Baby Boomers Running Out of Money!
ฝัง
- เผยแพร่เมื่อ 2 ก.พ. 2024
- Retired and Living on Social Security Abroad/Baby Boomers Going Bust!@paulinthephilippinesolddog9234 How will Baby Boomers Survive in the upcoming Social Security Crisis? Is there an exit plan for senior citizens?
Nursing homes 8oo-900/ month? You need to look this up again Mr.
Yes, I misspoke, meant to say thousand, so I am claiming my senior moment card
@@paulinthephilippinesolddog9234 I am 81.
It's only going to dramatically increase until its absolutely the preserve of the rich - people don't have kids anymore so the future will be one where elderly, who are childless, will create a massive demand for elderly care services meaning it will go out of reach of most. If you have kids now advise them to have children and lots of them as the future will be one of the elderly being cared for by their children if they have them. Otherwise go into the night and slip away cause the elderly care system available now will not exist. The future has few young people and certainly none will be engaged in working low paid jobs such as that needed to support the elderly care system as we know it now which is already phenomenally expensive........see where this is going.......
Here it’s $8,000 California 😂
7:53
Some boomers never got off drugs on the 80s & 90s
Our Government is the root cause of all these financial issues. Overspending for years with reckless abandon has driven prices sky high!
Yes, American Government SUCKS!
It was the Republicans by Ronald Reagan to take our invested money to the defense fund. Clinton had to agree to pass the reform for food aids and other issues facing our society.
If interested look up Dr. Steve Hanke sometime - an economist. He does a very good job of explaining inflation - basically it is the result of the government spending more than it takes in and then the Federal Reserve steps in and buys much of that debt. The outcome is inflation.
Bide has made it much worse with this horrible inflation. Cannot wait for Nov.
@@deeandrews7051 Correct. I always a say the only difference between Republicans and Democrats is the Democrats will collapse the economy faster. But both are to blame.
I have a 24 hour rule to help avoid impulsive/unnecessary spending…when your out and about and see something you want to buy, wait 24 hours see if you still want/need it.
Other than the stuff I need for my hobbies, I dont buy much.
My wife on the other hand....
Wow I must be doing something wrong. I usually kick the tires for several months if not years before I pull the trigger, but that’s me. Take care
I'm the same...and I know what you mean about the wife...I needed to put my wife on a weekly allowance otherwise I would not have a penny to my name.@@FURognar
me i was a spoiled brat. but as one ages divorced one realizes things are just a noose around ones neck. If i need it i buy it. but things dont excite me as much. a car is a car..
What you say is very true...as you get older you begin to realize that what you have or want to have does not matter so much....just more to take care of...@@peter-pg5yc
My ex wife and her lawyers tried to bankrupt me. Even though there was no abuse, no drugs no alcohol use at all in our marriage also no infidelity. I just got sick of her narcissistic ways. It costs me $100,000 cash and 87% of our assets. But what is the price of freedom from a psycho. PRICELESS !!!!
.. SOUNDS ALOT LIKE MY EX [ P O S ] .
Nice
I’d be interested to hear her side of the story
Definition of divorce in America. Ripping a man's wallet out through his testicles.
@@cubuffsfan4147 two sides to a coin. I worked 12-16 hours a day 6 days a week for the last 10 years while the queen sat on her lazy a** and couldn’t even do laundry for me or her 3 children that she brought into our marriage. That I paid to send them all 3 to college and I PAID FOR ALL 3’s COLLEGE EDUCATION. So when they graduated they had NO STUDENT LOANS or DEBT. When I left her narcissistic butt, she thought she could keep me there by holding a gun to her head and threatening to kill herself. She had lost control over me and she couldn’t stand it. Her friends asked me later how did I survive all those years with her, her aunt told me on our wedding day “ she is your problem now” so I would love to hear her story also like why she quit a job paying $60,000 a year because someone talked mean to her. She never consulted me about this but instead said you make more then enough to provide for me and the 3 children !!! Yes let’s listen to her side I would love to hear it also !!! Also her first lawyer quit her and said she had never met anyone as greedy and self serving as my ex-wife. Yes let’s hear her side lol 😂
I've watched my coworkers for years buy a daily $5 coffee instead of making their own. I've watched people get the latest phone, go to Disney, etc. But somehow no $$$ to save for retirement. The years go fast and soon you are facing retirement. The one problem that is unfair to all is the cost of health care/insurance even in retirement. Not fair to the Americans who have worked all their lives.
I bought Starbucks coffee everyday when I worked..$3.50 for a large and then a $2 tip. Still was able to pay off my house, retire before I was eligible for SS, and live in SoCal. Never trust anyone who worries about what coffee other people are drinking.
Whats your point ?
People, in the United States, are dying at younger ages. I’m not so sure giving up travel or delaying treat (coffee) gratification is the way to go anymore. My mom (73) passed away in December 2023. We were central to each other’s lives, talked daily, went out to dine weekly, and took vacations one to two times per year. I’m so thankful for that fun quality time with her, though we overspent. The key is to make sure you’re spending on quality food, time, and some trinkets or clothing here and there.
I love and miss you, 👩🏽 mom! Thank you for the wonderful memories 😇🙏🏽🩷🥲.
@@Rider-hh9it. yep, so many people like that. I just don't get how people don't save/invest. They will find out eventually.
Keep on electing Republicans and you will be fine. 🤣😋😂🤣🤣🤣🤣🤣
I’m in my mid 60’s, I think the key is to keep moving. Keep working, keep saving, keep investing, workout, walk, live below your means, buy quality food and supplements, engage with young people. Forget nostalgia, read and keep an open mind. Working is living, you’d be surprised how many employers are thirsty for dependable, consistent and skilled employees, many baby boomers embody these attributes. Good work ethic and discipline is a superpower.
Mid 60s is the time to retire to do the the hobby's that you have worked for all your life, not keep working.
sorry man not for me, you keep working till you die but I can't wait to stop working and fishing all day
Me thinketh spot on, when people stop 'working ' they don't have to stop contributing.
And after all, the pension was there for those that would live for 5 - 10 years however these days seniors live well into their eighties and 'the pot' cannot afford to support the ever increasing baby boomers (Globalists call them useless eaters).......indefinitely!@!?🤪😉
As long as you are enjoying what you are doing keep at it.
Considering the unique challenges faced by retirees living on Social Security abroad, optimizing financial strategies becomes paramount.
While the allure of cost-effective living in certain countries is appealing, it's crucial to navigate potential financial pitfalls.
Engaging a seasoned financial advisor, like NATHAN TRAVIS COOK, with expertise in international retirement planning, can prove instrumental.
