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Old people vote! I can't imagine any politician with seeds enough to allow SS cuts. There would be massive revolt in the streets.

It was just announced that the Trust Fund would not run out till 2035! So one year longer before cuts could happen. Even doing an analysis with SS completely gone is just nuts! Might as well assume they die at 70. 20% is at least somewhat rational, although I don’t think that will happen to “current retirees”

The number of calculators on dinkytown is crazy.

Nick, I have been using Dinkytown for several years. Great site. Cheers!

I use the Dinkytown website for estimating 1040 taxes. I've used that for at least 5 years, but probably longer.

Well this won't happen because Sleep Joe is planning on raising the amount of taxes paid on ss. Read his budget they are trying to pass this month.

Just another worthless bill that they won’t look at. There’s been a few in the last couple years but they don’t care if we struggle or not. So people don’t plan on anything from this pos government we have.

I agree with your conclusion. A sliver of this is probably prudent but not an overly large amount. Diversity is probably the solution. The dollar may not always rule our future. In fact, I do think it will be replaced, but in the very distant future. In this scenario, gold will be of value.

The solution (IMO) is, eliminate the taxation cap (currently at $168, 000). You have professional athletes who get 50, 80, 100 - million dollar contracts and they pay SS taxes on $168,000. 😡

Im 61 will be 62 next year, my spouse was a high income earner. Is it possible for me to collect his social security, still work, AND delay collecting mine until later?

I am 64 and divorced from a 23 year marriage with my husband. He was collecting social security and passed away 2 years ago. I don't have enough credits to qualify for ss benefits because I worked part time. Can I still collect ss benefits from my ex spouse?

The bill doesn’t eliminate indirect taxes on social security income: IRMAA, ACA subsidies, and NIIT.

I always thought double taxation in United States is illegal!!

I agree. SS is the mother of all annuities. People criticize SS, but it is a life saver for most retirees. Lot of myths about the govt looting SS and SS going broke and won’t be there in the future, etc. But without SS most retirees would live in poverty.

One thing I don't follow is that "capital gains became taxable" ? Briefly where is that caused? First, even if the entire delta 5K distribution was long term, that gives a total of 20, which sits entirely in the 0% marginal cap rate bracket, or am I confused? I'm starting to fear that l.t. cap gains brackets(83,350 for 2022 joint, 94,050 2024) are total income triggers, not "amount of cap gains" marginal amounts. So in this twisted interpretation, total income jumping from 80 to 89K passed 83,350 so instantly 15% of ALL gains got slammed? That violates every principle of marginal taxation. If that's true, you could construct an example with a $2.00 income delta producing thousand of dollars in delta tax. Really??

You've done some great analysis, well qualified (a better word than disclaimed, e.g. "keep in mind that this is only measuring..." or "this may be adversely affected by..."). Good work. I wonder about the Smile, You say a decrease of 1% per year, but inflation is more than that, so I was stumbling over whether the 1% is "after" or additive(I know you attempted to reference that very point).

Another proposal to keep Social Security solvent is to raise the combined SS tax to 17%

Good and bad about the plan. We need a successful business man in the white house 😁

Thanks Nick!

Al Gore kept insisting "your socal security money in Safe in a Locked Box!" Yeah, about that locked box? I remember that, I started working in 1979 and the FICA,Went up from 4%? I was making $3.25 p hour!

It would put more money into the economy.

How do most of you guys still make profit? Even with the downturn of the economy and ever increasing life standards

If my ex got remarried in her late 30’s then was married for over 10 years to a deadbeat who didn’t work while living on my kids child support and settlement, can she still be getting half my ss benefits if she divorced the deadbeat before 60 even though they’re still living together and only divorced to collect ss from both their ex’s?

Fanum Tax?

I live in Florida. Retire in April, go to Ohio in the spring, leave Ohio before it gets cold again. 😮

Very empowering, thank you. If the ex-wife (homemaker, married 16 years) have a pension from her ex-husband's work after divorce, will her Social Security amount be reduced?

Absolutely love your channel... Thank you. If anyone has more interest in the various ways we can be scammed, I'd encourage them to do a Google search on Roger Grimes. Roger has been in the computer security industry for over 30 years and has got a wealth of insights that he shares on TH-cam and other venues. Thank you again for providing such great information via a fantastic mix of videos and podcasts!!

I was married for 11years.Is a divorce decree of spousal support that is currently coming out of my paycheck, does that still come out of my Social Security check? I turn 62 tomorrow and am considering retiring early and working part time, but I can't do it if my spousal support is still valid. She has been drawing SSA since age 63, she is currently 72. Her benefit is way less than mine. If I draw ss benefits, and she claims my benefit, I'm wondering if that will satisfy the divorce decree of spousal support, or does SSA nullify the spousal support order?

Thank you

Thank you

Take it at 66, if you are still working. Invest it or pay off debt, if needed. Don’t forget you have to pay tax on this income, too.

65 still working at a job I love, not drawing social security yet and not touching my IRA Account yet. I almost started drawing social security at 62 and was going to keep working basically because I had that mind set it's my money and what if I die. But then I realized unless you are in bad health which I am not you have to plan like you will be here until age 90. So that is what I did and I am so glad I did that. Social Security would have been $1,900 at 62. Now at 66 it will be $2,900 (the C O L A S helped too). A $1,000 a month increase just by waiting. And the IRA continues to grow too.

I’m still working and taking social security stack it deep age 69

I love the guard rails. It is exactly my philosophy. For instance, I have managed my mother-in-law’s money and our philosophy is to make changes in our strategy to spend more when times are good and to spend less when they are not. I love having software that provides that does the same. Makes sense.

I know that it is a big challenge to make these podcastS but they are very helpful and they give me 😢😢 confidence in your methodology. I am One of your new clients and I have done a lot of research and tried different financial planners. And you are are on the right track.

