Good News for Social Security in 2022

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Schild CFP some insurance this show does not offer investment products or investment advice. We've got good news for you today. In fact, the name of our show today on finishing well is good news for 2022. When Social Security and so so security good news is that we don't hear every day is a time so the only article out there. The only show your title, your or work together Social Security and good. Unfortunately, all we hear that doom and gloom and so with that, we do have a really, really some outstanding things. I think everything be pleased to hear for 2022, but also within the show to get into the trust fund report and am interestingly going to divert good news have to do with lying wet. Maybe this will help you sorry talk about in Psalm 119 is is in David's prayer that a lot of people consider the ultimate prayer, spiritual warfare, and in verse 29. He said something very interesting to me says remove from me the way of lying and grant me thy law graciously and so what we don't realize. I think sometimes is that the good the way of lying. The person that we live to the most unfortunately is ourselves and and so what we do is we pick up a piece of what we consider to be bad news or scary news and then as we know, begin to lie to ourselves about what that's what that means, and obviously the enemy is more than willing since he now has a foothold because now you're in his realm because anything that's not the truth is clearly his ground and he has a right to get in there and amplify that message at and so interestingly David realizes this is more than his pay grade. I'm thinking David is saying you gotta help me with this God because it's so easy to grab hold of something and and begin to lie to myself it on how it's going to devastate me and and so when it comes to this idea, Social Security. There's a whole lot of those in their but I think it's really a neat prayer that we can all think about is is God remove from us the way of lying and grandma side law, which is the truth right because the law is the truth that is Jesus, and and so since Jesus is can help us out with the truth here we go. So getting into a little truth when it comes to the Social Security. I guess we could head out, start out with the good news, right palms needed, we can open up year 2022. Everyone security check to go up by almost 5.9% cola increase next year that the law, goodness, I haven't done that. What since the 80s or something like that. From what I understand, 1983 the .4%-yoga call.

We are coming up 1970s inflation and you know I was 2519, three, and just starting my financial planner rear so I've been studying this stuff a long time and you know the last 10 years we've averaged 1.5% increases. There is one year, 2013. I believe we had no compunction has been slow so many years people would come to accept 1% value are always in the press for seniors and we need to make it more all political based on inflation. So inflation is up. That's not that got inflation. That is, so much and I think that's related to the pandemic and shortages and that sort of thing and hopefully that that's not when I can to get sick.

And every year, but let's go ahead and celebrate Jack that word. Those of us that are on Social Security are about gone Social Security almost 6% increase giants that is really good news. And yet scary, and that is like no other can run out of money really is through the reason America so the show is about looking at this trust fund report that only comes out in May is change of administration COBIT or whatever income out till the very end of September beginning of October and so for about a month really a couple weeks actually just read all the headlines that in the people that go go bus security can go bus the you stupid we thought 2035 and then last year we lower that only 34 and then this year the 2020 report when I say 2033 like it's closing in on us from both an fax port theory that could happen. That would be you. Nothing is gone about two ration what I'd like to give some alternative plaque going.

So this is the this is the voice of reason and you know I got. I read the trust fund report story 76 pages long, and I would recommend that having is something and I don't read every word I get a general sense of how CPAs within the federal government by law, that account for every nickel in the whole Social Security system and a real good news is we added $7.4 billion trust fund during 2020 we actually did more than that. It's like $10.9 billion.

If you add in the post disability income trust funds of all think put together.

It's almost $11 billion added to the trust.

G.I. and I started to shower with you. That was Greek to me because I had no idea what the trust fund meant and I know I had no idea of the significance of what you just said so the cool thing is, over the last three years I've been learning you know like oh my goodness that hears this money that's been piling and piling and piling and piling since the beginning of Social Security and were not talking about billions of dollars here right Huns were talking about a trillion trillions of dollars that have gone into this fund. When in other words, when they didn't when they took more income in the so security than they took out the skis, building and building and building and building, and since you know this is fund since I've been familiar with the last three years. Every year they say will next year.

You know are to be taken it out for the first time. Get ready because it's gonna be on its way down. But honestly, now that I've been hearing the song for three years. I'm like what and once again rather than it being in arrears. From my standpoint being a business person and run plenty of businesses in my life. You know, when you continue to put money in the overexposure know that in the trust fund. This thing is doing okay and in it did in the year were in.

