WEBVTT
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This is Mike Roth and Bill Kadereit Bill and I are here on the podcast called Creating a Better Life for Seniors.
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And this is the second episode.
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In a hopefully long series, and today we're going to be answering the question, is your social security at risk and perhaps what you could do or what should be done to reduce the risk?
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Social security Bill has been around for a long time and.
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It's a hard subject for a lot of people to grasp because it started back in what, 1935.
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Wanted to tell our listeners a little bit about the history of Social Security Bill.
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Sure.
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As you said, Mike 1935 was the creation year, the year the Social Security Act was created.
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And it was a post-depression economic crisis, an era that the country was coming out of, the need to build production, the need to, create a hand up for people who truly needed help was later tested by the Korean War and Rollercoaster economy.
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And so there were a lot of events that events led to, even in 1965, creation of the second act, the Medicare and the Medicaid Act, which was appended to the Social Security Act, and that then again, it was modified in 1972 to create HMOs and those contracts.
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The core purpose was, enacted to pre a protection system, not a dual welfare system funding.
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It is a political and moral obligation.
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These are mandatory programs.
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Now it seems like for the past 20 years our politicians have.
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Kicked the can down the road in terms of funding social security and Medicare.
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What, what's really happened?
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The first major cutback to medic social Security was in 1983 where Congress increased the retirement age from 65 to 67.
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You can collect money at age 62, but with a reduced benefit.
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Bill, what happened over time and how did we get here?
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Okay.
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I think to get to that question, we have to first look at our US population and how it has grown and
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let's take a look at that chart now.
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Sure.
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As you can see from the chart from 2025 to 2050 the growth rate is plummeting.
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And below 2% from 2025 outward.
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So
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that means that the birth rate and the fertil that is the fertility rate and immigration are major factors in that change.
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So the percent change we're talking about is the orange line and that is projected to get down to as low as 1.4%
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by 2050.
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And right now we are below,
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below two,
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below 1.5%.
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Yeah, it's true.
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I characterize that whole curve.
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The whole orange curve is below 2% across all those years.
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It's never as high as 2% if you can see the scale on the right.
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That's a pretty serious reduction in the number of people paying into Social security.
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It is, and it's, and the growth rate is a significantly smaller change each year.
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If you notice that change from 2025 to 2050, 25 years later is just 41 million people and over 10 years it barely replaces losses to our population.
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What about congress?
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What have they done for us?
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Nothing in a word, nothing.
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They blame baby boomers and kicked the can down the road.
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Mike, , this chart shows you that by 2050 there will be 89 million people over the age of 65.
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That's 26 million or 41% more than the 63 million in 2035, and by two 60.
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No one will ever remember what a baby boomer was.
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If you consider all of that impact on the effect on social security, what you're basically doing is you're eliminating these people over time.
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Even though everyone talks about baby boomers being a big problem, they effectively are gonna be leaving the universe at the same time.
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The total number of people in Medicare, the blue lines.
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Now the baby boomers, of course, are in orange.
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The blue line shows that the growth in total medic social Security and Medicare both are growing at a rapid rate.
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And this is the over 65 group that is growing.
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23% from 2000.
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And on the far left, that 2010 where those two lines cross is where all the baby boomers are in the.
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Over age 65 group in Medicare or in and in social security.
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So there's the pressure that is exists in terms of the effect of baby boomers on the social security plan.
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But the trustee reports have shown exactly what's happened over time.
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And that information is documented very well.
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You can see the old age survivor in annuity trust, will fund only the old age and Survivor's Annuity Trust will only be able to pay 100% of benefits until the fourth quarter of 2032.
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That is the blue line on this chart, and you can see that it was well funded over.
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400% that is the Social Security Reserve.
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As long as 15 years ago or 20 years ago in 2010.
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Congress has known before that time because they get these reports every 10 years.
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They get these projections on the budget every 10 years.
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They knew the problem was coming and did nothing.
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The trend in the band was, like I said, today it's over 200% lower than the 400%, and by 2032, it will be zero unless some action is taken.
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And so that's the essence of our discussion today.
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What do we think has caused that and what what can we do about it?
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We've already addressed primary cause, which was reduce the reduction in the number of people contributing.
