of them already But as a matter of law social security benefits continue to be paid and you continue to pay into them those of you who are and on payroll tax induction And the military continues to get paid as do the vets continue This is a matter of law But they will talk about social security in our brave service members Because they want to panic you They want a panic yet
The Fact About the Nation's Debt
"Actually had two senators call me today And thank me for my monologue on life liberty and Levin how I cleared up this whole issue of the debt And how the nation will not Avoid paying its debt That is unless the president of the United States chooses to do that which would be unconstitutional under the Fourteenth Amendment Just remember we bring in the government brings in rather $320 billion give or take every month The debt service every month is $44 billion So you can do the math $44 billion is the debt service $320 billion is the gross that the federal government brings in from all sources So there's more than enough 85% or so left To pay for social security which is to be paid Medicare which is to be paid federal pensions and other veterans which are to be paid And there's other issues in there too that are to be paid And the rest they have to debate over And what the Democrats have said is we don't want to put a figure in there We want to go into December 2022 with no cap on spending whatsoever So the Republicans said number one there's no reason to default on the Dutch as pay it Pay the debt service and number Two we're not giving you carte blanche Now those are the facts you won't read them in the New York slimes of the Washington compost It won't hear them in the constipated news network and you won't hear them on MSL SD Nor will you hear any of it on NBC ABC or CBS
Education Secretary Miguel Cardona: Parents Are Not Primary Stakeholders in Children's Education
"The case I've been making the entire time here is that the default argument by liberals when they argue about government programs we've got to do this program We got to do tarp We have to do snap We have to do social security Medicare Medicaid expansion The default argument is that government somehow is competent and therefore it should do things you can't do yourself educate your kids take care of your own healthcare And you need to ask your liberal Friends like we're going to ask today what is the basis for that argument Do you have any evidence whatsoever government does anything right We've already demonstrated on the law enforcement front they fail here on the education front I want you to listen to education secretary cardona As he gets shredded in the inner senator Mike Braun ask them the question Hey who's primarily responsible for kids education The parents are the teachers and I want you to listen to cardona subjugate the parents to the teachers wishes Despite the fact that the public education system has entirely failed the United States for decades Check this out Do you think parents should be in charge of their child's education as the primary stakeholder I believe parents are important stakeholders but I also believe our educators have a role in determining educational programming And I think that's going to be a little out of focus what I think you're going to find across all elements of education since they pay the bills They raise the kids They probably need to be the primary spokespeople for their own kids good education Well bronze being a little more diplomatic And good for him but I'm not I don't need to be diplomatic and I don't care about being diplomatic He should have turned around and told cardona wait wait wait did you just tell me that parents aren't the primary stakeholders here responsible for their kids education
Michigan Lottery Winner Drowns With Ticket Still in His Wallet
"Story out of michigan gregory jarvis fifty seven years old. He won forty five thousand dollars in the lottery. That's a life changer. Too great story. He hit the jackpot at the blue water in he played the club. Keno add on game. The jack the owner don sqi told wjr t. flint. Very nice guy. He was here every day. He was super excited. Forty five grand but he wasn't able to immediately cash in is winning ticket because he didn't have the proper documentation he didn't have a social security card so he had to apply for a new one and he was waiting while waiting. He went out into the lake. He slipped and fell and hit his head and drowned with the lottery. Tickets still in his pocket a body. They found the body along the at a private beach. The small here on county city. A body washed ashore. It was him. The police chief said he died after drowning after striking his head. His boss said he was planning to take the money and go see his sister and his dad. In north carolina the winning ticket was retrieved from his body and handed over to his relatives now. So sad story to be sure. It's a sad story but it's a lifelong live your life enjoy your life. There are things more important than the arguments were having in the political battles were having. They are plenty but when you get frustrated when you get annoyed when you get anxious and depressed think about the tale of fifty seven year old. Greg
What Kind of Program Is Social Security Today?
"What kind of program is social security today The trust has been broken They stole all the money out of the trusts If that's okay why can't you do that in the private sector If that's compassionate and righteous why can't you do that in a private set You do that in the private sector you go to prison So they tell you in your payroll you're going to make a contribution to your own account And social security administration is such a fraud It even sends out information about how much you have in your own account You have nothing in your account You have IOUs in your account The Treasury Department has taken every plug nickel out of every social security trust fund at every account and has spent it Medicare Same thing Almost $300 trillion now In IOUs to entitlement programs for people who have a right They've destroyed them It's only a matter of time till that presents itself though that's manifested It's only a matter of time This stuff can't go on forever Well market hasn't happened yet but when it does it'll be a horrific Human collapse Because people become dependent on you promised me What else is wrong with social security Well it's a universal program So people who don't need social security still pay in the social security People who do need social security have paid into social security getting a pretty good deal right now But their children are not going to get a good deal at all and their grandchildren are going to get nothing Nothing Just like Medicare Nothing
"social security" Discussed on Just Don't Lose The Money Podcast
"Saw the other night with the With dress on and it said tax the rich you know. So they're all about that but you you wonder when it's gonna trickle down to those of us who are saving money in the 401k worrying about social security and just the regular people who we don't have ten million dollars but we might have a million we might have a million and a half and because we've saved for the last forty years that's exactly right. I mean. don't listen. don't don't let them for you. And they say oh. We're only going to tax. The rich you know at the very beginning biden said well only gonna go after the folks making four hundred thousand dollars or more things have changed and the reality is that if you have just like what you said if you have a million and a half and a 401k plan and you have to draw fifty grand a year to make ends meet. You know not make ends meet but actually enjoy retirement to do the things you really wanted to do that. You worked so hard last. Forty years to save to be able to do. I'm betting you right now. That when you pull out that fifty thousand dollars year five years from now you're going to pay higher tax than you are today So it doesn't matter if you make two hundred thousand fifty thousand four hundred thousand if they raise income brackets when you draw the money you're gonna pay more taxes period. Exactly right sam. I mean if you're in retirement you're seventy five years old and all of a sudden your car craps out and you need a new car and you come to sam the team and you say well. I found this car that i really like in. Its forty thousand dollars and then all you've got his 401k money. Well sam looks at says we need to take fifty five to get your forty and if taxes are higher you may need to take fifty eight or sixty to get your forty. I think there's two things that people really should pay attention to one. People feel great when they look at it for a one k. balances but when we actually do the analysis for potential clients. One of the things that were put in the inflation because things more more but what people don't understand is if you have a six thousand dollars a month budget that's your spend rate that you're burn rate. You really need to withdraw more money than six thousand dollars a month from your 401k. Because you're paying calcium. So when we incorporate that into the analysis you get a true sense of really how much you're worth and and it's not about how much you know what that number is. It's about having the ability to have financial freedom in the sort of the mental freedom to spend money so that's really important thing to realize is what your real net is. When we do those analysis we can show people that and and really the second thing is just to make sure that if you have opportunities today like last i did a partial roth conversion of my old. Ira and it was about one hundred and ten thousand dollars. And i'm gonna end up paying a little bit more tax now. But i'd rather pay a little bit more tax today than five years from now from now when i go to take the money. Oh so that's an opportunity. People should not let go by run. The numbers even makes sense. We've been doing more and more th- roth conversions for clients than ever before because people randy people get it they know taxes are gonna go up so as we said at the beginning of the show..
"social security" Discussed on How to Money
"Mike tyson knockout which was one of the greatest video games. It was pretty close. But let's talk about the some of the changes matt and like you know since almost six in ten retirees actually find that their main source of income in retirement is social security. Something is going to have to give like. We said at the beginning. This wasn't the intent of social security. But that is where we have found ourselves as this becoming essentially the the main retirement program The main source of income for so many americans in nineteen eighty-three there was a bill that gradually change retirement age from sixty five to sixty seven. We could see something else. Similar happened in the future. Changing the date at which you're able to receive your full social security benefit pushing it back just a little bit to increase the solvency. But we're more likely to see something. I would say like a fire tax increase. That slowly goes up over the decades. Something like a point. One percent increase each year so that we basically barely feel it in any meaningful way but it does slowly start to make up for some of the shortfalls overseeing There's also been talk about raising the income cap for paying payroll taxes so right now if you're a high income earner you stop paying tax on any dollar that you earn above one hundred and forty two thousand eight hundred and if they were to raise that cap that would be possible tweak to provide more funds for the social security trust fund. Don't run out of money quite so quickly. that's right personally. Fan of increasing that age because we talked about earlier how life expectancies have increased dramatically. Even over the past even. Since like eighty-three we've seen the life expectancy increase picking the solution. That's the one i would pick but it's also your taxes me the most unlikely people don't wanna be like dang it i've been paying into this and now you're telling me i got two more years like most people don't want to hear that i think is probably the best..