Absolutely agree. As a Baby Boomer navigating the complexities of living abroad on Social Security, I've encountered unforeseen financial hurdles.
Engaging Nathan Travis Cook provided me with tailored solutions, considering both the intricacies of international living and the nuances of Social Security benefits. His insights have been invaluable in preserving and growing my retirement funds.
I've heard positive things about Nathan Travis Cook. I sent him an email, and he promptly responded, offering to schedule a consultation.
A very important topic indeed. Yes, the key is not what you make. It's what you spend. My last 8 yrs of employment were as a school bus driver, making about $18,000 per year. At 62, I went on insulin, so I said goodbye to my CDL and filed for SS. Retiring gave me a $6k per year raise as I also had a small pension that I was smart enough not to cash out when I left a job decades earlier. Managing life out of necessity with a low income prepared me for better times ahead. I easily live on $1,000 per month in Texas because I own a mobile home in a reasonably price community, which I paid cash for, and I drive a car that I also paid cash for. When you make a simple life your priority, your wants dwindle away. The end result is your bank balance climbs, and before you know it, money worries vanish. Now, at 73, the habit of only meeting my day to day needs is a habit deeply ingrained in me.
And the insulin should be cheaper now! Wishing you many happy years in your retirement.
Thank you! Fortunately the VA takes care of my medical needs.
Absofreekinglutely! Keep things simple and don't covet possessions.
Its what you KEEP!
I am 72 here in Cebu Philippines. Your story tells me if I had a place to stay and a car that I might go back to the US on my SS income. I do not think I could do what you are doing. But I am glad you are able to make it on SS there. SS has really been a 12.4% tax on employment to fund government spending and now you are collecting, you will just get by. Paying 12.4% for thirty years is just not going to make 24.8% for 15 years. Are you getting your 24.8%? Well, maybe you get to collect more than 15 years to get all that money paid by those who did not collect 15 years. I hope you are getting 25% of a paycheck there.
I had a 10 year plan. After several visits to Southeast Asia, I explored many different countries. At the end of the day, i decided between Thailand & the Philippines.
Being single helped with moving faster and decision making. Sold the house, two cars and put everything i needed/wanted into two 70 pound boxes.
15 years later its still the best decision I ever made. Many of my USA friends said I was making a big mistake. My only two goals were to lose weight and survive on my pension.
Both accomplished. Never another cold, frosty morning. Everyday its hot and sunny. Occasionally rain showers but living by the ocean with a view is not such a bad trade-off.
Bravo!
A cold, frosty morning is one of the pleasures in life.
@@roofpizza1250 That is not my pleasure ! Lost in Asia25 has the right idea. Get rid of all the junk you don't need & accumulated for so many decades. Live a clean life in a tropical climate on the ocean for low cost compared to the US.
Great goals. Great job inspiring
I too had to choose between the Philippines and Thailand. I quickly found that Thailand's infrastructure was way more advanced. At that time brownouts were quite common in the Philippines. After a lot of thought, I was a little nervous about the typhoons and natural disasters. That's why I chose Thailand. I have never looked back and have no regrets.
Ok, so us baby boomers are a dying breed... but if we're anything, we're RESILIENT! 😊
HAPPY BIRTHDAY, PAUL!
Thank you my friend
It is the earliest or earlier boomers that made out great, union pensions & funded Social Security. It is the latter ones, the ones that had unions busted & right to work/at will work law enacted that find it hard these last 50 years. Add 80-90% wives filing for her Entitlements in divorce, even though she is cheating. Nothing Matters, says Title IV. Lived the poverty life my whole life, saving & saving, spending little. Life was to be good, nope. Only for her.
Boomers are not a Breed, dying or otherwise. Amazing the amount of Fuzzy thinking and so many "feelings". So.... you made some decisions based on your "feelings" and you failed and lost. Now, clearly it is the fault of the government and immigration . Really?
The moral of the story. Invest and save when you're younger and middle age so when you get old you don't have to rely on others.
LIVE FRUGALLY so that you have the money to save and invest.
Don't get married or have children, which is behavior that is enormously expensive behavior for men with a trivial return on that investment, if it's not an actual big loss.
Agree, I did and better off than most people!
I invested in rental houses in California but then in 2008 the bottom fell out and I had to sell my properties for halve the value.
I bought a few HUD repos circa 1985-1987, some for cash and some on mortgages. Paid them off within a few years. No debt = no problems.
Still own one of them, which has reliably paying me cash rents since I paid cash for it in 1987.
🎉 I invested in Hunter Biden’s artwork. I'm rich !! 🎨😎 💰
My parents passed when I was 13. The government owed me their SS. It was like pulling teeth to collect it. From that moment forward, I made a promise to myself that I would never rely on government for another penny.
Government is not your friend.
Sadly and unfortunately governments are justifiably wary of being scammed by fake claimants. Therefore, the folks who honestly deserve their benefits have to suffer (enormous proof burden) due to the scammers.
Soooo - you are planning to NOT get your Social Security monthly cash and NOT enroll in Medicare? My $50 calls bullshit.
@@markstephenson6952 That's not what he said at all dickbag. Jesus, I though you Boomers were smart?
@@markstephenson6952 of course I am, but I will not depend on it.
Take your $50 and stick it up your a$$
News flash…. The fact that they expanded social security to pay for a 13 year old is one of the reasons it is going broke. While it may be nice to provide a benefit like that for children of deceased parents…. It was not funded to cover that, or to cover people with disabilities, or numerous other people that have received SS benefits/entitlements without having paid into and helped fund SS. You are correct on your view on government.
My current Hubs met me a year after he had split with his first wife. Very successful so his wife had done the "traditional wife" route. He went for a divorce to finalise things. She got 50% of everything having not our a penny in financially .... I can understand since she looked after the children. However, when the news came out that he was remarrying and his second wife was 14 years younger and a doctor, she then took him back to Court to take a third of MY salary as we had a better life style than she had. What saved us? He had proof that she had cheated on him twice and he had continued on because of the children ..... Otherwise, she might have got away with it! The US divorce system needs overhauling badly.
What doesn't need overhauled in that hell hole!
Risky for a successful woman to marry a divorced man who has support obligations.
Thanks for reminding me to stay Single.
In my view a marriage license is a government contract only meant to screw you. There are other ways to deal with it. Many of us boomers didn't need it before. If you love each other isn't that all you need?
@@magicmann98266Unfortunately, it is the distribution from both must be equally divided legally when you spilt, particularly children from the union involved and be protected from the selfish partner.
Baby boomers literally had it the best of any generation. Being able to buy affordable housing. Better income to cost of living. Only screwed if you planned poorly. At least you get social security. Everyone else is paying into it when it won’t be around for them.
