Stan Roberts’ Post

👀 MUST READ POST - THEY'RE GUARANTEEING YOU'LL LOSE MONEY 👀 Did anyone see the Fauci and Garland testimonies on the Hill this week? While news headlines focused on Fauci and Garland, a critical Social Security testimony before the House Ways and Means Committee went unnoticed – and it’s something every American worker and retiree needs to hear. THIS MEANS YOU! Social Security is a critical program that directly impacts the lives of nearly all working Americans and retirees. The system is funded by contributions from workers (<insert your name here>), and those contributions are used to pay benefits to current retirees. However, during the committee meeting the Chief Actuary of Social Security plainly stated that Social Security's key trust fund will be fully depleted sometime between April and November of 2033, less than a decade from now. In nine years, when the trust fund is depleted, the Chief Actuary warned that retiree benefits will be cut by over 20%. This drastic reduction will be necessary because payroll tax revenue will be the sole remaining funding source for benefits at that time. We aren't statisticians at Ingram Capital, but when the head statistician of Social Security says that we're all guaranteed to lose money with lower benefits or higher taxes (probably both), we pay close attention. Ingram Capital exists to help you passively invest in real estate in order to create the life you dream about. We cannot fix Social Security, but we can help you enjoy more financial well-being in your life. Join our investor tribe today and we'll be happy to show you how! https://lnkd.in/gz7P9cHb Bryant Dawson Billy Helvey Morgan Ehrenzeller Read the SSA report: https://lnkd.in/gwSU_KwE

𝐏𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐒𝐡𝐨𝐫𝐭𝐟𝐚𝐥𝐥 "𝑨𝒕 𝑻𝒉𝒆 𝑴𝒐𝒏𝒆𝒚" A dual-income couple with medium income could lose $16,500 annually starting in 2033 if, as projected, the Social Security Old-Age and Survivors Insurance (OASI) trust fund is depleted by 2033. A typical single-income couple would face a $12,400 nominal reduction in annual benefits. A dual-income couple with high lifetime earnings would see a loss of $21,800 a year. By law, the Trust Fund's depletion would call for a 21% across-the-board reduction in annual benefits. (A dual-income couple with medium income could lose $16,500 annually starting in 2033 if, as projected, the Social Security Old-Age and Survivors Insurance (OASI) trust fund is depleted by 2033. A typical single-income couple would face a $12,400 nominal reduction in annual benefits. A dual-income couple with high lifetime earnings would see a loss of $21,800 a year. By law, the Trust Fund's depletion would call for a 21% across-the-board reduction in annual benefits. (https://lnkd.in/dBY_nbKt ) as previously reported by the Social Security Trustees and Congressional Budget Office (CBO) Contact me to strategize an income gap plan. Hope it doesn't happen? This is not a plan.

The question everyone has: Will Social Security be around for you? For most Americans, #SocialSecurity has represented nothing more than some unavoidable payroll deduction with the positively cryptic initials of "FICA" and "OASDI" (Federal Insurance Contributions Act and Old Age, Survivors and Disability Insurance). It hinted at a future that seemed both intangible and far away. Yet, some Americans now sit on the cusp of drawing on the promise that was made with those payments. Read this → https://lnkd.in/ej3g_bk2

Lots of discussion surrounding the viability of social security. The following post from Susan Rupe in InsuranceNewsNet takes a deep dive into this discussion. She writes: A stronger economy is good news for the Social Security program. Increases in the projected level of labor productivity and employment, combined with a continued drop in worker disability led to the projected date of the Social Security trust fund’s depletion being moved back a bit – from April 2033 to November 2033. If the trust fund is depleted, retirees would still receive approximately 76% of their benefits. What’s behind the most recent annual report of the Social Security Old-Age, Survivors and Disability Insurance Program’s trustees to Congress? Two actuaries from the Social Security Administration provided some answers during a recent webinar by the American Academy of Actuaries. The trustees have presented a report to Congress every year since 1941. This year’s report contains three main differences, said Stephen Goss, Social Security Administration chief actuary. Details of the report are here: https://lnkd.in/gVwra38U #socialsecurity #employeebenefits #hr #retirement

