Try Rocket Money for free: https://RocketMoney.com/graham/ – Enjoy! | Let’s talk about the social security deficit, why benefits could be cut by 2033, and what this realistically means for everyone watching – Enjoy! Add me on Instagram: GPStephan
GET MY WEEKLY EMAIL MARKET RECAP NEWSLETTER: http://grahamstephan.com/newsletter
THE SOCIAL SECURITY CRISIS:
Social Security is funded through payroll tax, at a total rate of 12.4% – and as you get older, you draw from a Social Security Fund to pay through retirement / supplement your income.
However, it’s said that, without any changes – “the social security fund is slated to be drained by 2033, which would result in an automatic 21% cut to beneficiaries’ monthly checks, regardless of marital or income status.” To make matters worse, it’s reported that “Older people are expected to outnumber children for the first time in U.S. history by 2034. There will be fewer workers to support each retiree in the future as a result.”
Essentially, we don’t have enough workers paying into social security to fund the full benefits of the baby boomers, which theoretically means that everyone else gets less.
THE ISSUE:
If nothing is done, we could see one of the following:
-One: Social Security Benefits will be reduced by the time all of us retire (most likely to the tune of 21-25%)
-Two: They Increase The Retirement Age So That They Can Pay Out Less Money (for example, instead of taking social security payments at 67 years old, perhaps it’s only available for those who are over the age of 72)
-Three: The Government Increases Taxes To Pay For Higher Expenses.
THE SOLUTION:
I hate to say it, but – REALISTICALLY – in order to keep Social Security fully funded, that’s most likely going to mean higher taxes in the near future, AND /OR a delayed retirement age so that fewer people can draw on those reserves.
At the end of the day, though: NO, I don’t think Social Security is going anyway anytime soon – and, if I’m giving my own prediction – I’d say you should be prepared to eventually pay higher taxes while they raise the retirement age another few years.
Again, all of this should serve as a reminder that – even though the government is there – you will go MUCH FURTHER by saving and investing on your own, living below your means – and, no matter what – hitting the like button and subscribing if you haven’t done that already.
The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://the-real-estate-agent-academy.teachable.com/p/the-youtube-creator-academy/?product_id=1010756&coupon_code=100OFF – $100 OFF WITH CODE 100OFF
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
For business inquiries, you can reach me at grahamstephanbusiness@gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice.
I just realized that he looks like the older Tom Cruise.
This is all bullshit…wah wah wah QQ….bleh
America is insolvent period
I really love you and your videos but the scare tactics of social security ending has been going on for years. If that actually does happen mostly every single person collecting it will be out on the street. And that is a fact.
They’re not going to take away our social security because every single person on it would be literally on the street, I have to move out of all the senior assisted homes any other moving with family or live on the street. Really don’t think that’s going to happen.
The fix for SS is to stop foreign aid and migrant payments and dump that money into SS instead
The very FIRST person to receive SS lived to 100 and they never figured this out?!
So I’m 46 and make 85k. So I’m basically screwed?
So boomers are going to suck up all this money too
DDD
Can’t believe I fell for the click bait
Lmaoooo 70000 dollars a year…. yeah i wish 😢
It has being screwed since the 1970’s
I am so over everything at this point like just do whatever.
So more people will pay in and everyone who does will get a retirement. I don’t see a problem here. Having wealth now does not guarantee you will have it when you are old. Ask Ian Rand. Everyone should pay their fair share, even the wealthy. Like he said in the beginning, useless eaters have no ability to save for their retirement. Obviously an opportunity to plug the sponsor. This was an infomercial, more than entertainment. I am sure Graham is worried about social security given the car in the background.
With the amount of homless in US, the social security isn’t securing stuff 😂 as with everything that government does it’s more of a cruel joke
Fear mongering. if you dont post about america being screwed then views will go down . The whole world is 10 times more screwed than america. Eat it up and keep fighting like Trump 👍
We shall see what happens.
Doom posting for years. None of the commenters seem to understand why.
Take money from billionaires
They should just deny SS to people who didn’t have or adopt children and make 200% above the poverty line. Your lineage isn’t paying into it and conceivably you have enough disposable income to save on your own, ya DINKS.
It’s corporations and billionaires
Type shiii on gyad 😢
We have every right to rely on the government if they’re legally garnishing our pay checks. It one if it was an opt-in/ opt-out kind of system but it’s not.
It’s amazing to me that nothing for Americans is ever good enough. We start out with good intentions and then slowly we destroy everything through greed and corruption. I feel like this country has lost its moral compass completely.
I just stumbled upon Alemio. Has anyone else seen it? It looks really good. It’s in the presale phase. I have bought a nice chunk. Let’s see.
Is anyone here invested in Alemio yet? It’s looking really hyped up, and I’m thinking about grabbing that VANGUARD TIER for the 20% bonus. Seems like a solid deal!
Alemio’s setup makes 100x feel like a done deal.
