COLA for SS should be weighted for seniors. Food and heating fuel prices have skyrocketed relative to the CPI. Food has almost doubled, heating fuel is up by 60% in our area, so a 3% increase is nowhere near enough to keep up.
Inflation has a greater impact on people's cost of living than a crashing stock or housing market, resulting in an immediate and tangible effect. This explains the current high level of negative market sentiment, and our need for assistance in surviving this challenging economy. The financial markets have underperformed due to fears of inflation, causing stock and bond prices to plummet. Despite sounding basic, consulting a financial advisor has enabled me to outperform the market and achieve a profit of $850,000 since June 2022, making it the ideal approach to enter the financial markets today.
Since the onset of the COVID-19 pandemic, constructing a solid financial portfolio has become increasingly intricate. Therefore, I strongly advise anyone facing difficulties to consider seeking professional assistance. By doing so, you can access tailored strategies that specifically cater to your individual long-term goals and financial aspirations.
May I know the name of the financial advisor who has been helping you with your investments? If you're comfortable sharing, could you also guide me on how to contact them?
The financial advisor I work with is *STEPHANIE KOPP MEEKS* . I discovered her during a CNBC interview and contacted her thereafter. She has been guiding me by providing entry and exit points for the specific securities I focus on. If you're interested, you can search for her online to learn more about her expertise. I have been following her market strategies and have had no regrets thus far.
Hello. I am a 64 year old Mom of 5. I stayed home and was married and raised my children. Husband neer made more than 20,000 yearly. SSI only gives me 256 a month..how is that fair? Blessings
There's an old saying that explains...When you lead a man to Christ, you've helped save the man. When you lead a woman to Christ, you've help save a generation. Raising those children are the generation that you...one woman...helped save. God bless you real big! 😇
Love this content. Gentle and kind at once. Kinda Mr. Rogers of personal finance. And I mean that as a compliment! He has the same aura of kindness and compassion.
Yes, he does! Geoff has one of the most soothing, kind and reassuring voices; never loud. He could have a side gig as an ASMR content creator, lol! Seriously, lovely person.
THIS used to be one of my most watched YT channels... sadly, it's been a while since i visited it has been a very rough year... i am experiencing one of the toughest phases of my life... Lost a fortune lnvesting in emerging companies. Hopeful, for a turnaround.
I'm not sure I can stand anymore of these "good news" videos. The explanation of the COLA adjustment was classic half-full vs half-empty. The result is those on fixed income are most likely falling further behind. At least you didn't compare the 3.2% increase in the average ss benefit with the increase in the Plan B premium to make us feel better (lol). At least there should be some left over for the likely increase in supplement plan and part D premiums..... Good luck to all.
So basically, work, work, work no matter how old you are because the system is set up so that you cannot "retire". A lousy 3.2 % will give me 48.00 a month more. My rent is increasing AGAIN ANOTHER 120.00 a month. Can we just say that elderly people don't matter and no one cares what happens to us?
Inflation is definitely higher than 3%, more like 10%. Seems every time I go get groceries the items are more expensive in price or the packaging has gotten smaller.😬
Groceries and fuel are not counted in the index because they fluctuate so much. You are correct in noticing how prices go up seemingly weekly though. It’s bad!
@@mstreich You are right. I am glad they went down but I know it is trickle down due to price of feed for the chickens etc. When you think about everyone responsible for getting those eggs (and other products) to us (consumers) it is mind-boggling. I do love eggs. Thank you, all producers!
3.2 will be a good raise to me, I am still working but will retire in January this last year my raise was only 1.5 % but I am at the highest that I can go before I top out of my pay category but with that being said the best anyone got was 2.5 and this is a good corporate company. I am going to take my SS and pension and stop running this rat race and do what I want thanks for the information
Just found your channel, and I appreciate your great advice. Even though I have a while before retirement, I want to be smart and tackle it ahead of time. Thank you, your new subscriber.
Hi Geoff, I love this channel. I love the information that you give it so important and informative. Thank you for all the hard work that you do. You are the best at what you do in my opinion. 🇺🇸⭐️✈️🙏❤️
The total at 5:36 doesn't equal the sum of the 3 numbers shown, it is off by $700. Bend point 2 should be $1889.28. Thanks for the video, very educational!