In an era where the value of social safety nets is often debated, one thing remains crystal clear: Social Security and Medicare are not mere handouts or entitlements. They are pillars of societal support, designed to ensure dignity, security, and stability for our aging population. It's time to dispel misconceptions and vigorously defend the expansion of these vital programs. First and foremost, let's address the misnomer of entitlements. Social Security is not a giveaway; it's an annuity earned through years of hard work and contributions. Similarly, Medicare operates as an insurance plan, providing essential healthcare coverage for seniors who have paid into the system throughout their working lives. These programs are not gifts from the government; they are earned benefits that Americans rightfully deserve. Moreover, it's crucial to recognize the fundamental principle of insurance: risk pooling. Just like any insurance plan, Social Security and Medicare rely on the contributions of many to support the needs of the few. Some individuals may pay more into the system than they receive in benefits, while others may require more assistance than they contribute. This is the essence of solidarity and mutual support, ensuring that no one is left behind in times of need. Contrary to the rhetoric espoused by some, the push to cut or dismantle these programs is not only shortsighted but also morally bankrupt. Allowing our elderly population to struggle with inadequate support goes against the values of compassion and decency that define us as a society. It's not just about dollars and cents; it's about human dignity and respect for our elders. Furthermore, let's look beyond our borders and learn from other civilized societies. Nations around the world recognize the importance of caring for their older citizens, understanding that a society's greatness is measured by how it treats its most vulnerable members. It's time for the United States to follow suit and prioritize the well-being of our seniors. Now, more than ever, there is a concerted effort to undermine Social Security and Medicare under the guise of fiscal responsibility. But we must see through the thinly veiled attempts to strip away these crucial lifelines. Instead of retreating, we must advance. We must demand not only the preservation but the expansion of these programs to meet the evolving needs of our aging population. There is strength in our numbers, and together, we have the power to shape the future we want to see. Let us stand united in defense of Social Security and Medicare, advocating for increased benefits that reflect the dignity and worth of every American senior. It's not just a matter of policy; it's a matter of principle. And on this, there can be no compromise.

"Eleven years. That’s all that’s left until the combined Social Security accounts — the Old-Age and Survivors Insurance Trust Fund and the Disability Insurance Trust Fund — are likely to run out of money and can no longer pay full scheduled benefits, according to the latest report of the Social Security trustees. "I don’t worry too much that the checks won’t go out after the projected 2035 exhaustion of the funds, which though legally separate are often regarded as a single pool of money. Current beneficiaries wouldn’t stand for it, and neither would their children. (Even with no fix at all — highly unlikely — incoming payroll taxes would cover 83 percent of scheduled benefits.) "I support benefit cuts, although not for everyone. Lower-income Americans should be spared. If anything, their benefits need to go up. People 55 and older should also be spared, since they’re either retired or close to it, so they can’t offset any reductions by working and saving more. "But upper-income Americans of working age are going to have to get used to the idea that Social Security will be less generous than they expected. They will need to stuff more money into their 401(k)s and maybe delay their retirement by a few years. "Biggs is actually optimistic. He argued in a recent essay for The Wall Street Journal that a vast majority of retirees are doing OK and it wouldn’t be expensive to put a safety net under those who aren’t. A Census Bureau report that drew on data about pension plans and other records found that the share of older people in poverty fell to 6.9 percent in 2012 from 9.7 percent in 1990, lower than the official poverty figures. "Only 3 percent of respondents who were 65 to 74 between 2019 and 2022 said they were “finding it difficult to get by,” and an additional 12 percent said they were “just getting by,” according to the Federal Reserve’s Survey of Household Economics and Decision Making. The problem is concentrated, naturally, among those with the least savings. Among people of that age with less than $10,000 in savings, 12 percent said it was difficult to get by, and 30 percent said they were just getting by, Biggs calculated."   