If it's any consolation, a lot of millennials and Gen Xers are due to inherit significant boomer wealth.
Actually Boomers parents had it the best. They had pensions and social security.
I was born in 1963 which is at the tail end of the Babyboom generation and must say that I pretty much worked 2 jobs 6 days a week, except for the 7 years that I was in the Army and finally 2 years ago I was rated 100% P&T and could retire at 58. I challenge any younger person to live and work as I did and they will thank their lucky stars for their privilege, just saying.
What privilege?@@user-wn7fr7wi2t
Do you realize 1/3 of the boomer cohort has already passed away. It's likely a fair # of boomer homes and estates have already been inherited by their GenX or Millennial children.
BTW, both Millennial and GenZ cohorts already outnumber the remaining boomers.
Check the pricing for a nursing home in the US. They are much much more than what you quoted. My sister is in a facilty and pays $12,000 per month. It did not take long to go through her money. She is now on medicade.
Long term health insurance would have kept her from going through her money giving her time to put it in someone else's name.
Reagan also made Soc Sec payments, subject to income tax for 1st time, when they never had been before.
As he should have, social security is taken out of paychecks pre tax. When you use that money you still have to pay taxes on it. So you are actually making more money by being taxed on a smaller amount when you take it out vs. being taxed when it’s taken out of your paycheck when the money being taxed on is on a higher tax rate. So you should say Thank you to one of the greatest presidents of the 20th century for thinking of you and saving you money in the long run.
@@rapman5791Reagan used Social Security to fund terrorism and fight wars. "Trickle-down economics" widened the gap between middle and upper class. You clearly don't know what you're talking about.
Oh boo hoo!
Baby boomers enjoyed the FULL BENEFIT of those tax cuts, and prudent people saved and invested instead of spending and borrowing.
@@rapman5791It should be taxed only when you are making a profit like an interest from the bank. The people who served in the arm forces benefit greatly from no tax from our tax money.
One of the key problems with social security it the massive expansion of programs beyond its original scope.
and giving it to newly arrived immigrants.
Last week in Cebu, a Big Mac combo meal (Big Mac, large fries, large Coke) cost $5 (277 pesos). Same meal in Darien, Connecticut costs nearly $18.
A pair of tree branch loppers cost me $7.80 in Ace Hardware in Cebu. Comparable pair on Amazon cost about $30.
I love the Philippines. I've never eaten so well. Eggs layed that morning. Chickens never frozen and clucking that morning. Fish caught the previous night. Vegetables harvested yesterday. Mangoes sweet and creamy. Oh the pineapple! I've never tasted watermelon that tasted so good. Fresh, fresh, fresh and delicious and inexpensive. The Mung bean soup is great!
If you ever get the chance, have the cacao drink, Sikwate, at the Radisson Blu Hotel in Cebu.
I about fell over when I paid $30 at McDonald's for me and two granddaughters. Over double what it used to be.
I just heard a story of a disabled guy with a wife that has Alzheimer's. He put her into a home because it was so difficult. One month in the home cost him $15,000 and he had to take her out and try to take care of her, but now has to sell everything he can to pay for that one month.
Gotta go there
@@Wakeupandsniffthecoffee damn SAD!
Thank you for the education. Currently, my dad, who is 87 years old, may need nursing home care if unable to regain his independance quickly. I have discovered that the nursing home requires the patient to exhaust all assests before Medicaid kicks in. The cost is over $8000.00 a month and private caretakers here in the states, is a lot more than that. My dad retired twice and is in this situation. Whew!
As it should. People should expend their assets before they go on the public till.
To michaelangelo6947: Talk to a lawyer. There are ways for your Father to keep his assets.
One way is for him to sign the house or any assets over to you!
It shouldn't be a person works all their life only for what they have slaved for to be taken away!!!
@@glorgau Well the government had their hand in your pocket for 40 years....and pissed the money away....and then they can't help....I'm not a socialist....but that's just wrong.....
I suggest you consult with an attorney to move some of your father's assets to other family members if you want any of your dad's financial legacy to assist some with financial needs,it's legal but must be in action a few years before entry into assisted living
Or they could take care of pops if they want to protect their "inheritance". Why should they be able to throw that burden on the rest of us just so they can get that money@@jamesmcdonough2726
Looks like the Baby Boomers got ripped off. I am a Generation X, and I know I am never going to be able to retire.
Same story here- employed continously for 40 yrs.
I have 401B, pension and SS.
I still struggle here in California.
I see myself moving permanently to my condo in Manila ASAP!
Get residence in a tax friendly state before you leave
Yes what Keith said. You don’t want to be stuck with California tax code for your entire retirement. If you can move and establish residency in Oregon or somewhere with low taxes before you go. Lock that low rate in.
i worked got divorced lost half. Remarried fillipina now we are worth 3 million.. If you dont make enough save enough do something else.. i did inhome sales 100% commission. That and investmnts threw off 300k a year.. My wiffy fillipina accountant 150k a year with ot. Most of my monies is rolled over. i live on60k never touch investments. i let them roll. 401k throws off 25k dividends yearly that I dont touch. But thats small most of my wealth is investments.yes i rent. I always took care of me. No I dont feel rich yet i am.. But I planned and saved for it.why not you? 18 years retired i still invest.
better have income and not touch principal. and save for inflation
Money can be redirected to SS from other areas.
It's neither how much you make nor spend. It's how much you keep.
Correct. How much you spend is another way of saying how much you keep. Another way of putting it is to pay yourself first. I have knows some folks that make a lot of money and are broke. What a shame.
Paul, I just looked this up. People working today only have to pay 6.2% of their check on earnings of up to 168,200 dollars. So if you earn 500,00 dollars MORE than that, you pay 0% towards social security security. Congress need to change the law to 6.2% of all, and unlimited earnings. That should help fix the social security dilemma.
You're probably thinking Social Security is a tax that can just be increased on the rich. But I don't think that's the case. The program is formally called OASDI or old-age, survivor and disability insurance. So it is legally insurance, and not a tax. Meaning that benefits have to be commensurate with the premiums paid. So they can raise the earnings limit, but they then have to increase the benefits. The only way around this is to restructure the entire program, which would be very difficult to do.
You are absolutely correct, Paul ... the baby boomers are being squeezed out of existence. Here in Canada, I receive a federal pension (CPP where every working person contributes) and a smaller pension which every resident over the age of 65 receives a nominal amount (OAS) but I also receive an employer pension where I contributed and my employer matched up to 10%. And if it were not for this, I would also be on the streets. And you said a mouthful when you said we spent too much on shiny things ... oh, my - YES! But I also lived by the seat of my pants, there was no one advising me; so now I have to live with the consequences of my actions or inactions.