Biden on Pace to Bring 10 Million Illegal Aliens With Open Borders
"Now I want you to think about this. If Joe Biden for four years is able to keep those borders open, we're gonna have 10 million illegal aliens and four years on top of another, probably 2025 million illegal aliens. At the same time, while we're massively expanding the welfare state. Free community college, which will lead to free college. Trust me. 12 weeks of family leave. 12 weeks. Massive expansion of Medicare both the numbers of people And the benefits which is going broke in 2 to 4 years, according to the trustees, not me. What do I know? According to them Where is that going to come from? Medicaid is on its last leg. Social Security is when its last leg and we're like right now, Fox News has shown A drone. With 10,000 Haitians who have come into the country illegally under the international bridge. On the border with Texas. And there under the bridge because they have nowhere to go there in the United States. Luckily, there are Cubans. Are they thrown to the sharks in the ocean? Right, Mr Busy? If they come from Haiti. Which is half of an island. Arms wide open if you come from Cuba. You go back. Anyway, that just shows you the They disgusting cynicism of this whole thing.
R. Kelly Assistant Says He Made Her Write False Confession
"A long time assistant R. Kelly is the latest to testify at his sex trafficking trial Diana Copeland served as an H. R. Kelly for fifteen years and she says well she never saw any of the alleged sex abuse that the R&B star is accused of she did witness some odd stuff when she says he asked her to change into a robe to prove that she wasn't secretly recording him and she says Kelly even had her write a letter falsely confessing to stealing from him she testified also about how Kelly relied on his inner circle for example Copeland says the singer struggles to read and write and had no control over his own bank account well where his royalties were going she also says R. Kelly didn't even know his own social security number I'm a squirrel's Gabriel
"social security" Discussed on The Novice and The Nerd
"There was a lot of people complaining about obviously the fact that social security is going to run out and it's going to run out sooner. And everyone was pinpointing the fact that there was massive unemployment last year as the reason that social security had been derailed. And I was really caught off guard by the fact that there was a surplus last year. But the reality is we're going down this road where people are living longer, we don't have enough people working for the fact that people are living longer and the only investment that the social security administration is allowed to put their money into is treasuries and realistically right now treasuries are probably one of the lowest rate of return that you can get anywhere. Now, the reason they do that is because they're considered the risk free rate. Meaning there's no risk that a treasury is not going to get paid. Right. And that you're not going to get your interest. Anything outside of that, you're taking some sort of risk. I don't know that they would ever change that, meaning would they ever open it up where now the social security administration can start investing in other types of bonds, because when you start doing that, you are opening yourself up to credit risk, meaning does that other pay? Do they not pay? What does that do to social security? Or do they allow them to buy corporate bonds? All kidding aside, that would probably be willing to lend Apple money for the next 30 years. But there's still credit risk there. And there's always a fear when the government starts investing in the private companies that you're choosing winners over losers. So imagine for a moment, let's think of two let's imagine Pepsi and Coke. If the government said, hey, you know, in order to get a greater return for the pot of money that is sitting on social security, we're going to allow them to buy Coca-Cola bonds. What do you think the immediate reaction to Coca-Cola bonds would be? Right now? Yeah. Price would go up, and then that means that the lending, the cost of future Coca-Cola bonds would go down. Because basically they're saying, hey, I know there's a guaranteed demand here because the federal government has said we're going to buy Coca-Cola bonds in order to do social security. Well, Pepsi would be saying, that's a completely unfair advantage because Coca-Cola will be able to borrow at a lower rate than we can and you're choosing winners and losers. I'm not saying that the government hasn't probably already thought of that in considered it, but it just seems unlikely that that would be something they would ever do. That's the other reason that they would never get into owning stocks. Or I would hope they wouldn't. I mean, anything taught us in the last 15 years, I suppose anything's possible. But it just seems highly on probable so as we wrap up one of our shorter episodes here. And of course, if any listeners, if you like the shorter episodes or if you like the longer episodes, please let us know. We'd love to hear feedback. If you have any questions, always send them to the novice and the nerd at strategic point dot com because we would love to hear from our listeners. But as we wrap up here, do you have any questions, comments, concerns there, miss novice?.
"social security" Discussed on The Novice and The Nerd
"So we're close enough as a demographic to collecting social security that I don't believe they will mess with it. Our kids, your kids, however, they're going to probably tweak that up. So there's an if you think about social security, the earliest you can take it at 62, the latest is 70. I suspect they'll keep that 8 year window, but they might even say the earliest that our kids can file is 64 and the latest is 72. That would help. Okay. Do you know what the simplest fix would be? They eat the simplest one. Right off the bat, take a guess. Everyone contribute more. Yeah. Really? Yeah. So I know you don't know this, but I'm going to ask it anyway. Do you know how much on a percentage of your paycheck goes into social security every pay period? 7%. Oh, you're close. 6.2. That's pretty close. Do you know how much the company pays in? No. 6.2. Okay. So you pay in half, we pay in half. If you wanted to make the deficit go away, you would have to increase that to 16%. Each? No. Totally. Okay. Yeah. All right. Which I feel that, what I see that might be yeah. I mean, would I? I don't know if I would. So if you're someone's making $75,000 a year. You just lost 2%. Yeah, I would feel it. Yeah. Okay. 14,000? 14,000. I'm happy to send a copy of this podcast to the social security administration and say Walmart? No. He's volunteering. No, she's volunteering to pay more because she quote unquote won't feel it. You have to break it down like that, so I understand. And once I understand, I take it back. Are you aware that so you pay 12.4? Well, no, you don't pay 12.4. The company pays 6.26 .2. Are you aware that there is a salary at which someone stops paying into social security? Yes, but only from the last podcast that we recorded, and I don't remember what that number is. 142,800 bucks. So they could so they could say, well, we're not going to increase the rate. But we're going to increase that wage cap..
"social security" Discussed on The Novice and The Nerd
"So that is a great question. Believe it or not, it was expected that last year that the social security administration was going to run a deficit. Meaning they would last year, it was expected that social security would pay out more than was brought in, which is why we talked about social security. It's been over a year and a half since we originally did our first podcast about social security. And the reason we were talking about it in 2019 was everyone was expecting 2020 for there to be a deficit. And lo and behold, they actually made money last year. So there is an $11 billion surplus. So getting back to your question of is the cost of living adjustment, the cause of or the primary cause of why they're pulling forward by a year when the program could run out of money. And in all the press releases and everything that I could find, it's not as simple as pointing to one specific issue. It's a confluence of issues. In my opinion, Derek gave me his opinion. One of the biggest issues is, and I'm sure I asked you this before, do you know, so you're running the social security? You are now the head of social security, the lower bar. Congratulations. Thank you. And you have a ton of money coming in every month and a ton of money going out every month. Much like your household. And you have a nest egg, which this is all factual. You have a nest egg that whenever there's a shortfall when not enough taxes come in, but the checks still have to go out, you have to dip into that nest egg. You follow me so far? Yep. So when they're talking about the money running out in 2034, the estimates are you've dipped into that nest egg, too many times, and now the nest egg has disappeared. Okay. And so you would not have any resources to make up for a gap, meaning, yes, there's money coming in from you and I and all the people who are working, but more checks are going out than is bringing in and there's nowhere for you to tap. You follow me so far. Okay, so what was the primary cause in my opinion and will continue to be the biggest one of the biggest issues. You currently have a nest egg and you're running social security. Where do you know where the only place they can invest that nest egg? No. GameStop. Are you serious? No. No. What are you talking about? U.S. treasuries..
