Name: Retiring yesterday vs. today - is social security dying? (Financial Safari)
Uploaded: 2021-04-26T07:00:00-0400
Duration: 407064
Description: Social Security is one of the backbones of American retirement planning. But is it in trouble? Let's take a look.

Friday is now a WRAL Weather Alert Day. Parts of Hoke, Cumberland and Sampson counties are under a level 2 risk for storms Friday afternoon and evening. The biggest threat will be damaging winds and heavy rain, but an isolated tornado can’t be ruled out in our southern counties. The storms are expected to impact these areas from 3 p.m. to 8 p.m.

🚨WRAL Weather Alert Day🚨 Risk upgraded to Level 2 for southern counties, damaging winds & isolated tornadoes possible Friday

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Social Security is one of the backbones of American retirement planning. But is it in trouble? Let's take a look. 

Social Security is one of the backbones of retirement planning and relied upon by millions of americans every month. From its inception, it helped establish the very idea of widespread retirement in the U. S. And allowed americans to enjoy their golden years without fear of slipping into poverty. So why do we keep hearing that? Social Security is in trouble? How has it changed over the years? And how should we plan for it in the future? I'm morgan Patrick and this is retiring yesterday versus retiring today. Social Security. The Social Security Act was signed into law in 1935 during the Great Depression. It was part of FDR's sweeping new deal legislation to combat poverty, which had particularly it's senior citizens hard at rates of over 50%. The social welfare program was designed for a social safety net for retired elderly citizens, widows and fatherless Children. Now the program has expanded to include those with disabilities and over 69 million Americans in 2020 receive benefits. So how is it funded for the most part, Social Security is a pay as you go program. A lot of people believe that what you pay in overtime is what you earn in return, like your own bank account. But in fact the current generation of workers are paying for the current generation of retirees. In 2019 1.1 trillion in revenue was collected for social security 89 of that came from the payroll tax for workers. 3.4 was from income taxes paid by the beneficiaries and 7.6 from interest on government bonds held by the Trust Fund. So if it's mainly a pay as you go program, why do we hear that Social Security is in trouble and running out of money? Part of it comes down to changing demographics for one baby boomers, the largest generation of the US. workforce up until around 2011. They are either already at the early claiming age, full retirement age or nearing retirement. And with life expectancy improving. With modern health and medicine, people are claiming benefits longer than ever before. Alongside this trend, birth rates have been dropping since the late 1980s. That means that we aren't replacing workers that pay into the system fast enough to keep up with the amount of people retiring to stabilize funding for the long term. The key statistic here is the workers to beneficiaries ratio. Here is a breakdown of how that's changed over the decades 1940. There were 159.4 workers for everyone, social security beneficiary as the program slowly started. But as the program scaled up, that number stabilized in the 1960s and you can see this ratio has been dropping almost every decade. The ratio is expected to drop to 2.2 by 2030 when the baby boomer generation will have largely retired. But remember we said that Social Security is mostly a pay as you go system. So when people talk about its demise there mainly talking about the trust fund being depleted, the trust fund is what you're actually paying into. When you pay Social Security taxes And what the government withdraws from every month. To pay benefits money from the Trust Fund is also invested into government-backed bonds. That's to accrue interest as another source of income. But the trust fund is being depleted quicker than it's being replenished. Its projected that the trust fund will be depleted by 2034 in its current form. If this happens, benefits will have to be reduced. The optimistic good news is that the majority of Social Security benefits will still be able to be paid out. It's estimated that 79 of what is paid now will be able to still be paid monthly. So what are some potential solutions to save this program and protect its longevity? One is to raise the full retirement age for Social Security benefits. This has been done a number of times, but that alone likely wouldn't cover the full amount needed. And moving the goalpost for retirement would also be extremely unpopular across the board. Most workers want to retire sooner, not later. Another idea is to raise payroll tax rates. This is that ficus son of a gun, that takes a piece of your paycheck every month. However, it's estimated even this increase may not cover the full amount needed either, and this also will be immensely unpopular and put most of the burden on the working class. Another option is to lower benefits or adjust how benefits are calculated, especially for people who are well off. Some proposals recommend keeping benefits the same for the bottom earners, but reduced benefits on a sliding scale after a certain income. However, middle class workers would be hurt the most in this scenario, and with increasing health care costs and other means of income at risk, this option puts a large population in a pinch. Lastly, the option to raise or completely eliminate the payroll tax cap. Right now, income is taxed at a certain percentage up to $142,800 a year for 2021. So those making above this amount don't pay the payroll tax every dollar earned over the cap. It's estimated that eliminating the payroll tax cap altogether to cut the projected 75 year deficit in half, it's likely we'll need a combination of these reforms to really make a lasting impact on the sustainability of social security. Social Security has been a hugely successful social insurance program and it's almost universally supported by americans. It's framed as a promise to every american worker that if you work hard now and help us take care of our vulnerable, eventually we'll do the same for you when you retire. But unfortunately, that promise is currently on shaky ground. The bottom line is while this program has helped millions of americans in the past, it's best to not plan for Social Security to be your primary source of retirement income. We can plan for some form of these promised benefits, but it's better to look at it as supplementary income retiring yesterday looks pretty different than retiring today. But that's why it's important to have a financial partner to help you develop a road map call our office today to help you get started with your total retirement income plan one that doesn't completely rely on Social Security. I'm morgan. Patrick. Thanks for watching. Mhm. Yeah. Yeah. Yeah.

