Social Security & Retirement Explained by Patrick Bet-David
ฝัง
- เผยแพร่เมื่อ 14 ต.ค. 2019
- Check out the new home for all things Valuetainment! - valuetainment.com
Why Social Security is Broken - Explanation by Patrick Bet-David. Subscribe for weekly content. bit.ly/2aPEwD4
Get the PDF here: valuetainment.com/why-social-...
Are you registered for The Vault 2022 at: thevaultconference.com/
About Valuetainment: Founded in 2012 by Patrick Bet-David, our goal is to impact entrepreneurs around the world through value and entertainment. We are the #1 channel for entrepreneurs because of the best interviews, best how to videos, because we defend capitalism and educate entrepreneurs.
Links mentioned in the video:
www.ssa.gov/policy/docs/chart...
ttps://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p1.html
www.usdebtclock.org/
To reach the Valuetainment team you can email: info@valuetainment.com
Follow Patrick on social media:
Instagram: / patrickbetdavid
Twitter: / patrickbetdavid
Website: www.patrickbetdavid.com
Facebook: / patrickbetdavid.valuet...
Linkedin: / patrick-bet-david-3731553
![เก่งแต่ลับหลัง (FINSTA) - ส้ม มารี (Zom Marie) Ft. Punch 4EVE [Official MV]](http://i.ytimg.com/vi/OOolBU2aC70/mqdefault.jpg)
Get the PDF here: valuetainment.com/social-security-retirement-explained-by-patrick-bet-david/
SS is NOT govt money!
Social Security was being deducted from our paychecks... which means WE & our employers payed for it.
If government hadn't stolen 80% of our money (pet project appropriations), if govt. hadn't killed small business trying to socialize the system, the pyramid scheme would still be working. If government didn't add medicaid, Medicare, free food programs... and kept medical insurance private, we wouldn't be in the shits we're in with the SS program.
Do you ever just look at the chalkboard and wonder how long it took him to prepare the set for this single video? And that doesn't include all the research, the takes, the scripting. There is so much value in these videos. No wonder this channel is quickly approaching 2 million subs. Congrats on all the success PBD! You deserve every bit of it!
Lol... there is art that is only understood by the artist.... #BE the artist
You have been saying what my father and his father have been saying since I was a child. The majority of our voting population is completely irresponsible.
As soon as people were able to vote themselves other peoples stuff (New Deal), it's only a matter of time until we have poverty and tyranny
people should get a license to be able to vote, or even raise kids these are incredibly serious duties
Don't we need a license to wash dogs these days?
Society seems to be headed towards a huge crisis in the next 10-20 years
so fucking true
Ignorant is more like it.
Democracy don’t work when ur citizens are a bunch irrational idiots.
You’re missing something. There was a high infant mortality rate at the time Social Security was put into place. The number of children who died before they were 20 was quite high. Life expectancy is an average. Infant mortality has gone down a lot. But even in those days many many people lived far beyond “life expectancy .” If you lived to age forty the chance of living to 75 was quite high. All my great grand parents lived into their 80s.
Valuetainment videos are simply brilliant! If only these critical lessons and the required mentality were taught in schools; we wouldn't have such large deficit
The founding fathers would get 5 heart attacks in a row seeing these numbers
They would grab a gun and take the GOV by force. Thankfully Trump is here now to fix it all.
@@stuartking7431 Except Trump is avoiding fixing it. He hasn't done anything about the federal debt, medicare, or SS. And he didn't even push for true Obamacare repeal when he got the chance.
Boris Joffe under trump we only went 3-4T down compared to Obama 8T
@@Alesedit Obama was in office for 8 years. At Trump's rate, he'll increase the debt by more than 8 trillion over 8 years even if you exclude the extra coronavirus spending.
Boris Joffe it’s about same I guess but no president will have the balls to destroy the benefits and SS especially if the boomers are in power , they depend on your taxes
You're awesome! We should not have to adjust our lives so drastically after paying into Social Security all our lives. We really need to DRAIN THE SWAMP!