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Because of the slow growth in total . So the good news is the disability side of it is OK and the others in Social Security are in trouble.
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So the green line is the money set aside for disability, that never goes to zero.
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But in 2031 or 32, it looks like both social security and.
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The money set aside for medical payments goes essentially to zero.
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What happens then?
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What happens then is the they will have to reduce benefits by 22%.
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And at that point, the 78% of benefits that will be paid to everyone will have to come directly from.
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Money taxed as it comes in the door.
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It's gonna be going out the door.
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There will be no reserve.
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Operating the fund without a reserve seems to be a terrible mistake.
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Yeah.
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For our children and our grandchildren
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So there are six primary reasons why this has happened.
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The re mass retirement of baby boomers.
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The last boomers will hit 65 by the end of 2027 shrinking worker to beneficiary ratios.
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In 1960 , there were five workers for every one beneficiary.
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Today, there are only 2.9 people for every one beneficiary, so that's not a good ratio.
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Recent tax law changes for example, the One Big beautiful Act Of July of 2025, increased payments.
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From taxing of benefits, accelerating the solvency, the insolvency of Medicare.
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Now that's not a bad thing necessarily because it did correct the wrong.
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And what happens now though is Congress has an obligation, a mandatory obligation to put the money back into in the till.
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And that's the real issue that's on the table.
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The Social Security Fairness Act passed in 2025.
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Made good on people.
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Who were owed $196 million, 33.2 million public workers in the sectors.
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That issue was all about, for example, Mike, when you were younger and I was younger, if we moved from city to city and our wives were working and the kids and they were working the little part time, and, they had some income and so they had social security credits built up.
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But if they moved to Texas, as my daughter did, for example and decided to go back to school and become a teacher, she taught for 26 years.
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At the end of 26 years, they said, here's your pension from the state of Texas for teaching.
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And oh, by the way, if you take your social security money, we deduct that from your pension.
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And she said, what?
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And I said, yeah I found out about that and I said, it's crazy,
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Right?
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You earn those credits, you earn those credits, you get paid those credits.
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But Congress passed a law years ago that set that up so that there are 16 states that are taking advantage of federal statute that allows them to do that.
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And they got rid of it finally at 2025.
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So they took that step, but that cost another $996 billion out of the treasury, out of the, the reserve to get the job done.
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So that, that has an impact rising economic inequality.
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The payroll earning tax is capped at one hundred eighty four thousand five hundred dollars as of 2026, meaning that high wage earners grow faster, meaning a shrinking share of national income is subject to that tax.
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So therefore, that that cap of $184,000.
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Needs to be reviewed, and we have a proposal on that.
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Lower fertility and immigration, as we just discussed in the prior slide talks about the smaller future workforce will be there to pay for the system.
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Bill, what options does Congress have now to prevent cuts in our payments?
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The first option is they need to act sooner rather than later.
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But the most discussed options are raise the full retirement age, pushing the age from a 67 up to 70.
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That's
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optional.
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The second is raising the payroll tax, increasing the current 6.2% per the employer, and 6.2% for employees.
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Combined rate of 12.4% lifting.
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Or eliminating with a wage cap, the taxable earnings above$184,500 and means testing, which is reducing or eliminating payments for wealthy retirees.
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I like increasing the wage cap to some number, like $3 million.
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That would be you should take care of most of the problems but to take care of all the problems, you eliminate the cap and they've calculated the savings.
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And I think that in a few minutes we'll be able to talk about that.
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And Bill the NRL N'S position what are your positions on each one of these options?
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Yeah, I think number one, we certainly opposed raising the retirement age.
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It diminishes life benefits and older workers face discrimination and physical limitations.
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Waiting until 70 is just too long.
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Okay, number two,
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we support eliminating the wage cap.
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Absolutely.
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Take it off and not the 3 million, but.
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As far as it goes.
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So some of em makes a hundred million a year.
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Exactly.
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They pay the same as every.
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Anyone making $50,000 a year as a percent of their income?
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Not dollars.
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Okay.
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Yeah.
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Okay.
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The chief actuary calculated that eliminating$184,500 cap would close 70% of the shortfall.