What is NOT changing in 2024 is the provisional or combined income thresholds. I am 68 (obviously FRA) and stopped working my part time job because it pushed me above the 25K threshold into taxing my SS benefit. Yes, you can have fed tax withheld but that is straight up double taxation. The combined income threshold should me eliminated. If I am working at 68, I am paying into SS and state and federal taxes. If Congress has considered addressing combined income thresholds, I haven't seen any evidence.
Correct. Medicare deduction can vary depending on your income tax filing. One year I had a big windfall and wow! My Medicare deduction was double. After a more average income it finally dropped.
Increase doesn't matter much. Pay his Part B+ $35 a mo. for retiree my health pkg. Social Security Combined = $2465 per mo+ 1k earned income. E-Bike, One E-Car,, Grow 35% of our food, raise chickens, church, volunteer & bible study. Mortgage is $1500 paid off when I turn 80. $400 Utilities, $175 donation, Tech, $175 Car Insurance, $80 Repairs, $70, Feed, $50 Grooming, $425 Food. $1875 Expenses..Rest goes as cash into the safe for our Elderly yrs, I'll quit working p/t when I turn 72. As long as we can E-Bike to stay in shape, have our health, and our Church Family, well be good. I'd be excellent if GOD would heal & save our son & my husband. IRA has 160k but we don't touch it
Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. Compounding is the process of earning interest on your initial investment, as well as on the interest that investment earns. This means that over time, your investment can grow exponentially. So the earlier you start investing, the more time your investment has to grow through compounding.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am 60 years old, recently retired, and have approximately $650k in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
@@maryHenokNftKudos on the effective execution of innovative ideas and tactics that lead to significant advancement. As I seek guidance from a trustworthy advisor, would you be willing to share details about the individual assisting you?
The decision on when to pick an Adviser is a very personal one. I take guidance from *Gertrude Margaret Quinto* to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
I went to the grocery store yesterday to pick up a few of items I needed to prepare meals for the family over the next few days since my wife will be working some extra hours. I ended up spending $117 and change for two bags of food. I’m not normally the grocery shopper in the family and I couldn’t believe it! Everything I picked up seemed to cost about twice what I expected to pay. Is this what they mean about Bidenomics? If it is, I don’t like it! A 3.2% increase sure won’t help at all!
At 5:35 I think the second figure in the column "AIME #2" has one wrong number - instead of $1,189.28 should actually be $1,889.28. That makes up the overall difference of $700.00 and makes the total footing for that column come out correct. Some sort of typo. I just re-ran the numbers in an Excel spreadsheet for fun (I like stuff like that - I know LOL).
I’ve been diligently working, saving and contributing towards financial freedom and early retirement, but since covid outbreak, the economy so far has caused my portfolio to underperform. Do I keep contributing to my 401k, or look at alternative sectors to meet my goals?
Studies have shown that by lifting SS tax payroll withholding (wage base limit cap) from $160.200 to $200k - %400 k it would extend the SS plan 70+ years. Moving up the retirement age is not the only solution. So advocate to change and reform for a SS plan that makes sense🧐. Any arguments against that easy solution have been debunked over and over every time it comes up for debate.
Having trouble with those numbers. No State income tax Tennessee or Florida Gas in Tennessee average $3.54 same as FLORIDA . Insurance in Florida about 30% higher than the national average.
@Satjr35031 Really? My property taxes went down 25%. Car insurance down 50% . Home insurance down 25%. Nat gas cheaper in TN. Gas ⛽️ is $2.94 ....please TN way cheaper
Try about half of that per month in real money you can spend. They raised the Part b premium. Then if you may have supplemental coverage that is going up and your Part d drug prescription plan premium. They give you a "so called" cost of living raise and scoop half of it up in increased premiums so you always lose ground on the deal.
You need 50% almost everything almost doubled or did double and then some… my school taxes doubled my property tax doubled fuel has doubled food has gone up 20-30 % at least hay for our animals more than doubled feed for our our dog more than doubled car prices are crazy when does this stop
Thank you for telling us what is happening with social security during the 2024 election year. I have a hard time understanding what those people (politicians) are really saying.
Nothing will happen. The bull will flow about the new funding plan, which is 5 years overdue, however that will be campaign promise worth less than........ Neither side will sign off on changes this close to an election.