Alemio, Pepe, Doge, and SUI—bought the dip and feeling good! AI and meme coins are the way to go in this bull run. Now, just waiting for the $$$ to pour in!
Alemio is more than a project; it’s a financial revolution in the making!
Have you checked out the Alemio presale? This project has serious potential to go 100x once it launches!
With a strong whitepaper, huge hype, and a buzzing community, Alemio’s got all the signs of being the next big player. What do you all think?
Alemio is the one, mark my words. All early investors will earn generational wealth.
I’ve just dropped $10,000 into Alemio, and I’m feeling like it’s a ticket to generational wealth! This AI-powered DeFi play is gonna be huge.
Alemio is paving its way through the presale phase, and I have a strong belief it’s gearing up to be the next 500x gem.
Alemio’s whitepaper got me hyped—put a few grand in to start. If the presale keeps picking up steam, I’m ready to throw in more. This one’s looking solid!
25k I’ve just invested in Alemio is going to make me a millionaire. Let’s go!!
Buying Alemio during the presale might just be my best move yet! 🔥 I’ve got a feeling this one’s hitting $5 soon after launch.
Alemio is a game-changer. I’m predicting it will hit $10 shortly after launching!
In this bull run, I’m all in on meme and DeFi projects! My top picks are ALM(Alemio), Injective, Doge, and Pepe.
If those guys from the Alemio manage to fulfill what they said in the whitepaper, it’s a no-brainer that it will be a 100x minimum.
This is why I don’t even think about Social Security. As far as I’m concerned it doesn’t exist and that’s how I plan my retirement finances. The other issue in general (beyond the system) is that we are just so financially illiterate. I experienced homelessness, living with my parents, and promised myself I wouldn’t become the same. But even I knew very little before I educated myself. $20+ thousand in credit card debt during college. Luckily I found resources, took responsibility, and wiped all that debt out as soon as I wised up.
YouTube you don’t show me enough of graham. What gives, I only see him pop on my feed once Evey other two months
SS is like Citizen’s United Insurance in Florida: it’s a last resort retirement fund if you find yourself with nothing for whatever reason, but it’s comparatively expensive for what you put into it (since its interest rates are treasury bills instead of the stock market), so if you can invest on your own for a better retirement, that of course is the better way.
Elon will come to the rescue….
They piggy backed and got greedy.
The government has continually raided the fund. It is theft.
rent and food is where it all goes, when does one get to 70k a year?
Is he deleting comments about coffeezilla?
He definitely deleted comments about other things as well, not cool man
Great analysis. I hate the way they keep propping up this program. A ponzi will always fail eventually, even if run by the government and participation is mandated.
It’s so frustrating this is a mandatory system. It’s a forced Ponzi scheme that has duped millions, encouraged irresponsibility and punished the diligent. The only benefit it serves is to fund govt corruption.
I can do so much with 12% of that money and save it for my future. They should have an opt out option.
Thx graham good job of keeping us informed
America is looking worse and worse to stay in…
You didn’t even mention how they took thousands of people on welfare and rolled them over to social security disability. So now people who never contributed are withdrawing at a super young age and for decades longer. And the fact that the federal government takes money from the fund to pay the interest on the national debt…that they created
Why not just raise the cap?
I’m going on record and gonna say… if I paid into this my entire life, and when I can finally be on the receiving end, and they’re like “sorry… we don’t have any” we will take to the streets, mark my words… we ride at dawn
Health Insurance Companies are the unexpected good guys; that are helping to save SS buy lowering life expectancy.
OR they can simply put the money they take in the individual accounts of that person and not rely on someone else!
So the solution to the problem is keep doing the same but more of it. How about we get rid of social security all together and just pay that money in to our own retirement accounts of our choice at whatever risk level we want.
Last year, I was working full time, budgeting groceries, unable to afford date nights, and missing time with my kids. Now I learned how to make money online. Now am a SAHM, homeschooling, and making profits every week.
Wow that’s awesome investing in alternate income streams should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. stocks, gold, silver, and virtual currencies are still attractive investments at the moment.
Am looking for something to venture into on a short term basis, I really need to create an alternate source of income, what do you think I should do?
Cryptocurrency/stock investment, but you will need a professional guide on that.
Facebook
Evelyn C. Sanders
I thought it was kind of a tax. Now I know, we get it back after we retire but a very low amount
As a millennial since I was knee-high I’ve been told that I won’t have social security so I’ve just lived my life expecting to pay into something I’ll never receive.
You must have voted for Kamala!
Hahaha seriously though.
We actually have hope for the first time in a long time. All I can say is go Elon!
If anyone reads this… this man is simply a rich man grifting. Worker productivity is up like 500% in the same time span as this average life expectancy nonsense they use to proclaim social security isn’t working.
The only reason social security is running low on funds is because of the cap that rich people don’t have to pay further into. But now the rich have ALL the money so an insane amount is over that cap and isn’t being taxed. That’s it. Plain and simple. Full stop.
