Boomers, Benefits & the Budget: What’s Next for Social Security?

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Welcome to Something More with Chris Boyd.

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Chris Boyd is a certified financial planner practitioner

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and senior vice president financial advisor at Wealth

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Enhancement Group, one of the nation's largest registered

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investment advisors.

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We call it Something More because we'd like

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to talk not only about those important dollar

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and cents issues, but also the quality of

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life issues that make the money matters matter.

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Here he is, your fulfillment facilitator, your partner

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in prosperity, advising clients on Cape Cod and

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across the country.

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Here's your host, Jay Christopher Boyd.

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Welcome, everybody.

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Thanks for being with us for another episode

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of Something More with Chris Boyd.

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And I'm here again with Jeff Perry, of

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course.

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Both of us are from the AMR team

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at Wealth Enhancement.

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Our guest is returning guest Marcia Mantel, our

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one of our social security experts is a

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fabulous guest.

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You can find more about her at Mantelretirementconsulting

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.com.

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And you come back to us from time

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to time to give us updates and always

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a wealth of information.

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So thank you for being here, Marcia.

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We're glad to see you.

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Thank you, Chris and Jeff.

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Thanks for inviting me back.

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You know, I love to talk to you

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guys.

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Writing any new books?

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I know you're an author many times over.

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Thank you.

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Actually, I am updating, if you can believe

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it, my social security book.

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Perfect timing.

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There have been a few changes over the

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last year or so.

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A couple.

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Well, that's probably a great place to start.

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But what is the social security book?

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And people can be on the lookout for

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it.

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When do you think it'll be updated?

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I think by the end of August, and

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then it should be out by October.

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Excellent.

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I'm moving quickly on that book.

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Yeah, I'm excited about that.

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I have a new title.

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I'm quite sure I'm going to be calling

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it Social Security, Slightly Burned, Not Scorched.

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That title coming.

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All right, perfect.

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Well, things have been changing.

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And that's a good place for us to

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start.

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We saw before the change in administrations, the

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Social Security Fairness Act passed with surprising bipartisan

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support.

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It was one of these things where it

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seems like it kind of took us by

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surprise that, hey, they actually got this done.

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Oh, it's always had bipartisan support, but it's

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always died.

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It never made it across the finish line.

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Yeah, yeah.

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But I mean, it's one of these things

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where like suddenly they actually did that.

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You know, there's been a lot of rhetoric

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for you.

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Anyway, tell us a little about what that

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did.

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Sure.

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And you're both right.

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I mean, it was quite a surprise because

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it hadn't been teed up like this was

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a big hot thing.

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And all of a sudden, Social Security Fairness

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Act passes House, then the Senate in November,

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December, and then President Biden signs it into

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law in January.

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Not only was that a surprise, but the

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implementation of this Fairness Act, which I'll get

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into in a second, it was retroactive all

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the way back to January of twenty twenty

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four.

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So what was this thing, the surprise?

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It was for those Social Security beneficiaries who

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have a public pension.

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So we're talking about, you know, the teachers

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in Massachusetts and in other 15, 16 other

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states who have a pension or firefighters, police,

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your town workers, your state workers, they all

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have a public pension.

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And in nineteen eighty three and prior to

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that, nineteen seventy seven, there were parts of

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Social Security laws that said, you know what,

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if you're getting a public pension, you're going

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to get that first.

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But if you're also entitled to some Social

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Security, we're going to reduce that so that

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you don't have either a windfall if you're

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the worker, the windfall elimination provision, or if

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you're a spouse that you have a government

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pension offset.

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So as soon as those laws passed back

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in the day, the unions representing these workers

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sort of took arms up against it and

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said, hey, wait a minute, that's really not

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fair because these are workers.

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They're not just getting a pension and didn't

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contribute to Social Security.

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They have what I call that hybrid career.

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They worked in the public sector maybe 30

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or 35 years, and then they earned their

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Social Security benefits as well.

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But the Social Security benefits were really they

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took a big hit, a big cut if

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you had both provisions.

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So raising his hand as yeah, that's me.

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Oh, it is.

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Yes.

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So, you know, you were going to take

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a big it's not even a haircut, you

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know, a little trim.

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It was a buzz cut.

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Yeah.

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So this was, you know, there are different

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perspectives on it, right?

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There's part of the industry says, well, now

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it's not fair because people are now getting

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two pensions.

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Well, you get two pensions if you work

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in the private sector also, but you're paying

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into both.

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Well, you're also paying into both in the

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public sector.

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And then, you know, the other side of

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the coin is it is more fair and

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people who have truly earned these benefits paid

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into FICA should be entitled to those benefits.

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So it was unexpected, kind of exciting.

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And for me, what it was, was this

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harbinger of good things to come to shore

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up Social Security solvency.

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It's like, oh, look, Congress is working on

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it.

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All right.

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I wouldn't have picked that to start with,

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but that's all right.

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They've opened the patient.

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What do you know?

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We've got something.

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Exactly.

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Gee, and I looked at it like a

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gift from President Biden to all his labor

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buddies on the way out.

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Well, see, different perspectives, right?

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I mean, it's where I really appreciate it

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in particular for surviving spouses, particularly their women.

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Sure.

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That's right.

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And and their benefits, you know, many surviving

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spouses get zero because they had a pension.

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They were a teacher.

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They worked in town hall and they are

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just the way the math works, getting zero.

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So when your husband dies, he had been

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maybe bringing in two thousand dollars a month

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or twenty five hundred.

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That's gone from your household budget.

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And now these women were left with a

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whole lot less.

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So there are parts of fairness.

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I will applaud these unions, the police and

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the fire, fire unions in particular.

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They have lobbied for 40 years to get

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this done.

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And I think that's why none of us

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thought it was going to happen, because it

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had reached that point before over and over.

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Right.

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Sitting there past one house or the other

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Senate and just laboring.

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Right.

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Pun, but sitting there and you're right.

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None of the lobbyists were expecting this because

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I get the newsletters and such.

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And no one was saying, here we go.

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It's right there.

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Right.

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Kind of given up again and said, we'll

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refile next year.

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Exactly.

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And particularly at this point, right, we already

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knew there was a new administration coming in.

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There was already a lot going on.

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This was not on anybody's radar.

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So Jeff and I have talked about this

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quite a bit and noticed that even though

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word is getting out there, there still can

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be people who have kind of tuned out

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to this because they had the experience where

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they were told at one time, oh, you're

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not going to get any benefit or it's

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not worth it to you to pursue this.

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Let's try to dispel that myth now.

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You know, if you are a public employee

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or have been a public employee at one

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time and are on a pension, thought you

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were not eligible for Social Security or maybe

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just it wasn't enough to be it was

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going to get chewed up somehow with the

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discounts of these different up and government offset.

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You know, maybe it's time to revisit that

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because you may be getting you likely will

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be getting a bigger benefit because you'll get

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your full Social Security benefits and it's it's

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worth the time to go deal with.

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Please check.

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Please check.

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Yes, I could not agree more.

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And especially for the disposal side, you know,

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when you did that, when one did the

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calculation and saw they were going to get

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zero, they never even filed.

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So the spouses aren't attached now in the

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Social Security records.

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So Social Security administration would not know that.

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Oh, you know, Marcia is entitled to this

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spousal benefit because she's not even in the

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system.

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So it doesn't take long to file an

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application.

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I mean, what's the worst that could happen?

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Right.

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It's like, oh, even if you're seventy five

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or something, you know, you haven't ever filed

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in the past now file or widow, especially

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for the widow.

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Right.

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Especially for the especially now if you're in

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that situation.

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What happens?

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Let's say you're you know, you never filed

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and does that person receive any of those

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back benefits or not?

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You know, I'm not 100 percent sure on

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that.

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I know that Social Security looks at each

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of those cases separately, you know, to see

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what you would have been entitled to.

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But if you hadn't already claimed, are they

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really paying you for?

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I don't think so.

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Yeah, I don't think so either.

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I don't think so either.

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But I'm not 100 percent sure.

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Better to get started.

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Then you don't get the back stuff.

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Get started.

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But the usual is if you haven't filed

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a timely, there is a six month retroactive

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period.

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So maybe they'll get a six month bonus.

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I'll call it a bigger check.

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But it's the going forward.

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I mean, it's just it's all good.

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And because, you know, social Medicare Part B

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premiums come directly out of your Social Security

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00:10:13,100 --> 00:10:15,800
check, even if it only covers your Part

277
00:10:15,800 --> 00:10:17,320
B premiums.

278
00:10:17,340 --> 00:10:19,560
Hey, that's money in your pocket, right?

279
00:10:19,620 --> 00:10:20,160
Right.

280
00:10:20,780 --> 00:10:23,340
And like you said, for a widow who,

281
00:10:23,400 --> 00:10:25,260
you know, may have in many cases been

282
00:10:25,260 --> 00:10:29,020
like excluded from their benefits.

283
00:10:29,400 --> 00:10:31,580
Again, it's it's not just on your own

284
00:10:31,580 --> 00:10:36,460
work experience, which may you may have your

285
00:10:36,460 --> 00:10:41,480
own private sector work experience, Social Security contributions.

286
00:10:41,760 --> 00:10:45,120
But if you've been married or are married,

287
00:10:45,180 --> 00:10:48,680
you could be getting benefits through as a

288
00:10:48,680 --> 00:10:52,280
spouse, whether it's to recover the as a

289
00:10:52,280 --> 00:10:52,520
widow.

290
00:10:52,520 --> 00:10:52,880
Right.

291
00:10:53,200 --> 00:10:55,680
And that's one sense or even a spousal

292
00:10:55,680 --> 00:10:55,960
benefit.

293
00:10:56,220 --> 00:11:00,040
Even if you didn't work in the public,

294
00:11:00,240 --> 00:11:02,900
sorry, private sector, you still might be eligible

295
00:11:02,900 --> 00:11:03,940
for Social Security benefits.

296
00:11:04,880 --> 00:11:06,540
These are all things that circumstances I'm just

297
00:11:06,540 --> 00:11:07,340
trying to elaborate.

298
00:11:08,180 --> 00:11:09,260
Go check it out.

299
00:11:09,540 --> 00:11:10,640
You check it out.

