Ticking Time Bomb: Social Security & Medicare Are Broke

When America promised to take care of us old people, politicians basically lit the fuse on a stick of dynamite.

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The retirement benefits worked because there were a lot of young people paying into the system, and most old people died by age 65.

But now we old people keep living longer.

There aren’t enough young people to pay for it all.

An explosion is coming.

[shadowscott]

The Federal Government has the fiscal responsibility and aptitude of a toddler in a candy store.

[ChristopherAbelman]

Social Security is important for many seniors, but it’s also crucial to plan for retirement with smart investments. Diversifying your investments helps grow wealth over time. It’s never too early to start saving and investing for a secure future. I'm 63 and my husband is 65. We’re both retired with over $3 million in net worth and no debt. We live frugally and earn monthly passive income, which makes our early retirement possible.

[ww]

The problem isn't what age you retire at, it's what the government does with the money you pay in. They spend it instead of investing it.

[puppy]

As a millennial, I’m just assuming I’ll never see the Social Security I’m paying into.

[DemsDaBreak]

I hate knowing that every week i must pay into social security when I will never see a dime of it in retirement.

[hersdera]

You have some fantastic content on your channel. At 53 years old, my wife and I achieved a net worth of $1 million back in 2017. Fast forward five years, and it has grown to $2.4 million. Despite our combined annual salary of just over $100, 000, we have adopted a frugal lifestyle. We continue to drive older cars, prepare meals at home, and make use of leftovers. Additionally, we have two children currently in college. Fortunately, we had saved for their college expenses, and they are contributing by working part-time. As a result, they will graduate without any student debt.

[Condre]

What is really annoying is that we knew that they were out of money a time ago. And yet nothing was done, but push the problem down the road

[richardlew]

We could start by addressing the issue of politicians becoming multi millionaires over one or more terms.

[chrisshaw]

I don’t think health care costs get brought up enough. The costs for services are absolutely unjustifiable and unsustainable.

[thegreenbean]

This issue isn’t just in the US, other places like Denmark which follows the Nordic model has a system that is unsustainable for the next 25 years. They have a 55% income tax rate, an aging population who can’t pay for it and migrants who leech off of the welfare. Also the doctors won’t see you unless you’re pretty much dying. Ambulance’s won’t always show up. Government healthcare isn’t sunshine and rainbows.

[bosshemi]

At 30 years old I would forfeit everything I’ve paid in so far in order to stop paying.

[kdbublitz]

I'm 43 and for about the last 10-15 years I have been convinced that I cannot rely on SS. I was taught a lesson early on about saving and it has done right by me all my life. 'Saving money is like paying yourself'. SS was NEVER meant to be a retirement program, but many ppl use it as one, and politicians have quietly gone along with it, bc to go against it is political suicide.. but the bill will always come due, so I will continue to prepare.

[markc]

Old people keep living longer
Don’t worry John, Bill has a jab for that

[johns]

If I, as a private individual, tried to start a service like social security, I would be spending my retirement in Club Fed in Bernie Madoff's old cell. And for good reason. But this is the government, so it's OK.

[jackyhallmark]

Old people living longer, young people working less. What could go wrong ?

[DD]

We can all thank the government for taking it and using it however they wanted to.

[gingerkilkus]

I’m currently retired, and considering the current rollercoaster nature of the stock market, I decided to stay on the sideline for awhile, now I’m worried with the numerous bank failures as of late, am I better off reinvesting my savings in the stock market or do I wait?

[Boatfisherz]

My college finance professor said I'd never see social security. This was 15 years ago and I'm not planning on any of that when I retire.

[tennesseecopperhead]

maybe we could fund it if we stopped giving away our money to other countries.

[sneakyquick]

The fuse was lit the day we went off the gold standard. Unlimited spending was produced when that happened.