It goes without saying that all of my pensions are heavily taxed ...
WISCONSIN HELLO !
@@user-hm4oy7hw4t Hello back at ya'
True for me too no advice or teachings of frugality til later in life.
and without representation
I refuse to pay taxes I already robbed from me. Screw the government, throw my broke ass in jail!
As a 76yo baby boomer, I saw this happening 40 years ago. Being married to a filipina back then we made plans to retire in the PI. I am now in a position where a cut in my income will not be a crisis. Sadly I do not know what my kids will do when they retire.
Idk if you made an error on nursing home rates at 8-900/month, but in Sun city (Phoenix), the going rate is $8,000/mo. Minimum for nursing homes, and that's if there is vacancy,so just fyi
I watch a fella that lives in Mexico near Guadalajara and he reviewed some nursing / assisted living homes in that area that looked very nice staffed by excellent help that are under 2000 USD a month ( if my memory serves me) and they are just a few hours flight from USA so your family would be pretty close
Paul I’m 63 from Australia…you would have to be the most common sense yank I’ve ever listened to…(and believe me there aren’t many).. thanks for your down to earth vlogs.
Other than Paul... You are listening to the wrong Yanks 😜
I made a few assumptions about how this video would go, especially when I saw the start of it, but by the end I agreed with a lot of what he said.
I reckon that our system here in Australia is so much easier and more secure than theirs especially now that Govt. is coming down on non performing Super funds.
I retired at 60 and other than being annoyed that they put the pension age up to 67 I really like how our system works.
Boomers here in Australia should really have done very well if they were half smart along the way.
@@tryscience I listen to a few and unfortunately most say many of the same things.
Did your government give you approval to post this? I know they like to toss people in concentration camps and arrest pregro women for posting unapproved comments, be safe mate.
@@oldbloke204 I retired early at 62, but 67 is what my age is supposed to be for Full benefits. Now, Nikki Haley (running for President) says that's waaaay tooo young to retire ... and she wants to bump up the age to 5 years before you die.
Spot on. I started my 45 years of employment in the early 80s and saw the transition from pensions to 401(k)s. I experienced the 'buy Buy BUY' mentality and observed how families were destroyed by crushing debt. I have learned that it is my responsibility to ensure that my financial future is secure. I cannot speak to the future of Social Security. I don't think anybody can, given the inherent uncertainty of the future.
It is as you said, get in the habit of saving and perform the 'need vs. want' litmus test. I would like to add the importance of paying off the debt. It will crush you.
Good job on the research and information. Keep it up.
i sold at sears redoing a career. 50k.. I used to get massages 200 bucks a clip..Fellow workes stated you cant afford that..Reply when i cant it ill move on to a bettr job..I did 150k a year. with lots of investments.. Dont settle move on.. there is always a better job you just have to work for it. sales for me 100% comission i can sell. hard work 6 or 7 days follow thru with customers. sales peoples are made thru hard training. nights, lots of driving. you dont sell no paycheck. thats what I loved
Never owned a boat, an RV or expensive car. Did buy one home, inherited a second home. All my extra money went into my 401k and even though my Pension was froze, it still grew as I worked. Started when I was 15, retired this month at 62.
Rey honest and forward not a doomsayer but check out Robert Kyosaki predictions
They need to get rid of the Social security tax cap. That would solve the problem. The current cap is 168,600.
No. Don't gouge those making a good income to support people who were foolish enough not to save and invest instead of spending and borrowing.
Personally, I'd give every current employee an option to get OUT of Social Security taxes and fund a 401K that THEY would own.
When SS ran out of money, that would be IT.
Only fools trust government not to spend a big pot of money that is just SITTING there, waiting for someone to steal it.
yup
Problem is then the ss would have to up their benefits amount
Nursing homes are $8k a month
My brother is in one that is $11,000/month. But, since he is broke and qualifies for Medicaid, they take his Social Security check and his Medicare/Medicaid and he can stay there.
@@markstephenson6952That's sad!
Thanks Paul for the wonderful wake-up call. There's only one direction for the cost of living to go and that's always " UP ".
Being financially independent is the only way to win this financial battle all of us face in our golden years !!!
Heres to wishing you well from Hampton Virginia USA... !!! 🤑🤑🤑
It seems to me that the Baby Boomers are suffering today from the actions of Politicians over the past 40 years that just so happen to be Baby Boomers as well (for the most part). Love your content Paul.
👍
Imo,and I'm a boomer, most suffered from not taking responsibility for their own financial wellbeing and are now blaming others for the outcomes.
We've lived through the best and most prosperous times in human history.
Blaming politicians is popular as self reflection can be painful.
@oldbloke204 and u perfect!??
@@oldbloke204🤮🤮🤮🤮
@@bradleymiller7375 On this topic decisions, actions and outcomes speak volumes.
I can say that I'm extremely happy that we chose the path we did when so many wasted so much of their money.
The video said pretty much the same so why is that so threatening?
If Baby Bombers can't live well what hope have the younger generations got. Baby Boomers lived through the BEST times on all levels.
Actually, my wife was reading a report to me today, where Boomers are the wealthiest generation right now and it's a nose dive for everyone else from Millennials to Alphas.
Are you sure? I think the generation millennium and Z has got everything from their parents and they are now saying that work makes them unhappy and stressed.... I blame the baby boomers only for spoiling their children but refuse to be blamed for a good life on the cost of the future generations...
I am a Millennial so I find it interesting 😂
So it was all gold for us starting in 1945? No recession, no war, no embargo, no lunatic president? Wow. I didn’t live in the right part of America. And what about guys that supported their wife during cancer? The best of times? Are you serious? Keep looking at the world through your glasses. It must be a dream.
@@klausschumacher7126,agree 100%.
I bought my first stock at age 19 back in 1979 and never stopped. Growing up dirt poor made me paranoid.
Nice. I’m 62. I have no debt and large savings account. No idea how to buy a stock. I want to invest in the S&P 500
But I don’t know how.
@@PInk77W1
You can get a financial advisor to help you. Yes, you have to pay them
Same here. I’m an older Millennial that grew up dirt poor and raised by a single mother. Then hit the GFC fresh out of the military. Been saving and investing ever since.
@@PInk77W1 low cost index funds. Vanguard, Fidelity, Charles Schwab etc.. you can just set up a brokerage account. Robinhood is a decent brokerage also. Trades are free.
@@PInk77W1 Vanguard is the best Fidelity is better if you want to live overseas.