Social security is the most successful piece of legislation in history and rich people want to destroy it and privatize it for their own gains and have old people dying in the streets again. This is just social insurance and I’m happy to pay into it even if I succeed and never need it, just like I don’t go to parks or use the fire station.
Rich people have no solutions for you. If you’re rich here congratulations. If you aren’t, I promise you Trump’s administration with ten billionaires in it aren’t here to help you, they are legally obligated to destroy you for gains just like the dead CEO.
This doesn’t mean you have to like Biden or Kamala. It means Americans need to wake up and stop letting rich people divide us on trans panic or the border or whatever else is their grift of the week.
This video is complete and utter rich people propaganda that we’ve been hearing from wealthy conservatives for decades.
Or we could just die before retirement 🤷
opt out of SS, purchase TSLA stock
Get rid of it. I don’t need it. Lemme opt out.
Tax the rich to pay for the lives and wages they stole from the people who are now 65 unable to work and needs money
Eat. The. Rich
So would you say that working towards FIRE and retiring earlier is a muchhh better idea than just doing it the “traditional way” and retiring in your 60s?
Just love how I can’t opt out of social security
I think I’d do alot better in this economy if most of my pay wasn’t rent.
So we pay for others’ irresponsibility? Why not force everyone to hold a privatized retirement policy like health insurance?
Taxation is theft
They would have the skills to invest for retirement if we made financial skills a mandatory part of grade school curriculum.
The advice Graham gave at the end of the video will solve all your problems. Live below your means, invest in yourself to increase your income, and invest your money wisely over time.
You got a sub, my man.
So basically, the government’s been ripping me off my entire life and they call their social security. And then when they’re gonna give you back pennies on the dollar, they don’t even get me right back and they keep it and gonna rip me off. Thank you for confirming everything. I always believe about the government. Thieves
The amount of money that’s flowing through this economy, we probably should increase the cap on social security. Everyone takes it. So why not have people who are better off pay a bit more on their income? Seems like a no brainer.
plunging birth rates played a huge role in social security insolvency. This has been actuaries concern for decades.
Musk is looking to cut Social Security. Who he heck is he??
Graham, would you rather pay the 12.4% SS tax on all your self-employed income (no upper limit and no deductions applicable to it) and a 24% upper tax bracket, or continue as is where you pay less into SS but have to pay the tax tiers above 24%?
yall are some doom and gloomers all you do is make clickbait bear content. I’ve been paying attention over the years to your content and its always informative but so negative. every single title is always “OMG THE MARKETS ARE ABOUT TO CRASH AND THE EARTH IS GOING TO BLOW UP!!!” . “The boy who cried wolf of wall street” over here.
i got a idea….. stop giving money to other countries until our country is not in debt
I wish we could choose to opt in and out of social security and if you opt out you don’t pay into it but you don’t receive nothing in retirement
Dude, I am a financial idiot. I’m 31 and have nothing into any sort of retirement. I’ve got a couple grand in precious metals and that’s it. I need a mentor who could guide me. lol
the average american is sooooooo screwed
There needs to be a cut off where they phase out eligibility for who is eligible to collect Social Security based on net worth and income. If your already well off and Social Security amounts to nothing more there extra pocket change for you then you shouldn’t be taking money from the system and taking away from those who absolutely rely on it to get by.
The king of clickbait
You’re right, It’s meant to be a safety net. The only issue with it is that not everyone is paying into it equally. If we got rid of the arbitrary cap and the rich paid equally as everyone else, we wouldn’t be at the point where we have to decide to cut social security benefits or postpone retirement.
Social security is literally a ponzi scheme… Not to mention all the people who collect it and pay nothing into it
Biden gave our SS to Ukraine for War
I used to love your videos and now it’s all about negativity in the economy never producing those classic videos of how to financially set yourself above any situation Just a whole bunch of fear I no longer watch your videos for that reason. Grams videos You were able to take something and use it in the real world Now it’s nothing but chaos in the economy a whole bunch of click bait videos just To stir you up and cause a little bit of panic👎 not unsubscribing but just disliking all Negative videos so the algorithm does not push. Get right gram.
The shrugging of the shoulders is the hilarious part because the majority of Americans don’t have control over with the government does with the money, but we will pay the consequences of terrible spending by our own government body. If the government doesn’t have to be held responsible for accountable how are they gonna hold 350 million people accountable they can’t.
Far left.
The universe had a beginning; anything that begins must have a cause. The cause must be timeless, spaceless, and immensely powerful—matching God’s nature. Fine-tuning and moral laws further confirm a Creator, making atheism insufficient to explain it.
No America isn’t but the United States could be but i doubt it😂
Our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyper inflationary environment, individuals must continue to use their hyper inflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
@@PatrickLloyd- I’ve tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
I don’t do anything special my CFA oversees it all. I’ve stuck with SOPHIE LYNN CARRABUS since the pandemic, and her performance has been consistently impressive. She’s quite known in her field with over two decades of experience, simply look her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.