FJB and every dem o rat. Vote them all out
Imagine how much money we still would have if the politicians did not give it away to 100 plus countries around the world?
@@georgeholewik6531 Every American would and should be wealthy by now. And the contrary is all by design.
Agree with you completely. People are also having fewer children which leads to more difficulties when those people retire, both in funding social security and the family element of retirement.
Screw Social Security....I will keep my money today and fend for myself later in life.
You hit the nail on the head when you shared the story about your Dad. We can legitimately blame so many things on this massive problem, but when it comes down to it we need to drastically do something now. Thank you Patrick for another great video
The life expectancy was lower largely because of infant mortality rate. Many people who became adults lived a lot longer than to 65 years of age.
That’s and we weren’t getting into so many wars, also technology and medicine have advanced so much
Hi, i thought it was a good counter argument, so I checked out. It seems the infant mortality rate went down in the 19th century, long before FDR.
They didn't base the retirement numbers on those numbers. In this case life expectancy was based on insurance actuarial that were more accurate.
@@ericpowell4350 interesting, I'll look into that.
Exactly, that fact discredits this video.
When I was 45 years old I said to my self when I reach 62 years I'll retire for sure, with my SS benefit I will be ok. I WAS GROWN !!!!!!!, and only by chance and for income-tax purposes I start using the company 401k and take advantage of the company's free money, my money is NOT invested in the stock market, ( I'm to old to risk it ) it's invested in like a CD type I get small earnings but my money is secure. that and a few IRAs are my savings, not for retirement but for transition ( like PATRICK said ) because I don't have a retirement age in my head any more. I'm 63 yrs. now and sometimes I don't work full time but I'm still working because if I retire I'll die. So please pay attention to Mr. BET-DAVID about the future of SS and don't believe any politician that promise you free this and free that, nothing is free in this world. THANKS PATRICK.
My thoughts exactly.
Man, you got people like me that worked in manufacturing for 40 plus years that are just wore out! I didn't sit in a cubical! I suffer with nerve pain in my feet, am 65, and I just don't have it in me anymore. And it's not because I'm lazy!! I lose SSA, I'm fooked!!
Government keeps printing money.. that's why we are in the hole were in. We should look what happened to Russia in the 70's, they printed money like it was going out of style, today they are still paying that price.
How about phasing out and ending social security, then the government pays (returns) back the money everyone paid in over the years so they can manage their money how they choose to?
im 30 years old. I rather social security not be taking out of my check since i know by the time i retire it no longer going to be relevant
No one will ever get elected saying that. The only way we get rid of this debt is by starting, and winning a war against our largest debt holder, China.
Here here if I had all the money I put into Social Security the past 30 years I could have invested it much better and be much better off now
I think we can all invest of much better
Amazing!!!
Dang I was just watching your videos
15 year old watching this video. Thanks for the advice of not having a retirement age in my mind. Now I'm not afraid of retirement because I realize I don't have to retire and that continuing to work isn't a bad thing : D
How does this video only have 20,000 views?? People need to watch this & realizs they need to put their financial lives first because no one will do it for them!
They take social security out of my check every week , question how much is the government bringing in - off social security taxes
EXACTLY!!! If you do the math, and seeing how the government taxes every working American separately for social security at a rate of about 6.2%, and there's about 158 million people paying into social security every week then there should be PLENTY of money to pay out to people!!! Someone has been cooking the books on a grand scale, greedy bastards
@@bearxbunny1835 Yes, please do the math, and you'll find out that there isn't plenty.
I agree with you, I normally like this youtube channel videos but this one I cannot agree, people will only not need social security when people have decent salaries .............. not a salary to keep to stomach full to work next day. And he saying " save up money" " don´t do that barbecue each week" woah people who own company´s buy Lamborghini's and mansions and make their employees live paycheck to paycheck and even say to save money and don't do that barbecue xD
@@bearxbunny1835 You also have to add in the employer matching your 6.2% meaning about 12-13% of your wages are being collected every week.
The money paying out to people should be from the money they contributed over the years and not money we are paying in now. If the government didn't raid the account there should be plenty of money even as people live longer.
