Todays video talks about how our social security system is truly none other than a big ponzi scheme, and we discuss how each individual would be able to accumulate a much greater amount of wealth over there life time than trying to depend on social security.
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DISCLAIMER:
All videos or content posted on this channel regarding stocks, investing, stock trading, money, money, wealth, retirement, or any investment vehicle is entirely for educational purposes only, please do not take any of the information literally, and always speak to a professional/licensed investment specialist for any investment decisions.
There are not enough taxes collected to pay for social security indefinitely. Social security is said to be indexed, to keep pace with inflation. Well money taxed for it 40 years ago is worth far less now, so where has the inflation indexing come from – from new tax payers. With the money paid in by new taxpayer that needs to be indexed as well – where does that come from – new taxpayers. People are also living longer so more years need to be accounted for. It simply does not work.
The Government has always been crooked as hell..
boomers will very likely be the last generation to actually collect on social security.
We need to get rid of these communist/socialists programs
We need to raise retirement age to 70 for everyone 40 and younger as well as slowly cut percentages from 6.2% to half of that for people under 40
Social Security is my favorite government program that has worked so well, for so long, everyone has forgotten why we need it. As if people hadn’t thought of “invest in the market”, Jesus wept.
Average return since 2008 is less than 6% check your numbers and thats assuming you always make return with no boom bust cycle. Yes its is a ponzi scheme but so is stocks and ROI
literally laughing out loud over here, connor could and should be on snl doing a cnbc wall street bit with that intro.
80-65=14?
Economics, (real) history, and philosophy (logic) are some topics that people are incredibly under educated on.
I'd also add, physics, statistics, and evolution, as extra beneficial topics that compliment.
For example, evolution and economics are nearly identical mechanisms.
Many people think that means a dog eat dog economy, but that misses the comparison, you're not the dog in that analogy, you're the mitochondria, the companies are the dogs.
An ecosystem is an economy of energy.
Regulation of an ecosystem is eugenics, regulation of an economy as well, with similar unintended consequences.
Except mitochondria don't have consciousness and preferences, and people do, which is how they form their ethics.
98% of people do not invest responsibly or save properly for old age, that's a fact. That is why we have social security, to keep older Americans from being totally destitute and homeless. The average social security payment is about $1,400 per month, not that high figure you stated.
Excellent video
"Women live longer likely cause we do the heavy lifting…" channel getting demonatized in 3,2,1… hahaha kudos, you totally right Connor
Understand the points, and all are valid- but I think the point of social security is there to be something for retirees if all else fails and not to leave people out with nothing potentially.
the average life expectancy and the average time you get to collect are two very different types of averages
one is more solid the other is extremely variable
as time goes on, technology to keep people alive who work hard to take care of their lives with healthy lifestyles are going to have very different life expediencies
some of us plan to live to be 120 years old. social security looks great for people who pay their dues in taking care of their life.
what is the alternative to keep our capitalist system working and not go to full socialism?
the stock market is a full blown ponzi scheme. you make jack shit as a share holder if liquidity goes away. entirely dependent always on a new bagholder.
I'm finding more and more reasons to leave the US
People think I'm crazy not maxing out IRA & 401k. I don't want to wait till I'm old to have access to my money plus its money that is worth wayyyyy less if I didn't put it elsewhere
This is definitely an eye opener. You're a smart dude. Kudos.
I agree. My forced contributions to SS are gone. That money was spent. So, if and when I start receiving SS it will be someone else's money. I will be receiving stolen property.
This is ridiculous, you need to educate yourself. It would only be a Ponzi if the future workers would stop working I do not know how that can happen. 50% of Americans do not have $400 in savings but you assume they can save $250 a month? SS is a guaranteed way for seniors to have an income. People will take saved or invested money for emergencies all the time. Then what? Why do you think taxes are taken away before the person sees them? Different priories. Young people are not interested in 401k savings. Just being real.
Thank you for this video. There's too many people who aren't educated on this subject.
Great video, thank you for the information.
Great vid! Good information
So, does being self-employed get you out of that scheme?
Sure they could. Just print more fiat …