300
00:11:10,860 --> 00:11:12,220
Spouses as well.

301
00:11:13,180 --> 00:11:16,480
You know, if you're a qualifying divorce person,

302
00:11:16,660 --> 00:11:19,320
so largely you were married for 10 consecutive

303
00:11:19,320 --> 00:11:23,060
years or longer, you may well now qualify

304
00:11:23,060 --> 00:11:25,220
for a new benefit.

305
00:11:25,520 --> 00:11:27,340
And, you know, like I said, even if

306
00:11:27,340 --> 00:11:29,480
it's a small, small amount, one hundred, two

307
00:11:29,480 --> 00:11:32,340
hundred, three hundred dollars a month, I'll say

308
00:11:32,340 --> 00:11:33,300
yes to that.

309
00:11:33,340 --> 00:11:34,060
Why not?

310
00:11:34,400 --> 00:11:35,200
Yeah, right.

311
00:11:35,580 --> 00:11:37,760
Like, don't miss an opportunity.

312
00:11:38,080 --> 00:11:38,220
Yeah.

313
00:11:38,220 --> 00:11:39,680
For an hour of your time.

314
00:11:40,000 --> 00:11:40,200
Right.

315
00:11:40,340 --> 00:11:41,900
To go online and file.

316
00:11:42,260 --> 00:11:42,360
Right.

317
00:11:42,480 --> 00:11:42,720
Yes.

318
00:11:42,720 --> 00:11:46,940
OK, so we have this issue where we've

319
00:11:46,940 --> 00:11:51,180
had additional benefits being paid out.

320
00:11:51,740 --> 00:11:55,680
Surprisingly small relative to the whole of Social

321
00:11:55,680 --> 00:11:58,020
Security, but some consequence.

322
00:11:58,880 --> 00:12:01,780
We also had the one big, beautiful bill

323
00:12:01,780 --> 00:12:03,800
act that has passed.

324
00:12:04,660 --> 00:12:08,860
This also has some consequences as it relates

325
00:12:08,860 --> 00:12:11,060
to Social Security and Medicare.

326
00:12:13,140 --> 00:12:16,160
Can you elaborate a little bit on what's

327
00:12:16,160 --> 00:12:19,100
changed as it relates to this legislation?

328
00:12:19,380 --> 00:12:21,780
Not quite what the president was talking about

329
00:12:21,780 --> 00:12:22,400
on the trail.

330
00:12:22,720 --> 00:12:23,060
Right.

331
00:12:23,220 --> 00:12:24,360
On the campaign trail.

332
00:12:24,480 --> 00:12:25,960
And that's caused confusion, too.

333
00:12:26,100 --> 00:12:27,740
You know, you make these promises on the

334
00:12:27,740 --> 00:12:30,060
trail and then something passes and they associate

335
00:12:30,060 --> 00:12:31,000
it to the promise.

336
00:12:31,820 --> 00:12:34,140
Yeah, so it is.

337
00:12:34,280 --> 00:12:36,000
I think your word, the key word here

338
00:12:36,000 --> 00:12:36,640
is confusion.

339
00:12:37,040 --> 00:12:39,340
There is a lot of confusion about this.

340
00:12:39,340 --> 00:12:41,320
So let's set some of the records straight

341
00:12:41,320 --> 00:12:41,600
here.

342
00:12:42,320 --> 00:12:45,160
The first is the taxation.

343
00:12:45,340 --> 00:12:48,820
So Social Security benefits are taxable income when

344
00:12:48,820 --> 00:12:51,620
you have higher income in retirement.

345
00:12:53,280 --> 00:12:55,640
And there's a calculation to determine.

346
00:12:56,660 --> 00:12:56,760
Right.

347
00:12:56,860 --> 00:12:57,360
Right.

348
00:12:57,440 --> 00:13:00,760
You look at how much is taxable income.

349
00:13:01,040 --> 00:13:03,480
There's a formula to create combined income.

350
00:13:03,780 --> 00:13:06,240
And then some of your Social Security benefits

351
00:13:06,240 --> 00:13:08,980
would be taxable if you're above the thresholds

352
00:13:08,980 --> 00:13:11,760
and it's up to 85 percent.

353
00:13:12,080 --> 00:13:14,000
So you always get 15 percent that's not

354
00:13:14,000 --> 00:13:14,940
taxed anyway.

355
00:13:16,400 --> 00:13:19,900
But the big claim or the hope or

356
00:13:19,900 --> 00:13:23,500
the promise was that Social Security was no

357
00:13:23,500 --> 00:13:25,160
longer going to be taxable income.

358
00:13:25,240 --> 00:13:26,360
It was going to come off the front

359
00:13:26,360 --> 00:13:27,040
of the 1040.

360
00:13:27,500 --> 00:13:28,500
Well, it did not.

361
00:13:29,560 --> 00:13:31,600
In fact, it stayed exactly the same.

362
00:13:31,820 --> 00:13:35,300
The best we know today, the combined income

363
00:13:35,300 --> 00:13:37,120
calculation still stands.

364
00:13:37,120 --> 00:13:39,840
If you are married, filing jointly and you

365
00:13:39,840 --> 00:13:43,380
have income, combined income above forty four thousand

366
00:13:43,380 --> 00:13:46,620
dollars, up to 85 percent of your Social

367
00:13:46,620 --> 00:13:48,160
Security comes on to the front of the

368
00:13:48,160 --> 00:13:48,720
1040.

369
00:13:49,000 --> 00:13:52,160
It's taxable income at whatever your tax rate

370
00:13:52,160 --> 00:13:52,600
is.

371
00:13:52,940 --> 00:13:53,040
Right.

372
00:13:53,500 --> 00:13:54,680
Nothing's changed there.

373
00:13:55,220 --> 00:13:55,480
Right.

374
00:13:55,620 --> 00:13:57,700
So but there's a lot of confusion there

375
00:13:57,700 --> 00:13:59,880
because people, oh, my Social Security is no

376
00:13:59,880 --> 00:14:00,480
longer taxable.

377
00:14:01,020 --> 00:14:04,600
So in lieu of that, the one big,

378
00:14:04,840 --> 00:14:08,980
beautiful bill act, BBA or how many B's

379
00:14:08,980 --> 00:14:10,920
got to get enough in there?

380
00:14:11,160 --> 00:14:12,380
Three, three.

381
00:14:13,060 --> 00:14:19,220
So anyway, there is some effort to offset

382
00:14:19,220 --> 00:14:24,360
that income for people under a certain threshold

383
00:14:24,360 --> 00:14:27,380
sort of with this in mind.

384
00:14:27,380 --> 00:14:30,500
Is this essentially how they came to deal

385
00:14:30,500 --> 00:14:30,940
with that?

386
00:14:31,520 --> 00:14:34,440
Well, the administration is trying to tie two

387
00:14:34,440 --> 00:14:35,720
disparate things together.

388
00:14:36,440 --> 00:14:37,860
So what I will say in the big

389
00:14:37,860 --> 00:14:41,880
bill, there's some really good.

390
00:14:43,220 --> 00:14:46,660
Deductions now available to Americans who are 65

391
00:14:46,660 --> 00:14:49,620
and older, we couldn't care less what you're

392
00:14:49,620 --> 00:14:52,700
doing with Social Security, they are unrelated topics,

393
00:14:52,860 --> 00:14:53,100
right?

394
00:14:53,100 --> 00:14:56,440
But if you're 65 or older this year,

395
00:14:56,580 --> 00:14:59,880
2025 and for the next three years, twenty

396
00:14:59,880 --> 00:15:01,000
five, six, seven and eight.

397
00:15:01,080 --> 00:15:04,300
So it's a temporary it's a temporary window.

398
00:15:04,300 --> 00:15:05,360
It's a temporary fine.

399
00:15:05,800 --> 00:15:10,560
But it's six thousand dollar personal deduction that

400
00:15:10,560 --> 00:15:13,100
will be applied to your otherwise taxable income.

401
00:15:13,180 --> 00:15:14,700
So if your taxable income is one hundred

402
00:15:14,700 --> 00:15:18,140
thousand dollars and you meet the qualifications, you're

403
00:15:18,140 --> 00:15:21,880
over 65, 65 or older and you have.

404
00:15:22,560 --> 00:15:24,160
Well, one hundred thousand works if you're married,

405
00:15:24,220 --> 00:15:26,680
filing jointly, there's some upper thresholds here.

406
00:15:27,000 --> 00:15:27,140
Yeah.

407
00:15:27,360 --> 00:15:30,000
And you get six thousand dollars off of

408
00:15:30,000 --> 00:15:32,120
your taxable income obligation.

409
00:15:32,900 --> 00:15:34,140
That's great news.

410
00:15:34,360 --> 00:15:37,100
That is whether you're collecting Social Security or

411
00:15:37,100 --> 00:15:38,700
not has nothing to do with nothing.

412
00:15:39,000 --> 00:15:41,440
No, but I do think the motivation was,

413
00:15:41,580 --> 00:15:43,780
hey, we can't really tie this to Social

414
00:15:43,780 --> 00:15:44,120
Security.

415
00:15:44,240 --> 00:15:47,180
So here's another way we'll go about it.

416
00:15:47,600 --> 00:15:49,300
It is temporary, as you said.

417
00:15:49,610 --> 00:15:54,840
The standard deduction did get raised from fifteen

418
00:15:54,840 --> 00:15:57,980
thousand to fifteen thousand seven hundred and fifty.

419
00:15:58,440 --> 00:16:02,120
Then you add to this for everyone, for

420
00:16:02,120 --> 00:16:02,640
everyone.

421
00:16:03,310 --> 00:16:06,300
Then you do this for retirees or people

422
00:16:06,300 --> 00:16:10,580
age 65 and older for this window of

423
00:16:10,580 --> 00:16:10,940
time.

424
00:16:10,940 --> 00:16:14,320
As you said, there is an additional six

425
00:16:14,320 --> 00:16:20,000
thousand per person unless you are married, filing

426
00:16:20,000 --> 00:16:25,880
jointly and make in excess of one hundred

427
00:16:25,880 --> 00:16:27,140
and fifty thousand.

428
00:16:27,140 --> 00:16:32,760
It starts to phase out by two hundred

429
00:16:32,760 --> 00:16:33,960
and fifty thousand.