@@TheSaidame I agree. Normally PBD videos are very accurate but this one is riddles with flaws and using statistics in a misleading way to prove his point.
You're a great motivator! Thank you and I'd vote for you in a hot second
I agree with everything thing you said. I am 77 and did not know enough. I took disability at 58, physically broken could not work anymore and now can not live on what I draw for 54 years of my life energy. Thank you. M.k.
Regarding the retirement issue. A lot of people either can't or don't want to retire. The former because of..well...bills obviously. The second because work gives us purpose. Now there are certainly menial jobs out there. Things that mean nothing. But other people (like your grandfather) either build things or provide a necessary service or simply have a passion with what they do. When we feel useful to others, we feel accomplished and it's actually a bit easier for some to accept death knowing that they did their part in the world.
I appreciate how you break things down. You're a good teacher.
That is exact kind of message that we need in America & world . Thanks Pat for spreading out .
In Jewish thought and in the Bible, there's no word for retirement, there's a time for transition, but not to stop working, middle eastern thought, such as you brought up with your father, mirror's this. At our synagogue, we have discussed this concept at length, thanks for sharing Pat.
This applies across the board to many countries, not just the USA. I love the easy to digest explanations.
Thank you, Pat.
Would you ever consider doing a podcast as well? Your interviews are stellar but I don't want them to end.
These explanation videos by Pat are the absolute best . Thanks Pat!
Hey Pat, I’ve recently started to watch your videos and it has opened my eyes up to so many things. I follow numerous other “Value Adders” on TH-cam and I appreciate all that you do. I am someone that was not financial smart and am slowly doing a few things that will help me 12 or 26 years from now. Thank you for your help. Keep making these great videos. Love the information.
Patrick - we need to teach these financial principles in high school before the kids start their careers. This will alleviate pressure from the Social Security and taxing people to death. That will capitalism into higher gear.
Another fantastic episode, thanks for the continuous lessons Patrick
I love your videos, it must be extremely hard managing a business and doing such huge research projects.
First off hope you are having a great week, with peace of mind and positivity. I thank you for your time, wisdom, information, and research. I knew a lot of these things but not all, it is all true and people don't know what is going on around them which they would if the wanted or did research. America needs to do alot of things for not only ourselves but as a whole for this country we take for granted. Thanks again to the upmost much respect, best wishes, love, peace to you and all people. Take care and stay wise as wisdom come.
the pension was never meant to be paid to anyone ( hence the difference between pension age and life expectancy when first introduced). Pat did a very reasonable analysis. I would paraphrase it saying the politicians sold their country's financial future.....I don't know the figures but I feel that here in Australia we are in a very similar situation and the future generations will pay the price. That's why I am doing the best I can to be able to support myself in the future and teaching my children to do the same and be even better than I ever will.
On a side note the "20 rules of money" was the very first video I watched of Valutainment and the one that made me a subscriber when the channel had only just over 300K subs....you are amazing Pat!!!
Who else thinks that Pat is a legend?
No doubt. He is a Master
Hi Patrick and thanks for all your amazing videos!
About your first point, you should adjust life expectancy for infant mortality. What you’re interested in here is “adult” life expectancy.
This makes that retirement benefits haven’t changed in their purpose since their inception.
Love from France
a thought ive been having, its not that i want to retire, i just want to work more and more for myself, like my reading writing or trying to make projects like a small hydro generator.
Pat please do a video on social norms. Such as leaving home or living with your parents.
This guy is so awesome 👏
Thank you for speaking the truth 😀
Another excellent video! Love the level of research and the honesty. Sad that a course taught by you at a university would be canceled after the first week. All your students would demand a safe space in the classroom where they could escape hearing the truth.
This is a very important video. People need to see this and heed this advice.
Great video man, I've tried to explain this to people with low success. It hurts me to think that when the bubble pops friends and family will be wiped out and say what happened... More of these!
Pat, quick question: IF you were to consider running for Office, where would you start? Indulge me.