"social security" Discussed on Make Me Smart with Kai and Molly
"They only get back. I mean they pay the same amount assuming that they yes so they pay roughly the same amount and then it goes the amount that they get paid. Every month is based on their smaller income. Wow yeah we should. I look so we all get statements every year We all get statements every year maybe even quarterly or semi annually. That lay out what your expectations for pay based on how much money you've been making so you get it. I'm sure it's online. Now you can go to the social security administration website and get the projection of what your pat will be at the age of sixty to sixty seven seventy two and a half whatever it is. Yeah although be careful. Because apparently my uncle did that to try to find out what his payout was going to be and then he accidentally It went through the system as a request that then fixes his pay on at that. So be careful with that website because that just happened him. Yeah clearly we need a deep dive on social security not just a safety net but specifically that where it came from and how it works and that's like super not in the personal finance way but in this sort of economic like what happens. You know boomers. It's a huge part of shoes meeting. Absolutely you bet. Oh i love your questions. I'd love them audience. I'd love them record. Great question okay. All right what comes out. Take this one. Because you've been token connor north carolina. It'd be really aware of that. We do what we want. I'm sorry it's an email. Connor wants to know. Wow why is it so hard to make semiconductors and chips. He says why aren't automakers attempting to make their own like a generic brand of semiconductors. I love this story because it does must like an easy little onshore thing and it is super duper not that. They're really really really hard to make I believe the. Let's say the former intel the former boss of intel craig barrett said that his company's microprocessors were the most complicated devices ever made by man which i think is true. Like manufacturing and chip. It has to happen in these. Like sealed real. I mean it's not dissimilar to constructing like a mars rover..
Social Security Projected to Be Insolvent a Year Earlier Than Previously Forecast
"New projection show the severe economic downturn caused by the kobe nineteen pandemic last year hit the health of social security but not nearly as hard as many forecasters originally feared trustees of the social security trust fund said they expect reserves to be depleted by twenty thirty four only one year sooner than they estimated in their april twenty twenty report
Social Security reserve pressure
"Have been significantly affected by the pandemic according to a new federal report the economic downturn coupled with retirement of millions of baby boomers mean. The reserve is now forecast to run out in twenty thirty four when you're earlier than previous estimates that could result in cuts to benefits cd director. Were
Social Security and Medicare Funds Remain Under Pressure
"More problems for social security and Medicare funds social security and Medicare the government's two biggest benefit programs remain under intense financial pressure the two major issues the retirement of millions of baby boomers along with the devastating pandemic putting increased pressures on the two programs finances a report from the program's trustees has now moved up by one year the day for the depletion of social security's reserves it now projects they will be unable to pay full benefits starting in twenty thirty four instead of twenty thirty five Medicare is still expected to exhaust its reserves in twenty twenty six that's the same date is estimated last year surely a blur Washington
Building a Seven-Figure Real Estate Business Using Other People's Money
"Something to share that you believe about becoming successful that most people disagree with yes. What's up fire nation. So when it comes to real estate and entrepreneurship people think that you always have to work hard to accomplish your goals and your dreams. The reality is you gotta work smart. You gotta be able to delegate and and make sure that you are sharpening the saw and just be very efficient with your with your habits. Yeah what was that. Abraham lincoln quote that if he had an hour to cut down a tree he's been the i fifty five minutes sharpening the blade so thick above that fire nation. You're going through your process ends. As i mentioned in the introduction we have both kierra in khalil on the mike today. We're gonna be talking all about building a seven figure real estate business using other people's money so before you turned thirty you had a seven figure business. You owned an entire city block and baltimore. I mean how the heck does this even happen. I barely have my driver's license at thirty. Yeah i mean it was really when we were about a year out of college. We really trying to figure out what this whole thing was gonna look like. It was around the time period when we were talking about there not being enough funds for social security in people taking about their pensions or started. Put money in retirement funds our full-time jobs and we realized that this was not probably going to be it for us and that we really needed to figure out how to take the reins on what our future was going to look. Like and real estate became that space or we decided to get really focused and intentional about building our portfolio there for that long term flow being able to that appreciation but also be able to impact the community in the neighborhoods in which we are investing And so you know. We didn't have a trust fund. We weren't legacy you know real estate developers but really Decided to work smart and be intentional about how he's been our time to be able to build that portfolio
US to Erase Student Debt for Those With Severe Disabilities
"The bike need ministrations announced it will automatically re student loan debt for Americans with severe disabilities who are unable to earn high incomes starting in September the education department will start a racing student debt for some three hundred twenty three thousand Americans listed by social security as permanently disabled the federal government already offer student debt relief but the current rules require that borrowers submit a lot of documentation advocates of complain some people have been dropped by the program for not getting their paperwork in on time like proof of earnings they best the debt relief be automatically implemented for those already in the social security system the national student legal defense network is calling the new policy a life changing step Jackie Quinn Washington
FCC to Investigate Personal Data Leak of 7.8 Million Customers of T-Mobile
"The federal communications commission or fcc is now investigating the data breach at t. Mobile the wireless carrier confirmed this week that hackers stole information about more than forty seven million people including current past and prospective customers. The stolen data included birthdays social security numbers and driver's license information. But t mobile says. It appears the hackers did not get access to any credit card numbers or payment information to be safe. T mobile is offering. Its customers two years of free identity protection. The company is also encouraging customers to reset pin numbers as a precaution. This is the fifth time t mobile has been hacked in recent
T-Mobile Breach Was Much Worse Than Previously Thought
"Now admits a recent data breach was worse than originally thought. Details from Cuomo's Greg Hershel T. Mobile says the names, Social Security numbers and information from driver's licenses or other identification of over 40 million former and prospective customers were exposed if they had applied for T Mobile credit. The same data for 7.8 million current T Mobile customers also appears to be compromised. But the company says no phone numbers, account numbers, pins, passwords or financial information were compromised. Team Mobile says it will immediately offer two years of free identity protection services, and it's recommending that all of its postpaid customers change their pin.
Data of more than 40 million exposed in T-Mobile breach
"T. mobile is revealing more information about a big data breach T. mobile says the breach exposed sensitive information about tens of millions of former and prospective customers and appears to have compromised the data of millions more current customers names social security numbers and information from drivers license and other ID's on Monday T. mobile said it had closed the entry point that was used to gain access the company says it will offer two years of free identity protection services and it's recommending that all of its post paid customers change their pen the investigation into how this happened is continuing I'm Rita folate
"social security" Discussed on Just Don't Lose The Money Podcast
"Of that randy is if we go into our economy where the market is going. The wrong directions going backwards and you know the. Snp's down some ten or twenty percent. The worst case scenario is that you would earn zero. Lose anything you wouldn't lose any of your previous year's gains that have been locked in. You might just get a big fat goose egg for return that year but that's a lot better than having a negative return so there are options out there you know sort of the mid ground is earning a reasonable interest rate four five six percent sort of as a target but having no risk to your principle that might be something for people to look at if they've had that in mind. Hey when i retired is going to go buy some cd's and i'll be okay right because today interest rates are low. And and just like larry fink said who knows you know he runs blackrock knows. Interest rates are silent killer and this is a part of the ledger. That right now is kind of missing or we think it's missing because interest rates are so low. cd's are so low. So where do you go well. There are alternatives out there and that might be the start of your conversation with the team at rabin online wealth partners with a fifteen minute strategy. Call and say a sam. I heard you talk about that. Safer side of the ledger. And i know the bank's not getting it done. What can you do for me. They're real easy. Go to three sixty five retirement dot com or six one seven four four zero nine three sixty five okay. So i'm looking through articles to talk about on the show here. I found something interesting. I wanted to get your take on it. We always talk about how you should have an emergency fund three to six months worth of living expenses. Just in case something happens with a job or something happens with the house or the car or something like that. You've got a pool of money to grab from. Where do you put that money. Do you put it in the bank. Like we were just saying with no interest at all. There's an article in motley fool. That says you should put that money in a roth. So yeah i thought what what do you think about that one. I'm sure there's more to it when we forces she put into a roth. Just it's pretty blanket statement. But i would have to disagree You know i mean. I think people should use monies for this specific purpose. And you put money in a roth roth. Ira the whole idea is use retirement right. That's that's very different than hey. My water heater. You know broke or need a new set of tires in my car. I mean that's that's a lot different. Why would you tap into something. You worked so hard to say for the retirement that day down the road when you're supposed to.
