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GREAT NEWS! | 10.8% Increase to Monthly Checks for Social Security, SSI, SSDI! - YouTube
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according to a recent analysis social security聽
recipients could see their monthly checks聽聽
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increase by 10.8 percent next year if聽
inflation persists at its current rate聽聽
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what's going on guys josh baldwin聽
here from mad money millennial聽聽
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bringing you the latest news the most聽
straightforward information out there聽聽
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for those of you on social security ssi ssdi and聽
snap or ebt benefits you can do me a giant favor聽聽
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by tapping those like and subscribe buttons聽
and let's get into this video on the latest聽聽
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projections for cost of living adjustment numbers聽
in 2023 as well as how the government will be聽聽
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addressing the financial shortfalls of the social聽
security program like the current insolvency issue聽聽
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which is troubling lawmakers as the percentage聽
of retirees relative to current workers grows聽聽
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thanks in large part to increase longevity the聽
social security trust fund is hemorrhaging money聽聽
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as currently structured the trustees overseeing聽
the program estimate that the trust fund will be聽聽
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depleted by 2034 at which point benefits will聽
have to be cut by 77 percent of current levels聽聽
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to help preserve current projected benefit amounts聽
changes will have to be made to the system and the聽聽
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sooner the better here are a few of the proposals聽
that the buying administration has floated to help聽聽
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correct the problem along with additional changes聽
that may be eyeing one of the primary changes the聽聽
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biden administration wants to make to social聽
security will actually increase its liabilities聽聽
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specifically president biden wants to increase聽
benefit amounts to a minimum of 125 percent of the聽聽
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federal poverty level for those who have worked聽
at least 30 years this minimum benefit would apply聽聽
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regardless of a workers earning history those聽
who have just a 20-year work record would see聽聽
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benefits bumped up by five percent while widows聽
and widowers would receive about 20 percent extra聽聽
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social security is funded in large part by聽
payroll taxes of 12.4 percent on current workers聽聽
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half of this is paid by employers so workers聽
typically pay just 6.2 percent unless they're聽聽
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self-employed in which case they are responsible聽
for both the employers and the employees share聽聽
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however this social security tax applies聽
only up to a certain level known as the聽聽
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wage base this amount changes annually based聽
on the rate of inflation for 2022 for example聽聽
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the wage base is 147 thousand dollars up from one聽
hundred forty two thousand eight hundred dollars聽聽
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in other words if you earn more than one聽
hundred forty seven thousand dollars in 2022聽聽
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those excess earnings are exempt聽
from social security taxes聽聽
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one of the key biden proposals regarding聽
social security is to apply social security聽聽
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taxes to those making four hundred thousand聽
dollars or more under this scenario workers聽聽
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would pay social security taxes up to the聽
current wage base thousand dollars in 147.22聽聽
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and then be exempt from additional taxes on聽
earned income between 147 000 and 400 000聽聽
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once they've reached that 400 000 level聽
taxes would be applied to additional earnings聽聽
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this would create a so-called doughnut hole聽
in which no additional social security taxes聽聽
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would be due on earnings between 147 000 and聽
400 000 currently the social security wage聽聽
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base is adjusted annually based on changes in the聽
inflation rate one proposal that has been floating聽聽
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around congress in many different forms over the聽
years is the idea to significantly increase the聽聽
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wage base perhaps up to the four hundred thousand聽
dollar level or to simply eliminate it altogether聽聽
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according to the center on budget and policy聽
priorities adjusting the taxable earnings cap聽聽
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would close somewhere between 25 percent and 90聽
percent of social security solvency gap of course聽聽
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no congressional change comes without unexpected聽
consequences for example under the scenario of聽聽
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increasing payroll taxes some employers may shift聽
worker compensation from the taxable variety聽聽
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to the non-taxable variety perhaps in the form of聽
enhanced and tax deductible retirement benefits聽聽
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this would do nothing to help shore up social聽
security increasing payroll taxes on higher income聽聽
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workers would also further decrease the benefits聽
those workers ultimately receive from the program聽聽
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as a percentage of their income in other words聽
higher income workers would be paying more聽聽
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taxes on a proportional basis but much of that聽
benefit would funnel down to lower income workers聽聽
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republicans and democrats have been feuding for聽
years about how to fix social security and they聽聽
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approach the problem from very different聽
standpoints however both sides agree that聽聽
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something must be done to shore up social security聽
as with any political process compromise is a聽聽
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necessity so it's unlikely that president biden聽
will get all that he seeks in terms of social聽聽
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security modifications but some combination聽
of reduced benefits and or higher taxes聽聽
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likely will be required to reach a resolution聽
alright guys i hope you found this video helpful聽聽
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if you did please leave a like comment down聽
below any information you might have about聽聽
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your own social security benefits and maybe you聽
can help someone else out and of course hit that聽聽
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subscribe button and notification bell right next聽
to it hitting that bell will make sure you get聽聽
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notified exactly when my videos are coming out聽
and not a week or two later and lastly if you'd聽聽
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like to support my channel you can now own your聽
very own original mad money millennial t-shirt聽聽
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colors come in black gray red and white聽
and the link to my store can be found聽聽
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right under this video alright guys stay safe聽
stay hustling and i'll talk to you guys again soon
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