#055: A Serious Look at the Future of Social Security
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 15 January 2018
⏱️ 38 minutes
🧾️ Download transcript
Summary
Will Social Security be there when you retire?
Devin and John agree that Social Security will still be there, but may be quite different than it is now.
There are many possible solutions to this issue, but there are two proposals that are most likely:
An increase of the age at which you start receiving benefits or increased Social Security taxes.
Listen to find out more. For more information, visit the show notes at http://www.bigpictureretirement.net/055
Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide specific tax, legal, or financial advice. |
| 0:05.1 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:12.8 | Hello everyone and welcome to the Big Picture Retirement Show, |
| 0:16.2 | where we deliver insight on what you need to know for a meaningful and successful retirement. |
| 0:22.3 | If you are planning for or living in retirement, this is the show for you. Hey, I'm Devin, |
| 0:28.3 | and joined today by John, my co-hoach. Hey, John. Howdy? |
| 0:34.4 | Ida-may, item A-a-a-a- she got a pension check today |
| 0:38.3 | she did a little jig yet whoopi god bless social security |
| 0:48.3 | Medicare and social security going bankrupt these are indisputable facts. |
| 0:55.0 | Aging population, not supported by the number of workers out there, you have a bankrupt Social Security and Medicare. |
| 1:02.0 | We've got Social Security that's going to be destroyed. |
| 1:05.0 | Babies born tomorrow and for years to come will inherit tens of trillions in federal promises made to their parents, vast promises in programs such as Social Security and Medicare, that the government has no plan to pay for, meaning someone, perhaps everyone, will be hurt. |
| 1:26.3 | John, there's some news on Social Security that's not so great. |
| 1:30.9 | This is not new news either. |
| 1:32.6 | It's not, but it's scary news. |
| 1:34.8 | Sure. |
| 1:35.5 | For the average retiree retiring and hearing that their Social Security income is potentially threatened, it's not good. I get the question all the time. |
| 1:46.2 | Devin, listen, do I need to count on social security or not? What do you recommend? Or they'll often say, |
| 1:51.9 | huh, social security is even there when I retire. I get the quip pretty regular. Oh yeah. It happens all the time. |
| 1:58.1 | And it's no wonder. There is an article that I found, I found this article |
| 2:02.7 | through the podcast Money for the Rest of us, which is David Stein's podcast. Fantastic, by the way. |
| 2:09.1 | If you've never listened to that podcast, you really ought to go out there and check it out. |
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