"social security" Discussed on SML Planning Minute
"Business owners security mutual. The company. that cares. Hello this is bill. Rinaldi with another addition of security mutuals. Snl planning minute in today's episode. We take a look back at one of our favorite previous programs. Be very suspicious when getting calls claiming to be from the irs or social security administration. We urge you to always be cautious and to avoid providing sensitive information such as your social security number or bank account information to unknown individuals over the phone or internet if you receive a call. Aren't expecting one. You must be extra careful. Never reveal personal data to a stranger who calls you. There are numerous scams going around right now. And some are sophisticated. You might receive a call from someone claiming to be from the irs social security or another agency calls can even display social. Security's national customer service number. Which is eight hundred seven two one two one three as the incoming number on your caller. Id in some cases. The caller states the social security does not have all your personal information such as your social security number on file other callers claim social security needs additional information so the agency can increase your benefit payment or that social security will terminate your benefits if they do not confirm your information in fact i have myself receive this call on my answering machine claiming that my social security number has been compromised. This appears to be a widespread issue as reports have come from people across the country. It is most likely that these calls are not from social security caller sometimes state your social security number is at risk of being deactivated or deleted. The caller then asks you to provide a phone number to resolve the issue. People should be aware that the schemes details may vary however you should avoid engaging with the caller or calling the number provided as the caller might attempt to acquire personal information social security employees do occasionally contact people by telephone for customer service purposes in only a few special situations such as when you have business pending with the social security administration a social security employees may request you to confirm personal information over the phone. Irs and social security employees will never threaten you or promise a social security benefit approval or increase in exchange for information in those cases. The call is fraudulent. And you should just hang up if you receive these calls. Please report the information.
"social security" Discussed on Women and Wealth
"Sixty six and a few months you're going to get almost a thirty percent pay cut in your social security benefit forever. For as long as your retirement lasts, that's why this decision is. So big that you WanNa look another job you want to look for other resources any other borrowing capabilities you have because if you lock in a thirty percent reduced income from social security, which is for a half of older people, it is their number one source of income later in retirement I mean this is a big deal and you where are you going GonNa make up that thirty percent? Like from where it doesn't magically appear there's a big mistake that people make out there and they think that they can claim it sixty two and say, oh fine I'll take the thirty percent twenty, five to thirty percent cut in my social security because it will bump up when I reached my full retirement age, right? Well surprise you know there's no bumping up. So once you're in, you're in and that's why it's so important to to be very, very thoughtful and mindful it should be very last resort before you claim social security early. What about those who are so afraid that social security is going to run out of money so they want to take it early. Yeah there's definitely that philosophy at say a couple of things on that the first and most important is it's incredibly important to get the facts about how social security works. And Social Security works on payroll taxes. That's very specific thing or Fayka taxes. These are the taxes that you pay out of your salary. All of us pay, we pay into the Social Security Trust, fund, every pay period, and we pay our six point two percent share our employer pays another six point. And and I think of it as a checking account. So this money goes into the federal government, every every pay period into their quote checking account and it immediately then checks get written for the current retirees. So for my dad, for example, and my mom, they're very happy getting their social security payments. Let me just add. they they love that piece they paid in you know I'll during their career and now they got their benefit. So it's important for all of us to understand how the program works and it is a pay in to pay out, and so long as we are paying in our payroll taxes there will the checking account grows you know and they'll be money there to then. Pay Out all of us boomers and you know anyone who's fifty and older awards forty and older and older all of us get to social security age. So it's how the program is working. Again, it's not a welfare program. So it's a, it's a contributory program that a benefit gets calculated on your behalf. So long as you paid in your fair share during your working years. and. So what about the thought like with demographics that there are fewer fewer workers supporting a larger and larger base of retirees? Yeah there there are we want more workers I joke around I. Have Two kids. They're lovely daughters twenty nine and twenty four and I joke around with people that jeeze if I had known, I should have had more children so that they could contribute to social security maybe I should have done that. But you know we stopped it to it is better when there are more people paying into the system to pay the retirees so we are. Tipping upside down for about ten years. So the gen-x generation was much smaller than the boomer generation and so they're fewer of them to pay in while us. boomers are getting ready to retire and claim our benefits but the millennials are gigantic generation..
"social security" Discussed on The Financial Guys
"Something a year from now and they're placing bets to hedge themselves. Well what would that year from now be well of course the election right now. Why is this a positive? It's positive because investors always get it wrong right all with retail investors always get it wrong. So they're hedging though in their placing bets thing. Oh my gosh. What if Elizabeth Warren Wins? What if a Bernie Sanders wins? They're hatching bence against that. I would say that that's a great very bullish sign for the economy. I'm very bullish. Signed for the stock market and a very very bullish signed for Donald Trump because retail investors are always wrong right. How many retail investors bet? That Clinton was going to win bright percent. I think it was eight percent whereas it I got it right here wrong every single time. Diamond broken record. We've complimented Maria Barreda Roma few times by saying Maria. That was awesome. She's like I can't figure it out. The Dow futures are down eight hundred points. He wants less regulations lower taxes and pro growth economy. I think I'M GONNA buy into this thing in the morning and sure enough what she right because those users turned it was. It was a few of the quote elitist that were that were selling at midnight and by nine thirty in the morning everybody With a brain in their head and said wait a minute wait the economy The New York Times. The New York Times tweeted out on October twentieth. Chance are presidential forecast asked updated chance of winning Hillary Ninety two percent Donald Trump eight percent the same folks that come out with these polls say it looks like go look at it. And they're still listening to them. That'll make you know what's scary is Republicans listening to the Republican proposal. Look that good at Mike. What what are you seriously bothering? Are you the same people. Actually these same people as you just pointed out that we're at ninety two ninety four ninety six percent. Now now there are. What like sixty forty that he does he win? California and New York Asu positively Tony. He was forty plus states. He doesn't California New York Orca places like that but he wins Pennsylvania. He Wins Wisconsin. He Wins Minnesota. He Wins Michigan here and I don't care what they put up Hillary back. If you want to bring notice shall by I Bell Bac Breath fire. I'm sure they're vacation in Hawaii with armed guards there. I'm sure bring her back won't matter. Nobody likes the Blasios Watch. God He's already out. Nobody likes nobody. LIKES ME BICOASTAL I I. You know what it's a New York City thing. I pool them together right. They just have that unlike ability both of them together their faces look miserable. They look miserable. Old Man. Yup Right. They're unhappy with everything and both of them. Want to tell everybody what to do. Exactly exactly yeah. May mini-bike is is Is a billionaire. Many bike is what trump is label. Them is a billionaire from his news organization. Blooberg News of course and it's called system on the other. Hand the blasios multimillionaire. Ah By basically fleecing taxpayers. His wife's good a billion dollars taxpayer money to run day charity type of group. That's complete total failure. I'll tell you what we need to do. Glenn at some point when life settles down a little bit we need to come up with an investment book based on Democrats. ooh How they became wealthy. Donate all the money to a charity. Right how they became wealthy. And if you really want to build wealth this is the strategy eighty to do it and expose these scumbag chapter one right. Chapter Land Deals of the Clinton Foundation. Cloudy Land Deals Chapter Chapter. Two Harry Rates Guy Deals in Vegas. Yeah three we'll just build it up. Nancy Pelosi probably the greatest investor of all time. Right how about maxine accede waters. How about How getting money from the this is actually a fundraising letter banking sector? You can see fundraising letters that glossy if you don't support my campaign pain I will pass this legislation. Hurt you like I. Do you get away with this stuff with the New York Times bestseller build wealth as a Democrat Easiest chapter on making sure you know. You've got the playbook down with roads and bridges and supporting the poor global warming firemen. Don't forget about the Environment Ed La and a private jet with you. Get off the plane hop on a big SUV. Go back to your house where there's a nice audie one of three or four hundred. The Quick Mike The bike out cook sweating Hillary's chase try to walk walk Tristan one hundred feet on your own without you can make it from the bullet proof as you veto to the front door with help out in your mood by the way go back and re watch that video of them just throwing in the back of the SUV with her feet just dragging behind her. It makes excuse mallory time the other thing that makes me smile. A lot is video