430
00:16:34,680 --> 00:16:37,800
Some sort of step down, I think.

431
00:16:38,420 --> 00:16:39,400
So that's essentially how it works.

432
00:16:39,740 --> 00:16:39,940
Yeah.

433
00:16:40,480 --> 00:16:44,700
And then there's some other complications where there's

434
00:16:44,700 --> 00:16:48,660
some additional like, I don't know, fifteen hundred

435
00:16:48,660 --> 00:16:50,060
dollars or somewhere in there.

436
00:16:50,660 --> 00:16:51,320
There's another.

437
00:16:51,800 --> 00:16:55,420
There's another 65 and older and blind.

438
00:16:56,020 --> 00:17:00,040
There's a different or larger deduction.

439
00:17:00,360 --> 00:17:00,580
Yeah.

440
00:17:00,600 --> 00:17:00,840
Or blind.

441
00:17:00,840 --> 00:17:03,000
Overall, the deduction increased.

442
00:17:03,599 --> 00:17:03,760
Yeah.

443
00:17:03,880 --> 00:17:05,440
So that's what it is.

444
00:17:05,520 --> 00:17:08,460
There's another sixteen hundred dollars.

445
00:17:09,680 --> 00:17:13,260
This what I'm looking at says that you're

446
00:17:13,260 --> 00:17:17,560
age 65 and older or blind is I

447
00:17:17,560 --> 00:17:18,599
don't know if it's and blind.

448
00:17:19,099 --> 00:17:23,400
Oh, I believe or or blind is correct.

449
00:17:23,540 --> 00:17:25,880
So if you're 50 and blind, you get

450
00:17:25,880 --> 00:17:28,840
an additional deduction on top of the standard

451
00:17:28,840 --> 00:17:29,420
deduction.

452
00:17:29,820 --> 00:17:30,000
Right.

453
00:17:30,180 --> 00:17:32,000
OK, of this thirty two hundred, if you're

454
00:17:32,000 --> 00:17:35,080
filing jointly, sixteen hundred if you're individual.

455
00:17:35,360 --> 00:17:35,720
Yeah.

456
00:17:36,720 --> 00:17:38,320
Anyway, guess what?

457
00:17:38,400 --> 00:17:39,160
It's complicated.

458
00:17:39,900 --> 00:17:43,340
But there's there's a lot more deduction, standard

459
00:17:43,340 --> 00:17:48,700
deduction type opportunities with favorable for everyone.

460
00:17:48,920 --> 00:17:49,240
Right.

461
00:17:49,400 --> 00:17:49,580
Right.

462
00:17:49,620 --> 00:17:52,140
I mean, if you're my kids, you're doing

463
00:17:52,140 --> 00:17:53,240
itemized deductions.

464
00:17:54,120 --> 00:17:57,100
Well, the the if you do itemized deductions,

465
00:17:57,100 --> 00:18:00,440
that's one lane, except if you're now 65

466
00:18:00,440 --> 00:18:03,760
and older, even if you itemize, I believe

467
00:18:03,760 --> 00:18:06,340
you also still get that six thousand dollars

468
00:18:06,340 --> 00:18:08,780
because it's called a personal deduction.

469
00:18:09,180 --> 00:18:11,960
It doesn't work quite like the standard deduction.

470
00:18:12,860 --> 00:18:15,920
So you either do standard or itemized and

471
00:18:15,920 --> 00:18:18,580
then you get another below the line, you

472
00:18:18,580 --> 00:18:21,280
know, deduction, write off offset, whatever you want

473
00:18:21,280 --> 00:18:21,880
to call it.

474
00:18:21,960 --> 00:18:22,820
Either way.

475
00:18:23,060 --> 00:18:23,720
Either way.

476
00:18:23,800 --> 00:18:23,960
Right.

477
00:18:24,120 --> 00:18:24,280
Yeah.

478
00:18:24,620 --> 00:18:25,940
So, yes, you're right.

479
00:18:26,000 --> 00:18:27,340
You're complicated.

480
00:18:27,840 --> 00:18:28,080
Right.

481
00:18:28,260 --> 00:18:30,920
And and yet it is good news for

482
00:18:30,920 --> 00:18:32,340
individual taxpayers.

483
00:18:32,930 --> 00:18:36,040
Again, it's really nothing directly to do with

484
00:18:36,040 --> 00:18:39,040
eliminating taxation of Social Security benefits.

485
00:18:39,280 --> 00:18:40,700
So keep them separate.

486
00:18:41,020 --> 00:18:44,480
But there is a big implication to the

487
00:18:44,480 --> 00:18:48,420
Social Security funding and that the chief actuary

488
00:18:48,420 --> 00:18:51,780
just published, just sent two letters to two

489
00:18:51,780 --> 00:18:54,220
senators yesterday or two days ago.

490
00:18:54,440 --> 00:18:56,680
They wanted to know what is the implication?

491
00:18:56,860 --> 00:18:59,700
As we know, the big bill today, what

492
00:18:59,700 --> 00:19:01,560
is the implication on Social Security?

493
00:19:01,980 --> 00:19:05,060
So what she wrote, Karen Glenn is the

494
00:19:05,060 --> 00:19:06,780
chief actuary of Social Security.

495
00:19:06,900 --> 00:19:09,120
She's just this amazing woman, I'll tell you.

496
00:19:10,820 --> 00:19:14,560
The result is the reserve account will be

497
00:19:14,560 --> 00:19:20,280
depleted even sooner than the trustee's report forecasted

498
00:19:20,280 --> 00:19:22,120
back a month or two ago.

499
00:19:22,640 --> 00:19:24,700
And so we're moving due to the weapon

500
00:19:24,700 --> 00:19:26,160
GPO situation.

501
00:19:26,160 --> 00:19:28,820
We moved from the end of twenty thirty

502
00:19:28,820 --> 00:19:29,340
three.

503
00:19:29,680 --> 00:19:32,120
This is for OSI, just your old age

504
00:19:32,120 --> 00:19:35,860
and survivors benefit, not the disability, just the

505
00:19:35,860 --> 00:19:36,720
retirement.

506
00:19:36,780 --> 00:19:39,220
So we go from Q4 of twenty thirty

507
00:19:39,220 --> 00:19:42,480
three, then weapon GPO Fairness Act come in

508
00:19:42,480 --> 00:19:44,940
and we move to Q1 of twenty thirty

509
00:19:44,940 --> 00:19:45,400
three.

510
00:19:45,880 --> 00:19:49,740
Now, with the both the tax rates being

511
00:19:49,740 --> 00:19:54,100
lower, we've now made permanent the twenty seventeen

512
00:19:54,100 --> 00:19:55,760
tax cut job act.

513
00:19:56,160 --> 00:19:59,180
So our overall rates are lower and we

514
00:19:59,180 --> 00:20:03,400
have these additional deductions which will lower the

515
00:20:03,400 --> 00:20:07,700
tax lane, the revenue lane coming into Social

516
00:20:07,700 --> 00:20:08,260
Security.

517
00:20:08,680 --> 00:20:12,080
And now they're estimating that instead of Q1,

518
00:20:12,500 --> 00:20:14,900
twenty thirty three for the reserve depletion, it

519
00:20:14,900 --> 00:20:17,360
will be Q4, twenty thirty two.

520
00:20:18,640 --> 00:20:21,700
So now we're moving into twenty thirty two.

521
00:20:21,700 --> 00:20:24,420
And just one more quick thing, they haven't

522
00:20:24,420 --> 00:20:28,040
yet even factored in the net negative immigration

523
00:20:28,040 --> 00:20:31,100
and the loss of jobs and more early

524
00:20:31,100 --> 00:20:31,700
retirements.

525
00:20:32,400 --> 00:20:35,840
So payroll tax collection overall.

526
00:20:36,700 --> 00:20:38,780
It looks to me like it's going to

527
00:20:38,780 --> 00:20:40,360
be less than it has been.

528
00:20:40,360 --> 00:20:42,420
So we have all these lots of small

529
00:20:42,420 --> 00:20:48,200
things peppering the Social Security fundedness and it's

530
00:20:48,200 --> 00:20:50,520
going to the reserve account will be depleted

531
00:20:50,520 --> 00:20:52,860
sooner than projected.

532
00:20:54,300 --> 00:20:56,580
We've talked about this before, but it's worth

533
00:20:56,580 --> 00:20:57,400
reiterating.

534
00:20:57,660 --> 00:20:59,860
Would you elaborate on what that means?

535
00:21:00,080 --> 00:21:02,560
It does not mean that Social Security benefits

536
00:21:02,560 --> 00:21:03,760
would not be paid.

537
00:21:04,440 --> 00:21:05,640
What does it mean?

538
00:21:06,440 --> 00:21:07,200
You're exactly right.

539
00:21:07,240 --> 00:21:08,460
And thank you for bringing that up.

540
00:21:08,460 --> 00:21:11,640
Not only does it not mean Social Security

541
00:21:11,640 --> 00:21:14,320
benefits won't be paid, but it also doesn't

542
00:21:14,320 --> 00:21:15,680
mean Social Security is going bankrupt.

543
00:21:16,200 --> 00:21:19,500
So there's no bankruptcy related to Social Security.

544
00:21:19,920 --> 00:21:23,200
All it means is we have a rainy

545
00:21:23,200 --> 00:21:26,400
day fund within the Social Security trust fund.

546
00:21:26,480 --> 00:21:27,760
It's a savings account.

547
00:21:27,920 --> 00:21:30,180
It was the surpluses over the years that

548
00:21:30,180 --> 00:21:31,420
built up over time.

549
00:21:32,260 --> 00:21:35,120
And that surplus bucket of the rainy day

550
00:21:35,120 --> 00:21:38,540
fund is now being used to pay out

551
00:21:38,540 --> 00:21:41,380
100 percent of the earned benefits to all

552
00:21:41,380 --> 00:21:44,760
of our beneficiaries, everyone who's collecting Social Security.

553
00:21:45,360 --> 00:21:48,740
So you're getting a combined payment.

554
00:21:48,980 --> 00:21:49,900
You just don't know it.