Obviously, there was a great deal of unemployment and I and all sorts of other things with Ovitz but once again, you know, the trust fund got bigger. What I would say that most people reporting on this drawing all these conclusions is much three years reading this report every year that I started meeting and the reserves because they don't pay so purity benefit of the research we took the year 2020, which is supposed to be awful as a coat. We had a lot of people out of work, reduced payroll tax contributions so they say more people taken early retirement guarding your Social Security just because they got no other choice. All these terrible things that would happen and when you read in the trust fund report is not inflated and fine since numbers and comments. I can just tell you during all year 2020. They paid out in benefits purity due to retirees $961 billion and that's the amount to retirees is a lot among everybody in America less than Social Security check and actually they didn't pay out that amount 952 billion because I'm looking at the total cost but they also they get charged trust fund or expenses. $3.7 billion to administer source so security pays its own way so that that the point I want to make it where they get that money from is not the trust fund to get the money from the $856 billion that came in and payroll taxes. All of us are paying up doing our jobs and our employers and then they paid in the collected $73 billion in interest off of the $3 trillion, almost 3 trillion trust fund and then they collected 39 billion income taxes from well-to-do Social Security people that have high income have to pay taxes on their souls security. They put 39 billion of that tax revenue for all of it back into the social they use the revenue a battle and pay the expenses and the whole thing matched up. They were 7.4 billion to the good on the retirees and disability income people, which is people getting it before 66 or so.

It's 3.5 billion that they added that some unfortunately right now.

We had a gun range, you know, I guess you could be saying. How does this affect me with so many different ways it affects you. It affects your family were in getting all that is. We do have all this good news for you did today on Social Security which is a critical part of how we finish well so will be right back, certified financial planner homicidal. Again, we want to remind you that he's got the YouTube channel riding in a do a whole report we can see the board and look at these numbers up front and personal. If you want to and that is cardinal advisors right that's on you to course cardinal guy.com is going to be showing that the website is cardinal� We come back home on more on the good. Hans and I would love to take our show on the road to your church and Sunday school Christian or civic room. Here's a chance for you to advance the kingdom through financial resources and leveraging Huns expertise and qualified charitable contributions veterans aid and attendance and IRA Social Security care and long-term care. Just go to cardinal guy.com and contact to schedule a live recording of finishing well your church Christian or civic contacts on cardinal guy.com that's cardinal guide.com welcome back to finishing well with good news for Social Security 2022. As we talked about the great news that were get in was at 5.9% increase. Everybody is in their Social Security checks for 20 now that's great news.

But as we as we left. We talked about how secure are so security if we talked about how important just the facts are what what what's actually going on with it so far. Question that I have, obviously, is how does it help me financially. This information will mean when people come walking into their financial advisor or financial planner.

They come walking in the mile high percentage of them are debating with me instantly, like why should we go. Cannot be there doing Social Security planning, which is the foundation of retirement to start the Social Security and you you are lacking in faith that money to really get it there. Then it can cause you to make poor decisions for yourself and it's gonna rob you of your peace when you get done put together a financial plan. Answer amount peace that you can save on the BRI matter how long you know we all have that fate. God is to care and God can be there for us, but there's many people that have that yet they are really nervous about like with their 80s and 90s ago like they make it there financially and this is a big part since is running rampant, and they've been fed by time the part that jumps out at me is even if you're 20 years old and then taken out Social Security.

Those people like my daughter whatever they seem to really be offended that they're having to pay this for something they know is not gonna be there in their pieces being romped not acknowledge we can do some work on such. We've already done some work in the eight with a revamp this whole thing is why we have $3 trillion and were not bankrupt now because we did something 30 some years ago. That argument only implement there about two or three years away from work to but this thing is in really good shape you want my opinion meets look at the number, not a financial planner and trained to do this. I read the old port last year between the two trust funds the disability and the retirement we had almost $11 billion to the trust after we paid all the bill why this matters to you is I just think that most people have reached a level of expenses and I think this 20-year-old macro Saunders 23 and just started his first job is making a real nice. Salaries and engineer. He has the same as my goal at the computer will yesterday and it's actually his generation that are going to the people that are going to make the changes discussed all of it up. I need people to trust in that and then you really think that I'm going down the wrong road here tell you something you don't hear anywhere else right give me a call when I want to do with you talk about yourself purity in which you can count on and were going to use that as the base can count on that and try to make good decisions as to when you started. If you have a spouse when your spouse starts it lets you check the then when the first one he dies one of those checks is going to go away and the survivors can be left with a bigger check, it still wouldn't use that as a basis for everything we do and if you don't believe in that. Then it just kinda makes haphazard decisions and everything else. Actually, as I was getting ready for the show, Hans.

I went back Social Security tax I, like to do that these day so security.gov and in the way they have the website these days is you can print out the whole report.

If you want but you know they're actually on the front page is this little graph and and you can sit there and with this little dog and then move it along to you know where you think you want to start your Social Security and it's the top members like you know really really handy in and in gives you certain places information you know is is we go looking at this you know that's a really really helpful resource and something that that really is one of the things you tell people to do first right go on there which are statements that show so much you paid in what you can expect to get started in 80 days in what I want you to do is that one should be equally I'm just telling you now you believe it is logically else, and maybe your your paychecks can come in from your company. If you continue to work there and the company continues to thrive.