@@melblacke5726 Always. Studies have shown that by lifting SS tax payroll withholding (wage base limit cap) from $160.200 to $200k - %400 k it would extend the SS plan 70+ years. Moving up the retirement age is not the only solution. So advocate to change and reform for a SS plan that makes sense🧐. Any arguments against that easy solution have been debunked over and over every time it comes up for debate.
Yes seniors should know many Republicans have voiced the desire to abolish the social security program, including Mr. Trump. They call it an entitlement, even though we all contributed to and funded the plan. Law makers have their golden parachutes, maybe if we tied house, senate and presidential retirement benefits to whatever legislation they propose for social security they’d view it differently.
@@jamesr1021 wrong, did just the other day. AND August 2020 the republican controlled Senate intelligence committee "recommended prosecution of the following people for lying to the COMMITTEE Steve Brannon Jarrod Kushner and Donald Trump Jr. The COMMITTEE also said "ther was collusion between the trump 2016 campaign and Russia this can be found in the Congressional Record. Censored by all the right wing outlets.
Huh? The Social Security bend points are the “great equalizer”? Depends on your perspective. But an honest assessment would label the Bend Points what they are - another form of Progressive Tax. As your income rises above $13K/yr, your income history only benefits your benefit by 32% of each dollar. And for the portion of your income over $85K, your income only gets you 15% of each dollar. Yah, its hard to sympathize with folks making over $85K, but the progressive “tax” hits moderate income folks between $13K and $85K.
Thanks so much for all of this information. I am unclear by what is meant that SS will run out. I thought that was just one of the buckets that would run out. Surely the fund I have paid into for the past 35 years will not go belly up leaving all of us with nothing for all our contributions.
Right what did they do with our $$ ....... This is awful!!! I can probably speculate on were our $$$ has gone... especially over these past two years this president has gone hog wild on spending our ssi.. Sending it to another country to fund their war,, God help us☹️
SS is like any insurance company, but the income is less than benefits paid. So the SS Funds, both retirement and disability reserves, are being tapped into to make up for the difference, but once they run out, the FICA income will support about 79% of benefits. Not due to illegals, Ukraine or special government projects paid for by stolen SS funds.
That cap ($168,600) needs to increase every year...one of the steps to save SS beyond 2035....IMO. The next change should be the 6.2% contribution from employee and employer....6.25% next year and 6.3% the next and 6.35% the next...so on until 7%. Changes must be made to save SS...IMO of course.
Both 8.7 snd 3.2 are far below actual inflation felt by retirees. Make congress live off SS without pensions and watch how rapidly the program changes.
Yep, a lot of people agree with that first point. I believe (don’t quote me) all but a few members of Congress are off the old separate congressional retirement plan and on Social Security.
Here’s something important that might come as a surprise. My husband died 8years ago and I am still unable to use any of the money bin his IRA. You go through hell with the IRS trying to get their 'permission' for my Investment company to give me that right. And yes, I’m his beneficiary. So if you and your spouse have IRA accounts you might want to move them to an investment company before one of you dies. I have cancer and will be having surgery. I may never see that money at all.
Thanks for all the info. For all the animated banners that show 2023 comparisons to 2024 figures, could you please leave the banner stationary for at least twice as long? Some people may be able to comprehend the math with less than a second before the red banner animation overwrites it, but not me. Actually 3 seconds of still figures would be very helpful, but at least 2 seconds without motion is necessary for many people with dyslexia and other learning disabilities. Thank you for this and all the great information.
@@MrTbraida23 Completely false. The social security program is a fully tax-funded program with defined benefits. A Ponzi scheme is a form of fraud that lures investors and pays quick profits to earlier investors using funds from more recent investors in a non-existent enterprise. In SS, there are no investors, there is no fraud, there is no non-existent enterprise. Learn to read, ffs.
@@Satjr35031 Anything you make if your income is more than a certain amount is taxable because I have to include it as income every year and if throws me into a completely different tax bracket which is ridiculous. You work your whole life the government should not count any SS-just my opinion.
Not hard to understand for we that are math inclined. Brush up on your ARITHMETIC and you should have tried harder at it in school and USE COMMON SENSE
There is a big fat error in the 2024 bend point slide. The middle number for the example making $114k should be $1889.28, not 1189.28. The total is correct.