555
00:21:50,160 --> 00:21:53,500
You're getting payroll taxes like paid out to

556
00:21:53,500 --> 00:21:56,260
you and to true up to give you

557
00:21:56,260 --> 00:21:58,960
100 percent of your benefit amount.

558
00:21:59,000 --> 00:22:01,240
We're dipping into the savings account.

559
00:22:02,000 --> 00:22:05,580
Well, by 2032, that savings account will run

560
00:22:05,580 --> 00:22:08,520
dry, but payroll taxes continue.

561
00:22:08,760 --> 00:22:11,220
If we have workers, we have payroll taxes.

562
00:22:11,420 --> 00:22:12,640
I mean, it's kind of that simple.

563
00:22:13,240 --> 00:22:16,240
So right now, the estimate is you would

564
00:22:16,240 --> 00:22:22,100
be paid about 78 to 80 percent of

565
00:22:22,100 --> 00:22:23,240
your benefit amount.

566
00:22:23,740 --> 00:22:23,980
Right.

567
00:22:24,320 --> 00:22:26,580
So you still get a check, a deposit

568
00:22:26,580 --> 00:22:27,400
every month.

569
00:22:27,400 --> 00:22:30,440
The checks are going away and you still

570
00:22:30,440 --> 00:22:31,220
get benefits.

571
00:22:31,820 --> 00:22:35,300
But if Congress fails to take action, you

572
00:22:35,300 --> 00:22:37,960
will get less starting sometime in 2032.

573
00:22:38,880 --> 00:22:42,900
And this date and amount is subject to

574
00:22:42,900 --> 00:22:46,380
change based on a couple of things.

575
00:22:46,460 --> 00:22:46,700
Right.

576
00:22:46,740 --> 00:22:49,780
If we have a booming economy, we have

577
00:22:49,780 --> 00:22:50,480
more payroll.

578
00:22:51,360 --> 00:22:55,420
We have more payroll tax, essentially the FICA

579
00:22:55,420 --> 00:22:59,980
tax that would help that percentage or timeline

580
00:22:59,980 --> 00:23:01,700
when it comes to if we have a

581
00:23:01,700 --> 00:23:05,280
recession and there's more people laid off and

582
00:23:05,280 --> 00:23:10,060
less payroll being paid, these dates and amounts

583
00:23:10,060 --> 00:23:12,660
could go sooner and lower.

584
00:23:12,980 --> 00:23:13,080
Right.

585
00:23:13,160 --> 00:23:16,860
So there's some variation in this that it's

586
00:23:16,860 --> 00:23:19,160
not an exact date and time that we

587
00:23:19,160 --> 00:23:20,460
can say, oh, that's the date.

588
00:23:20,460 --> 00:23:26,640
However, we know that there's plenty of time

589
00:23:26,640 --> 00:23:29,900
to do something about it and that it's

590
00:23:29,900 --> 00:23:31,760
very likely that nothing will get done until

591
00:23:31,760 --> 00:23:32,420
the last minute.

592
00:23:33,900 --> 00:23:35,340
I completely concur.

593
00:23:36,360 --> 00:23:39,260
So so should we run out and claim

594
00:23:39,260 --> 00:23:40,340
our Social Security?

595
00:23:40,900 --> 00:23:42,280
Oh, that is a common question.

596
00:23:42,420 --> 00:23:43,160
Clients ask.

597
00:23:43,160 --> 00:23:44,900
That's great to know.

598
00:23:44,960 --> 00:23:46,760
Get that question.

599
00:23:47,120 --> 00:23:49,980
But that's what the American consumer is doing.

600
00:23:50,440 --> 00:23:54,800
They are very anxious, afraid that if you're

601
00:23:54,800 --> 00:23:56,800
not in, you're not going to get your

602
00:23:56,800 --> 00:24:02,200
fair share or, you know, what you're getting

603
00:24:02,200 --> 00:24:02,880
is good.

604
00:24:02,900 --> 00:24:03,920
Kind of exactly.

605
00:24:04,280 --> 00:24:04,800
Lock it in.

606
00:24:05,140 --> 00:24:08,200
And that just could not be further from

607
00:24:08,200 --> 00:24:09,280
what's going on here.

608
00:24:09,860 --> 00:24:11,640
Might not be the best path for your

609
00:24:11,640 --> 00:24:15,660
personal financial circumstances, probably likely to work against

610
00:24:15,660 --> 00:24:18,440
your personal financial projections.

611
00:24:19,160 --> 00:24:19,680
Absolutely.

612
00:24:20,100 --> 00:24:21,580
Assuming a certain life expectancy.

613
00:24:22,540 --> 00:24:23,060
Right.

614
00:24:23,200 --> 00:24:23,560
Right.

615
00:24:23,660 --> 00:24:25,740
I mean, if you're chronically ill today and

616
00:24:25,740 --> 00:24:28,080
you're 63, it might be time to claim.

617
00:24:28,380 --> 00:24:30,180
But that's not a whole lot of us.

618
00:24:31,000 --> 00:24:33,380
So what the emails I'm getting from consumers,

619
00:24:33,580 --> 00:24:36,000
I mean, they are worried and from financial

620
00:24:36,000 --> 00:24:38,560
advisors as well saying, you know, what should

621
00:24:38,560 --> 00:24:39,260
we tell people?

622
00:24:39,720 --> 00:24:42,060
Should you still wait until 70 if that's

623
00:24:42,060 --> 00:24:44,480
in your best interest in your retirement income

624
00:24:44,480 --> 00:24:44,920
plan?

625
00:24:45,080 --> 00:24:47,120
Or should you still wait till full retirement

626
00:24:47,120 --> 00:24:47,560
age?

627
00:24:48,160 --> 00:24:50,400
Yes and yes are the answers to those

628
00:24:50,400 --> 00:24:50,900
questions.

629
00:24:51,420 --> 00:24:54,840
Don't claim today thinking that you won't have

630
00:24:54,840 --> 00:24:55,320
a benefit.

631
00:24:56,240 --> 00:25:00,840
And don't claim today thinking you're grandfathered in.

632
00:25:00,960 --> 00:25:01,760
That's what they're thinking.

633
00:25:02,100 --> 00:25:02,200
Yeah.

634
00:25:02,280 --> 00:25:03,460
They really are.

635
00:25:03,660 --> 00:25:05,840
And they think, well, if I'm getting a

636
00:25:05,840 --> 00:25:08,600
thousand dollars a month now, if the reserve

637
00:25:08,600 --> 00:25:11,260
account runs dry, I'm grandfathered and I'll still

638
00:25:11,260 --> 00:25:12,620
get my thousand dollars a month.

639
00:25:13,000 --> 00:25:13,780
Well, guess what?

640
00:25:13,820 --> 00:25:15,060
I hate to be the bearer of bad

641
00:25:15,060 --> 00:25:16,940
news here, but that is not how the

642
00:25:16,940 --> 00:25:17,680
law works.

643
00:25:18,180 --> 00:25:21,040
And you will not be grandfathered in unless

644
00:25:21,040 --> 00:25:24,260
Congress does something to grandfather you in.

645
00:25:25,280 --> 00:25:27,660
So if there's a cut, it's an across

646
00:25:27,660 --> 00:25:28,720
the board cut.

647
00:25:29,100 --> 00:25:32,240
So I would say it's in most people's

648
00:25:32,240 --> 00:25:34,760
best interest to wait as long as you

649
00:25:34,760 --> 00:25:37,440
can to full retirement age or somewhere between

650
00:25:37,440 --> 00:25:39,140
67 and 70.

651
00:25:39,280 --> 00:25:42,460
Before you claim so that if there is

652
00:25:42,460 --> 00:25:44,080
a cut of any sort.

653
00:25:44,660 --> 00:25:47,180
It will be less damaging to your cash

654
00:25:47,180 --> 00:25:47,420
flow.

655
00:25:48,080 --> 00:25:50,260
You'll have a bigger and bigger amount to

656
00:25:50,260 --> 00:25:50,760
start with.

657
00:25:51,020 --> 00:25:51,240
Yeah.

658
00:25:51,620 --> 00:25:51,940
Good point.

659
00:25:52,420 --> 00:25:56,620
So don't let all these crazy headlines and

660
00:25:56,620 --> 00:26:00,320
all this confusion make it where you're making

661
00:26:00,320 --> 00:26:04,280
poor financial decisions or non-ideal financial decisions

662
00:26:04,280 --> 00:26:05,900
for your household.

663
00:26:06,440 --> 00:26:09,120
Yeah, that statement applies to everything.

664
00:26:09,680 --> 00:26:10,220
Everything.

665
00:26:10,880 --> 00:26:10,980
Right.

666
00:26:10,980 --> 00:26:13,020
Not just Social Security, but people get wrapped

667
00:26:13,020 --> 00:26:15,760
up in making financial moves because of these

668
00:26:15,760 --> 00:26:19,680
headlines or these proposals or these new provisions.

669
00:26:20,000 --> 00:26:22,380
And it's usually a mistake when you're acting

670
00:26:22,380 --> 00:26:22,920
emotionally.

671
00:26:24,180 --> 00:26:24,780
It really is.

672
00:26:24,840 --> 00:26:26,380
And then you figure it out like five

673
00:26:26,380 --> 00:26:28,540
or six years later and then it's too

674
00:26:28,540 --> 00:26:29,420
late to do anything.

675
00:26:29,900 --> 00:26:34,700
Like you you've sown that field and you're

676
00:26:34,700 --> 00:26:35,660
getting what you get then.

677
00:26:36,060 --> 00:26:39,480
And it's never ideal to be old in

678
00:26:39,480 --> 00:26:42,020
America with fewer dollars.

679
00:26:42,300 --> 00:26:45,240
That's not a winning combination for us.

680
00:26:46,200 --> 00:26:49,280
I would have thought in a different moment

681
00:26:49,280 --> 00:26:51,400
in time that, you know, when we got

682
00:26:51,400 --> 00:26:54,120
to this point, if Congress hadn't come up

683
00:26:54,120 --> 00:26:56,920
with a real solution that, you know, that

684
00:26:56,920 --> 00:27:00,240
they just write the check and put it

685
00:27:00,240 --> 00:27:04,440
on the tab kind of mindset where, well,

686
00:27:04,640 --> 00:27:06,780
we'll keep our benefits paid out, but we've

687
00:27:06,780 --> 00:27:10,380
just we'll just owe more money with our

688
00:27:10,380 --> 00:27:11,280
our debt.