Good ol common sense economics! My father told a long time ago, it not how much you make that matters, it’s what you do with what you make that matters… really enjoy your videos! Keep doing what you do brother….
This was an extremely well informed and detailed acct. IM 68 and remember each event and each failure. Paul NAILED IT! Very impressed Paul...Thank YOU!
Great message about the future for seniors.
Thanks! Great post Paul!! Learning from the past is quality that you are passing on to all of us. Wishing you and Baby Mae a blessed day and many more in the future!!
Thanks so much 👍
"I just don't wanna work anymore" That was my mantra as well. My blood pressure was 116/70. I'm 60.
Great vid. Even though I’m well off, I love the idea of living humbly and simply in another country with a nice lady.
Hello Paul, great, great video. Your point well taken.
Steve
Thanks 👍
Agreed. I always meant to find out who in the he!! started dipping into the fund. WHY is this not being fixed??!!! It has GOT to be fixed and Americans have GOT to be forced to save.
Thank you for reminding me to maintain my commonsense . As I am in the beginning phases of dementia and sometimes think of stupid things financially .
I'm never give up got those good law enforcement here helping us everywhere trust me here
Yes! Live below our means! Save and invest because relying on politicians to fix social security. They’ll probably fix social security because otherwise they’ll be voted out of office, but it’s foolish to rely on that!
Working for the Federal government all my life, I learned real fast that you can't really on government to solve ANY of your problems. You make your own future.
"rely", not "really"
Now you are collecting your full government pension as well as the 401k Thrift Savings Plan? Looks like you have been relying on the government a long time.
@@yayafan Yes, I made the best of my situation. Based on my results, it wouldn't have mattered where I retired. TSP, which requires you to invest, makes up for more than 60% of my income.
Damn Right
Amen.
Social Security max Benefit for 2024
Age 62: $2,710 per month
Age 65 to 67: $3,822 per month
Age 70: $4,873 per month
Average person gets 1,927 per month.
Assisted living in our area is about 4,000 a month.
Nursing home ranges from 7 to 10,000 a month on average.
Philadelphia area.
@mobilecommunicationsnetwork5268 not sure what you are smoking when you listed the Social Security amounts in your message as max Social Security Benefits in 2024. You list for example Age 70: $4,873. Who and how would someone qualify for that amount???? To the best for my knowledge the highest amount is about $3,000 per month. Even with a 6 figure income, I am not aware of someone qualifying for $4,873
The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822. However, if you retire at age 62 in 2024, your maximum benefit would be $2,710. If you retire at age 70 in 2024, your maximum benefit would be $4,873.Jan 2, 2024 Just Google or Bing the Max SS benefit..
98% of the people that retire at the age of 62 receive benefits at $1,120 per month. Unless you earn 145,000 thousand a year consistently for 35 years, you may reach that 2,710#. It is the same with the rest of your numbers. The government makes it look good on paper, so you won't rebel, but when it comes around to calculating the #, when you retire it is a whole different story. lol.
@@dwork9451 You'll Never Guess What the Average Social Security Benefit Will Be in 2024 this will bring up an article from Motley Fool on subject.
@@annasmith2783 $4873 is correct at 70 for very high earner
Once again you're right about it Paul. As I turn 59 this fall I've had an awakening that I need to be saving more. Like you I want to retire at 62. At this point yes I could keep working but why. I'm fed up and miserable. I need to save and make a plan.
Insightful... live within your means, and expand means if possible
Paul you made so so so many good point.. Thanks for sharing your wisdom with us Keep the great videos coming ❤
Great vid. Plenty of informative and actionable info
"Save your money....and your money will save you "
Paul, a lot of the economic and political history shared in this video is incorrect, and not just a little incorrect. But your prescription is right: Live BELOW your means. Make a habit of living below your means and you gain freedom.
Good video
Great 👍 video Paul. Thanks for speaking the truth.
Sometimes we need someone else,..like yourself,..😮to put things in prospective and make us think about our future life and lifestyle.
Thanks and keep up the great work.
God Bless.
You're a good man Paul - thanks for the advice !
Thank you Paul. Im 65. You just said it outloud.
SS was never meant to be the sole income to retire on. A lot of problems for people retiring is their own doing. They didn't save/invest, they lived beyond their means, they got into debt up to their eyeballs, they want it now, screw tomorrow because it will take care of its self, they didn't plan, they thought they would never get old, they voted for idiots who promised everything without paying for it, they got divorced which cut their assets close to retirement in half=blaming everyone else but themselves for their retirement shortfall. Most people don't plan to fail but fail to plan.
This is exactly the reason why most boomers are in the situation they are in. But of course, blame everyone and everything else. Sadly, there is no more accountability or personal responsibility in our society anymore. When in doubt...blame the government.
Thank you, sir.
You explained it very well.i am saving 25% from my monthly social security check by living in Chun Buri, Thailand. I am 71 and can afford to eat healthy and visit one of the best hospitals in our area when needed. Average 4 miles walk will keep you going without worrying about stroke and heart attack. I have 2 extra pretty female friends on demand 😁 and get regular weekly massages for the total cost of 300.00 or less, a month.
It will be unfair to expect my 4 kids to take care of me when old. I can arrange it here. We all die one day.
Regards.
Very informative and spot on Paul
Thanks Paul for your fireside chat. It’s going to help a lot of people. As a long time subscriber this is one of your best videos I’ve seen. As baby boomers if we ever need a side hustle, we can always use one of our best resources; our looks. We could become Onlyfans stars. 😅Thanks take care.
Great video Paul. You have really hit the nail on the head. I moved to Thailand from New Zealand 14 years ago. ( Still wish I had look at the Philippines first) New Zealand has pretty well been going down the same track as the US.
I will not return.
I will you and Baby Mae all the very best.
Absolutely
Why?
Nailed it again. I'm 55 and and swallowed the pill that was shoved down my throat. Not anymore . I've worked my whole life and did the math and the juice isn't worth the squeeze. We learn from our mistakes and need to adapt . Keep up good work.
God Bless you Sir, for this truthful information. You are a good man. It will work out.
This channel just gets better and better and better. Started out as a niche (from my perspective), but matured into a veritable oracle, speaking truths that resonate across generations.
The idea of moving to Asia (or any other part of the world) to start a new adventure is not relevant to my situation, but your insight, observations harken back to Alistair Cooke’s’ Letter From America, or better yet, Studs Turkel’s oral histories of the American experience. 👍👍👍👍
👍
Good advice
That was an excellent job. Very well put together. Thanks
401K was never meant to be a retirement program.
