Your Social Security Check May Shrink After 2032

Watch the Video

Transcript:

[00:00:00] Doug McIntyre: People ask if Social Security runs outta money in 2032, which is, that’s what the Social Security Administration says most actuarials experts say. That’s true. What happens to me if I am taking Social Security? Rule of thumb, you’ll get between 75 and 80% of what you’re going to be paid that year.

[00:00:26] Doug McIntyre: If it’s 2035 and you were gonna get $2,000, figure that it’s gonna be 80%, and people say, well, it’s going away. It’s not going away. No, it’s not. I don’t know why people put it that way, social security is not going out of business. Social Security is not running out of money. No. It’s running out of the capacity to pay people who are eligible.

[00:00:48] Lee Jackson: A hundred percent correct.

[00:00:50] Doug McIntyre: So if you’re doing financial planning and you’re going out that far, which really isn’t that many years, you’re talking about seven years, if you’re at the young end of Social Security recipients you, I mean, you may be getting Social Security for a long time, so. When you’re down doing your financial planning, talking to your financial planner, make sure that you take that haircut in your planning.

[00:01:15] Doug McIntyre: ‘Cause if Congress doesn’t act, you are gonna get nicked. You’re gonna get nicked for a lot of reasons. One of ’em is the number of people coming into the workforce now as low.

[00:01:25] Lee Jackson: And the number of people coming onto social security is growing,

[00:01:29] Doug McIntyre: is growing. So what you’ve got is you’ve got, when I was young, you had gazillions of people putting money in.

[00:01:35] Doug McIntyre: Oh yeah. And very few people over 65 or 70 that’s now flipped. Yep. It’s really flipped. So listen, it’s nice to know the reason, but what’s important for everybody to know is how much money, if I were you, I would use the number 80%. If you want to be