𝐃𝐨 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚 𝐏𝐏𝐒 𝐧𝐮𝐦𝐛𝐞𝐫 𝐞𝐧𝐝𝐢𝐧𝐠 𝐢𝐧 '𝐖' 𝐨𝐫 𝐝𝐨 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰 𝐬𝐨𝐦𝐞𝐨𝐧𝐞 𝐰𝐡𝐨 𝐡𝐚𝐬 𝐚 𝐏𝐏𝐒 𝐧𝐮𝐦𝐛𝐞𝐫 𝐞𝐧𝐝𝐢𝐧𝐠 𝐢𝐧 '𝐖'? If so, please be aware of the following information. In Ireland, your personal public services number (PPS), which was previously known as your PRSI number (Pay Related Social Insurance), is normally issued using a format of 7 numbers followed by either 1 or 2 letters, eg. 1234567A. Since 2000, every child born in Ireland is now automatically issued a PPS number at birth. This number is used by the Revenue Commissioners in order to deduct taxes from you and also the Department of Social Protection, to identify you, keep record of PRSI contributions made by you, and also to pay out social benefits such as State Pension. However, before 2000, the system worked differently for married women. When a woman married, her original PPS number would be changed to the PPS belonging to her husband, but with the letter 'W' at the end. Even though the Department of Social Protection started to phase out this practice of differentiating PPS numbers based on gender and marital status in 2000, any women who were issued PPS numbers ending in "W" before 2000 were allowed to keep their numbers without needing to change them. 𝗧𝗵𝗲𝘀𝗲 '𝗪' 𝗣𝗣𝗦 𝗻𝘂𝗺𝗯𝗲𝗿𝘀 𝗿𝗲𝗺𝗮𝗶𝗻 𝘃𝗮𝗹𝗶𝗱 𝗮𝗻𝗱 𝗳𝘂𝗻𝗰𝘁𝗶𝗼𝗻𝗮𝗹 𝘁𝗼𝗱𝗮𝘆, 𝗯𝘂𝘁 𝗰𝗮𝗻 𝗰𝗮𝘂𝘀𝗲 𝗽𝗿𝗼𝗯𝗹𝗲𝗺𝘀 𝗳𝗼𝗿 𝘁𝗵𝗲𝘀𝗲 𝘄𝗼𝗺𝗲𝗻 𝗮𝗰𝗰𝗲𝘀𝘀𝗶𝗻𝗴 𝘀𝗼𝗺𝗲 𝗽𝘂𝗯𝗹𝗶𝗰 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀. As I have recently discovered, when representing a female client who had worked for most of her adult life, and when she retired, claimed her State pension, obtained her medical card and travel pass - all using her PPS number ending in 'W'. Only then to find herself suddenly unable to access particular public services with this long established PPS number, and being forced into applying for a new number at a time when she was struggling to deal with the recent loss of her husband. A time when she could have done without the extra stress of having to apply for a new PPS number and notify all the relevant authorities about the change. And so I would like to draw attention to these issues, so that the women of Ireland, who currently do use a PPS number ending in 'W' can choose to apply for a new PPS number ahead of time, if they wish. In order to avoid stress and anxiety in the future. For more information on these potential issues, and also information on how to get started on applying for a new PPS number:

Just in - the latest Social Security Administration Trustees Report was released. The report says the Disability Insurance (DI) and Old-Age and Survivors Insurance (OASI) Trust Funds will remain stable for another year. This is good news because Social Security Disability Insurance (SSDI) benefits will continue to be fully paid until 2098. Read the release: https://lnkd.in/gqgSVVWN The report notes that while the DI Fund is stable, the OASI Fund could run out of money by 2033. It urges action to protect these important programs. TJ Geist, Principal Advocate at Allsup called out these key points: - Rising wages and low unemployment have improved the financial outlook. - The disability rate for U.S. workers has dropped from 4.8 to 4.5 per thousand, strengthening the DI Fund. - Disability applications are expected to increase, but not as quickly as predicted. The DI Fund's stability shows the importance of good management and demographic trends. … Allsup is the first, the oldest and the most experienced SSDI assistance company in America, having helped over 400,000 get approved in more than 40 years. For Expert SSDI Representation: Call 800-678-3276 or https://lnkd.in/gvWWbsYY #SocialSecurity #Retirement #DisabilityRepresentation #SocialSecurityDisability #ApplyForSSDI #SSDI #AllsupSSDI

