Will Social Security Run Out By 2033?

Join me today as I dive into the intricacies of the Social Security reserve fund, its historical trajectory and projected exhaustion, highlighting the imminent challenges faced by retirees. I’ll explain the factors contributing to the impending crisis and offer viewers insights into navigating the uncertainties of retirement planning amidst this impending crisis.

🏃🏻 Jump right in:
00:00 Introduction to Social Security Depletion
00:52 Understanding Social Security Reserves
01:38 Projection of Social Security Fund Depletion
02:19 Summary of Findings from the Report
02:48 Challenges in Social Security Financing
03:38 Exploring Revenue Sources for Social Security
04:23 Understanding Payroll Taxes and Caps
05:26 Revenue Challenges and Potential Solutions
06:50 Cost Side Mechanisms and Levers
08:37 Exploring Revenue and Cost Levers
10:19 Means Testing and Potential Impact
11:51 Means Testing on High Income
13:43 Real-world Examples of Means Testing
15:46 Potential Impacts on Your Retirement

#SocialSecurity #RetirementCrisis #MeansTesting

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Disclaimer:
Hypothetical outcomes do not reflect actual results and are not guarantees of future results. Any index references herein are unmanaged and cannot be directly invested into. Past performance is no indication of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing or tax savings strategy will be successful. Advisory services are provided through Oak Harvest Investment Services, LLC, a registered investment adviser. Insurance services are provided through Oak Harvest Insurance Services, LLC, a licensed insurance agency.