How Social Security Works
1,753,052
Published 2020-11-17
Starting in 2021, they will have to dip into the trust fund itself to cover those benefit payments, and even that pool of cash has an expiration date. Trustees of the fund expect that by 2035 it will not be enough to cover full benefit payments. Due to COVID-19, that date may come years sooner than expected, which has some retirees seriously worried about their future.
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How Social Security Works
All Comments (21)
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Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
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I think it's important to stick to stocks that are immune to economic policies. AI stocks that have the potential to power and transform future technologies. It seems AI is the trajectory most companies are taking, including even established FAANG companies. Maybe there are other recommendations?
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I am currently burning through my 40s and This is no time to taper retirement savings. I want to max out my retirement funding and I also have another $200k in a savings account that i want to invest in a non-retirement account.Would it be better going to housing? Maybe own property and let it till im ready to move in at 65.
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When you lie to the government it’s a crime, when government lies to you it’s politics
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Can we just lower congresses wages? They hardly do anything
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I can’t believe paying two state income taxes, insane
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One thing a successful retiree never discloses is how they got to realize that the key to amassing wealth lies in making sound investments. I purchased my first home at the age of 21 for $87,000 and sold it for $197,000. My second home, acquired for $170,000, was later sold for $320,000, and my third property, purchased at $300,000, fetched $589,000, with buyers covering all closing costs and expenses. Not reaching a million before retirement feels like an unfulfilled goal.
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This video is misleading. They left out the part where the SS fund has been looted over the years by Congress for 'other' things. The fund would be doing great if the 'borrowed' funds were repaid.
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I am still in high school, I was never taught about investing or saving for the future. The only thing we were taught was work and you'll receive retirement benefits. I opened my Roth IRA earlier this summer, I have a 401K plan, an IRA, and I'm investing in stocks to have money for when I retire. I had to go out and learn all of this on my own with no help from the school system.
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Ridiculous that were forced to keep up our end of the bargain, while the government can just say, “Sorry y’all.” Legalized thieves 😡
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Over the course of the years I’ve realized that time and patience is very key to understanding the school of the mind. I used to be financially depressed until I read a book that made me realized that the secret to making a million is making better investments.
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If they can cover bailouts they can cover our social security.
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6 percent of every check you'll never see. Could of put that into a 401k.
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Been watching, listening, and paying attention to all of predictions and forecasts since early Covid. He hasn't disappointed yet 👌
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They should let people choose to opt out paying social security or not, if the money is not guaranteed to be paid out in retirement.
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something is wrong in this country when medical charges are this high. i just got $4K worth of meds from outside of the US for $100. and that includes shipping!
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Those who are paying into this should be more worried. They will receive nothing in return when they do retire.
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I’ve been working since I was 15. Applied for unemployment 2x when I was in between jobs. Denied. And now I have to look forward to the fact I’m paying for something that won’t be there for me when I need it EVER :-)
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Never was a fan of politics but I wanted to learn about retirement plans at a young age that has brought me to social security research and now I’m here. This has opened my eyes to why it’s so important to stay in the loop. It’ll effect us ether way. Better to be prepared then ignorant.