I'd love to see you and Peter Schiff sit down for an interview! God bless
So I am 61, retiring in feb. Selling our house relocating to Florida. I'm the kind of person that cant sit still, so I will be piddling in the markets. Starting a new You Tube channel and best of all fishing, wether it is my back yard or in the boat and out to the gulf, I'm excited, I feel like it is a new start. I'm engaging getting involved in educating the public.
I've busted my ass in this life to get to where I am, worked hard, no one gave me anything! I resent the hell out of forgiveness on college debt being forgiven. I worked and financed everything I wanted, did, owned or had schooling, GET THE HELL OUT THERE AND EARN YOUR OWN WAY! No one owes you anything!
OldFartinCrypto@valuetainment
Much respect. Keep it going. PBD
@@VALUETAINMENT and same to you Thanks!
Thanks. Man. I know a little about this but you break it down. You right ! about that buddy. Good job.
Great video!! Very eye opening!! How about a video on how to succeed in US as an immigrant. How to deal with your feelings of you missing your country? How to overcome the disadvantages of being from a different culture? How about a video like the old ones, for those people that are still trying to figure it out. I feel like is been a long time since we got a great video like the “How to really become a millionaire” or “How to double your money”
That's good and all Yasser, but no one person has the answers. Its left for us to figure it out. I would start with finding side work hustles to get you started.
Best way to succeed for immigrants is to go back home.
@@codysimpson911 please back your statement with support if you're going to contribute in anyway.
Thanks
@@whopoopdinmycar he says he's home sick
@@whopoopdinmycar Also, the guy is most likely on a h1b visa. Companies bring them in and pay half as much as their American counterpart. Hell sometimes less than half.
Our family is a minimalist and we give best to charities !
We are hiring carpenters,farm workers,teachers because our family owns a school,commercial center and a farm.I help fill up documents for illiterate persons !
You nail it again, and again, and again. Not just for Americans but everybody. Thank you.
Patrick, i want to Say thank You for all the time and energy You invest creating your videos to educate us with valuable info.
Excellent and superb breakdown, keep up the great these insights and themes , Bravo Pat!
I love the content presented by @patrickbetdavid This is very valuable I believe one day I will be a multitrillionnaire from the subjects presented by you.
You are expert in everything you do
I appreciate your work Pat.
Thanks, Pat. You"re an inspiration...
Great video! I don't know what is like living in the US, but what are you describing, sound very similar to a lot of EU countries that I've been. Funny enough in my county Bulgaria, which is a historically communist county, people are still wanting for social benefits, even after all tough times that the county went thru in the 90's and everyone was affected by the failure of a socialist system. These life lessons are very difficult to learn.
Pat I'm glad that I discovered your channel, you're advice and explanations are excellent. I plan on collecting a pension in a few years and even if my company does go bankrupt; which hopefully it won't; I'm not worried because all pensions are protected by the government pension insurance.
Also I commend your father for still working. He's a wise man because he realized that if you stop working and keeping your mind and body busy, that's when you die. Thanks for your informative video's.
If Govt goes broke...which they already are, Govt will have not money for pension insurance.
Pat you motivate me man!!!
Such high quality content, thank you
I like these segments where he takes time to teach us complex problems going on, kinda sad that this stuff isn't taught in schools.
I don't support Andrew Yang, but ever since he misrepresented Yang's UBI, I really question and have to look up the facts to verify. Note: I think his UBI is ridiculous.
Wonderful, excellent video - The truth sets us free!
Thank you for making these videos. A million thumbs up!
Thank you for explaining it well. The best key for me is financial independence. I need to work on my own businesses instead of only working on someone else's businesses.
I found the video to be very informative, however can you please preface how you got the life expectancy data? I think that life expectancy now is nominally more than what it was when Social Security was introduced. For example the infant mortality rate back then was much higher allowing the numbers to be skewed. Other than SSI, Social Security benefits which comprise a vast majority of the benefits paid is not an entitlement. They are contractual obligations because the beneficiary paid into it.