689
00:27:11,420 --> 00:27:17,440
But with our growing debt and deficits annually,

690
00:27:17,800 --> 00:27:20,480
that may not be an option.

691
00:27:20,740 --> 00:27:22,660
There may be a limit to at some

692
00:27:22,660 --> 00:27:26,080
point how much we can we can take,

693
00:27:26,360 --> 00:27:29,820
you know, and ultimately I know these are

694
00:27:29,820 --> 00:27:31,000
sort of different animals.

695
00:27:31,000 --> 00:27:32,920
It's not part of the general budget and

696
00:27:32,920 --> 00:27:33,720
all that kind of thing.

697
00:27:33,960 --> 00:27:39,720
But, Jeff, do you want to maybe just

698
00:27:39,720 --> 00:27:41,860
I know you've got an article that you've

699
00:27:41,860 --> 00:27:46,480
been you've developed that is sort of lays

700
00:27:46,480 --> 00:27:49,080
out some of the range of possible ways

701
00:27:49,080 --> 00:27:53,220
in which Congress could address this.

702
00:27:54,280 --> 00:27:55,820
Would you want to just sort of touch

703
00:27:55,820 --> 00:27:57,380
on what are some of the range of

704
00:27:57,380 --> 00:28:01,780
possible possibilities as relates to this?

705
00:28:01,780 --> 00:28:02,440
Sure, sure.

706
00:28:02,640 --> 00:28:04,800
I was inspired to write the article after

707
00:28:04,800 --> 00:28:07,480
the one big, beautiful bill actually dealt with

708
00:28:07,480 --> 00:28:10,940
some Medicaid reform, you know, Medicaid, Social Security,

709
00:28:11,060 --> 00:28:15,280
Medicare, whatever of these entitlement programs.

710
00:28:15,560 --> 00:28:16,880
I didn't want to use that word.

711
00:28:17,280 --> 00:28:18,580
I know, but they are ultimately.

712
00:28:18,900 --> 00:28:19,920
Well, I don't know.

713
00:28:20,360 --> 00:28:22,300
That's another reason for them as that is

714
00:28:22,300 --> 00:28:22,840
what I'm saying.

715
00:28:23,200 --> 00:28:23,320
Right.

716
00:28:23,340 --> 00:28:25,220
I don't like the word because in Social

717
00:28:25,220 --> 00:28:28,300
Security, for example, you have paid in the

718
00:28:28,300 --> 00:28:30,980
promise, you know, so you're not entitled to

719
00:28:30,980 --> 00:28:31,140
that.

720
00:28:32,380 --> 00:28:34,140
I'm messing with you, I'm messing with you.

721
00:28:34,240 --> 00:28:35,260
Yes, you are entitled to it.

722
00:28:35,700 --> 00:28:37,160
You are entitled to it.

723
00:28:37,160 --> 00:28:38,380
I'm just messing with you.

724
00:28:39,120 --> 00:28:41,460
I was trying not to create this conversation

725
00:28:41,460 --> 00:28:42,980
by not using the word.

726
00:28:43,000 --> 00:28:43,740
I have failed.

727
00:28:44,520 --> 00:28:48,880
I was anyhow, any of these programs are

728
00:28:48,880 --> 00:28:51,000
thought to be the third rail of politics.

729
00:28:51,180 --> 00:28:51,280
Right.

730
00:28:51,320 --> 00:28:53,140
You know, if you if a political candidate

731
00:28:53,140 --> 00:28:58,680
mentions Social Security, Medicare, Medicaid reform, they're targeted

732
00:28:58,680 --> 00:29:00,880
with political ads saying a candidate.

733
00:29:01,260 --> 00:29:03,340
Chris Boyd wants to take away your Social

734
00:29:03,340 --> 00:29:03,800
Security.

735
00:29:03,900 --> 00:29:05,960
It's a very powerful and divisive issue.

736
00:29:06,200 --> 00:29:08,960
So you remember the pictures of wheeling granny

737
00:29:08,960 --> 00:29:09,840
over the cliff?

738
00:29:11,260 --> 00:29:11,700
Endless.

739
00:29:11,860 --> 00:29:12,000
Right.

740
00:29:12,320 --> 00:29:12,460
Yeah.

741
00:29:12,800 --> 00:29:14,920
So the third rail.

742
00:29:15,120 --> 00:29:15,660
So we'll use that.

743
00:29:15,760 --> 00:29:16,960
I think people know you don't touch the

744
00:29:16,960 --> 00:29:18,800
third rail on the subway because it zaps

745
00:29:18,800 --> 00:29:19,720
you and you could die.

746
00:29:19,880 --> 00:29:21,960
So I was I was inspired to write

747
00:29:21,960 --> 00:29:24,700
this article that perhaps, you know, we're out

748
00:29:24,700 --> 00:29:26,900
to twenty thirty two now.

749
00:29:27,500 --> 00:29:31,000
Perhaps there is a political opportunity.

750
00:29:32,260 --> 00:29:34,720
You know, President Trump is not running for

751
00:29:34,720 --> 00:29:37,480
reelection, I think is another thing we won't

752
00:29:37,480 --> 00:29:37,980
talk about.

753
00:29:40,480 --> 00:29:45,080
And he was politically brave enough and Congress

754
00:29:45,080 --> 00:29:47,800
was to deal with the Medicaid reform, whether

755
00:29:47,800 --> 00:29:48,560
you like it or not.

756
00:29:48,660 --> 00:29:49,420
They dealt with it.

757
00:29:49,860 --> 00:29:51,020
And it's controversial.

758
00:29:52,900 --> 00:29:54,640
So, you know, when you're not running for

759
00:29:54,640 --> 00:29:57,220
reelection is a great time to deal with

760
00:29:57,220 --> 00:29:59,920
things that are not subject to the next

761
00:29:59,920 --> 00:30:00,340
election.

762
00:30:00,580 --> 00:30:00,680
Yeah.

763
00:30:00,820 --> 00:30:03,260
So that's the reason I decided to work

764
00:30:03,260 --> 00:30:07,200
on this article is that there are solutions,

765
00:30:07,360 --> 00:30:09,460
you know, the solutions that we've talked about,

766
00:30:09,580 --> 00:30:11,600
the solutions that I've thought of, I've heard

767
00:30:11,600 --> 00:30:14,000
of, and there's other solutions that are out

768
00:30:14,000 --> 00:30:14,380
there.

769
00:30:14,940 --> 00:30:17,160
So I thought I'd put it out there.

770
00:30:17,320 --> 00:30:24,000
Is this an opportunity before before 1231, 2031

771
00:30:24,000 --> 00:30:26,000
or whatever the date is to deal with

772
00:30:26,000 --> 00:30:26,780
this now?

773
00:30:27,000 --> 00:30:29,760
It's like any any financial issue you have,

774
00:30:29,840 --> 00:30:32,180
any financial planning, any financial problem, the more

775
00:30:32,180 --> 00:30:34,360
of a runway you have to deal with

776
00:30:34,360 --> 00:30:37,560
it, the more your options are available to

777
00:30:37,560 --> 00:30:37,820
you.

778
00:30:38,420 --> 00:30:41,360
So, you know, I'll start with one that

779
00:30:41,360 --> 00:30:44,860
Marcia touched on is that that's immigration reform.

780
00:30:45,520 --> 00:30:46,820
You know, this is this is a big

781
00:30:46,820 --> 00:30:48,660
issue that the president wants to deal with.

782
00:30:48,700 --> 00:30:50,820
And I think there's an appetite wherever you

783
00:30:50,820 --> 00:30:52,720
are along the spectrum of this debate.

784
00:30:53,140 --> 00:30:58,300
But immigration reform, including a provision that allows

785
00:30:58,300 --> 00:31:01,220
illegal immigrants, if you will, or to make

786
00:31:01,220 --> 00:31:04,380
them legal workers and paying into the Social

787
00:31:04,380 --> 00:31:07,640
Security system is a is a simple way.

788
00:31:07,640 --> 00:31:10,920
To deal with two issues, Social Security revenue

789
00:31:10,920 --> 00:31:14,220
and our immigration problem and our workers that

790
00:31:14,220 --> 00:31:15,980
we need on the, you know, that's been

791
00:31:15,980 --> 00:31:18,300
highlighted what's happening to the farms and hospitality,

792
00:31:18,320 --> 00:31:21,080
that maybe there's an opportunity to get this

793
00:31:21,080 --> 00:31:23,560
done and have a win, win, win overall.

794
00:31:23,880 --> 00:31:25,960
So that's that's one of the things that

795
00:31:25,960 --> 00:31:29,040
I think is worthy of consideration for Congress.

796
00:31:29,160 --> 00:31:31,560
I don't know if Marcia has thought about

797
00:31:31,560 --> 00:31:31,780
this.

798
00:31:31,860 --> 00:31:34,240
You highlighted it in one of your comments.

799
00:31:34,240 --> 00:31:36,580
So yes, what are we on the same

800
00:31:36,580 --> 00:31:37,200
page with this?

801
00:31:37,320 --> 00:31:39,300
We are we are on the same page.

802
00:31:40,340 --> 00:31:43,900
There's tremendous amount of work that needs to

803
00:31:43,900 --> 00:31:45,500
be done on immigration policy.

804
00:31:45,740 --> 00:31:46,160
Right.

805
00:31:46,340 --> 00:31:50,040
And it does have a an effect on

806
00:31:50,040 --> 00:31:51,980
Social Security on payroll taxes.

807
00:31:52,200 --> 00:31:54,440
I mean, it really is quite simple at

808
00:31:54,440 --> 00:31:54,900
the core.

809
00:31:55,620 --> 00:31:57,480
FICA taxes need to be paid when you

810
00:31:57,480 --> 00:31:59,740
have workers, they pay into Social Security so

811
00:31:59,740 --> 00:32:01,180
all of us old folks can get our

812
00:32:01,180 --> 00:32:01,500
checks.

813
00:32:01,840 --> 00:32:02,100
Right.

814
00:32:03,020 --> 00:32:04,580
We need to fix that.

