Social Security Myth # 1 – Social Security is going broke and won’t be there for me

The following transcript has been automatically generated and is being provided as a matter of convenience: 

myth number one social security is going broke it won’t be there for me well this comes to us from the coffee shop gurus you know they all say get it while they’re getting is good because social security is going broke well here’s what you need to know it’s highly unlikely that social security will go broke and in fact in 2009 the government coined the term too big to fail and social security by its very definition is too big to fail i mean think about what would happen if suddenly social security failed we’d probably have a depression because if you think about what happens the social security money you’ll totally understand i mean when you receive your social security check the first thing you do is you spend it right you go golfing you go to restaurants you spend it and when you do that you give employment to people so the one thing that you need to understand is social security and most of the media tell you it’s going broke in fact what they do is they tell you that on in 2033 the program is scheduled to fund and then after 2033 uh suddenly they’re supposed to only be able to pay out 77 cents on every dollar in benefits that are due to recipients well that would be a problem if social security was an entitlement program that had limited funding but that’s not how social security gets funded it gets funded through taxes in fact 7.65 of every dollar that we earn in wages goes to social security and to medicare and it doesn’t stop there because it’s like a matching program your employer matches another 7.65 percent add that together and 15.30 goes to social security and medicare on every dollar that we earn now congress can solve the funding problem overnight in fact all they have to do is increase it from 7.65 up to 147 000 in wages that you earn in 2022 all they have to do is increase that to 10 percent and maybe cap it off at 200 000 in wages so there you have it social security won’t won’t go broke but you can count on changes being made they may change the claiming age right now depending on what year you were born you can claim social security at age 66 or 67 they may change that maybe they’ll change it to 68 and 70. so again this is why i say that you have to have a coordinated program one that takes into account your social security and all your other assets all as part of a 1l1 plan
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