The bottom line is, ss is tax on the worker. Most people are so sick of watching our corrupt and incompetent government wasting tax paper money. Most want to get what they’ve put in before they die.
He is one of the best analysts. I had no idea what the SS and benefits looks like until i watched his few videos where he described really in simple and briefly what could be your take-home best on your age retirement. I became a HUGE fan of your channel Thanks for your hard work for community
The big thing you missed in this video is the fact that taxes on Social Security should be illegal in the first place. Double taxation is illegal and that is exactly what is happening. SS recipients have already paid taxes on the wages when they were working and now when retirees desperately need this income the most to live the government gives them the shaft! Retirement may become a problem for Americans
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
I completely agree; I am in my mid 50s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
@@Jeffcraparo This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
Always the best and most comprehensive information! Why SS needs to be so complicated seems odd but we need info to make decisions! Thanks for helping with that! You are a blessing for those who will listen, thanks, Larry
I’m at the genesis of my financial relationship with MWM, my experience has been fantastic!! I’d be guessing I have at or below your average portfolio in dollar amount but I’m treated as if it’s above average.
$100M spread out over the 67M Americans who are currently receiving SS benefits, works out to $1.50 per person for the entire year. It’s a drop in the bucket!
"Here's the truth: Social Security's asset reserves have been borrowed by the federal government, but this borrowing is required by law. The Social Security Administration invests the program's asset reserves into special-issue bonds and, to a lesser extent, certificates of indebtedness. In turn, the federal government utilizes this cash to fund all types of budget line items."
Hello and thanks for your service, had a question, if I file in January and do not start receiving benefits until March, will my wages earned up to time I begin receiving benefits count against my wages 23000 yearly cap?? Thanks again Walt
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation..
I don't understand why there's a cap on the wealthier wage earners. It seems to be it should be the inverse. I also don't understand why Social Security has been dipped into through the years for many different reasons. In high school, back in the 70s, I had a friend whose father died while he was in the military. He died in a plane crash -- not in battle, BTW. Social Security paid for her, and her siblings', college education and a monthly stipend as well. Fine -- let's give them that, but don't take it from Social Security, take it from the military budget where it should come from.
I would think the govt would want to bring in as many tax dollars as possible into SS. Silly to cap incomes for seniors, when those dollars could fund someone else collecting SS.
I believe, and hoping this goes that way, when it's about to go into default or in default, the government will raise the income cap first before they raise the retirement age. I think as the nation gets older, the cap will be removed. This is best case scenario. Worst case is to turn it into a slush fund for wall street by privatizing it and all is lost.
It would be wrong to make people work at a older age, it's about time to get the rich to pay there way now,why should SSA people have to suffer don't know how many for sure but I know I only get by on the little over 900.00 I would like to see Trump and Elon try living on that.I can't live life like others do I have a bad back and brittle bones it's no fun and just getting by I can't even get a a small truck to get my self back and forth to the doctor and grocery store and drug store, so how about it will you try living on that for even 3 months?
If I turn 62 in April and file to get my first check in June , the money I made from January thru April prior to retiring is that money counted as my 22,000 a year max ?
George Bush Jr took 1 Trillion Dollars from the Social security account.And we have to suffer a 20 percent reduction so that war could be funded . And then 2033 starts even more hardship since we are living longer than our fore fathers. 1.27.2025 Ⓜ️
"Here's the truth: Social Security's asset reserves have been borrowed by the federal government, but this borrowing is required by law. The Social Security Administration invests the program's asset reserves into special-issue bonds and, to a lesser extent, certificates of indebtedness. In turn, the federal government utilizes this cash to fund all types of budget line items."
We have 4 women and in process of hiring a 5th. I would love to have more women on the team. If you know of a good financial advisor (male or female) we are hiring!
Great breakdown of important Social Security changes! Thanks for sharing! - Lipika - Team Evan Carmichael.
The bottom line is, ss is tax on the worker. Most people are so sick of watching our corrupt and incompetent government wasting tax paper money. Most want to get what they’ve put in before they die.
Pay back what was borrowed from social security
Stole
@ahmadghosheh3104 absolutely
This is a fallacy, nothing was borrowed or stolen.
@breichard100 you are delusional 6
@@stephenmoore8715 Your'e right I was delusional thinking I could convince anyone on the internet they are wrong. You win!
Yes, remove cap!!
He is one of the best analysts.
I had no idea what the SS and benefits looks like until i watched his few videos where he described really in simple and briefly what could be your take-home best on your age retirement.
I became a HUGE fan of your channel
Thanks for your hard work for community
You are very kind, thank you!
The big thing you missed in this video is the fact that taxes on Social Security should be illegal in the first place. Double taxation is illegal and that is exactly what is happening. SS recipients have already paid taxes on the wages when they were working and now when retirees desperately need this income the most to live the government gives them the shaft! Retirement may become a problem for Americans
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
I completely agree; I am in my mid 50s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
@@Jeffcraparo This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
ANNETTE MARIE HOLT is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
You do a great job and make clear presentations.
Don't usually sit thru infomercial, but Lane's are well worth the time. Thx!