that person screaming at the sky and I don't know what's going to happen when trump walks next year. But I'm telling you we should probably have apps of compassion and start setting up counseling centers. Now all these folks have to go all out. We've gotTa make sure we've got an all out team in place to videotape some of the reaction. You know speaking of making you feel good every once in a while. I'm at the gym and I try to run on a treadmill. And it's the most boring thing in the world I'll play some of the videos from that night and just oh yeah the based on some of these liberal say says. I can't believe it just makes you smile the dog doc. That's where Elizabeth Warren comes right. Julia Clint was not a likable candidate. She did not connect with the voters the only reason she got as far she did was just onslaught of the media just bashing trump and and voicing her up until Matt Lauer burst that bubble but Nobody likes ward either. I mean she doesn't know I'M GONNA I. AH The way. She was the best candidate I've ever had. I really I mean really truly when you when you if you're going to check the list of who the Democrats need is a candidate in wanted. A candidate right. Let's see female check right money in the in the bank. Check a husband who was really liked by the Democrat Party right. The stock mark did well on recommended nothing to do with him but he took the credit for it. He said it's the economy stupid and check so all the boxes are checking right and yet she got her ask Chick yes she she decides she still out there thinking she one by one of Georgia voters. I won the No. Oh you didn't you get places like California that one hundred and twenty percent of the vote came. We know that they're balanced ballot harvesting. We know that's not legal. As of these places Lakers stop by Nick and collect all your fortunately the electoral college and our founders. Were smart enough to understand that that may happen. Yes and when you're where you look at where it's happening happening it's happening in California. It's happening in the city of Philadelphia. Right it's happening in New York City but for the most part. Yeah okay the Democrats are GONNA get those two anyways doesn't doesn't matter but Elizabeth Warren gets the nomination. Nobody Likes Elizabeth Warren. Nobody likes many Mike Right. So he's not going anywhere People like Joe Biden. But I just I mean he is. Is the GAFF master. I just don't understand though. I don't understand really like him. He's like he's not so like an old like you know like yeah. I don't use US. He's just you know the the the guy who could see having a bureau. I get that but I I just lunchbox Joe ooh I just don't think that you know he looks just in the primary like he's been through nine rounds of a twelve round fight yeah I family survives astounding. He knows how now he knows that. The Republicans feels now now. Now families getting brought into the mix. Now you know how the trump family feels although although their kids are all stand up piano class sade type. People on like people like hunter still not admitting to fathering a child neglecting this child over the last bunch of years fighting to child support with a high support he slept with the stripper and got her pregnant while he was sleeping with his brother's widow. Oh Yeah standup guy. End Up now up to eighty thousand dollars. China industry had no clue about and now he's got no money says he got paid millions. I can't talk hunter. By what do you pay for you. Don't pay for anything while you walk into a restaurant you pay for drugs drugs that's you gotta. That's clearly what it is right now. He's got no money and he's managing a hedge fund and they're giving them a billion dollars right unreal. I gotTa Tell Ya we've been some business deals. They look at your books folks. They look at your books when you're trying to raise capital they look at your book. Say Look at your track record. They look at everything. Think unless you're a Democrat you know why because they wanted his influence. What hundred percent? I hope president trump and the Republican party finally not trump but the Republican party find a backbone and ram the stuff right back to the you know where because that's exactly what the Democrats need fifty range the swamp that's the swamp it is dirty dirty. It is filthy it is disgusting and his deep if this goes to a vote in the in the house which it may go to a vote this week There's a high probability the vote actually fails. I mean you gotta give you gotTa give credit to Nancy Pelosi for absolutely keeping her Democrats and the Republicans never voted lockstep like this but thus piece of very substantial threats or so very substantial promises as your money to their districts because a lot of Democrats that are running that are in trump one the districts and in a in a presidential election year is what the Democrats in those. How seats in those districts are going to be really really vulnerable? Because because there's going to be a high turnout for the presidential election so I would not be surprised if enough of the Democrats peel off and say Nancy. I'm not falling on my sword for you if they do. They're not going to get reelected. And we take back the House anyways if it does go to the Senate if they do pass an impeachment resolution and they do actually impeach him in the House and it does go to the Senate and they have a full trial. I know that Lindsey Graham is said well I'm not calling Adam Schiff. Hey it doesn't mean that president trump can't call them show if they're we're going to actually do a trial than the trump team at his legal team should have the ability to call whatever witnesses he chooses to call right. I don't think that Lindsey Z...
"social security" Discussed on The Financial Guys
"Try and I apologize for confusion. I've caused on tribal citizenship assistantship trial sovereignty for any form of cost the proud however from Elizabeth. Let me tell you said no problem. Your freaking Democrat crat. There's no problem at all right. No and by the way everybody the brain in their head new. I mean you're milky white the race. I'm not a person of color. No kidding riddick. Default shop and forced to resign though is amazing right Joe. Joe by Republican would have been thrown out of the race in twenty seven Democrats thirty years ago. Joe Biden plagiarized a speech they hounded for it and he ended up resigning from the race to run for president in one thousand nine hundred eight today you could absolutely fake your heritage Wjr and and and take advantage of it look one saying if Elizabeth Warren just said listen I think of a native American. It's a whole other thing to put that down for minority status to get ready for job opportunities and admission to college take advantage of it. I mean I would think that's fraud right. I mean I think I think it seems to me. It seems to me that she's done more to be quote impeached than Actual Donald Trump is don. Oh for sure she actually lied. I trump didn't lie. You have folks in this country now that are painting themselves. Black that are Democrats that are you know. What's his name Sean? She was shot white at the guy's name is he's part of like the NCW he's a white guy. What about Rachel Dole is? I remember her her she was. She was a board of She was from Swedish family. She could be any wider tanning and curling Garrett faking that she was an African Americans that she be but she identified as that now so I saw anything I am so sick of. Shall we had a black president right. Nobody cares I should say nobody right but look at the you get ahead not on the color of your skin but on your education on your skillset no body cares anymore. I'm so so sick and tired of black and white and Blah Blah Blah Blah Blah. Go Get an education you know. Martin Luther King said it best you can beat somebody with your brain and and that's the absolute right way to do it and you can be anything you want to be Barack Obama. Will he proved thing right. It doesn't matter the skin you can be. The president is states of America. Now you can pressure by the way but there's a black people white people they all all different colors run all different governments all over this country. I'm so sick and tired of the race card being pulled out in any of these elections. It's just ridiculous. By the way I think by the way president trump is actually hired more black people in Alabama did about Donald. Pick that story up anytime now but the thing is though. But there's no retribution for look if you're a democrat. If you're Virginia governor you could be caught black face if you're interested Trudeau that's going to be caught in black face. You ask Al Sharpton You cannot pay the IRS. Right ask Joe Biden. You can say it's cool all to have little kids sitting on your lap you know prime rubbing your hair legs yes. That's just fine. No prior. That's just fine Sean. Kit was his name Sean with Shaun King was the guy. He's still out thirty. He's still he's still of course pretending to be black but of course you know these folks that do that they take like Elizabeth Warren. You're taking opportunity. The reason these programs exist So that you know folks like actual could colored people could use them. Yeah so they. That's the whole idea is to get the opportunities that they might not otherwise get at when somebody like Elizabeth Warren fakes Indian status and And uses that to her advantage. That took the opportunity. Wait for somebody else in any other Equal world or thirty years ago in this country when things were still somewhat balance. She is absolutely dawn yesterday. She is on robbed out of the race for lying about louder. Heritage and Joe Biden is drummed out of the race for corruption with his son. Right you and I running. If we ran for dogcatchers or Republican we'd be out of the race absolutely it'd be out of the race and rightfully so right but if you're a Democrat you can get away with all this stuff biden interview. I think it was this week with. I Guess Axiom I. I don't know the exact with this or axios Sega's but this guy's pretty good questions and it was He just I he could seek his angry. You could tell like corruption here no corruption. Yeah I didn't even know he was saying you know we did. There's something wrong anything wrong. You just say hey look. Here's the facts. Let me spell them out for you. I didn't do anything wrong. I'll answer any questions you have done. And you know what what if he took it head on like a man the and he actually was able to defend what he did with his son and every then that'd be fine but we all know that angry. Joe Did something wrong and that's why he's getting angry about it. How dare you just like Hillary Matt Lauer Right? It's exactly the same. How dare you mainstream media? Call me out and being a bad light. Look at him look at him look at him the same thing Hillary did by the way. Just keep track of all these people who are asking tough questions because we got to sort of make sure they still are around six to twelve months from now. Yeah well let's see Matt. Lauer is not right. He got railroaded right at the industry. We we what that's the one thing I regret. 