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Bloomberg projects that Social Security will run out of money to pay full benefits by twenty thirty three and Medicare by twenty thirty six. What steps can be taken to mitigate this impending shortfall.
We're gonna get to the lighter conversations later. These first two. It goes back into the nothing. I just want to be very honest. I think that those benefits have been run out. Social Security is done for. I know people keep saying that that it's not true. Once again, go reference Chicago. That was the canary in the cold mine to tell you that the money wasn't there Medicare by
twenty thirty six. That is scary. And because we don't have enough checks and balances to know where the money is going, where it's being spent, how it is being allocated, how it's being deployed properly. So I think in our lifetime we were going to have to just rest and realize that Social Security or Medicare will not be there. And if we continue to run into debt, other pension
plans are going to go away. I remember as a kid when certain adults retired they were guaranteed a pension, then that went away, then came into four one K. That's some four to one ks maybe going away in the next ten to fifteen years. So there's nothing that we can do.
What is a solution.
We got to invest in and take care of your own financial house, because nobody cares about your money the way that you do. But but it's sad and it's too late. I've been beating this drum for about two years, and everyone said I was a conspiracy theorist, but Bloomberg says it sos official. Shout to Michael Bloomberg.
I feel like We've heard this for the past couple of years, and it felt like we're the direct descendants of this, right, like eighties babies, right, they were like as you were growing up, as you were starting to work for us, they would tell you, don't worry. Social surity is not going to be there when you when it's time for you all to retire, and that we're looking at the numbers right within the next week are years a lot of us will probably be at that point.
We've done twenty five to thirty years in the career and we're at the retirement age from a career work standpoint, not from the social security standpoint. But this is yeah, this is not one of those things. Again, I'm not sure what we do other than continue to educate ourselves, continue to find other ways than to rely on these benefits, right, whether it's open or Brokensh accounts of finding other pension plans. Like you said, but this is a long especially for medicare.
When you talk about the cost of health care in this country, I mean, I don't even know how you can pay for it, Like if you don't have that, if you don't have health care, yeah, astronomical and even medicare is still an expensive course.
I don't.
I mean, I think it's just start planning to having not even discretionary outcome. But this becomes now that emergency fund. I know early on you used to say it was like sixty months, and I'm like, that seems like a lot. But I mean, based on these numbers, if this might be something that's needed, do we now adjust what the savings is. I don't from a financial advisorce standpoint, what do.
You say to that? Well, I mean, at first, you know, this is not something that's new information. When I was a financial advisor, I used to tell my clients this because actually, if you look on your Social Security statement, it says it on your Sociality statement. It's been stated on your Social Security statement for years, but nobody really reads fine print. But so this, yeah, this is something that has been documented by the Social Security Office themselves
for over a decade. So it's not surprising. And it doesn't necessarily mean that at twenty twenty three, twenty thirty three, that is going to be over. It's just staying at this pace. It will be over, but they'll probably pump more money into it. They'll they'll you know, I have very strong doubt that Social Security will end in twenty
thirty three. That's almost almost impossible. They will put more money into it, and they will make it, but that leads to more issues because it's like, Okay, we keep funding and putting ourselves more into debt. But that goes back to the thing as far as the debt is already out of control. So it's a political gain that you know, really the politicians are the only ones that can kind of figure this out because they're the ones
that control the budget. This goes back to our visit in Washington when we met with you know, members of Congress and we talk about you know, the Appropriations Committee, Ways and Means Committee, different things of that. These type of committees control the budget, where the money goes, and
how it's allocated. And that's why it's important to be politically aware and take part in the political process because the members of Congress have the power to make the decisions on this, and they're the only ones that have the power to make the decisions on this. So I'm pretty sure they'll they'll kick the can down the road as long as they possibly can. But yeah, it's not it's not encouraging that, you know, financially we're on a
path way of insolvency. That's never that's never good, right. But ultimately, there's only a few ways that you can solve these type of issues. You either, you know, increase revenue, which most of the time that's by increasing taxes, or you cut spending. So Democrats want to raise taxes, Republicans want to cut spending. I think you got to do
a combination of both. Yeah, and military spending definitely something that I think there's spend way too much money on, especially overseas, over and overseas military practices, overseas financial aid to other countries. There's definitely something that could potentially, you know, be cut down on as a line item for sure. But it's all in the hands of the politicians. It's
a political it's a political game. But as far as how much money you should have in savings, I mean, you should definitely have at least six months in savings, but you know, a year for sure if you can to be on the safe side, that's something that's helpful and beneficial. But savings is relative. I mean, if you have money in the stock market, technically that's a form of savings as well, right, like, so you should you should have as much money as you possibly can quote
unquote saved. I mean just in a regular bank account a year, probably no more than a year. But after that, you know, you put money into a brokerag account, you put money into stocks. In an emergency situation, if you need to take then you can. You can take from that as well. So you want to have as much money you know, liquid, I would use that as a
better word than savings. You want to have as much money liquid as you possibly can because it just gives you flexibility when anything, anything can happen, and you know, if you're not liquid, then you're going to be in a very difficult space.
And the truth is even when you get to a different level, even sixty months, like five years ago, is by fast. There's companies that have hit a route for run for ten years. But if you look at how much money they have two point seven trillion in social security left, that's the value. That's the market cap of video. What in video's at two point nine So everyone's paid in all this time and in the course of ten years, and videos has had more value than security. That money
probably won't be there by twenty forty. What do I know? And every year we do the show makes a case for why you need this much money stored away. Inflation is getting higher. We won't talk about the corruption, the reallocation of money. It's a lot of tricky stuff going on investing yourself, to my thinking. On top of that, you have to have your money work for you. There's no more like. The disparity between rich and poor is getting higher than ever. We'll talk about it later, but
now we have a poor per since recession. We're gonna put all the debt on those that make less than sixty grand a year, and then everyone who's doing well get elevated higher. I know I sound like Bernie Sanders, but it is getting tricky. And as an entrepreneur you have to be able to weather a lot of storms, and sometimes the storm may lasts longer than the year. Sure, yep, yeah, I'm looking at this start.
For the US government spending fiscal year to day twenty twenty four, the number one category is Social Security nine hundred and sixty billion. Medicare is number two six hundred and seven billion. We had interests six hundred and one billion, Health five hundred and ninety five billion, and the National Defense five hundred and seventy six billion. Interesting. Interesting, I'm
trying for that. Where education is here? Oh here it is down here Number eight Education, Training, Employment, and Social services one hundred and forty one billion.
Yeah, a lot of key gonna get their money no matter what. So Ander roller Ben MX soon boweing.
Hit. I'm like, but it like yes and share.
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