Also, running deficits is not as scary as you indicate in your video. Our percentage of debt to GDP was much higher immediately after WWII. Add to that the US dollar is still the reserve currency. I’m not sure we should be in panic mode.
I have not gone to expensive luxurious hotels and grand expensive vacations,i am contemplative,happiness is just under my feet ! I am always at Filipino Sari Sari stores simple humble stores,i go to mall 4x a year!
Thank you. The most relevant video that I have watched so far. I was thinking about retiring in July when I turn 66 however I am making more money now than I have my entire life. No need to give that up.
exactly….and you will probably live another 20 years!
you will need that money !
another consideration….
after you reach full retirement age, there is no limit on your additional income. you can draw full social security and continue working as much as you want and keep it all.
what could you do with that monthly check that will help you in the long run ?
Excellent video! I like the term transition vs retirement 😊 Your wisdom and knowledge is better than a prestigious college professor!
Totally wrong about this. He twists stats to misleadingly prove his point. Read my post above.
This is the Absolute Best Explanation about this subject I've ever heard! Outstanding Pat!!!!
It might be his worst video of all. Loaded with statistics that are very misleading to prove his point. Read my post above.
If you live in Dallas , I see this guy a lot at NORTHPARK mall !!!!
Family man
Good guy
Thanks for the insight Pat!
It was broken in the design phase. It's SUPPOSED to collapse at some point.
Professor Pat!! Great video as always. BUT on your topic of FAMILY, a Grandmother should be a Grandma!!!! NOT A BABY SITTER!!!!! If you use Grandma as a full time babysitter for your kids, then YOU ARE NOT A MAN!!!! You are a CHILD!!! The only exception is if you are a single parent, then totally understandable. But it pisses me off when I see a 2 parent family with a decent income using tired old grandma as a baby sitter while giving me advise that me and my wife (who is stay at home mom) should have more kids!!! Yeah, easy advise to give when you don't even raise your own kids!!!Grandparents should enjoy their golden years with their grandchildren playing and spoiling them, Not disciplining them!!!
Thank you Mr. David. Much Respect
My grandfather was like that. He retired 3 different times he hated the idea of not working
Pat can you please do a Part 2 of this video and break down to whom does the US owe this Debt Payable to..I could never find an accurate answer to whom the US owe 126T or more in debt ie China, Global Elite Rothschild etc etc
universal truth True leaders listen without being condescending. They are willing to hear what others have to say without rushing to judgment. They are patient and genuine in their desire to understand the thoughts and feelings of the people they lead. True leaders are forthright with their people.
It isn't debt, its unfunded liabilities (as he correctly said in the video). This is calculated by taking the present value of our future obligations (ie. pension plans, projected medicare and social security) and then subtracting what we have invested/set aside to fulfill those obligations.
we finally have someone who is making a ton of sense
This video is very misleading,
Thanks for these insights into retirement. PS: Your Dad is Awesome. MUCH Respect.
thank you for caring I agree.
I love your content Patrick and think you're a great. Just remember money isn't everything. Love is way more important and fulfilling.
If they just reduced the unnecessary spending in the military alone, the country would be out of debt very fast.
I believe Bernie is the best candidate right now because he is the most uncorrupted politician and hes the strongest against climate change. If we dont tackle this issue all-in right now the odds are everything your talking about wont matter at all.
BTW I'm not a far left at all when it comes to identity politics and immigration. Bernie is not either but hes smeared all the time but the news networks that are all bought buy the same companies that support corrupted politicians like Biden. I'm not sure I agree with wiping away college debt but I trust him to punch the numbers when in office with his support staff to see if they afford a compromise. He could make incentives, like paying for college tuition for jobs that are lacking in the country, etc. Anyways what im trying to say is there is no perfect candidate but there's a better choice. The most important this country and planet needs.
*Investing is an important timeless skill because there is always going to be someone who needs capital, if you know how to accumulate, manage, and allocate there's a place for that. But i could be wrong* 💪
Black Vito - Moneyology True leaders listen without being condescending. They are willing to hear what others have to say without rushing to judgment. They are patient and genuine in their desire to understand the thoughts and feelings of the people they lead. True leaders are forthright with their people.