Always the best and most comprehensive information! Why SS needs to be so complicated seems odd but we need info to make decisions! Thanks for helping with that! You are a blessing for those who will listen, thanks, Larry
Well done!! Thank you!
Thank you for enlightening us!
Raise the cap on the wealthy. Make them pay for everything, including workers, they use.
I’m at the genesis of my financial relationship with MWM, my experience has been fantastic!! I’d be guessing I have at or below your average portfolio in dollar amount but I’m treated as if it’s above average.
And we sent $100 million to Ukraine! Why can't that be put in social security.
And even more to Israel.
$100M spread out over the 67M Americans who are currently receiving SS benefits, works out to $1.50 per person for the entire year. It’s a drop in the bucket!
You want to live in a world ruled by Putin? Ukraine is one of our last hopes to live in a democracy.
Date would be after he leaves office in anout 8 years or NEVER
@@km-bo3zxActually we sent a lot more than 100 million.
This is a great content, thanks for sharing!
Can speak to what would be the outcome if the Government paid back the money it borrowed from the Social Security Trust fund?
"Here's the truth: Social Security's asset reserves have been borrowed by the federal government, but this borrowing is required by law. The Social Security Administration invests the program's asset reserves into special-issue bonds and, to a lesser extent, certificates of indebtedness. In turn, the federal government utilizes this cash to fund all types of budget line items."
Hello and thanks for your service, had a question, if I file in January and do not start receiving benefits until March, will my wages earned up to time I begin receiving benefits count against my wages 23000 yearly cap??
Thanks again
Walt
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation..
As a beginner what do I need to do? How can I invest,on which platform? If you know any please share.
@@heidvsjekdndjdfjcc2837First word of advice: don't get your advice from the comment section of TH-cam videos
Of course it is profitable,I made good profit of $20k with the capital of $4k in my last trading I have made over $200k
Wow that is an awesome return on your investment, please what strategy did use And how can I start up such investment.
The best strategy to use when trading bitcoins is to do it with a broker who understands the chart as his own farm and gets the maximum return.
Very important information. Share this with friends and family
I’m doing both, paying in and drawing
I don't understand why there's a cap on the wealthier wage earners. It seems to be it should be the inverse. I also don't understand why Social Security has been dipped into through the years for many different reasons. In high school, back in the 70s, I had a friend whose father died while he was in the military. He died in a plane crash -- not in battle, BTW. Social Security paid for her, and her siblings', college education and a monthly stipend as well. Fine -- let's give them that, but don't take it from Social Security, take it from the military budget where it should come from.
I would think the govt would want to bring in as many tax dollars as possible into SS. Silly to cap incomes for seniors, when those dollars could fund someone else collecting SS.
Q: if I take SS early, the cap before penalty is 23,400. Is that locked in once I reach 65 or does this cap then raise up?
It adjusts up each year a bit for inflation. In the year your reach full retirement age the cap about triples. And after FRA it goes way completely.
Remove FICA Cap !!!
This seems like thre is a obvious solution to raise the financial tax
I believe, and hoping this goes that way, when it's about to go into default or in default, the government will raise the income cap first before they raise the retirement age. I think as the nation gets older, the cap will be removed. This is best case scenario. Worst case is to turn it into a slush fund for wall street by privatizing it and all is lost.
It would be wrong to make people work at a older age, it's about time to get the rich to pay there way now,why should SSA people have to suffer don't know how many for sure but I know I only get by on the little over 900.00 I would like to see Trump and Elon try living on that.I can't live life like others do I have a bad back and brittle bones it's no fun and just getting by I can't even get a a small truck to get my self back and forth to the doctor and grocery store and drug store, so how about it will you try living on that for even 3 months?
If I turn 62 in April and file to get my first check in June , the money I made from January thru April prior to retiring is that money counted as my 22,000 a year max ?
No it is not.
What is the minimum amount you handle and what is your fee, that includes tax planning?
What is the most I can receive
5:01
5:26 5:28
REMOVE THE CAP!!!
If you continue working after receiving social security, will they recalculate your benefit to increase?
Yes!
The ones that took from the S,S. Trust Fund should be made to pay it back. We (thee American people paid it, and NO ONE should have robbed it.
And worry about this country first.
And I be dam, I'm going to get a job and stay there until I'm 65.
Open more jobs that won't be a problem and don't short benefits checks of a person who trying to make an honest living.
Back in the day you could retire at 55
George Bush Jr took 1 Trillion Dollars from the Social security account.And we have to suffer a 20 percent reduction so that war could be funded . And then 2033 starts even more hardship since we are living longer than our fore fathers. 1.27.2025 Ⓜ️
"Here's the truth: Social Security's asset reserves have been borrowed by the federal government, but this borrowing is required by law. The Social Security Administration invests the program's asset reserves into special-issue bonds and, to a lesser extent, certificates of indebtedness. In turn, the federal government utilizes this cash to fund all types of budget line items."
I don't hear any big Social Security Changes In 2025!
Social Security Act of 8-14-1935
You, only have three women working for your firm. Why? Do you have mostly men?
We have 4 women and in process of hiring a 5th. I would love to have more women on the team. If you know of a good financial advisor (male or female) we are hiring!
THAT IS A STUPID QUESTION TO ASK HIM 😮