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And extend the fund to 2060, not to 2075, but 2060.
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That's reasonable.
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That's another 35 years.
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It's
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a big chunk.
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Yeah.
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Yeah.
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It's a helpful chunk.
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Okay.
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This should be temporary.
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We are saying that we these, these changes should be temporary until once adjusted to the 75 year funding rule, and then the taxes should come down, which is a unique.
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Thing to present to Congress.
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'cause they've never taken anything down that they've taken up.
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You and I do all the time.
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Yeah.
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We got a little savings.
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We got something to spend and we don't have savings we can't do
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Right.
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We gotta put some back in the till.
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So we support raising the 6.2%.
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Okay.
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If necessary.
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But it may not be necessary.
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Okay.
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And we have no position on, on, on means testing because.
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It's such a critical issue.
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There's the argument about the social security is earned and not a welfare program and then there's also the argument that taxing assets should be off limits and means testing should discourage.
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Personally, I come down on, if you make a private investment or you capitalize a company or you go out and you make a bet in the stock market and you benefit from that, that should not apply here because those are not wages.
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Those are, you are putting your own money, your own equity at risk to earn additional money, and that should not be taxed as a payroll tax.
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Be included.
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Okay.
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What about earnings from gambling?
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They are taxable.
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I know that.
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So her loss is deductible.
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Harder to prove both.
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Yes.
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Okay.
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So I guess we've reached the end of this fact filled episode.
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Yeah.
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And I want everybody to watch for our next video.
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It has to, we're gonna shift gears a little bit.
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We're going now to talk about pension plans.
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And then from there on we'll be talking about other issues.
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Of course, all the economics that we've talked about so far apply and it, and when you're reading and you're listening to video or the, just getting the audio version remember, check back to the prior versions of our presentations
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they, I think people should go out to the N R L N website.
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And read the website
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absolutely.
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NRLNmessage@msn.com is our email address,
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Bill, why don't you give our listeners, our seniors an email address where they can send you a message if they have a question or a comment?
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Sure.
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Mike.
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They can reach us at NRLNmessage@msn.com.
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Great.
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Mike you know what we're all about is creating a better life for seniors and I would wish all of them are seniors out there.
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Best of luck.
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And so until the next time, remember, seniors are special.
00:00:09.762 --> 00:00:19.542
This is Mike Roth and Bill Kadereit Bill and I are here on the podcast called Creating a Better Life for Seniors.
00:00:19.942 --> 00:00:22.411
And this is the second episode.
00:00:22.812 --> 00:00:35.932
In a hopefully long series, and today we're going to be answering the question, is your social security at risk and perhaps what you could do or what should be done to reduce the risk?
00:00:36.332 --> 00:00:39.932
Social security Bill has been around for a long time and.
00:00:40.332 --> 00:00:45.642
It's a hard subject for a lot of people to grasp because it started back in what, 1935.
00:00:46.042 --> 00:00:50.481
Wanted to tell our listeners a little bit about the history of Social Security Bill.
00:00:50.631 --> 00:00:51.051
Sure.
00:00:51.142 --> 00:00:57.231
As you said, Mike 1935 was the creation year, the year the Social Security Act was created.
00:00:57.631 --> 00:01:14.382
And it was a post-depression economic crisis, an era that the country was coming out of, the need to build production, the need to, create a hand up for people who truly needed help was later tested by the Korean War and Rollercoaster economy.
00:01:14.382 --> 00:01:32.641
And so there were a lot of events that events led to, even in 1965, creation of the second act, the Medicare and the Medicaid Act, which was appended to the Social Security Act, and that then again, it was modified in 1972 to create HMOs and those contracts.
00:01:33.042 --> 00:01:40.652
The core purpose was, enacted to pre a protection system, not a dual welfare system funding.
00:01:40.652 --> 00:01:43.171
It is a political and moral obligation.
00:01:43.171 --> 00:01:44.792
These are mandatory programs.
00:01:45.191 --> 00:01:50.341
Now it seems like for the past 20 years our politicians have.
00:01:50.742 --> 00:01:57.061
Kicked the can down the road in terms of funding social security and Medicare.
00:01:57.462 --> 00:01:58.691
What, what's really happened?