𝗧𝗵𝗲 𝗕𝗮𝗱 𝗡𝗲𝘄𝘀: 𝗠𝗲𝗱𝗶𝗰𝗮𝗿𝗲 𝗮𝗻𝗱 𝗦𝗼𝗰𝗶𝗮𝗹 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗔𝗿𝗲 𝗦𝘁𝗶𝗹𝗹 𝗚𝗼𝗶𝗻𝗴 𝗕𝗿𝗼𝗸𝗲; 𝗧𝗵𝗲 𝗚𝗼𝗼𝗱 𝗡𝗲𝘄𝘀: 𝗧𝗵𝗲𝘆’𝗿𝗲 𝗚𝗼𝗶𝗻𝗴 𝗕𝗿𝗼𝗸𝗲 𝗔 𝗟𝗶𝘁𝘁𝗹𝗲 𝗕𝗶𝘁 𝗦𝗹𝗼𝘄𝗲𝗿 The Social Security Administration (SSA) released its annual Medicare Trustees’ Report (the Report), earlier this month. The Report states that due to an improving economy, the Medicare and Social Security programs will run out of money later than last year’s annual report estimated. Still, the Report warns that both of these programs need to make policy changes if they are going to continue to be able to pay Americans the full benefits they have earned. 𝗠𝗲𝗱𝗶𝗰𝗮𝗿𝗲 is the federal health insurance program for people age 65+, and people under age 65 with certain severe disabilities and health conditions. In 2023, Medicare insured over 66 million people. Medicare was previously estimated to be out of money in 2031; the Report extends that date to 2036. It says this is due partly to higher payroll tax income collected in 2023, along with lower expenses than were anticipated. However, once Medicare’s trust fund reserves are gone, it will only be able to pay for 89% of fully insured Americans’ hospital visits, hospice care, nursing home stays, and in-home healthcare visits after their hospital stays. The 𝗦𝗼𝗰𝗶𝗮𝗹 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝘆 trust fund, which covers people age 62+ and those who are disabled, was originally calculated to run out of money in 2034; but the Report pushes that date to 2035. Once Social Security’s trust fund reserves run out, it will only be able to pay fully insured Americans 83% of the benefits they earned. Social Security Commissioner Martin O’Malley called the Report, “a measure of good news.” In fairness, he also said, “Congress still needs to act in order to avoid what is now forecast to be, in absence of their action, a 17% cut to people’s Social Security benefits.” Right now, approximately 71 million Americans receive Social Security benefits. The Congressional Budget Office says the reason our national debt keeps growing in relation to our GDP (gross domestic product) is that interest costs and spending for Medicare and Social Security are increasing because the average American lives longer. The Report projects Medicare income to be higher in 2024 than in 2023 because more workers are covered. Also, so far in 2024, average wages are higher, and expenses are lower. However, the decrease in expenses is mainly due to a change in the way Medicare Advantage healthcare plan rates are reported, together with reduced spending on inpatient hospital care and home health agency services. So, unfortunately, no matter how The Report tries to spin it, the bad news is that Medicare and Social Security are still going broke; they’re just going broke a bit more slowly.

New Post: Trump suggests he’s open to cuts to Medicare and Social Security after attacking primary rivals over the issue -CNN  —  Former President Donald Trump on Monday suggested he was open to making cuts to Social Security and Medicare after opposing touching the entitlement programs and attacking his GOP presidential primary rivals over the issue. Trump was asked in an interview with CNBC whether he had changed his outlook on how to handle entitlement... CNN  —  Former President Donald Trump on Monday suggested he was open to making cuts to Social Security and Medicare after opposing touching the entitlement programs and attacking his GOP presidential primary rivals over the issue. Trump was asked in an interview with CNBC whether he had changed his outlook on how to handle entitlement programs like Social Security, Medicare and Medicaid in order to tackle the national debt. “There is a lot you can do in terms of entitlements, in terms of cutting and in terms of also the theft and the bad management of entitlements,” Trump said on CNBC’s “Squawk Box.” He added: “There’s tremendous amounts of things and numbers of things you can do.” Following the interview, President Joe Biden responded to a clip his campaign made of Trump’s comments: “Not on my watch.” Trump campaign spokeswoman Karoline Leavitt later told CNN that Trump was “clearly talking about cutting waste, not entitlements.” “President Trump delivered on his promise to protect Social Security and Medicare in his first term, and President Trump will continue to strongly protect Social Security and Medicare in his second term,” said Leavitt, who argued: “The only candidate who poses a threat to Social Security and Medicare is Joe Biden.” “By unleashing American energy, slashing job-killing regulations, and adopting pro-growth America First tax and trade policies, President Trump will quickly rebuild the greatest economy in history and put Social Security and Medicare on a stronger footing for generations to come,” Leavitt said. When Trump was president, his administration’s budget proposals included spending cuts to Social Security, primarily by targeting disability benefits, and Medicare, largely by reducing provider payments. Trump also signaled in an interview with CNBC in 2020 that he was open to cutting federal entitlements to reduce the federal deficit. But Trump has vowed repeatedly on the campaign trail this election cycle to “always defend Medicare and