Social security isn't broken so stop the madness. I think they should lower the retirement age and give you the options of a lump sum of 50% of what you put into the system including Medicare.
@@crazechill1 ?????
I'm perplexed
scary but true thank you for the presentation
It’s very hard to save money when your government takes over 50% of the money we earn. Between property,payroll,sales taxes,gw bridge =$20, Lincoln tunnel $20,triboro$12(both ways),garden state parkway tax was raised 3 times in a 6month period. The taxes don’t stop.
Pat. You’re the best! Thank you!
People: Why are you always so depressed?
Me: ARE YOU NOT PAYING ATTENTION!?
I never count on Social Security Benefits. However, I would like to share some data with you.
According to your collected data,
Average American Social Security Beneficial in 2016 = $16,258 annually.
Average male receives 9.2 years of benefits.
Math = $16,258 x 9.2 yrs = $149,573.
According to US Census Bureau in 2018,
The median income of Americans is $63,179.
The current Social Security tax is 6.2%.
Math:
$63,179 x 6.2% = $3,917 (Average Americans pay for Social Security tax annually).
Working years = 45.
Math:
$3,917 x 45 yrs = $176,265 (Amount Americans pay for Social Security entire life).
Comparison:
$176,265 > $149,573
MIKE CORNOR best analysis yet, and no one can dispute those numbers.
I agree with raising the age with social security. The problem is, people have been paying into it for years. I'm basically giving the government "free" money until I'm 82 and that's if I make it to 82. I've been working since 20. If I die at 80, that's 60 years of the government taking money from me.
Lol. Elizabeth Warren should listen to this.😂😂
How about we pull the band-aid off and do away with social security. If we could invest the 12.4% in a 401k, we would be rich
I would go for it, but I want everything I (and my employer) paid into SS (with 12.4% compound interest) to be put into that 401k too.
@@JaimeWarlock so would i, but the govt won't go for that. I remember being 21 in 2001 and wondering why I can't just invest my own 12.4% on a retirement account.
Thanks for the video. Btw, I watch 20 rules of money, good voice bad voice and sleep, sweat, grind and repeat very often. Its my current motivation to bring myself to the level of Mastery, and the others on my team. One day, we will be discussing business Mr. Bet-David. Until then, Sleep, sweat, grind and repeat while out performing, out strategizing and out lasting our opponents.
Great analysis and advice Patrick! Really you bring value with entertainment.
SS was created when people lived a hard life. We've turning into a soft society; complaining about working at the age of 50.
@elijahthesamurai Absolutely correct. Softies, it's sad that I can excel in life because people today are so mediocre.
I retired comfortably at fifty five years old and never had to go to college.
Thanks
What did you work in?
@@alexbob5209 I was a union carpenter
Can you do a video showing how Mutual Fund fees of 1-2% of your annual value can eat away at your bottom line retirement? My 457B retirement has fees of .05% for certain indexes and the fees are adding up. I just want the truth put out there and you are a financial genius that make these complicated ideas simple. I love the videos! Thank you
You’re awesome bro... thank u
You know ho is going to fix this ......"George Sorrows"
The same way he is fixing "Ukraine". The names sounds familiar.
*Soros 🤓
@@krissy7342 Sorry about that. My corrector progam fault and me.
PBD thanks for the fire!
This video is really informative... Great content
Agree to disagree but Social Security is broke because Government is taking that $$$ and using it for other Government Spending.
I'm 57. I have never believed that I will recieve any social security benefits. I'm a pessimist, however, to me the writing is on the wall. I'll work until I die, unless I'm forced to stop. Interesting presentation.
always amazing video, thank you David
I am from India and I learn a lot from you. Thank you very much for sharing your peerless knowledge man !
True. Indian Schools and Colleges would never teach this stuff.
@@Jay-bt4xu Teachers will be replaced by TH-cam and online classes...
+LaLa
How does American Social Security and Retirement plans affect you in India, this is a problem for America and Americans, not India.