00:01:59.091 --> 00:02:08.092
The first major cutback to medic social Security was in 1983 where Congress increased the retirement age from 65 to 67.
00:02:08.491 --> 00:02:12.481
You can collect money at age 62, but with a reduced benefit.
00:02:12.882 --> 00:02:16.026
Bill, what happened over time and how did we get here?
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Okay.
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I think to get to that question, we have to first look at our US population and how it has grown and
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let's take a look at that chart now.
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Sure.
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As you can see from the chart from 2025 to 2050 the growth rate is plummeting.
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And below 2% from 2025 outward.
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So
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that means that the birth rate and the fertil that is the fertility rate and immigration are major factors in that change.
00:02:46.247 --> 00:02:53.597
So the percent change we're talking about is the orange line and that is projected to get down to as low as 1.4%
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by 2050.
00:02:55.176 --> 00:02:57.306
And right now we are below,
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below two,
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below 1.5%.
00:02:59.856 --> 00:03:00.426
Yeah, it's true.
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I characterize that whole curve.
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The whole orange curve is below 2% across all those years.
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It's never as high as 2% if you can see the scale on the right.
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That's a pretty serious reduction in the number of people paying into Social security.
00:03:14.037 --> 00:03:19.456
It is, and it's, and the growth rate is a significantly smaller change each year.
00:03:19.637 --> 00:03:32.967
If you notice that change from 2025 to 2050, 25 years later is just 41 million people and over 10 years it barely replaces losses to our population.
00:03:32.997 --> 00:03:33.747
What about congress?
00:03:33.747 --> 00:03:34.917
What have they done for us?
00:03:35.157 --> 00:03:37.086
Nothing in a word, nothing.
00:03:37.137 --> 00:03:39.866
They blame baby boomers and kicked the can down the road.
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Mike, , this chart shows you that by 2050 there will be 89 million people over the age of 65.
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That's 26 million or 41% more than the 63 million in 2035, and by two 60.
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No one will ever remember what a baby boomer was.
00:03:57.812 --> 00:04:08.481
If you consider all of that impact on the effect on social security, what you're basically doing is you're eliminating these people over time.
00:04:08.602 --> 00:04:16.461
Even though everyone talks about baby boomers being a big problem, they effectively are gonna be leaving the universe at the same time.
00:04:16.641 --> 00:04:20.451
The total number of people in Medicare, the blue lines.
00:04:20.851 --> 00:04:22.922
Now the baby boomers, of course, are in orange.
00:04:23.221 --> 00:04:30.922
The blue line shows that the growth in total medic social Security and Medicare both are growing at a rapid rate.
00:04:31.101 --> 00:04:34.072
And this is the over 65 group that is growing.
00:04:34.432 --> 00:04:36.771
23% from 2000.
00:04:36.987 --> 00:04:45.536
And on the far left, that 2010 where those two lines cross is where all the baby boomers are in the.
00:04:45.942 --> 00:04:50.752
Over age 65 group in Medicare or in and in social security.
00:04:50.992 --> 00:04:59.612
So there's the pressure that is exists in terms of the effect of baby boomers on the social security plan.
00:05:00.012 --> 00:05:03.942
But the trustee reports have shown exactly what's happened over time.
00:05:03.992 --> 00:05:06.752
And that information is documented very well.
00:05:07.151 --> 00:05:20.622
You can see the old age survivor in annuity trust, will fund only the old age and Survivor's Annuity Trust will only be able to pay 100% of benefits until the fourth quarter of 2032.
00:05:21.023 --> 00:05:26.642
That is the blue line on this chart, and you can see that it was well funded over.
00:05:27.017 --> 00:05:30.317
400% that is the Social Security Reserve.
00:05:30.557 --> 00:05:34.858
As long as 15 years ago or 20 years ago in 2010.
00:05:35.257 --> 00:05:40.788
Congress has known before that time because they get these reports every 10 years.
00:05:40.788 --> 00:05:43.548
They get these projections on the budget every 10 years.
00:05:43.908 --> 00:05:46.218
They knew the problem was coming and did nothing.
00:05:46.617 --> 00:05:58.257
The trend in the band was, like I said, today it's over 200% lower than the 400%, and by 2032, it will be zero unless some action is taken.