I'm the first year of GenX (1965). I think that by the time I'm ready to retire in a few years that 1) the social security minimum age will have risen again and 2)all the good inexpensive retirement spots will have been overrun by Baby Boomers and will have driven the prices up. GenX's mantra has always been "We are the generation that got screwed by the Baby Boomers." Haha. No hard feelings towards them though.
I'm 63 and took mine earlier because I listen to Paul lol.
Don't worry too much about it. All those baby boomers won't live forever. Supply and demand... in 15-20 years there will be more houses available than people. This is happening today in Japan for the same reasons. New generation is tiny, and older generation is passing. You can get a house in Japan for almost nothing outside of the cities.
As a tail end boomer I too feel I was screwed by the Baby Boomers, all the good jobs were already taken by the time I graduated high school, my retirement age is 67 not 65 like the early boomers so I can't collect yet. I will turn 62 later this year and will start collecting early so I will get some money between now and 2033/34 when it gets cut.
Oh sure, that one year in age made all the difference and none of it is your fault. LOL
@@kevinc8811 One year didn't make all the difference. It happened gradually to the tail end baby boomers and early gen x'ers. Billy Joel wrote about it in his "Allentown" song when he said "Every child had a pretty good shot to get as far as their old man got..." It still carries on today. The 20 somethings now can't afford anything. Inflation has put that dream out of reach. Regarding "none of it is your fault", I don't understand what you mean. It's not my fault that the WWII vets and their wives stopped having kids over the span of 20 years. It's not their fault either- they got too old to do it anymore. Social security is no longer viable because fewer workers are supporting more retirees (baby boomers). I'm not blaming anyone for anything. It's not the boomers fault that they were born when they were and now the system doesn't work like it should because there are too many of them. They are truly a joy to be around and I'm glad they are here. Plus they did pay into the system like everyone else. The problem is that money has already been spent. You may be concerned about my future, so I'll tell you this- I planned ahead because when I started working at age 16 I knew that the system just might not be around for me. I have a military retirement and will have a school board retirement coming in 4 years. Then I might go do something else. Whatever social security I end up getting will be fine with me.
I had my grandmother in a nursing home decades ago and I can tell you $900 wouldn't even be a good down payment for 1 month in a nursing home and that does not include things like hair cuts and doctor visits! You're lucky you can count on your sister in America to look out for your interest here. I'd be there in the Philippines right now if I weren't so afraid of being on the other side of the planet from my finances here in America. Also WHERE do you think they're getting all the funds to house and support all the illegals flooding across our southern boarder? Thank you so much for your financial experiences there. Especially the phone info! Last time I was there the best info I had was Charles Schwab card! Thumbs up Paul! As always Great info.
I must have miss that video, I just use my at&t phone and my bank card with some cash when I am there. I have an international phone plan.
People aren't illegal just stop it'asslym seekers just like your ancestors
Last time we were there 2017-2018 VPN worked for me but I think things have changed now? We were only there for 4 months@@ldrcoupleinlove910
Real talk, brother, real talk I appreciate your perspective. I’m a new subscriber 🙌
As a boomer my 4th grade teacher use to refer to us as the elephant in the room. In the 60’s she tried to tell us that we were going to be a problem.
Why did a elementary school teacher see this and the government did not
Imagine where Americans & the US Economy would be without "Credit" & Inflated Home Prices ..
Bingo
Or world reserve currency status
Paul I would like to add: it isn't how much you make or how much you spend but how much you save and invest that helps determine your future income. It's true the spending or lack of spending helps determine your savings rate.
Just make more monies..passive income monies breed monies. forever.
The problem of the Americans is that they earn a lot of money but they spend more than they have.... The US Depth rate is World Class High because they have a huge military force and nobody wants to ask for the money back in an aggressive way....
The government's attitude of spending is in the bloodline of the normal Americans .Saving in a conservative way is stupid..... Investing and winning like gambling is good.... The Germans are different when you look at the Depth rate of the G7 countries..... Germany is by far the country with the lowest depth.... but they are still complaining and fighting every year to achieve the black zero... no additional depths....
I have been in the 80's in SEA Philippines Indonesia and retired for 7 years in the Philippines. We built our 1st house in 1996 for my wife's family and our retirement house 8 years ago on a 1.200 m2 land and 200m2 House fully off-grid by solar and paid cash.... I am 70 years old and I never had depths in my life....
Yes. It is absolutely how much you spend. That’s how you can know you will succeed in retirement. If you identified the spending. Then all you need is to identify is the income. Then you know how to move forward.
"but how much you save and invest that helps determine your future income."
A person invests $150,000. After 10 years, they have $25,000. They went through the financial bust of 2008 - 2009. They pulled their money out near the end of 2009 as they kept watching companies go bust. That was my parents who did everything they were supposed to. Luckily their Social Security is substantial enough and they paid off a home which I think is more important if you want future security, best in a low tax state, or move abroad to a place where rent is cheap and there's good support. My Dad who is still alive in his 90s also did work that pays him royalties. He turned down a monthly pension at a college and went for a lump sum payout because he felt investing was safe. There was also the bust around 2001 that hurt many people. My exwife and I had a business that catered to investors making products for the home (home interior) and we made good money until that 2001 crash when our typical clients lost most their discretionary spending money, and then had to lay off people which cost us more federal taxes going into unemployment. We separated shorty after that and after I developed health problems. Luckily for me this was after I retired from the military and that pension now pays me very well.
There is NO investing you can do that will help to build that income in a safe way. It's all risk, and a pretty significant percentage of boomers and their parents have had good chunks of their investments wiped away whether it's direct investment, through a 401K at companies that failed and the 401K was an investment in that company, one of the worst all time being Enron, or people convince you there's a great money manager and you decide to use them, Bernie Madoff.
I don't trust American companies enough to invest in them, there's been too much deregulation and investing means accepting you can lose everything. Unfortunately too many people have lost large amounts of what their retirements were going to be because of failed investments.
There's one thing that's supposed to be secure, and that's Social Security, and it USED to pay out pretty well if you were in the upper middle class
Great video Paul. Thanks for sharing your knowledge with us
My mom just moved to Texas. To a senior community, much cheaper than PA , she is 70 and she love it. Like this gentleman said …. The key it’s to find options to moved and have a confortable living. Without struggling , she definitely can go to another country but I admire the brave ones as seniors.
My father taught me young to never be an employee - but be an owner. I lived by that rule and retired at 50 after owning my own entertainment law practice for years and selling it for a high 7 figure amount. Zero debt. I literally will never outlive my money and neither will my young Thai wife, my children and grandchildren unless they blow it. I never have to touch my assets worth over 10 million US and have been living like a king pursuing my passion of playing music with a high 5 figure monthly income for life. The system is set up for equity holders, not those working for a paycheck. That’s a losing proposition if that’s your plan. Never count on anyone but yourself and invest in yourself.