Thank you very much Jeff! These things should be part of high school. I never had any idea about any of it until I was in my 50's. I always thought everyone got the same amount of social security, like the social security disability.
Jeff, will you please stop reporting these lies, if the US seniors received 10% of these promises made by the so-called Government? We would all be living in Beverly Hill mansions and not living in old cars down by some river we stopped believing them or leftwing trolls like you years ago, now go away and take these empty promises with you. Please just go.
@@anthonylee5982 Studies have shown that by lifting SS tax payroll withholding (wage base limit cap) from $160.200 to $200k - %400 k it would extend the SS plan 70+ years. Moving up the retirement age is not the only solution. So advocate to change and reform for a SS plan that makes sense🧐. Any arguments against that easy solution have been debunked over and over every time it comes up for debate.
sounds like there are a lot of things you should have learned in high school. did you pay attention to anything at all? if so, what? be specific and show your work. did what you did learn help? or was it just mostly crap? why or why not?
I would take a cost of living adjustment over a raise while working over the last 10 years it would have worked substantially better for me and my coworkers
On the surface yes - but an income (usually) covers 100 percent your expenses, but Social Security doesn’t not… that goes back to the point I made around if someone had 100% social security as their income, then they would be flat (assuming they spend the same way the subcategories are built out); however when inflation is running this high all sorts of bad things happen to the country including rapidly rising interest rates and a devaluation of homes, investments and other assets.
If it covers 100% and inflation is 3% but you get a 1% raise you no longer cover 100% but I understand what your saying with social security to bad it’s going to be gone in 26 years when I’ll be eligible
I have been on social security for ten years now and in that ten years my income has a higher rate than it did in any ten year period while I was working. This means that I never got ahead of inflation while working but with the cost of living increases on social security I am not falling behind like when I was working. I feel that I was never making fair market value at any of the jobs I had. The down turn in manufacturing had a lot to do with that. Apart from my last employment of eleven years. The previous five employers all went out of business!
Thank you for pointing this out. I was thinking the same thing. There are many working people out there that are not getting the 3% raise. So people need to quit complaining.
I am still working 65.I have been saying the 6.2 we pay for SS should be around 8.0 percent it needed to be raised 12years ago in small increases Really are Goverment just can not fix a think.😢
8% would be too much, considering they will raise to be prohibitive too soon 7.2% sounds much better. And they could increase a little every other year based on age ove 75 or so
I don’t know who makes the cost of living adjustment at SS, but gas has doubled since 2019. That means SS should double. And gasoline is one of the three biggest monthly expenses seniors have.
Oh goodness no! It has risen 34% in that time span (SS benefits have gone up about 20% in the same period), not 100%. And, it's typically about 5% of a household's expenditures. That in no way makes a case for doubling the SS payment. While the CPI index is not without it's flaws and I think it is undercounted a bit, it's still a pretty fair indicator of prices overall.
Could you comment on how the 40 working quarters are figured for farmers? We don't do quarterly estimated tax payments (generally) and pay taxes based on actual cash income at the end of the year. Do we get credit for 4 quarters or only the quarter when we pay our taxes? Thanks. Your videos are very helpful
How do the sums $1,056.60 + $1,189,28 + $363.30 = $3,309.18? Seems to me the correct sum is $2,609.18. I must have missed something on the explanation, but if so, graph seems not to accord with the spoken words.
It would be nice if I could afford to pay for drugs to help keep my kidneys working…I ALWAYS WORKED, SAVED, LIVED BELOW INCOME, and STAYED OUT OF DEBT….WHO CAN CONTROL THE government corruption? Let’s talk about a solution for this.
I'm not on Social Security yet, but I hear everybody complaining that the cost of living adjustment etc. is not enough. I agree. However, there are many people out there busting their butt working 40+ hours a week that are not getting 3% cost of living adjustments. And there's been many years at my job where you were lucky if you got a 1% increase in pay. So I guess I'm just tired of hearing people complaining. I agree the economy sucks. Cost-of-living is going up very quickly. But what do you really expect?
Social security is there to help retirees. N I t fully funded them. You need to start thinking if a "full cash flow" for all your retirement needs WAY BEFIRE you near requirement age. Try saving a little starting age 30 or so and build it up to age 65
I start work on 1 July 2024 after I hit my FRA in May 2024. So to clarify, after FRA, I am still limited to $59,520 ? When does it go to unlimited, 2025? Thanks
Just catching this video now. If a person is short of 10 years/40 quarters: health permitting, one can continue to work to accumulate quarters, and then be eligible for SS upon reaching 40 quarters, correct? Thanks.