00:05:58.468 --> 00:06:00.867
And so that's the essence of our discussion today.
00:06:00.867 --> 00:06:04.648
What do we think has caused that and what what can we do about it?
00:06:04.648 --> 00:06:10.718
We've already addressed primary cause, which was reduce the reduction in the number of people contributing.
00:06:10.767 --> 00:06:21.225
Because of the slow growth in total . So the good news is the disability side of it is OK and the others in Social Security are in trouble.
00:06:21.646 --> 00:06:27.906
So the green line is the money set aside for disability, that never goes to zero.
00:06:28.307 --> 00:06:35.206
But in 2031 or 32, it looks like both social security and.
00:06:35.641 --> 00:06:40.151
The money set aside for medical payments goes essentially to zero.
00:06:40.271 --> 00:06:41.021
What happens then?
00:06:41.172 --> 00:06:46.271
What happens then is the they will have to reduce benefits by 22%.
00:06:46.672 --> 00:06:56.276
And at that point, the 78% of benefits that will be paid to everyone will have to come directly from.
00:06:56.677 --> 00:06:59.016
Money taxed as it comes in the door.
00:06:59.016 --> 00:07:00.576
It's gonna be going out the door.
00:07:00.846 --> 00:07:02.107
There will be no reserve.
00:07:02.507 --> 00:07:05.786
Operating the fund without a reserve seems to be a terrible mistake.
00:07:05.786 --> 00:07:06.086
Yeah.
00:07:06.487 --> 00:07:07.776
For our children and our grandchildren
00:07:07.826 --> 00:07:12.687
So there are six primary reasons why this has happened.
00:07:13.086 --> 00:07:15.187
The re mass retirement of baby boomers.
00:07:15.586 --> 00:07:21.877
The last boomers will hit 65 by the end of 2027 shrinking worker to beneficiary ratios.
00:07:22.196 --> 00:07:25.966
In 1960 , there were five workers for every one beneficiary.
00:07:25.966 --> 00:07:32.117
Today, there are only 2.9 people for every one beneficiary, so that's not a good ratio.
00:07:32.516 --> 00:07:39.576
Recent tax law changes for example, the One Big beautiful Act Of July of 2025, increased payments.
00:07:39.795 --> 00:07:44.595
From taxing of benefits, accelerating the solvency, the insolvency of Medicare.
00:07:44.745 --> 00:07:49.535
Now that's not a bad thing necessarily because it did correct the wrong.
00:07:49.625 --> 00:07:57.214
And what happens now though is Congress has an obligation, a mandatory obligation to put the money back into in the till.
00:07:57.545 --> 00:07:59.824
And that's the real issue that's on the table.
00:08:00.274 --> 00:08:04.314
The Social Security Fairness Act passed in 2025.
00:08:04.714 --> 00:08:06.425
Made good on people.
00:08:06.769 --> 00:08:12.620
Who were owed $196 million, 33.2 million public workers in the sectors.
00:08:12.860 --> 00:08:26.750
That issue was all about, for example, Mike, when you were younger and I was younger, if we moved from city to city and our wives were working and the kids and they were working the little part time, and, they had some income and so they had social security credits built up.
00:08:26.829 --> 00:08:35.240
But if they moved to Texas, as my daughter did, for example and decided to go back to school and become a teacher, she taught for 26 years.
00:08:35.240 --> 00:08:39.740
At the end of 26 years, they said, here's your pension from the state of Texas for teaching.
00:08:39.799 --> 00:08:45.740
And oh, by the way, if you take your social security money, we deduct that from your pension.
00:08:46.139 --> 00:08:47.009
And she said, what?
00:08:47.429 --> 00:08:50.799
And I said, yeah I found out about that and I said, it's crazy,
00:08:51.250 --> 00:08:51.580
Right?
00:08:51.639 --> 00:08:55.299
You earn those credits, you earn those credits, you get paid those credits.
00:08:55.450 --> 00:09:05.220
But Congress passed a law years ago that set that up so that there are 16 states that are taking advantage of federal statute that allows them to do that.
00:09:05.620 --> 00:09:08.740
And they got rid of it finally at 2025.
