49 thoughts on “Social Security Won't Give You Security

  1. For most of the people watching this video there isnt gonna be a penny left when we retire. So dont even count on it.

  2. By making cuts to welfare you are going to force Latinos and African Americans to work i think that a good thing.I am a Mexican and Republican.

    The Ilegal and Black Cards are killing Social Security.

  3. Social Security is NOT an entitlement! That is money is put in by both my employer and me. The government never contributed one cent into my Social Security. IT IS NOT AN ENTITLEMENT!

  4. They are wasting many billions of S.S. on non retirement programs like $4.4 Billion annually on anti-father Title IV-D flowing to divorce judges,police. call Congress to stop the evil

  5. Kinda funny that the left says we need immigration in order to save ourselves from the low birthrate.

  6. Probably because were wasting our money on the lazy welfare turds that don’t want to work! Now the ones who worked or fought for their country all their lives get screwed because of these lowlife turds!!!!

  7. Chris has a pleasing demeanor. He should do more of Praeger U's videos.

    What many don't realize is that the amount of Social Security benefits were intended to have elderly persons, whom typically lived with their children, have something to help "pull their weight". Of course, it's not MEANS tested, as many recipients have substantial assets, such as a primary residence that's well appreciated over time.

    How much better off would SS recipients be if their monies, along with their "Employer Contributions" (in reality, imputed income, as far as the employer is concerned, simply further wages, even if it's tacked on to the gross pay of the employee), had instead gone into a self-directed account, wherein the investor could assume market risk but also reap much higher returns? The REAL issue is that over time, Government deficit spending brings about inflation, the most cruel tax of all, and it wipes out any guaranteed instruments.

  8. For the record, I LOVE Prager U and am a fan of Chris Hogan.

    But there are fundamental problems with this analysis.

    First and foremost the average Social Security check is completely irrelevant…to YOU. Grandpa Jones is 93 yrs old and has been on Social Security for nearly 30 yrs. What do you think his check is?

    Yet, Boomer Jane, who made on average 60k a year over her 35 yrs of Indexed Earnings smartly waited until this year, when she is 70 to claim her benefit.

    60k a year of indexed earnings equals an AIME of $5k which equals a PIA of $2136. But because she waited 4 yrs from her FRA to take her benefit she'll get a 32% increase and thus her check will be $2820.

    Let's say her husband John didn't work and "only" gets a spousal benefit. That benefit will be half of Jane's PIA, which is $1068.

    Add those two numbers together and you get a benefit of 3888 a month or $46656 a year.

    So, why focus on the average check which includes Grandpa Jones? Makes no sense at all.

    Secondly, remember Jane and John were living on $60k a year while Jane was working. RIght out the gate she lost 7.65% to Fica tax. She then loses another say $4k a year to Fed and State income tax. So, they're only NETTING around $50k after tax.

    Contributing to a 401k? probably, we'll say 10% So, after 401k and taxes she's really only bringing home around $45k a year or so.

    And yet with a TINY bit of planning their Social Security can provide MORE income than what they were living on. And don't forget SS is TAX FREE if it's your only source of income.

    Lastly, SO many people will say but what about health costs? Well, how did Jane have health insurance when she was working? No doubt she was paying premium for coverage for her and John. I imagine that was around $400 a month or so.

    Fast forward to being on Medicare and Part B is $135 a month or so, Part is around $35 a month, for each. So, between them they are paying $340. Now factor in a Medigap policy of say $150 a month each and their insurance costs go up to around $640 or so

    Higher than what they were paying before by a couple thousand a year, indeed. But that's not enough to say there is a retirement crisis, not by any stretch of the imagination.

  9. The reason retirees are going to other countries.
    17,000 US$ a year
    Is a comfortable life in other countries like in Asia.

  10. In Germoney they just keep increasing the retirement age and taxes. It is so bad these days that you have retirees roaming the streets collecting bottles out of trash cans so they can cash in on the deposit. That's your brain on socialism.