It's not like they don't go put out predictions of this company will be bankrupt if they continue to run at the same way that running in 2033.

Me, I don't just sit around worrying about this is this is really not your concern. I really, really look at that statement and say this is my peace.

This is this is what I can count on and it's probably not enough, then we gotta get money for something else were to all the work and were going to regret were to get that from your investments in money you saved on the side in plant taxes and all I can think that this is important But it's goodness really when we look at that.

Reportedly think well based on historical evidence that we've what I've seen the last three years is that you know I'm with you on that.

Although I would've been with you, you know, prior to restarting the shadow so I know I've come over from the dark side of looking at my own situation to I think a little over four grand a month on my and then white can be about 1800 children and almost screamed a month just for Social Security. My plan is to pay zero tax because my other than to be living off of on top of that. I'm also going to pay zero tax on that because I got most of it converted over to our sons and make withdrawals as nests. And have a tax-free return and you know if I did have faith in security. My retirement plan would look a lot different. So stop this, and I the other part that just jumps right out at me because again if she wants this over the years is I really didn't realize that they were to give you this cost of living increase or that it would certainly be of the size and so for all of us. You know right now you're looking at 4000 thinking well if if things continue to change. They adjust for that to yeah and I would fit the projection you and I are looking at right now based more on the 1.5% average over the last 10 years predicted: so you just watch when we run our own statements in January or February will do another show you and I will run our statements just like we have every year you had that number is going to be higher because I'm guessing that it can reflect can be 6% are really close to spur the reason I went looked actually today. It isn't that is I was like catching them easily with his essay, but also you know there at the website it it really is handy because I you know they they show you. Okay, what's my spousal benefit if if I pass away and and they walk you right through that stuff a lot easier than it was two years ago you made an easier state, but encourage listening if you don't have accounted at this data going and make my Social Security account and probably not, like, like, you know. Of these four places that you had a long which one did you really have a lot of the other ones are made for.

These are the kind of cars you check all the ones that are accurate and they do things up your credit report. Make sure it's really Robbie Gill is checking into that thing which you have to do that once once you get in there you get a username and ID go back to it.

If you coming to see me.

This is something less than you do will work over the phone or resume or whatever is after you decide to hire me to send you to run your Social Security report for you and your spouse have separate accounts that were discussed start to look at this is what we can start with then this is how much money we have going to have and this is what were going to do with it to make it all work out well for the rest you retire in this thing that actually literally breaks my heart on I have two or three people that are actually quite close to me. One of Maxine my family who their reasoning was so security is going right now so I'm in a go ahead and start filing when I'm 62 and thus lock myself into this lower amount based on misinformation that really is just it breaks my heart because they can never change that once they go thinking well it's gone broke. I better get my money out of it. That's a horrible decision was that he really need money that point it's smarter to wait to figure out a way to do that lighting at exactly the right agent somewhere between 62 and 70, but most people it's not like I run people coming to see need 65 and taken it for three years for exactly that same reason, is about to let out any burden and doing good and okay now. By the way done that last year started and it's been less than 12 months.

We can actually do it.

Do I get done a couple of those this year, people that started it before they really have the information I gave. We paid it all back and waiting to ask. I have software some for people that call him and come in. That can help them pick the ideal time for them, their spouses, a big part of it right your age there against everybody's help.

It all fits into the equation. We set I know that work tendencies and we sit down with everybody and we talk to the people. Your wishes are going to be prevalent but yet all the scenarios you how much it cost you particularly is really what amounts to an end and 1/4 and the delay it and we gotta figure out which you live off of which is probably withdrawals from so you money to translate. I can't believe our time is gone so quickly. It's one of the subjects we we certainly need to put some time and consideration in God is provided this unbelievable. From my perspective, you know, nobody in many, many, many generations is had anything like Social Security that we've enjoyed since the 30s in this country and so being good stewards of that requires good information and remove from us the way of lying and grant us the truth graciously and further way you can get the truth obviously is to get Hans's book the complete cardinal guide to planning for living retirement.

He shows you how to do all the things we do so security in that book you can get that a cardinal guy.com or watches video where he goes right through the report number my number there at cardinal advisors on YouTube and again were just grateful that you listen today. Thanks, Hans. Thank you.

Finishing well is a general discussion and education of the issues facing retirees cardinal guy.com cardinal advisors upon trial CFP some insurance this show does not offer investment products more investment and we hope you enjoyed finishing well you by cardinal guy.com is a cardinal guy.com for free downloads of the show previous shows on topics such as Social Security, Medicare and IRAs long-term care life insurance and investments and taxes as well as constant best-selling book, the complete cardinal guide to planning for and living in retirement and the workbook once again for dozens of free resources past shows what you get Hans about going cardinal guy.com if you have a question, comment or suggestion for future shows. Click on the finishing well radio show on the website and send us a word.

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