815
00:32:04,880 --> 00:32:08,220
And frankly, we need a lot more workers.

816
00:32:08,940 --> 00:32:12,100
And the Brookings Institution just released a new

817
00:32:12,100 --> 00:32:15,080
report, I want to say on Monday, about

818
00:32:15,080 --> 00:32:19,180
their forecast for this year's immigration net negative

819
00:32:19,180 --> 00:32:20,740
and next year net negative.

820
00:32:21,460 --> 00:32:25,040
Well, that does not help fuel the tank

821
00:32:25,040 --> 00:32:28,160
here of FICA taxes, but it is comprehensive

822
00:32:28,160 --> 00:32:28,800
reform.

823
00:32:28,800 --> 00:32:31,180
And it sounded like at the end of

824
00:32:31,180 --> 00:32:35,680
last year, maybe two years ago now, the

825
00:32:35,680 --> 00:32:39,580
Senate at least had a bipartisan immigration reform

826
00:32:39,580 --> 00:32:39,960
bill.

827
00:32:40,140 --> 00:32:43,080
And then it was put on the back

828
00:32:43,080 --> 00:32:43,440
burner.

829
00:32:45,040 --> 00:32:48,000
Well, even in the context of one of

830
00:32:48,000 --> 00:32:52,820
the president's campaign promises was deportation and such.

831
00:32:52,820 --> 00:32:55,040
Even in the context of that effort, which

832
00:32:55,040 --> 00:32:57,460
is very clearly one of his primary goals,

833
00:32:57,560 --> 00:33:00,920
he has paused that effort in certain industries

834
00:33:00,920 --> 00:33:03,720
because of the pushback from the business community

835
00:33:03,720 --> 00:33:06,060
and recognition that, you know, we can't get

836
00:33:06,060 --> 00:33:07,860
food to our table unless we have workers.

837
00:33:09,160 --> 00:33:12,200
And we can't get the nursing homes to

838
00:33:12,200 --> 00:33:14,960
have workers and the home health care, talking

839
00:33:14,960 --> 00:33:16,380
about, you know, tying in with Medicaid.

840
00:33:16,600 --> 00:33:16,960
That's right.

841
00:33:17,140 --> 00:33:17,620
That's right.

842
00:33:17,920 --> 00:33:18,100
Yeah.

843
00:33:18,100 --> 00:33:22,480
So hopefully there's an appetite to solve the

844
00:33:22,480 --> 00:33:25,180
worker problem, which is an economic issue to

845
00:33:25,180 --> 00:33:27,700
keep our economy rolling and to take a

846
00:33:27,700 --> 00:33:31,020
good step towards solving the number of people

847
00:33:31,020 --> 00:33:32,920
paying into the Social Security system.

848
00:33:33,080 --> 00:33:34,900
We didn't talk about why we have the

849
00:33:34,900 --> 00:33:38,140
deficit, but, you know, obviously it's talked about

850
00:33:38,140 --> 00:33:38,420
a lot.

851
00:33:38,420 --> 00:33:39,900
One of the reasons that we have this

852
00:33:39,900 --> 00:33:42,700
pending deficit and we're using the rainy day

853
00:33:42,700 --> 00:33:45,920
fund is the demographic shift of the number

854
00:33:45,920 --> 00:33:47,460
of people who are living longer and the

855
00:33:47,460 --> 00:33:49,780
baby boomers who are entering Social Security.

856
00:33:50,540 --> 00:33:53,020
And the fewer workers, you know, look around.

857
00:33:53,120 --> 00:33:55,380
How many children do your friends have and

858
00:33:55,380 --> 00:33:56,220
your family have?

859
00:33:56,640 --> 00:34:00,820
We have a diminishing population, a shrinking population

860
00:34:00,820 --> 00:34:03,600
growth, but we still have these baby boomers

861
00:34:03,600 --> 00:34:05,660
entering and into Social Security.

862
00:34:05,660 --> 00:34:07,320
So we need more people paying in.

863
00:34:07,620 --> 00:34:10,500
And it seems like a simple solution to

864
00:34:10,500 --> 00:34:10,699
me.

865
00:34:11,520 --> 00:34:11,920
Yeah.

866
00:34:11,980 --> 00:34:14,040
And the demographic element.

867
00:34:14,360 --> 00:34:17,580
I mean, baby boomers won't be in the

868
00:34:17,580 --> 00:34:18,360
system forever.

869
00:34:19,139 --> 00:34:20,219
It's not.

870
00:34:20,760 --> 00:34:21,239
Sorry.

871
00:34:22,260 --> 00:34:26,500
But there is a temporary nature to that

872
00:34:26,500 --> 00:34:27,260
bubble.

873
00:34:27,780 --> 00:34:31,280
But your point, Jeff, is still a valid

874
00:34:31,280 --> 00:34:33,600
one that we don't make as many babies

875
00:34:33,600 --> 00:34:34,620
as we used to.

876
00:34:35,320 --> 00:34:39,460
And therefore, there is a declining there's a

877
00:34:39,460 --> 00:34:40,920
risk of a declining population.

878
00:34:41,400 --> 00:34:42,840
One of the virtues of the United States

879
00:34:42,840 --> 00:34:46,580
has historically been that immigration has helped us

880
00:34:46,580 --> 00:34:50,820
manage that challenge where we've had population growth

881
00:34:50,820 --> 00:34:52,580
through immigration.

882
00:34:53,659 --> 00:34:58,360
So but and that can solve this reality

883
00:34:58,360 --> 00:35:03,460
that we we derive payments from employees largely.

884
00:35:03,460 --> 00:35:03,960
Absolutely.

885
00:35:04,840 --> 00:35:07,000
And it's if you're on the this is

886
00:35:07,000 --> 00:35:07,580
this cross.

887
00:35:07,940 --> 00:35:10,680
I'm optimistic because this crosses the political spectrum.

888
00:35:11,300 --> 00:35:13,320
You can be on the right, right.

889
00:35:13,480 --> 00:35:15,220
You know, the right political side of this

890
00:35:15,220 --> 00:35:18,040
and say, you know, you want immigration laws

891
00:35:18,040 --> 00:35:18,600
enforced.

892
00:35:18,900 --> 00:35:20,640
You want legal workers.

893
00:35:20,800 --> 00:35:23,020
Well, this deals with this issue as well.

894
00:35:23,840 --> 00:35:26,100
So I do think there's also the arithmetic

895
00:35:26,100 --> 00:35:29,260
of this, that, you know, there's a reality

896
00:35:29,260 --> 00:35:32,600
that you will likely have some combination of.

897
00:35:33,240 --> 00:35:39,060
Either more taxation, right, or reduced benefits.

898
00:35:39,180 --> 00:35:41,580
I mean, it's a simple arithmetic equation.

899
00:35:41,820 --> 00:35:44,480
At some point, there's you've got to have

900
00:35:44,480 --> 00:35:47,840
either or both, you know, either or or

901
00:35:47,840 --> 00:35:48,140
both.

902
00:35:48,320 --> 00:35:48,540
Right.

903
00:35:48,860 --> 00:35:49,300
That.

904
00:35:49,820 --> 00:35:54,000
So whether that's in the form of lifting

905
00:35:54,000 --> 00:35:56,720
that cap on the FICA tax, whether it's

906
00:35:56,720 --> 00:36:00,620
oh, you've got a window where it comes

907
00:36:00,620 --> 00:36:01,820
back in later on.

908
00:36:01,820 --> 00:36:07,480
On very high income earners, whether it's means

909
00:36:07,480 --> 00:36:13,340
testing on benefits, whether it's raising the retirement

910
00:36:13,340 --> 00:36:16,120
age for all of these might be on

911
00:36:16,120 --> 00:36:16,660
the table.

912
00:36:16,780 --> 00:36:18,000
And all of them seem like they'd be

913
00:36:18,000 --> 00:36:23,680
viable elements of a resolution because we do

914
00:36:23,680 --> 00:36:27,580
live longer than we did in 19.

915
00:36:27,800 --> 00:36:29,180
What when did this all start?

916
00:36:29,180 --> 00:36:29,920
Thirty five.

917
00:36:30,160 --> 00:36:30,960
Thirty five.

918
00:36:31,980 --> 00:36:35,180
That, you know, as a reality and even

919
00:36:35,180 --> 00:36:37,940
1985 or whatever it was when they did

920
00:36:37,940 --> 00:36:39,800
the last reform of this.

921
00:36:40,060 --> 00:36:44,180
So as a reality, these are all variables

922
00:36:44,180 --> 00:36:46,780
that, you know, how you come up with

923
00:36:46,780 --> 00:36:52,320
what is fair and equitable becomes challenging to

924
00:36:52,320 --> 00:36:53,120
consider.

925
00:36:53,600 --> 00:36:57,180
But as a reality, it's a necessity.

926
00:36:57,180 --> 00:37:00,080
If we want to continue this as a

927
00:37:00,080 --> 00:37:03,760
program that we consider as a society important

928
00:37:03,760 --> 00:37:09,840
to fund, whatever that means, we're going to

929
00:37:09,840 --> 00:37:12,300
have to put more revenue toward it.

930
00:37:12,300 --> 00:37:17,060
That's taxes in this case, revenue, euphemism.

931
00:37:18,460 --> 00:37:18,560
Right.

932
00:37:18,720 --> 00:37:21,680
And then or we're going to need to

933
00:37:21,680 --> 00:37:25,940
decrease when you get to start or how

934
00:37:25,940 --> 00:37:28,860
much you get, you know, in one form

935
00:37:28,860 --> 00:37:29,160
or another.

936
00:37:29,500 --> 00:37:30,220
That's right.

937
00:37:30,860 --> 00:37:32,580
And I think we need to take that

938
00:37:32,580 --> 00:37:34,760
idea and be more creative with it.

939
00:37:35,260 --> 00:37:38,620
And what I mean by that is today,

940
00:37:38,780 --> 00:37:40,900
Social Security has been a one size fits

941
00:37:40,900 --> 00:37:41,180
all.

942
00:37:42,300 --> 00:37:43,560
The rules are the rules.

943
00:37:43,680 --> 00:37:44,640
The law is the law.