  11. This would be doable and to fix the health care, social security, and the national debt in one go but it would take one full generation to make it happen. All for 50/mth for 82 years. At a 12% rate a year amd that would equal 57 mil (for one head). If you took 57 mil times 350 million americans that equals to $19,950,000,000,000,000. This is way more money anyone can spend in this life time.

  12. I'm on track to be debt free in 13 months. After that it's a matter of improving my income so I can afford a mortgage and $500 a month into a fund.

  13. NO MATTER WHAT SAVINGS PLAN EE CHOOSE GOVERNMENT WILL FIGUTE OIT HOW TO STEAL ITAND SAY IT IS LEGAL.
    CONGREE CANNOT STAND TO SEE US SLAVES GET AHEAD UNLESS WE ARE PART OF THEIR CRIMINAL CABAL. ie.HITLERY CLINTON OR SOME TAX EXEMPT FIUNDATION THAT CAN STEAL MOST OF THE CONTRIBUTIONS IN ONE EAY OR ANOTHER.

  14. If SS WERE run legally there would be plenty. But the FUNDS have been REPEAREDLY RAIDED BY CONGRESS AND NEVER REPLACED.

  15. the other problem for the USA is state and federal government pension funds. The issue is the government neither kept all the money paid into it nor invested it, they basically spent it. So now there is another huge IUO the states and the federal government cant afford going forward.

  16. So let's get rid of Social Security so those planning on surviving on it's benefits won't be able to survive? And those who had additional savings on top of SS will not be able to survive either? Great idea! Sign me up! NOT!!!!!! You know where you can shove that.

  17. 1400 dolares é menos que salario minimo mas nao é salario de fome nem da linha da pobreza. no Brasil esta é a renda de um recem graduado

  18. $1,400 / month?! There's nothing left for food or shelter after you spend that on another gun every payday.. and how do you afford ammo? This just doesn't work for me.

  19. Social Security is not secure…..thanks PragerU for stating the obvious once again. I’m sure majority of Trump supporters enjoy an extra pay to survive in their old age because Roosevelt thought about you.

  20. Well, the first part of the video where he says social security is going broke, I didnt agree with. That's why they provided a backup argument. The second part, where they said that social security doesnt give enough money, that's where you, if you feel it isnt enough, can invest more. Social security shouldn't be lavish, it should be a backup. And it is. The last part of this episode is the best prageru video I've ever seen. Low bar, but still. Great debt education. Rare praise from me, but well done. Just try to keep the politics out. And prageru might just actually teach you something.

  21. Good video & all correct except for one bit of advice on repaying debt: The snowball idea sounds good but it is flawed because the order in which you pay should take into account the interest rates you pay…This means that the credit card debt at 19% should take priority over the credit line debt at 4%

  22. Go read Andy Landis’ Social Security book and you’ll learn why this video is seriously flawed and short sided.

    Social Security is not a tax – you actuarially get out what you pay in. It’s not an entitlement program either, it’s a self-funded pensión that’s COLA adjusted and far from broke.

    Per the debt, this guy doesn’t understand debt leveraging or the snowball method. Aggressively Pay down a 4% mortgage that you can also itemize instead of investing in a well diversified low cost indexed portfolio earning 7-8%… you do the math.

    Sincerely,

    A NAPFA Fee-Only CFP(r), MS

  23. I like the criticism, however, there's much more to it than this. Inflation and cost of living is different now. My last gas bill was $900 for 2 months. In the 50s, $2 brought you 3 week worth of groceries for a family of 5. If anyone's interested in learning more about the money system, watch "Zeitgeist 2, chapter 1". It about the federal reserve practice.

  24. For everyone saying "This should be taught in High Schools. Kids need to be taught more finance!" Don't let the teacher be the one to tell them how to handle money. After all, they were the ones who put themselves 50k dollars in debt to finance a degree that would give them a minimum wage job. They're not the experts here. YOU ARE. You teach your kids about money. To hell with allowances, make them earn it! Teach them about retirement. About the debt snowball.

  25. I wonder if he will leave the outgoing message on my answering machine…….

    What a voice! (And great subject matter as well)

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