'CAUSE I and we should go back because I'm sure we did call but the minute. She laughed at Studio. One was pissed off at him and said Damn it you know. How could you do this to me? We should have have known that that was the end of his career. We should call it. We should have sealed it up in an envelope done some kind of youtube video. Yeah instead I give it six to twelve months before there's so much dirt on this guy he's he's is totally wiped out of the industry right because you know it's amazing. Is the stuff that her husband did. Right Twenty Six twenty seven times on a plane with a with a with abstain going to a private island. He's still out collecting hundred thousand dollar fees but Matt Lauer. I'm not defending. What Matt did is totally totally out of the industry right? Click can't earn a buck of his life depended on it anymore and I would argue that. It's really not even close to what bill has been accused of those men accused of rape right again not defending lower but it just shows you the corruption in the swamp that needs to be cleaned out in Washington. Trump said that this week he tweeted out. This is what I'm doing. I am draining the swamp the IDC report came out this week the way it wasn't aggressive on either side but the Democrats are calling it a win Kobe's out saying see. There was no political bias. Yeah but Jimmy. Here's the here's the problem. Here the political. But here's the problem Jimmy. It basically says that the FBI was completely inept say that there was a concerted effort for a coup which I think really was but what it does say is that they absolutely failed multiple times at every single level to corroborate steele dossier. They didn't ask where he got the information from. They didn't try to corroborate it. In fact be be and I would say. That's misleading right. It's misleading the. FBI officials knowingly misled the knowingly misled. Well what the what. What the allergy report says while they just they just was sloppy? It was looking. Here's the thing they actually. There's there's there's there's evidence that they release the The the The dossier to the media and then use the media report as corroborating evidence to that steele dossier now. That doesn't show intent. I don't know what does but forget about the intent for a second you know Kobe's out there spike in football saying see. I told you what the report what the report really says is is at the. FBI was totally incompetent that they got fooled by not only Christopher Steele but they got fooled by Hillary Clinton that Hillary Clinton use them as a puppet for her own political purposes. and Jimmy Komi fell for it. Now you can either take that narrative which is really what the report says or you could take it a step further and say nobody could possibly that stupid. It's like the bike the whole Epstein thing. Oh well I guess it was unbelievable series of coincidences. So the whole that doesn't happen. They're trying to bring him up on abuse of power. That's a pretty broad notion of bribery. Is what they're trying to bring about bond right. They're trying to bring them up. On Obstruction of Justice Congress Democrats the Democratic Congresses. The Democrats withheld all no. There's no witnesses. There's no documents dance. I mean what a joke right. Let's let's keep in mind with the Clinton impeachment that there was an independent counsel Kenneth Starr months and months and months of investigation. That independent did investigator that did that. Nixon and Clinton both had accepted crimes. There's no crime here. There's no there's no crime here is the fact that the cry so they're bringing up on two charges. What is when what is abuse of power and the other is obstruction of Congress not necessarily obstruction of justice but obstruction of Congress? which different thing? But let's talk about the abuse of power. What they're saying is you use your power position as a president for your own political gain by withholding military aid until they You know until the Whatever they did open reopen the investigation? And here's the thing. They did not reopen the investigation and there was and they received the military aid so by right away and by the way Joey was a civilian at the time. He was not a declared candidate he was not but even if he wants to clear candidate. The fact of the matter is is that he didn't get anything in return what they're what the claims flavors that he abused his power for his own personal gain. There was no personal gain here and there and it's clear from the transcript that he wasn't doing it for his own personal gain Woah doing it on behalf of the country to root out corruption. What you have Biden his own words saying I said if you don't fire that prosecutor I've given you the billion dollars and nobody nobody is even looking at Zara actually even think the head of the FBI could figure that one out they could put two and two together that Joe and son were corrupt? Joe was helping us on right on the air force to Getting the deals totally incompetent. I actually think the FBI could put that together and say cheese. I think there was some something really. Smells fishy either. And I can tell you what. The markets keep hitting new highs because trump's every day of the impeachment goes worse Democrats trump's approval rating continues. The rise rises as does the stock market as a premium -ticipant his reelection of walking back. Tuesday there's article on CNBC. Dot Com was about investors are terrified terrified of.
"social security" Discussed on The Financial Guys
"Try and I apologize for confusion. I've caused on tribal citizenship assistantship trial sovereignty for any form of cost the proud however from Elizabeth. Let me tell you said no problem. Your freaking Democrat crat. There's no problem at all right. No and by the way everybody the brain in their head new. I mean you're milky white the race. I'm not a person of color. No kidding riddick. Default shop and forced to resign though is amazing right Joe. Joe by Republican would have been thrown out of the race in twenty seven Democrats thirty years ago. Joe Biden plagiarized a speech they hounded for it and he ended up resigning from the race to run for president in one thousand nine hundred eight today you could absolutely fake your heritage Wjr and and and take advantage of it look one saying if Elizabeth Warren just said listen I think of a native American. It's a whole other thing to put that down for minority status to get ready for job opportunities and admission to college take advantage of it. I mean I would think that's fraud right. I mean I think I think it seems to me. It seems to me that she's done more to be quote impeached than Actual Donald Trump is don. Oh for sure she actually lied. I trump didn't lie. You have folks in this country now that are painting themselves. Black that are Democrats that are you know. What's his name Sean? She was shot white at the guy's name is he's part of like the NCW he's a white guy. What about Rachel Dole is? I remember her her she was. She was a board of She was from Swedish family. She could be any wider. Tanning and curling narrated faking that she was an African Americans that she be but she identified as that now so I saw anything I am so sick of. Shall we had a black president right. Nobody cares I should say nobody right but look at the you get ahead not on the color of your skin but on your education on your skillset no body cares anymore. I'm so so sick and tired of black and white and Blah Blah Blah Blah Blah. Go Get an education you know. Martin Luther King said it best you can beat somebody with your brain and and that's the absolute right way to do it and you can be anything you want to be Barack Obama. Will he proved thing right. It doesn't matter the skin you can be. The president is states of America. Now you can pressure by the way but there's a black people white people they all all different colors run all different governments all over this country. I'm so sick and tired of the race card being pulled out in any of these elections. It's just ridiculous. By the way I think by the way president trump is actually hired more black people in Alabama did about Donald. Pick that story up anytime now but the thing is though. But there's no retribution for look if you're a democrat. If you're Virginia governor you could be caught black face if you're interested Trudeau that's going to be caught in black face you ask Sharpton. You cannot pay the IRS. Right ask Joe Biden. You can say it's cool to have little kids sitting on your lap you know prime rubbing your hair legs yes. That's just fine no prior. That's just fine Sean. Kit was his name Sean with Shaun King was the guy. He's still out thirty. He's still he's still of course pretending to be black but of course you know these folks that do that they take like Elizabeth Warren. You're taking opportunity. The reason these programs exist So that you know folks like actual could colored people could use them. Yeah so they. That's the whole idea is to give them the opportunities that they might not otherwise. Get at when somebody like Elizabeth Warren fakes Indian status and And uses that to her advantage. That took the opportunity. Wait for somebody else in any other Equal world or thirty years ago in this country when things were still somewhat balance. She is absolutely dawn yesterday. She is on robbed out of the race for lying about louder. Heritage and Joe Biden is drummed out of the race for corruption with his son. Right you and I running. If we ran for dogcatchers or Republican we'd be out of the race absolutely it'd be out of the race and rightfully so right but if you're a Democrat you can get away with all this stuff biden interview. I think it was this week with. I Guess Axiom I. I don't know the exact with this or axios Sega's but this guy's pretty good questions and it was He just I he could seek his angry. You could tell like corruption here no corruption. Yeah I didn't even know he was saying you know we did. There's something wrong anything wrong. You just say hey look. Here's the facts. Let me spell them out for you. I didn't do anything wrong. I'll answer any questions you have done. And you know what what if he took it head on like a man the and he actually was able to defend what he did with his son and every then that'd be fine but we all know that angry. Joe Did something wrong and that's why he's getting angry about it. How dare you just like Hillary Matt Lauer Right? It's exactly the same. How dare you mainstream media? Call me out and being a bad light. Look at him look at him look at him the same thing Hillary did by the way. Just keep track of all these people who are asking tough questions because we got to sort of make sure they still are around six to twelve months from now. Yeah well let's see Matt. Lauer is not right. He got railroaded right at the industry. We we what that's the one thing I regret. 