00:09:09.100 --> 00:09:17.350
So they took that step, but that cost another $996 billion out of the treasury, out of the, the reserve to get the job done.
00:09:17.679 --> 00:09:22.419
So that, that has an impact rising economic inequality.
00:09:22.419 --> 00:09:38.140
The payroll earning tax is capped at one hundred eighty four thousand five hundred dollars as of 2026, meaning that high wage earners grow faster, meaning a shrinking share of national income is subject to that tax.
00:09:38.471 --> 00:09:42.346
So therefore, that that cap of $184,000.
00:09:42.745 --> 00:09:45.655
Needs to be reviewed, and we have a proposal on that.
00:09:46.056 --> 00:09:54.736
Lower fertility and immigration, as we just discussed in the prior slide talks about the smaller future workforce will be there to pay for the system.
00:09:55.136 --> 00:10:00.677
Bill, what options does Congress have now to prevent cuts in our payments?
00:10:01.076 --> 00:10:04.167
The first option is they need to act sooner rather than later.
00:10:04.567 --> 00:10:12.586
But the most discussed options are raise the full retirement age, pushing the age from a 67 up to 70.
00:10:12.947 --> 00:10:13.157
That's
00:10:13.157 --> 00:10:13.366
optional.
00:10:13.366 --> 00:10:21.677
The second is raising the payroll tax, increasing the current 6.2% per the employer, and 6.2% for employees.
00:10:21.826 --> 00:10:24.927
Combined rate of 12.4% lifting.
00:10:25.361 --> 00:10:36.881
Or eliminating with a wage cap, the taxable earnings above$184,500 and means testing, which is reducing or eliminating payments for wealthy retirees.
00:10:36.961 --> 00:10:41.902
I like increasing the wage cap to some number, like $3 million.
00:10:42.302 --> 00:10:49.932
That would be you should take care of most of the problems but to take care of all the problems, you eliminate the cap and they've calculated the savings.
00:10:49.932 --> 00:10:53.121
And I think that in a few minutes we'll be able to talk about that.
00:10:53.422 --> 00:11:01.111
And Bill the NRL N'S position what are your positions on each one of these options?
00:11:01.412 --> 00:11:04.682
Yeah, I think number one, we certainly opposed raising the retirement age.
00:11:05.081 --> 00:11:10.601
It diminishes life benefits and older workers face discrimination and physical limitations.
00:11:10.902 --> 00:11:13.091
Waiting until 70 is just too long.
00:11:13.451 --> 00:11:14.501
Okay, number two,
00:11:14.591 --> 00:11:16.701
we support eliminating the wage cap.
00:11:16.851 --> 00:11:17.601
Absolutely.
00:11:17.601 --> 00:11:19.432
Take it off and not the 3 million, but.
00:11:19.831 --> 00:11:20.971
As far as it goes.
00:11:21.001 --> 00:11:22.861
So some of em makes a hundred million a year.
00:11:22.892 --> 00:11:23.672
Exactly.
00:11:23.672 --> 00:11:25.081
They pay the same as every.
00:11:25.081 --> 00:11:29.131
Anyone making $50,000 a year as a percent of their income?
00:11:29.131 --> 00:11:29.912
Not dollars.
00:11:30.312 --> 00:11:30.581
Okay.
00:11:30.761 --> 00:11:31.032
Yeah.
00:11:31.121 --> 00:11:31.451
Okay.
00:11:31.851 --> 00:11:39.052
The chief actuary calculated that eliminating$184,500 cap would close 70% of the shortfall.
00:11:39.451 --> 00:11:46.442
And extend the fund to 2060, not to 2075, but 2060.
00:11:46.491 --> 00:11:47.272
That's reasonable.
00:11:47.272 --> 00:11:48.261
That's another 35 years.
00:11:48.261 --> 00:11:48.351
It's
00:11:48.351 --> 00:11:49.042
a big chunk.
00:11:49.251 --> 00:11:49.432
Yeah.
00:11:49.437 --> 00:11:49.547
Yeah.
00:11:49.672 --> 00:11:50.902
It's a helpful chunk.
00:11:51.201 --> 00:11:51.532
Okay.
