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Talking Real Money - Investing Talk

Social Security Sick?

Talking Real Money - Investing Talk

Don McDonald

Education, Business, Investing, How To

4.5811 Ratings

🗓️ 14 May 2024

⏱️ 28 minutes

🧾️ Download transcript

Summary

Millions of people rely on Social Security for a large portion of their income, yet the system is running low on money and won't be able to meet future obligations without major changes. So, which is better, reducing benefits or raising taxes? Plus, we take listeners questions: What's the best way to reduce taxes on retirement plan distributions? What can be done to reduce hodgepodgery in a portfolio? Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Transcript

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0:00.0

Reality Radio for a really great future.

0:08.0

We're talking real money.

0:10.7

Originally, way, way back, like 90 years ago, there was a stop gap retirement system created for U.S. workers to keep people from getting into

0:28.3

their later years for those lucky enough to make it past 65 to make sure that we didn't starve

0:36.0

to death if we didn't have a pension or other source of income or didn't die,

0:41.7

literally die like before the vast majority of people died.

0:45.9

The vast majority of people in the United States in the 1930s died before 65.

0:51.0

We didn't live that long.

0:53.1

In case you did, the government created Social Security as a

0:59.1

means by which to keep you barely alive. Well, over the years, Social Security has changed,

1:06.3

and it's really grown. It's a behemoth. And that entitlement also includes things like Medicare and Medicaid and other programs,

1:17.0

Social Security Disability.

1:18.6

And there is a great deal of concern now that maybe, maybe we won't get our social security.

1:27.8

And by the way, if you're diluting yourself into thinking you paid in as much as you're likely to get back,

1:37.4

well, you're diluting yourself.

1:39.7

You didn't pay in.

1:41.8

Even if you'd invested it brilliantlyiantly you're still very likely to get back

1:46.9

more from social security if you live to the normal age of mid 80s than you put in so quit whining

1:53.8

but we're all a lot of us are worried it's not going to not going to last it's going to run out of

1:58.0

money before we get there or before we get everything we're entitled to. So a lot of people have been looking at ways to save Social Security, Tom.

2:09.3

Yeah, but let's talk about a couple of things I think that people need to understand generally.

2:13.9

You mentioned this fact that about 100 years ago, very few people live to see the age

...

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