I rely on government help to be able to live. So I don't want the kind of increase that would effect my assistance eligibility. I would be begging in the median strip like drunks do! 😂
One thing I don't see addressed is: What about a single woman that don't earn 30 or 35 quarters or whatever. She didn't work that long. So at age 65, SSA tells her that she gets NO SSA. But she does get Medicare part A. And if she wants or needs Medicare part B, how does she pay for it? No income means No Income. Isn't there some place in SSA for a benefit? Some minimum like $1,000 or so? Also, say she gets married. Does their combined income be only his, with her contributing nothing to the household income? Or is there some minimum for her that could be added to his?
Im 64 on Dec 20th. I have been an independent contractor most of my work and stay at home spouse. SSI said I am 5 quarters short and right now I will not be receiving any SSI. I have paid in to SSI with military and regular employment on and off over my adult life. If I am not going to receive anything, what happens to the money that was paid in over 40 years? I guess I wont be getting any Medicare either.
@@gayle2276 My mind says the exact same thing but my body just laughs! At 64, what do I do and what do I have to be an effective value to the employer and only for a couple of years.
Everyone does not have investments! My part D prescription plan went up 14 %. My rent is climbing by 30 percent. So there’s never really a raise and food is astronomical. You’re not very good at your job.
It's frustrating that when I go to unsubscribe from your newsletter, your site appears to block you from unsubscribing, taking you to a screen with a big blotch that says "Holy Scmidt!"
The most issue in 2024 election is social security and Biden Obama took an acevin dec 2016 with speaker Boehner approval. And trump does not warm my cockles either. Your opinion?
Every time Social Security increases the benefits, Medicare and the Supplemental Health Insurance plans raises the amount of their premiums. It’s like trying to put water in a bucket with a hole in it. 😢💸
I only got a $21 raise and that's with both check my government social security and my SSDI wow I never get enough to live on not even on my food stamps
Love the point about lower COLA! PS it reminds me how it is good to pay taxes, as well! Do you think they will ever remove the cap on Earnings or perhaps resume at $400,000? I think this is one solid way to shore up Social Security. Thanks for all you do! Michael Albuquerque NM USA
Hi Michael, I think it’s more likely they will raise the cap faster than COLA (as they did this year). The nuclear option is raising Social Security tax from 6.2 to (approximately) 6.8 percent. That would fix the issue.
@@HolySchmidt considering what you get with Social Security, who would argue with less than a 1 point increase for workers and employers as opposed to a 25% decrease in benefits? I am 60 and the last raise I remember was under Bush #1! Of course he got voted out for breaking his “no new taxes” pledge. Its not new and its not a tax in my book!!! Thanks for the great user friendly approach and invaluable info you share! I think health permitting my goal will be to collect at age 70. Michael Albuquerque NM USA
What about these people on 60 minutes talking about social security under paid then and now request that money back which is their miscalculation. Even disability overpaid to a parent that has to pay back that money as an adult. Social security is withheld from people who are paid in money by the recipient. People that have to pay back or are restricted from their own money.
Yes the stock market has lost value. However, if you are invested in stocks that give off dividends, it is highly likely that the payments have stayed the same. Some dividends have been cut partially or in whole, but at the same time, some dividends have gone up.
My wife has 37 quarters (3 short). As I understand it, she will be eligible for a payment 50% the size of mine. Even if she worked those last 3 quarters, the amount she would be eligible for would be less than 50% of mine. It seems to me there is no value in her working those 3 quarters? Am I missing something here??
In your opinion, what are the odds that this coming election year will bring a change in how Social Security is taxed for the elderly. now 85% of Social Security is taxed . my state just changed that no Social Security is taxed for seniors.
It’s not that 85% is taxed It’s up to 85% could be subject to tax Example 65 year old couple receiving $50,000 in SS and receive $10,000 from a 401K or IRA would pay $0 Federal tax
My grandmother use to say, the rich man dances while the poor man pays the fiddler. I guess everyone has to listen the music whether they like it or not. WTF.