Gross.
>
I did fine as a blue collar tradesman, living frugally and saving and investing into stocks and rental real estate. In later years, I was a self employed tradesman (furnace repairs and such)
Retired i n 2007 at age 57. After ten years of living on ZERO earned income, I found that after living ten years without earned income, my net worth had INCREASED by 50%.
So the strategy I recommend to working people is----
Earn what you can. Live frugally, save and invest the difference.
And DON'T get married or have children if you are a man! THAT is a racket!
Excellent video, Paul! living the dream, brother, living the dream!
I would hardly call having to scrimp and save at his age in life knowing that it could have been much easier "living the dream" but it is admirable that he can look back and take responsibility for where he is now.
@@oldbloke204 Have you spent any time in the Philippines?
@@Phil-wu3qj Nope but I know about many areas regardless.
I suspect that the reason many like it really wouldn't interest me that much anyway.
@@oldbloke204he's living a dream! Too bad ur jealous!😪😪😪
@oldbloke204 good stay away and make us all happy!
Great video Paul. 100% spot on! I'm going to share this. Thanks again!
Thanks for sharing!
I've already shared it many times!
Anthony Perkins in "PSYCHO" = YESSSSSS!
Baby Mae will take care of you. It's the Philippine way..
Ex wife is why I have no savings
>
I do not understand why men keep buying that lottery ticket.
In 1969, at age 19, I observed the PLAGUE of divorce and decided never to get married or have children.
Now, at age 74......
BEST DECISION EVER!
Great information, thank you very much.
Thank you for your honest review.
The middle class is slowly getting eroded in all western countries. In my opinion ever sinc3e globalisation has occurred our standard of living has fallen away. Middle class 30 years ago you owned a home now your middle class is if your renting. There is something seriously wrong.
I am 58 years old this year. Waiting until 62 to collect my SSI….which is ESTIMATED TO BE $2,200 / month. However, there are serious discussion on that the Government will CUT SSI benefits in 2030. No details on how much of a cut that will be….
cutting it will be political ruin, they will inflate aka money print to lower the value first.
2034 or 2035
Do you have another savings plan? HSA, 401K, ROTH?
@@PandemicPvE …THANK GOD! I do have 401K & Savings….I left the work industries in 2015 (49 years old) and take care of my father. Have been living on the DIVIDENDS from my investmentsz
it's not SSI
SSI is welfare
What a blessing you are, Paul. Thanks for these videos.
Excellent!
Hi Paul.
Love your channel!
I am not sure, however, I believe the saying is ' It is not how much you make, its how much you keep' . I am 57 and still remember one of my high school teachers saying ' when you get paid, pay yourself first' . In other words save for your future!
Thanks again
Dave
Somebody listened to their teacher! A penny saved is way more than a penny earned, especially if you start as soon as you can. When I was 16, I was already putting into our Profit Sharing plan. Then, along came the 401k and I was allowed to save so much, and my company matched 6% at 100% once vested. I think it was only 5 years to become full vested. I started with this company when I was only 15 and stayed until I was 53. I worked another 9 years, started another 401k with that company and I have a healthy savings. I only wish I socked away more. If I would have been shown how much this would have been at 10% or 20% ... I would have put more in earlier. I did raise it to 20% percent later in life, because I finally seen the numbers. And, I knew Social Security wasn't sound, so I had to do something.
Great video, Paul. Thank you.
I pulled the trigger at 62 1/2, knowing that social security would likely increase the minimum retirement age and reduce benefits. Like you, I did a lot of research on affordable retirement destinations.After 62 years of living in New England, I needed a place with warm weather, safe, and good health care. I ended up picking Thailand, and I am very happy with my decision. I am able to live in a nice condo, minutes from a beautiful beach for less than my social security. The weather is good, the food is fantastic and the people are welcoming. If I were back in the States, my rent alone would eat up most of my check. While it's not all rainbows and unicorns, it's a great place and a good life at an affordable price.
What visa did you use for that? I've heard that Thailand is a lot more difficult than the Philippines for long-term visas.
@tryscience Non O retirement visa. Yes , it can be a pain to deal with immigration. Compared to the Philippines, it is more difficult. I paid an agency to take care of all the paperwork and other nonsense. Every 90 days, you need to file a report that you are still here at the same address, but it can be done online in 10 minutes. It's not bad once you get used to the system.
@@phill7573 what did it cost you to live there, visa wise. I'm thinking of doing the same thing. It's either the Philippines or Thailand. My biggest concern is the cost of health issues since I just turned 74 and in good physical shape at the moment. I only have 10K savings.
@jamesnichols2511 I spend an average of $1300 - $1500 a month, including visa expenses. You can easily spend less or more depending on your lifestyle. Your first visa will cost more as it's for 15 months, and you will need to setup a bank account. The agents will charge about $1200 to do it all for you. After the first year, the visa fee will be about half of that to renew. Health-care here is excellent and affordable.
@@jamesnichols2511 my advise to you sir is to stay where you are. You said you have 10k? Is that correct? 10k is not enough, you would need at least 5 times that amount if not more. You also need some kind of monthly income or pension to survive, otherwise you will get in trouble quickly with the money that you have saved up. SE Asia is also a challenge for an older person to move around. I’m 62 years old and in good shape but will more than likely move back to my home country as I get older. Good luck to you sir.
Another great topic, thank you Paul
Great advice. I Think like you do on this. Thanks.
I retired last year and claimed SSA - at 70.
Yep, I'm an older dog.
I worked longer cause I had kids in college.
I consider myself fortunate that I was able to work that long.
Plan is to move to Switzerland; near the Italian border; where apartments are cheaper and nicer than In the US.
Wife and I expect we can live on SSA only - a benefit of delayed SSA.
I don't let the SSA fear mongering distract me because it is simply beyond my control.
More and more Americans are moving overseas because their money goes further.
In Europe, Porugal, Spain and Italy are popular destinations.
I asked my wife about Dumaguete; she said "Not in this lifetime".
Oh well, maybe I can make a visit sometime and lookup the expat crowd.
Enjoy your content!
Id be scared sheetlesss, i lived 2xs as an expat in asia the very high life, free car flat high floor cost of living adj. One learns you better hav a fund to fall back on. And a foreign country dont care about you.
@@peter-pg5ycsheesh. You are easily scared. At this age it’s better to live fearless than to play it the safest way. If I make to the 80s or 90s the magnitude of risk I take will rise exponentially. I’m not going to be staring off into space trying to remember everyone who died before me. If you’re going to live. Live!