'CAUSE I and we should go back because I'm sure we did call but the minute. She laughed at Studio. One was pissed off at him and said Damn it you know. How could you do this to me? We should have have known that that was the end of his career. We should call it. We should have sealed it up in an envelope done some kind of youtube video. Yeah instead I give it six to twelve months before there's so much dirt on this guy he's he's is totally wiped out of the industry right because you know it's amazing. Is the stuff that her husband did. Right Twenty Six twenty seven times on a plane with a with a with abstain going to a private island. He's still out collecting hundred thousand dollar fees but Matt Lauer. I'm not defending. What Matt did is totally totally out of the industry right? Click can't earn a buck of his life depended on it anymore and I would argue that. It's really not even close to what bill has been accused of those men accused of rape right again not defending lower but it just shows you the corruption in the swamp that needs to be cleaned out in Washington trump said that this week he tweeted out. This is what I'm doing. I am draining the swamp the I G report came out this week the way it wasn't aggressive on either side but the Democrats are calling it a win Kobe's out saying see. There was no political bias. Yeah but Jimmy. Here's the here's the problem. Here the political. But here's the problem Jimmy. It basically says that the FBI was completely inept say that there was a concerted effort for a coup which I think really was but what it does say is that they absolutely failed multiple times at every single level to corroborate steele dossier. They didn't ask where he got the information from. They didn't try to corroborate it. In fact be be and I would say. That's misleading right. It's misleading the. FBI officials knowingly misled they knowingly misled. Well what the what. What the allergy report says while they just they just was sloppy? It was looking. Here's the thing they actually. There's there's there's there's evidence that they release the The the The dossier to the media and then use the media report as corroborating evidence to that steele dossier now. That doesn't show intent. I don't know what does but forget about the intent for a second you know Kobe's out there spike in football saying see. I told you what the report what the report really says is is at the. FBI was totally incompetent that they got fooled by not only Christopher Steele but they got fooled by Hillary Clinton that Hillary Clinton use them as a puppet for her own political purposes. and Jimmy Komi fell for it. Now you can either take which is really what the report says or you could take it a step further and say nobody could possibly that stupid. It's like the bike the whole Epstein thing. Oh well I guess it was unbelievable series of coincidences. So the whole that doesn't happen. They're trying to bring him up on abuse of power. That's a pretty broad notion of bribery. Is what they're trying to bring about bond right. They're trying to bring them up. On Obstruction of Justice Congress Democrats the Democratic Congresses. The Democrats withheld all no. There's no witnesses. There's no documents dance. I mean what a joke right. Let's let's keep in mind with the Clinton impeachment that there was an independent counsel Kenneth Starr months and months and months of investigation. That independent did investigator that did that. Nixon and Clinton both had accepted crimes. There's no crime here. There's no there's no crime here is the fact that the cry so they're bringing up on two charges. What is when what is abuse of power and the other is obstruction of Congress not necessarily obstruction of justice but obstruction of Congress? which different thing? But let's talk about the abuse of power. What they're saying is you use your power position as a president for your own political gain by withholding military aid until they You know until the Whatever they did open reopen the investigation? And here's the thing. They did not reopen the investigation and there was and they received the military aid so by right away and by the way Joey was a civilian at the time. He was not a declared candidate he was not but even if he wants to clear candidate. The fact of the matter is is that he didn't get anything in return what they're what the claims flavors that he abused his power for his own personal gain. There was no personal gain here and there and it's clear from the transcript that he wasn't doing it for his own personal gain Woah doing it on behalf of the country to root out corruption. What you have Biden his own words saying I said if you don't fire that prosecutor I've given you the billion dollars and nobody nobody is even looking at Zara actually even think the head of the FBI could figure that one out they could put two and two together that Joe and son were corrupt? Joe was helping us on right on the air force to Getting the deals totally incompetent. I actually think the FBI could put that together and say cheese. I think there was some something really. Smells fishy either. And I can tell you what. The markets keep hitting new highs because trump's every day of the impeachment goes worse Democrats trump's approval rating continues. The rise rises as does the stock market as a premium -ticipant his reelection of walking back. Tuesday there's article on CNBC. Dot Com was about investors.
"social security" Discussed on The Financial Guys
"You know at the financial guys again being a one stop financial shop you know we can either bring all those folks at house else. We have those folks on on site or we're happy to quarterback The relationship so we work with your other professionals like your accountants at your attorneys to make sure that you're you know everything is cohesive because if the left hand doesn't know what the right hand is doing. That doesn't work very well. When it comes to an overall financial plan right absolutely not you know? I I think of it like this. I mean how long does it take to accumulate some of these accounts that we all accumulate. You know in retirement in retirement accounts and it could take thirty to forty years. I'd also then say to people it could be a twenty to thirty maybe forty years of retirement. So if you're going to use some of that tax deferred money like like I said in a more intentional way at certain earlier moments of your retirement that can definitely be the better solution When you put together the twenty five thirty thirty years I know a lot of people are very hung up on? And this is the the media's fault and it's it's largely the media's fault you look online for break even even analyses of social security income and I can tell you the numbers if you take at sixty two versus sixty six you need to live to be seventy eight to basically thickly get the same amount of dollars out of the Social Security Trust Fund. Either way I ask you Glenn Is that is that very helpful. Is it interesting interesting at best. I mean that's a simple excel spreadsheet. It's simply googling and saying break even social security. It's not helpful though to people. It's it's at best interesting but it's a break even analysis. Most people and I tell people this I said the worst case scenario is that that you do live to be ninety to ninety five and you run out of wealth you go broke. Worst case for a female is that their husband takes early. And maybe that's the highest benefit in the household. The husband is and then the wife is is basically the the widow getting a really low low social security income for the rest of her life and then she's living in poverty from nine now at age eighty on into her eighties late eighties and nineties right. It's much more important to be thinking holistically about this and not just doing some simple break. Even analysis unfortunately many financial advisors. That's all they'll do for people they basically are hoping that you'll die before you go broke or they're hoping that they themselves. The adviser retire before you go broke and I'm not even. I'm not even being facetious with that. That's the truth so work with someone who's an income specialist when it's time to take income and to consider income from your retirement accounts. It's it's no longer just about accumulation. As you said at the onset it's about US distribution in a tax efficient way right it's not just about maximizing we can all look on Google and and figure out what the break even as it's about optimizing and understanding how the tax rates that you have to pay and what the your other income sources are factor into that analysis because the tax rates are the ultimate variable and then of course we have to take into consideration things like your life expectancy family history. Everyone in your family died at sixty gate. You know the long game may not be your best bet but absolutely those are things that as more of an individual. You're not gonna get that I google by saying what's to break even the break. Even seventy seven seventy eight between taking it earlier that your regular time. But that doesn't factor in you know waiting and that doesn't factor the taxes which to me is the biggest piece of this right most most of our clients I think just like us. They are conservative minded individuals who believe in smaller government lower taxes and more individual freedoms. Right so you know. They're very very interested. I did it minimizing the amount that goes to the IRS. To be honest with you everybody is right whether you're on the left or the right. How I love how the Liberals the left you know Warren Buffett and the rest of the you know the liberal crew through always talk about? Well I'm willing to pay more taxes. I'm happy to put more taxes in and yet none of them ever actually write an extra cheque to the IRS. And what is a a a warren. Buffet does what comes to Buffalo New York and he says I gotTa have tax cuts and tax incentives for me to bring Geico. Here are the the math. Just doesn't work. Wait a minute I thought you were the bigger government proponent. I thought she wanted to pay more taxes. The reality of it is. Is that whether you're on the left or the right. Nobody wants to pay more taxes right. Everybody inherently wants to keep keep more money in their pocket and the fan and their families pocket. Right that's that that's the culture and the and the you know the the You know kind of the heritage that there's America right we do. We WanNa do better for our families for the next generation and And so that's where again keeping more money in your pocket versus giving it to the IRS. makes a lot more sense. So thank you so much for joining us again. You're a certified social security claiming strategies all the folks that are team folks are certified in their respective fields whether it be certified find financial planners chartered financial analysts We've got certified divorce financial analyst. We've got Obviously chartered a or a social security claiming strategies and And much much more Certified hip certified Medicare specialists and At much more..
