Name: Is the US running out of Social Security?
Uploaded: 2024-03-22T18:51:56.000Z
Duration: 8 min 13 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

The program is quickly running out of cash.

Millennials and younger don't believe that

they're going to see a penny of Social Security.

As a millennial, this has been my introduction

It's like the government pulls some money from my paycheck

and then it goes into some imaginary fund

The truth is, I know embarrassingly little about this program

that most Americans rely on for retirement.

Before you go and dive into the comments, it seems

This poll looked at people near the retirement age

But rather than succumb to the void like I want to,

I read entirely too much about it so you don't have to.

So what is Social Security and is it actually doomed?

overstate how important Social Security is.

The official name of Social Security is “The

Old-Age, Survivors, and Disability Insurance Program.”

It can kind of be broken down into three parts.

Most people are familiar with the old-age one.

It's the biggest source of income for most retirees.

this program alone was responsible for keeping nearly 16

and a half million older Americans above the poverty line.

It supports people when a parent or a spouse dies,

working age, it supports people if they become disabled

worker pays into social Security via a payroll tax.

out of every paycheck into Social Security,

and then their employers pay another 6.2%.

though, as in if you make more than a certain amount of money,

the government's only going to tax a portion of it

Or you sinking into the void of financial lingo?

Now, you can literally look at your pay stub

and see where the Social Security tax comes out.

the size of that check is determined by the average

of how much you've made throughout your working life ...

As of now, retirees can start collecting at age 62,

but they won't max out the benefit unless they wait

So to recap, current workers pour money into trust funds,

and those trust funds are used to pay out

and there will always be money in those funds.

So why does everybody keep saying it's being drained?

was the main workforce that paid into Social Security.

were putting money in than taking money out.

So those trust funds that we talked about earlier

and the US Treasury took that extra money and invested it.

At this point, Social Security stopped operating in a surplus

because more and more people started to collect.

supporting each beneficiary as we used to.

because 2.9 trillion is a nice pile of money

Subtitles ListPlay Video

Is the US running out of Social Security?

ultimately

average

typically

poverty