Nick great points! Planning to retire in next 12 months, then live on cash until next tax year. Will be FRA +1yr before I take SS which is a good balance for my families situation - thanks for the continued information!

I'm a couple years older than my wife and have made the most money and have the larger social security benefit. I'm trying wait until 70 to maximize my benefit and hers in case I die before she does.

my federal pension(with cola) with health benefits beats the 1mil for me. No need to touch my IRA/TSP, plus we have SS

That’s our plan Nick 👌 thanks for the content 👏

I tend to be a spender. I have to use unfamiliar muscles to save. I have fought with myself many times to overcome the want of spending verses the cognitive intent of saving. The goal for "someday" seems vague and abstract. I have never been a big fan of large government, but my observation has been that our friends in Washington DC have the same struggle dealing with money that is not their own. I believe that Social Security needs to take a priority over other government spending due to so many people needing it when they are disabled or for sure retired and or widowed. This seems to be the only fair approach to the American worker who has paid into the system. SS and Medicare should come right after security, infrastructure in my opinion. It is impossible to get from money what it cannot give you: peace. In other words, one cannot have a 'big enough pile of money' to serve us to the point of contentment. Resources should serve us, rather than the other way around. Some of these ideas will not be popular and I admit I am a lay person (not an economist); but I think an infusion of common sense is always appropriate in Washington. I am sure not all of these ideas would make people agree. I think public policy should enhance wise behaviors for individuals and all of us collectively. Lawmakers have a number of "levers" they can pull to fix the system. Lever 1. Limit non Social Security/Medicare government spending to a maximum of 4 percent less than calculated inflation rate per year. This might even help lower the federal deficit. Lever 2. To keep up with inflation updates were made to current calculation [in 1977 with SS law changes], since then Social Security uses two types of calculations for SS benefits to keep up with the standard of living: a)Use of Wage inflation (average wage index) and b) Price inflation (consumer price index). The inflation calculation used prior to one's eligibility year (year you die, become disabled, or turn 62). Prior to one's eligibility year, inflation is calculated based on wages (AWI) and the beginning in the eligibility year, inflation is calculated on price (CPI). The problem is for the last few decades, wages have been growing faster than prices (until recent inflation). Over the last 50 years, wages have grown at 4.59% per year and prices at 3.59% per year---A small change in the growth rate over a long period of time, can make a big difference. A study by SS Board of Trustees studied this and if we went back to this calculation (using price inflation only), starting in 2029, 80% of the longterm shortfall would be solved. This would only affect future beneficiaries less than age 57 in 2024. By the 75th year (2104), the SS trust fund would be at 172% surplus! Lever 3. Increase FICA taxation on all earnings up with no max on earnings (current max up to $168,500/yr). Lever 4. Adjust FRA and change DRC as follows: Birth year Full benefit FRA Eligibility 1997 68 1998 68 and 2 months 1999 68 and 4 months 2000 68 and 6 months 2001 68 and 8 months 2003-2014 69 2016 69 and 2 months 2017 69 and 4 months 2018 69 and 6 months 2019 69 and 8 months 2020 70 Beginning in 2065, Delayed retirement credits move to ages: 71, 72 and 73 but continue at 8% per year or 2/3 of 1% per month. Lever 5. Institute SSA Roth IRAs for Minors from ages 1-26, with annual contributions (non-earned) $1000/yr, as either a tax credit/deduction based on the on the guardian's income. Once the minor is no longer eligible for guardians' health insurance, the minor/beneficiary gains control of indexed investment choices inside the account. Access to these benefits are administered by SSA until eligibility requirements are met just as with other SSA benefits. Lever 6. For workers > age 50, who earn <$250,000/yr (indexed annually for inflation, with tax credits of up to $2,000 year as a match to full funding of an Roth IRA. -- surely there are some solutions that will work so the even if the program has changes, it will survive for the American worker. It does raise taxes while limiting other spending. It also separates funds from the government whilst they still administer it. Please share with your legislators! Paul Price

I had initially planned to retire at 62, work part-time, and save money, but the impact of high prices on various goods and services has significantly disrupted my retirement plan. I'm worried about whether those who experienced the 2008 financial crisis had it easier than I currently am. The volatility of the stock market is a concern as my income has decreased, and I fear that I won't be able to contribute as much as before, potentially jeopardizing my retirement savings.

Good video thanks .

The gold in my wedding rings is enough for me. Best investment ever.

I would have never taken it if they were going to take money what is it a dollar or two dollars for every dollar you make over a certain amount I'm trying to encourage my friend to get it now and may not be around when he's 70

My birth year is 1954. 6 months before I turn 65 I was able to apply and get full benefits. I also have degenerative thoracic cervical disc disease. Well that's too bad because at age 65. I guess I shot myself in the foot on not entitled to any SSDI. But they can give it all to the illegals because that's next

I think your summary is a good one and I appreciated the analysis, especially showing the return comparisons for different timeframes. I support 8:42 having a portion of portfolio in gold but moderation is the key.

Gold is a commodity. How many bags of beans or rice is it worth? It is an alternative investment as well.

Not having any gold is stupid. Physical gold is best. Obviously the issue is how much. It is a great diversification tool. I would not consider it for the bulk of a portfolio.

Costco sells it, but I agree with Warren Buffett's assessment: It is something that people spend money digging up to put back into a steel vault and pay someone to watch over it. At the same time, it has no intrinsic value and produces no dividends, with long periods showing no price increase. Even if you buy it, your portfolio's small representation will only make a negligible difference at best. No thanks.

Unless one of the couple is a certified teacher. In most states they cannot claim spousal benefit. It's a "gotcha" for teachers and is completely, outdated , and unfair.