I plan on claiming at 70 myself. Living on surviving spouse benefits until then.
The only thing I would say Mate is Switzerland which is beautiful is incredibly expensive. Spain and Portugal which are also beautiful and hotter are much cheaper to live
I’d be curious to know where in Switzerland. Switzerland is one of the most expensive countries in the world. For instance, a gallon of gas is over $6 a gallon. Good luck with the move.
Paul, which U.S. politician is seriously proposing reducing SSI benefits for seniors already collecting benefits? Since the boomers are such a powerful voting bloc, it is unlikely that benefits will be reduced. the more likely move will be to scale back future increases and delaying benefits to future retirees.
WISCONSIN AGREES ..
I agree 100%. One of the two parties wants to privatize SS, which would be a boon to the people holding stocks today. The other party wants to strengthen SS as a government program like it is, today. when you vote, you must choose.... But choose wisely ;)
@@tryscience- The party that wants to privatize SS also wants to destroy Medicare and they are able to convince people that privatization of SS is much less evil than being forced to use silly pronouns. They are able to convince people to vote against their self interests.
You are just Voting for the Uni Party. It''s ALL a sh*t show. ( I'll still vote, however) You can watch the grandstanding in Congress and SEE that all the talk gets NO positive action. TREASON.... Almost EVERYTHING the government does VIOLATES the US Constitution, and our masters are tired of putting on this charade for our compliance. FOURCE will be the new normal.
Not sure about delaying as that was predicated on people living longerr but that is no longer the case across western countries the age at death is retrenching taking that option (to support delayed pension payments) away from politicians. I do see state pensions being means tested so only the poorer receive it - not acceptable in my view given we all pay into it - oh that's the other argument in the UK it's not a right but a benefit. They will as usually use divide and conquer politics to turn people against each other to restrict pensions so they can carve up the spoils while we sleep in our car destitute
Thanks Paul, Clearly a good opinion and easy to understand..Kind regards, Leon
Great video Paul
Please continue your informative videos. They are very informative for people who want to retire in the Philippines or elsewhere where it is still affordable.
I don’t think they’ll cut social security. Our own government can fix this. By raising the salary of those who contribute (right now those who make more than $168,600 don’t contribute to SS…raise it to those making less than $250K) and / or raise the social security tax by a half of a percent (currently employees contribute 6.2% & your employer contributes 6.2%).
I rarely disagree with you Paul but on this topic I don’t see eye to eye with you on this.
The top tax bracket in the US is 37%. In 1970, It was 70%. It's no wonder there are so many billionaires in the US, while the middle class shoulders the burden.
Point of clarification. Income above $168K is not taxed to contribute to the SS fund. Raising that ceiling would fix the system. I would advocate a donut hole exemption from, for example, $168K to $1M, with the contribution at a lower rate above $1M. That way, people who earn more, but not millionaires, can still manage their finances the same as today and only the very wealthy, at a lesser rate are required to pay more. This will also provide a cushion for most younger earners to accumulate wealth as they are less likely to fall into the upper income bracket.
They’ll fix it. But it’s not the failure of social security it’s the hidden tax of inflation that takes your SS money from you. Brandon just ramps up the printing presses. I have my money in but coin
@@user-vq8yk1wc1u- So the government would need to decide whom they are afraid of more - the wealthy that finance them or the boomers they need to vote for them.
I have little confidence in this US government fixing anything. We have already heard the solution from one political party that hates taxes like the plague is to increase retirement age, reduce COLAs, etc. And to sell it by saying life expectancy is going up! You should consider it an honor to be able to work until 70! Spoken like a bunch of politicians who get paid a large full time salary for barely part time work. These guys in Congress fight to keep working in their 70s and steal money so they think everyone is like them. They don't know or likely care that a construction worker can't keep working through their 50s, 60s, and 70s. So start saving and investing for yourself. Depend on yourself and treat any scraps this government provides as a bonus (which is ironic I have to think that way because all they're doing is giving me back MY money I've paid for years without much of a choice but that's a whole other rant)
Great video Paul. I'm in the credit repair business & I have been preaching what you just explained for nearly 5 years now. I try & tell people to come up with some sort of side hustle to generate at least 2 streams of income. It can be difficult, especially for older people. You are a great example of someone that has supplemented your social security with your channel income. There is a financial storm brewing & it is not going to be good for a lot of people, we are seeing it already.
Thanks for sharing
Excellent points, Paul !
Angelina is definitely an empath and she conveys those feelings like no other singer I’ve experienced in all my 66+ years. She takes me to a different place and time with each and every performance. Many, many times tugging hard on my heart strings. She’s simply amazing. What really blows my mind, no matter how many times I hear certain songs sung by Angelina, she always brings tears to my eyes. She takes you with her and makes you feel every word, every time. She’s the greatest talent I’ve had the pleasure to experience. I saw her at Portsmouth, NH and I’m going to Las Vegas to see both shows! If you appreciate her recordings, you’ll go crazy for her live performances! I can’t wait!
I retired at 62, I turned 67 last month, and I'm trying to postpone taking Social Security until age 70. Delaying my benefit until 70 should give me around 3,300/mo. or approximately $40K annually. I'm not quite as pessimistic as Paul. America has a consumer based economy and seniors are roughly 20% of the population. Reducing Social Security will not only cripple people who rely on that cash but also drain disposable income away from more well-off seniors hurting the economy. There are several ways to address the shortfall. Congress could raise FICA taxes on people still working, they could raise the full retirement age (FRA) again, they could mess with the 'bend points' in the SS calculation so that high income earners are paid less percentage of their accrued wages, and finally they could cut benefits. The most likely 'fix' is a combination of those four options which will greatly reduce the necessary cut in benefits. Oh yeah, I almost forgot to mention that seniors are a huge voting block and if politicians want to remain politicians they better tread carefully on this issue.
Or they can cut the bloated government and the trillions they spend on war
Think about all the money you will lose in the mean time. Unless you are going to live until 95, I doubt if that is a good plan. Not to mention the money might not be there.
"they could mess with the 'bend points' in the SS calculation so that high income earners are paid less percentage "
Why are people always penalized for earning more money?
Investing as much as possible in the market, growth mixed with more higher dividend payers as one gets older, while working or after, is historically far better than living on social security (and results in having far more over decades). Especially for millennials, who are increasingly going there and will not be able to rely on SSI or pensions. And it's easy- one does not have to know about the market to buy SPY, VOO or VTI, for example. And right now, there are also HYSAs around 5% and money market funds. Best to be diversified for sources of income.
Remove the income cap and make high earners pay. Also, I think part of dividends/profits should go to the program. That's income too.