00:11:51.932 --> 00:11:53.371
This should be temporary.
00:11:53.371 --> 00:12:04.091
We are saying that we these, these changes should be temporary until once adjusted to the 75 year funding rule, and then the taxes should come down, which is a unique.
00:12:04.422 --> 00:12:05.652
Thing to present to Congress.
00:12:05.682 --> 00:12:07.902
'cause they've never taken anything down that they've taken up.
00:12:08.057 --> 00:12:09.326
You and I do all the time.
00:12:09.366 --> 00:12:09.636
Yeah.
00:12:09.642 --> 00:12:10.581
We got a little savings.
00:12:10.581 --> 00:12:13.011
We got something to spend and we don't have savings we can't do
00:12:13.042 --> 00:12:13.341
Right.
00:12:13.371 --> 00:12:14.692
We gotta put some back in the till.
00:12:14.932 --> 00:12:18.802
So we support raising the 6.2%.
00:12:19.101 --> 00:12:19.491
Okay.
00:12:19.522 --> 00:12:20.511
If necessary.
00:12:20.912 --> 00:12:22.292
But it may not be necessary.
00:12:22.692 --> 00:12:23.111
Okay.
00:12:23.111 --> 00:12:26.562
And we have no position on, on, on means testing because.
00:12:26.932 --> 00:12:28.491
It's such a critical issue.
00:12:28.491 --> 00:12:38.961
There's the argument about the social security is earned and not a welfare program and then there's also the argument that taxing assets should be off limits and means testing should discourage.
00:12:39.322 --> 00:12:52.907
Personally, I come down on, if you make a private investment or you capitalize a company or you go out and you make a bet in the stock market and you benefit from that, that should not apply here because those are not wages.
00:12:52.907 --> 00:13:01.767
Those are, you are putting your own money, your own equity at risk to earn additional money, and that should not be taxed as a payroll tax.
00:13:02.197 --> 00:13:02.557
Be included.
00:13:02.826 --> 00:13:03.116
Okay.
00:13:03.162 --> 00:13:05.172
What about earnings from gambling?
00:13:05.572 --> 00:13:06.562
They are taxable.
00:13:06.961 --> 00:13:07.471
I know that.
00:13:07.471 --> 00:13:08.912
So her loss is deductible.
00:13:09.312 --> 00:13:10.631
Harder to prove both.
00:13:10.721 --> 00:13:11.322
Yes.
00:13:11.721 --> 00:13:11.932
Okay.
00:13:12.331 --> 00:13:15.361
So I guess we've reached the end of this fact filled episode.
00:13:15.812 --> 00:13:16.292
Yeah.
00:13:16.351 --> 00:13:19.297
And I want everybody to watch for our next video.
00:13:19.726 --> 00:13:21.557
It has to, we're gonna shift gears a little bit.
00:13:21.956 --> 00:13:24.746
We're going now to talk about pension plans.
00:13:25.057 --> 00:13:27.547
And then from there on we'll be talking about other issues.
00:13:27.547 --> 00:13:41.037
Of course, all the economics that we've talked about so far apply and it, and when you're reading and you're listening to video or the, just getting the audio version remember, check back to the prior versions of our presentations
00:13:41.376 --> 00:13:44.086
they, I think people should go out to the N R L N website.
00:13:44.206 --> 00:13:45.976
And read the website
00:13:46.376 --> 00:13:47.246
absolutely.
00:13:47.677 --> 00:13:50.187
NRLNmessage@msn.com is our email address,
00:13:50.586 --> 00:13:58.917
Bill, why don't you give our listeners, our seniors an email address where they can send you a message if they have a question or a comment?
00:13:59.307 --> 00:13:59.606
Sure.
00:13:59.606 --> 00:13:59.966
Mike.
00:14:00.017 --> 00:14:02.495
They can reach us at NRLNmessage@msn.com.
00:14:02.596 --> 00:14:02.817
Great.
00:14:02.846 --> 00:14:10.256
Mike you know what we're all about is creating a better life for seniors and I would wish all of them are seniors out there.
00:14:10.557 --> 00:14:11.427
Best of luck.
00:14:11.636 --> 00:14:16.567
And so until the next time, remember, seniors are special.