"social security" Discussed on The Dave Gram Show on WDEV
"If you have any questions about your own future dealings with Social Security you have an opportunity right now the next forty five minutes or so here on the day Graham show to speak with Webster Phillips an expert about this and we'll we'll call this customer service our social security or something like that on the show and Wester Mr Phillips. I WanNa thank you so much for joining us. Well thank you very much. I'm pleased to be here and tell us a little bit about your background. You did work for a long time for the Social Security Administration. Is that right now. That's correct. I started working as Social Security Office in Illinois and Nineteen Seventy six nineteen seventy ninety six while guy retired in two thousand seven and then I began working at the National Committee to Preserve Social Security and Medicare Medicare as senior legislative representative. Wow you had been doing that kind of legislative work with with social security later in your career there right I had I spent the last twenty years of my career working in a legislative office. Got It okay and and you know one of the things that people always wonder about social security will be there when I'm ready to retire and what do you think about the overall shape of the nation social security program Graham well boy. That's a that is a good question and it certainly is topical because more and more we hear about the the actuarial deficit that social security program is experiencing which could affect benefits starting as soon as twenty thirty five as I think about you know what's likely to happen. I think back to the early days of my career in in Illinois because the social security program in the late nineteen seventies was experiencing a similar difficulty as as a matter of fact it recurred twice in the late seventies early eighties where there were projected shortfalls and and the benefit and the and the funding thing for the program and Congress stepped up to the plate in both instances enacted legislation that remedied the problem it's hard for me to imagine that in twenty thirty five the eighty plus million people who would then be receiving receiving social security benefits are going to be told by the political leaders of the nation right here on the eve of the twenty thirty six presidential election. They're gonNA whack everybody's Social Security benefits by twenty percent that just that seems unlikely. Yeah I I would think that that would not be a popular under move and I bet you that there will be some some motivation and you're right. The election would be one to not have that happen. I and I know there are some fixes. That could be applied here. one of them that people talk about is the raising the cap on on the payroll tax so that right now what is the what is the salary the annual income which is now well. It's capped capital one hundred and thirty two thousand nine hundred dollars basically the the arrangement is if you make that or less every dollar that you earn throughout the year is subject to social security taxes. If you're that median earner this making around fifty four thousand dollars a year. You're you pay pay taxes social security taxes on every dollar you earn but if you make more than one hundred and thirty two thousand nine hundred dollars your obligation to the trust funds both yours and your employer's obligation ends at that point right so they're highly compensated workers out there who basically have have a relatively low percentage of contribution to the to the trust. Bun when considered as a percentage if their total earnings whereas the the the the little guy making fifty thousand dollars he's paying the full seven point two percent how much six point two percent how would that hundred and thirty two hundred thirty two thousand or so cap have to be raised in order to make the program. Graham solvent in two thousand thirty five well once before the recession of two thousand eight two thousand has nine you could fix the entire problem the shortfall of the program by taxing all wages from I last dollar unfortunately that no longer will do will work so there are a number of different proposals out. Take that that take a number of different ways of doing it. one of the popular ones is to identify some dollar amount two hundred and fifty thousand or four hundred thousand. He seemed to be a popular numbers and say that's starting harding right away. people who whose wages are that high. We'll start paying social security taxes on the the amount of their wages that are in excess of that two hundred and fifty thousand or that four hundred thousand dollar threshold in addition to their wages. They pay on the first one hundred and thirty two nine. Let me let that gap close over time as wages rise and then eventually everything all earnings. This would be subject to social security but it takes a long time. It'd be like thirty four years before that happens. Let let me ask you a question you you. You might get from somebody who's making making two hundred fifty thousand dollars a year or even one hundred and thirty two and that is and this goes to some of the some of the underlying philosophical bases. This is a social security but the person is saying look. I'm buying. I'm effectively buying government supplied insurance of for my my elder years when I'm not working I'm basically buying this program that will provide me provide me with some annual income when I'm retired and that's a product and and just because I make a quarter million dollars year. Why should I have to pay more for the product then somebody making fifty thousand dollars a year if we both by the same I'm TV set at best buy. We're going to pay the same price tag. that's true. I mean the principle of of of progressive recipe taxation and pay people with more having the ability to pay having them pay more certainly not anything that's new I believe that was a huge fight back in the beginning of the twentieth century and ultimately led to the amendment of the Constitution to make that possible but I mean that's basically what you're looking at is that you know the the government has to be funded. and one of the ways of fixing social security is to do what we just described raise the tax as it's called Ah Alternatively if he'd cut benefits but you know you're talking about a program that pays on average to the retiree about fourteen hundred and twenty dollars a month that's not very much. You're talking about wanting to cut that a lot. That's really gonNA hurt yeah. Great Deal folks are trying to live on fourteen hundred Gordon Change. a month are are. They're not they're they're not super well off that is for sure so and that's why everyone one advises if you can do it you should save additional money in a 401k or other retirement instrument and if you're lucky enough to have a government or even private sector pension and that's also a big bonus as well so Let's let's bring you the caller. Paul from Moncton is on the line good morning. Paul good good morning guys. Hey something I heard and I don't know how accurate is but I want to mention it gets some of your comments is that up to thirty or thirty five percent of all the money paid out by the Social Security Administration to retirees. It's for other benefits other reasons and what I'm beginning to wonder whether or not we shouldn't it's not that we should pay out money for for people who lose you know a family member early on in life whatever but that maybe we should separate that out into a different form and different payment and different tax in order to cover it and leave social security for what it was originally intended for and that's just retirees 'cause losing thirty thirty five percents year or that money will go a long ways towards making sure that our guys have money without necessarily raising trying to raise more funds interesting question. Paul I will. We'll put that to a guest Webster Phillips. I Mr Phillips. What is the percentage of social security's overall spending that goes to people who are not retirement urban age I don't have that number right on the tip of my tongue but it may not be much different than what what our caller said I mean basically social security provides family benefits that predicts Widows Orphans up on the occasion of the deceased of their father or mother it provides it's disability benefits for people who become disabled and are no longer able to work and of course it provides retirement benefits right right and the contributions that you began making when you enter the workforce pays for all of those benefits and by the way those contributions deserve currently I know the employee. The employee pays a certain amount of out of the paycheck and then the employer what what are those numbers those percentages now six point two percent for each so it's twelve point four inch total applying for right okay and I and that when when we say the employer pays of course that does have a would tend to have a a depressive effect on wages right there are economists who make that argument although I wonder sometime whether breath exactly how whether if social security was abolished weather employers would suddenly increase their employees wages by six plane trying to percents yeah we hear this argument about healthcare as well you know advocates for Medicare for all say it would result in higher wages because employers pay healthcare costs anymore uh-huh. I'm taking a wait and see approach on that one. Hey we need to take a brief break here on the Dave Ramsey show of at the bottom of the hour here for a CBS news minute couple of words sponsors sponsors Mr Phillips. I hope you'll stay with us to continue this conversation into the next half hour and we will be back very shortly folks..