Many retirees are concerned about the state of Social Security, and some of them even expect the program to crumble in the next few years. Does that mean you should get your money out now before it does? This week we respond to a listener question about by explaining what’s going on with Social Security, how long it’ll be before the Social Security trust runs out of money, and what will happen when it does. We also cover an article from Consumer Affairs about why car insurance premiums are rising so much, and review a very strong rebound in the markets.
Show Notes
[01:52] Market update – What’s new in the global and local markets?
[05:10] Article of the Week – Grant shares a ConsumerAffairs article on auto insurance premiums.
[12:00] Social Security – Grant explains the structure of the Social Security Act.
[18:00] Changes - Grant explains how the social security system became unbalanced through the years.
[20:25] Current status – The current state of the social security system according to the Annual Trustees Report.
[23:00] Early retirement - Grant discusses why it could be a mistake not to include social security benefits in your financial plans.
[24:13] Possibilities – Grant shares possible solutions to fix the social security system and make sure all the beneficiaries are paid in full.
Resources
The 2024 OASDI Trustees Report
A SUMMARY OF THE 2024 ANNUAL REPORTS
Auto insurance is outpacing inflation and getting worse
consumeraffairs.com/news/auto-insurance-is-outpacing-inflation-and-getting-worse-081524.html