$5,500,000 from Social Security?!? #retirement #socialsecurity

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✔The Most Important Factors to Consider BEFORE You File for Benefits
✔How to Coordinate Your Social Security Filing Decision with Your Other Assets & Income for a Tax Efficient Distribution Strategy
✔Why This Is The Biggest Decision of Your Retirement

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⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government. I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇
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[ROgletree]

Think of all the people that paid into the system and died before ever collecting a penny.

[kendrikhawk]

What FDR had in mind, was that benefits began at 65, but most people died by 67.

[Blublod]

It’s next to impossible to plan for retirement without SS when just about every “fiduciary” out there keeps insisting it’s a vital piece of retirement planning.

[DaystarHiker]

To get to 5.5 million dollars over 28 years with a starting amount of $7, 600 p/m ($91, 200 p/y) would require average inflation over that period of ~6%.

[LearningFast]

Don’t assume there will always be a tomorrow. Life is so very fragile.

[callmebigpapa]

Everyone should have always planned their retirement without SS, but people wont do that because driving a new Ford F350 or a Lexus is more important to them

[garciahome]

I remember this conversation being around back in the 1980’s when Reagan took a stab at Social Security. People between age 25 and 55 were all concerned about never seeing any Social Security monthly checks. That was 40 years ago and now they are probably drawing their monthly checks. It seems like a pretty good insurance policy; unlike the volatile stock market fund that conservatives wanted to convert the program into.

[musicman]

The best reform would be to make social security contributions go to an individual account rather than a trust fund. The money would be yours to invest as you want: government securities, mutual funds, lifestyle funds, etc., - a public option retirement account.

If you died younger than expected your money would stay in your estate.

The government wouldn’t be able to borrow from the trust fund.

[logank]

100% agreed. I landed a well paying job out of college last year. Rather than buying a bunch of unnecessary crap, I’m aiming to attack my 401k and IRA hard. Would rather assume the worst and save extra personally.

[necroreefer]

I have no problem paying taxes so that when you're 90 years old shiting in a diaper unable to get out of a chair you can afford to live in your house and buy food

[zachbeall]

Youll get it. It just wont be worth nearly as much due to inflation.

[museinu]

3800 * 2 = where do you get this from? That's a nice comfortable retirement but 3, 800 won't buy tomorrow would it buys today

[natersalad]

Definitley, that's why we call it "social insecurity ", I started investing 15% of my income at 20 years old (raised in a dave ramsey following household) so I was taught at a young age the power of compound interest and living debt free and paying cash for all purchases, glad to say I'm 35 now and will be a millionaire in 2 years, and I've never made over 68k a year. Mostly due to retirement account compound growth (almost all Roth also) and paid for home that has rose in value alot since It was purchased 10 years ago. We have 3 kids that will also be raised with Ramseys principles and will have their college paid for by their "average" parents who put away a little bit of money every month into their 529 plans. Come on America it doesn't take a whole lot to have alot long term if you just steadily invest a little bit every month into your 401k or IRA no matter what....

[somedudes]

Congrats. I'm 27 I'll probably end up working until 77

[wetspotswimwear]

Had the government kept its hands out of the monies paid in to Social Security, we would have ALL the dollars needed to comfortably cover the citizens

[truthhurts]

Corporations used to be taxed 50%+ back when one person could provide for the family

[johnc]

As a millennial, this is exactly right.
Social security is a terrible investment and I don't expect to ever receive a penny back from it.
If I could, I'd opt out immediately.

But, if it's still around when I'm eligible to collect, I'm getting every penny back that I can.

[rsdokc]

Thought your idea about changing the cost of living increase was the simplest and least disruptive approach to fix SS long term.. Kudos to you.

[richarde.plante]

High wishes, that you'll live that long!

[antonystark]

The return on investment on what you've paid into Social Security is reasonable. Better for low-income people than for high-income people.