944
00:37:44,800 --> 00:37:48,040
And it's all based on your wages that

945
00:37:48,040 --> 00:37:50,080
you contributed or paid FICA tax on.

946
00:37:51,240 --> 00:37:54,500
And then there's this PIA formula, right, that

947
00:37:54,500 --> 00:37:57,960
has these different thresholds upon which your calculated

948
00:37:57,960 --> 00:38:01,060
benefit is the same for everyone.

949
00:38:01,140 --> 00:38:02,740
Well, except Weapon GPO.

950
00:38:02,820 --> 00:38:03,860
But now that's been fixed, too.

951
00:38:05,520 --> 00:38:07,760
So we don't have to have only one

952
00:38:07,760 --> 00:38:08,740
PIA formula.

953
00:38:09,660 --> 00:38:14,010
We can have, or frankly, one retirement date.

954
00:38:14,920 --> 00:38:17,620
We have to really consider the American worker.

955
00:38:18,220 --> 00:38:19,020
There's us.

956
00:38:19,320 --> 00:38:20,700
We sit in a chair all day.

957
00:38:21,140 --> 00:38:23,860
We can work until 70, might not want

958
00:38:23,860 --> 00:38:28,440
to, but we could with no physical damage.

959
00:38:28,680 --> 00:38:30,440
We're not lifting rocks or something.

960
00:38:30,460 --> 00:38:31,640
We are not lifting rocks.

961
00:38:31,860 --> 00:38:32,200
We are not.

962
00:38:32,260 --> 00:38:34,200
I just drove from the Boston area to

963
00:38:34,200 --> 00:38:36,480
Minnesota to visit my kids a couple of

964
00:38:36,480 --> 00:38:36,940
weeks ago.

965
00:38:36,940 --> 00:38:39,800
You drive through the heartland and every single

966
00:38:39,800 --> 00:38:42,080
freaking mile of highway is under construction.

967
00:38:42,820 --> 00:38:45,640
And it was 99 degrees and super humid

968
00:38:45,640 --> 00:38:46,560
out in the Midwest.

969
00:38:46,920 --> 00:38:49,660
And these guys are slinging hammers and running

970
00:38:49,660 --> 00:38:52,320
this huge equipment and moving rocks.

971
00:38:52,940 --> 00:38:55,120
You can't do that when you're 70.

972
00:38:55,760 --> 00:38:57,220
First of all, it's not safe for all

973
00:38:57,220 --> 00:38:58,560
the other workers or the drivers.

974
00:38:59,380 --> 00:39:00,820
Your body can't do it.

975
00:39:01,240 --> 00:39:05,940
So let's have different structures of retirement.

976
00:39:05,940 --> 00:39:08,460
These are not new ideas.

977
00:39:08,840 --> 00:39:12,340
The police for years had, and may even

978
00:39:12,340 --> 00:39:14,660
now have, in public safety, you have to

979
00:39:14,660 --> 00:39:15,560
retire by 55.

980
00:39:16,500 --> 00:39:19,680
Or there were other physical jobs where you

981
00:39:19,680 --> 00:39:21,720
had an earlier retirement date.

982
00:39:22,620 --> 00:39:25,500
We don't need to penalize our service workers

983
00:39:25,500 --> 00:39:26,860
and our construction workers.

984
00:39:27,840 --> 00:39:31,700
Let them have one lane of calculated benefit

985
00:39:31,700 --> 00:39:33,420
and retire at 62.

986
00:39:33,720 --> 00:39:34,220
That's interesting.

987
00:39:34,220 --> 00:39:35,560
And then those of us who are the

988
00:39:35,560 --> 00:39:37,440
white collar sitting on our butts all day,

989
00:39:37,980 --> 00:39:40,040
well, maybe we are the ones who got

990
00:39:40,040 --> 00:39:42,700
age 70 is our full retirement age now.

991
00:39:43,660 --> 00:39:46,180
We can be more creative with the math.

992
00:39:46,640 --> 00:39:47,660
Labor unions do this.

993
00:39:47,880 --> 00:39:48,680
States do it.

994
00:39:48,760 --> 00:39:50,160
And pension systems, as you said.

995
00:39:50,340 --> 00:39:53,220
So it's not out of the ordinary.

996
00:39:53,560 --> 00:39:55,140
It's just not applied to social security.

997
00:39:55,660 --> 00:39:55,980
Right.

998
00:39:56,280 --> 00:39:56,640
Right.

999
00:39:56,820 --> 00:39:58,280
And that's what I think we need to

1000
00:39:58,280 --> 00:39:58,420
do.

1001
00:39:58,480 --> 00:40:02,580
Because again, these headlines are relatively terrifying.

1002
00:40:03,360 --> 00:40:06,940
The most important people we can protect right

1003
00:40:06,940 --> 00:40:08,840
now are our 20 and 30 year olds.

1004
00:40:09,240 --> 00:40:11,420
But they have already written off by and

1005
00:40:11,420 --> 00:40:13,900
large that social security will even be there

1006
00:40:13,900 --> 00:40:14,280
for them.

1007
00:40:14,520 --> 00:40:15,140
That's true.

1008
00:40:15,840 --> 00:40:19,020
But we haven't then said, okay, children, because

1009
00:40:19,020 --> 00:40:20,180
these are my children's ages.

1010
00:40:20,620 --> 00:40:22,640
If you're not thinking you're going to have

1011
00:40:22,640 --> 00:40:24,880
a foundation, you need to be saving 25

1012
00:40:24,880 --> 00:40:26,980
% of your income from day one.

1013
00:40:27,260 --> 00:40:28,500
Are you doing that?

1014
00:40:29,140 --> 00:40:30,380
Well, of course they're not.

1015
00:40:31,820 --> 00:40:34,700
So they've given up on the one hand,

1016
00:40:35,560 --> 00:40:37,600
thinking that they will have a future benefit,

1017
00:40:38,000 --> 00:40:40,580
but they're not taking appropriate actions to fix

1018
00:40:40,580 --> 00:40:41,040
it either.

1019
00:40:42,000 --> 00:40:43,760
So it's bad policy.

1020
00:40:43,920 --> 00:40:44,900
It's bad thinking.

1021
00:40:45,060 --> 00:40:47,000
And we need to help them move forward.

1022
00:40:47,260 --> 00:40:48,880
Let alone all of us boomers who, by

1023
00:40:48,880 --> 00:40:51,100
the way, we're going to stick around for

1024
00:40:51,100 --> 00:40:52,280
a good long time, Chris.

1025
00:40:53,020 --> 00:40:55,560
I got at least 35 years on my

1026
00:40:55,560 --> 00:40:56,240
runway here.

1027
00:40:56,640 --> 00:40:56,760
Excellent.

1028
00:40:57,000 --> 00:40:58,320
I'm not complaining about it.

1029
00:40:58,320 --> 00:40:59,060
I'm just saying.

1030
00:41:00,500 --> 00:41:01,480
Yeah, you go.

1031
00:41:02,120 --> 00:41:03,200
Well, that's good.

1032
00:41:05,100 --> 00:41:09,060
So that's a creative suggestion as a way

1033
00:41:09,060 --> 00:41:09,700
to solve it.

1034
00:41:10,280 --> 00:41:12,860
But there is that political reality that it

1035
00:41:12,860 --> 00:41:16,480
is the hot potato that if anyone proposes

1036
00:41:16,480 --> 00:41:20,120
something, they're taking away your benefits kind of

1037
00:41:20,120 --> 00:41:22,260
mindset, you know, that there's this kind of

1038
00:41:22,260 --> 00:41:22,540
notion.

1039
00:41:22,720 --> 00:41:24,700
So I think we've got to get to

1040
00:41:24,700 --> 00:41:28,040
a point where people are scared enough to

1041
00:41:28,040 --> 00:41:32,120
recognize this is in need of immediate action.

1042
00:41:32,700 --> 00:41:35,960
Over the last couple of decades, we've had

1043
00:41:35,960 --> 00:41:37,820
sufficient runway where there's always been.

1044
00:41:37,980 --> 00:41:41,140
It's not a problem today, right?

1045
00:41:41,440 --> 00:41:46,000
That there's not been this sense of urgency

1046
00:41:46,000 --> 00:41:47,180
around this.

1047
00:41:47,320 --> 00:41:49,260
I'm not sure what drives that sense of

1048
00:41:49,260 --> 00:41:49,680
urgency.

1049
00:41:50,140 --> 00:41:52,520
I do think whether it's this issue, Social

1050
00:41:52,520 --> 00:41:58,580
Security, Medicare, Medicaid, the overall budget of the

1051
00:41:58,580 --> 00:42:02,340
United States government, we are going to be

1052
00:42:02,340 --> 00:42:08,400
facing more of these realities that we are

1053
00:42:08,400 --> 00:42:10,460
on a path that we need to address

1054
00:42:10,460 --> 00:42:11,480
something different.

1055
00:42:12,900 --> 00:42:15,440
And there's a limit to how much you

1056
00:42:15,440 --> 00:42:17,660
can do all at once when it comes

1057
00:42:17,660 --> 00:42:21,780
to a variety of these challenges we face.

1058
00:42:21,780 --> 00:42:24,600
But I mean, I'm convinced that over the

1059
00:42:24,600 --> 00:42:27,660
next decade, this is going to be an

1060
00:42:27,660 --> 00:42:32,200
increasingly prioritized topic.

1061
00:42:32,800 --> 00:42:36,660
That is to say, our fiscal planning as

1062
00:42:36,660 --> 00:42:39,380
a society, that this is going to be

1063
00:42:39,380 --> 00:42:41,940
a huge priority over the next decade because

1064
00:42:41,940 --> 00:42:44,640
we are running into these kinds of issues

1065
00:42:44,640 --> 00:42:47,320
that necessitate that it be dealt with.

1066
00:42:47,880 --> 00:42:49,800
But I worry it's not going to be

1067
00:42:49,800 --> 00:42:52,080
until 2032 or whatever it might be.

1068
00:42:53,460 --> 00:42:55,140
Yeah, 2032, if we're lucky.

1069
00:42:55,780 --> 00:42:58,280
It's also the impact on industry.

1070
00:42:58,500 --> 00:43:00,060
And I think this is where the industries

1071
00:43:00,060 --> 00:43:01,860
now need to get in the game in

1072
00:43:01,860 --> 00:43:03,600
a much more aggressive way.

1073
00:43:04,140 --> 00:43:06,500
So we'll take the nursing homes first.

1074
00:43:06,920 --> 00:43:08,620
They're in the game now because they're going

1075
00:43:08,620 --> 00:43:11,220
to lose revenue in a big way, not

1076
00:43:11,220 --> 00:43:13,460
be able to take care of the elderly

1077
00:43:13,460 --> 00:43:14,780
and those with disabilities.

1078
00:43:14,780 --> 00:43:18,020
So they're going to really be yelling and

1079
00:43:18,020 --> 00:43:18,320
screaming.

1080
00:43:18,760 --> 00:43:21,260
The hospital systems will do the same because

1081
00:43:21,260 --> 00:43:24,400
the emergency rooms are going to be blowing

1082
00:43:24,400 --> 00:43:26,460
out the doors with people waiting for care.

1083
00:43:26,900 --> 00:43:31,000
But our industry, financial services also needs to

1084
00:43:31,000 --> 00:43:34,740
get in the game because if there is

1085
00:43:34,740 --> 00:43:38,680
a reduction in benefits of any sort for

1086
00:43:38,680 --> 00:43:41,820
Social Security and couple it with an increase

1087
00:43:41,820 --> 00:43:45,180
in Medicare Part B premiums, which are forecast

1088
00:43:45,180 --> 00:43:48,560
to rise 11% between this year and

1089
00:43:48,560 --> 00:43:49,160
next year.

1090
00:43:49,500 --> 00:43:52,220
So from $185 per person per month standard

1091
00:43:52,220 --> 00:43:55,760
premium to $206 and change.

1092
00:43:56,500 --> 00:44:00,500
You know, that's a stunning number, right?

1093
00:44:00,880 --> 00:44:01,100
Yeah.

1094
00:44:01,300 --> 00:44:05,600
We're getting squeezed and the inflation, the COLA

1095
00:44:05,600 --> 00:44:06,460
won't be all that big.

1096
00:44:06,880 --> 00:44:07,340
No way.

1097
00:44:07,980 --> 00:44:10,100
We're squeezing the consumer.

1098
00:44:10,100 --> 00:44:12,860
But the result for our industry is going

1099
00:44:12,860 --> 00:44:14,740
to be, well, if I can't afford to

1100
00:44:14,740 --> 00:44:18,880
pay for my basics from my anticipated pool

1101
00:44:18,880 --> 00:44:21,700
of resources, Social Security, maybe pension and say

1102
00:44:21,700 --> 00:44:24,960
4% of my portfolio, well, now I'm

1103
00:44:24,960 --> 00:44:27,840
drawing down five or I'm drawing down six

1104
00:44:27,840 --> 00:44:29,500
or I'm drawing down seven.

1105
00:44:30,300 --> 00:44:32,840
And that, as you know, is a recipe

1106
00:44:32,840 --> 00:44:36,040
for failure, both for our industry, because we're

1107
00:44:36,040 --> 00:44:37,600
going to burn through assets too quickly on

1108
00:44:37,600 --> 00:44:39,300
the book and for real people.

1109
00:44:40,540 --> 00:44:43,100
So it's everything is getting squeezed.

1110
00:44:43,200 --> 00:44:45,500
Like there's just brick walls on all sides

1111
00:44:45,500 --> 00:44:46,160
right now.

1112
00:44:46,300 --> 00:44:48,820
So I completely agree with you that this

1113
00:44:48,820 --> 00:44:51,580
is going to be one of the top,

1114
00:44:51,660 --> 00:44:53,580
if not the top topic for the next

1115
00:44:53,580 --> 00:44:54,340
several years.

1116
00:44:56,020 --> 00:44:57,840
Well, let's hope they have some political courage

1117
00:44:57,840 --> 00:45:00,720
to deal with it sooner than later.

1118
00:45:01,020 --> 00:45:01,220
Yeah.

1119
00:45:02,180 --> 00:45:02,480
Yeah.

1120
00:45:05,980 --> 00:45:08,420
Those numbers are scary, Marsha.

1121
00:45:08,840 --> 00:45:11,840
The way you painted that picture.

1122
00:45:12,660 --> 00:45:13,640
So I agree.

1123
00:45:13,740 --> 00:45:17,660
Let's hope it is compelling and prioritized and

1124
00:45:17,660 --> 00:45:20,140
we can see some political courage from.

1125
00:45:21,100 --> 00:45:24,560
And some industry push where we haven't always

1126
00:45:24,560 --> 00:45:25,100
pushed.

1127
00:45:26,180 --> 00:45:26,920
Fair enough.

1128
00:45:27,460 --> 00:45:28,060
Good point.

1129
00:45:29,060 --> 00:45:29,420
Yeah.

1130
00:45:29,920 --> 00:45:31,020
Takes all parties.

1131
00:45:31,640 --> 00:45:34,680
Want to wrap things up and mention that

1132
00:45:34,680 --> 00:45:37,760
if you're enjoying learning some of these things

1133
00:45:37,760 --> 00:45:40,860
that Marsha is pointing out, you have a

1134
00:45:40,860 --> 00:45:45,340
newsletter and our listeners may benefit from signing

1135
00:45:45,340 --> 00:45:46,220
up, subscribing.

1136
00:45:46,960 --> 00:45:48,280
Do you want to share how to do

1137
00:45:48,280 --> 00:45:48,500
that?

1138
00:45:49,060 --> 00:45:49,260
Sure.

1139
00:45:49,380 --> 00:45:49,760
Thank you.

1140
00:45:49,860 --> 00:45:50,040
Yes.

1141
00:45:50,060 --> 00:45:52,640
It's boomerretirementbriefs.com.

1142
00:45:52,900 --> 00:45:57,660
It's a blog format, longer form stories, examples

1143
00:45:57,660 --> 00:45:58,540
and such.

1144
00:45:58,740 --> 00:46:01,900
So you can just hop online to boomerretirementbriefs

1145
00:46:01,900 --> 00:46:04,840
.com and you can sign up or just

1146
00:46:04,840 --> 00:46:06,480
poke around all the articles that are in

1147
00:46:06,480 --> 00:46:06,680
there.

1148
00:46:06,680 --> 00:46:08,960
Hey, for the listeners who didn't catch it,

1149
00:46:09,000 --> 00:46:10,520
I'll put it in the show notes, the

1150
00:46:10,520 --> 00:46:12,200
link, so you can just go right to

1151
00:46:12,200 --> 00:46:13,200
the show notes and click.

1152
00:46:14,200 --> 00:46:15,100
Thanks, Jeff.

1153
00:46:15,460 --> 00:46:15,800
Sure.

1154
00:46:16,880 --> 00:46:19,000
Marsha, always a wealth of information.

1155
00:46:19,220 --> 00:46:19,940
So valuable.

1156
00:46:20,680 --> 00:46:22,340
Thank you for making the time.

1157
00:46:22,860 --> 00:46:24,100
Come back and see us again.

1158
00:46:24,260 --> 00:46:25,860
We're definitely going to need to talk about

1159
00:46:25,860 --> 00:46:26,040
more.

1160
00:46:26,180 --> 00:46:27,500
When the new book's out, make sure you

1161
00:46:27,500 --> 00:46:28,460
reach out and come back.

1162
00:46:28,580 --> 00:46:29,080
Thank you.

1163
00:46:29,140 --> 00:46:29,700
I will.

1164
00:46:30,040 --> 00:46:31,180
Thank you so much.

1165
00:46:31,700 --> 00:46:33,500
I hope you found this as valuable as

1166
00:46:33,500 --> 00:46:34,020
we have.

1167
00:46:34,020 --> 00:46:36,940
Until next time, everybody keeps striving for something

1168
00:46:36,940 --> 00:46:37,240
more.

1169
00:46:38,460 --> 00:46:40,820
Thank you for listening to Something More with

1170
00:46:40,820 --> 00:46:41,540
Chris Boyd.

1171
00:46:41,700 --> 00:46:44,000
Call us for help, whether it's for financial

1172
00:46:44,000 --> 00:46:47,920
planning or portfolio management, insurance concerns, or those

1173
00:46:47,920 --> 00:46:49,960
quality of life issues that make the money

1174
00:46:49,960 --> 00:46:51,060
matters matter.

1175
00:46:51,480 --> 00:46:54,720
Whatever's on your mind, visit us at somethingmorewithchrisboyd

1176
00:46:54,720 --> 00:46:57,900
.com or call us toll-free at 866

1177
00:46:57,900 --> 00:47:01,580
-771-8901.

1178
00:47:01,680 --> 00:47:05,440
Or send us your questions to amr-info

1179
00:47:05,440 --> 00:47:07,380
at wealthenhancement.com.

1180
00:47:07,800 --> 00:47:09,500
You're listening to Something More with Chris Boyd

1181
00:47:09,500 --> 00:47:10,340
Financial Talk Show.

1182
00:47:10,500 --> 00:47:12,940
Wealth Enhancement Advisory Services and Jay Christopher Boyd

1183
00:47:12,940 --> 00:47:15,280
provide investment advice on an individual basis to

1184
00:47:15,280 --> 00:47:15,840
clients only.

1185
00:47:15,960 --> 00:47:17,960
Proper advice depends on a complete analysis of

1186
00:47:17,960 --> 00:47:19,140
all facts and circumstances.

1187
00:47:19,380 --> 00:47:21,240
The information given on this program is general

1188
00:47:21,240 --> 00:47:23,280
financial comments and cannot be relied upon as

1189
00:47:23,280 --> 00:47:24,840
pertaining to your specific situation.

1190
00:47:24,840 --> 00:47:27,020
Wealth Enhancement Group cannot guarantee that using the

1191
00:47:27,020 --> 00:47:29,040
information from this show will generate profits or

1192
00:47:29,040 --> 00:47:30,160
ensure freedom from loss.

1193
00:47:30,380 --> 00:47:32,520
Listeners should consult their own financial advisors or

1194
00:47:32,520 --> 00:47:34,620
conduct their own due diligence before making any

1195
00:47:34,620 --> 00:47:35,440
financial decisions.