Retiring yesterday vs. today - is social security dying? (Financial Safari)

Financial Safari: Retiring yesterday vs. today - is social security dying?

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Good morning. I'm meteorologist Elizabeth Gardner New. This morning, our southern counties are under a level two risk for severe storms. That's the area where we'd have a better chance of seeing an isolated tornado. It's parts of Cumberland, Sampson and Hoke County. And then that level one risk shifted a little farther north to include Raleigh as well as Sanford and over around Rocky Mountain. So damaging winds and heavy rain would be the biggest threat. But again, the potential for isolated 20 down in that level two risk. Boy, this front has caused so much trouble across the country. It's been a slow mover, producing a lot of tornadoes, seeing tornado warnings right now in the deep south along the Gulf coast, nothing happening over us right now. But once we get some sunshine into play this afternoon that heats up the atmosphere and adds energy. That's when we'll end up seeing those storms. So between three and 8 p.m. we'll have the potential for some severe storms, damaging winds and hail will be our biggest. But in our southern counties, we could end up with an isolated tornado. We take a look at futurecast and we're looking at mostly cloudy skies until we get to the evening again, or I should say afternoon, around three o'clock, we have the chance of some thunderstorms that could be strong. You can see at five o'clock, that's a pretty nasty looking line of storms by six or seven, we start to see that line lifting northward, Raleigh Rocky Mount Wilson and then very quickly it moves on out by eight, nine o'clock, we're finished with it and once it moves out, we are done and we'll see clearing skies and a gorgeous weekend. Here's a look at Durham this morning. You can see a pretty sunrise there with a mix of sun and clouds. We climb up to upper seventies to 80 by lunchtime. So it'll be a fairly quick, warm up. Temperatures heading out the door this morning are mostly in the mid sixties. We'll see a high of 81 in Raleigh, 79 in Durham and 83 in Fayetteville. We're tolerable with our muggy meter as you're heading out. And then by the time we get to the weekend, it's comfortable to refreshing. But we do have a chance of showers and storms again. Tuesday and Wednesday, that's going to put us right back up to steamy and tropical feeling more like July. So enjoy this phenomenal weekend after some thunderstorms this afternoon and evening, we clear out with some cool mornings, Saturday and Sunday morning in the low fifties afternoon, highs in the mid to upper seventies under mostly sunny skies.

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Good evening. I'm Tina sold in cash with tonight's lottery drawings for Thursday. May 9th, 2024. Here we go with the Carolina pick 32 is the first winning number followed by another two. Third pick 38, pick three. Fireball number tonight is seven. Joining me for tonight's drawing is our auditor from mcconnell and Jones L LP. Now let's get started with the Carolina pick for first winning number zero. Second pick for eight. Third winning number seven. Our fourth pick for tonight is four and our pick for fireball number is five. Let's turn now to the Carolina C five. If no one matches all five numbers tonight to win the jackpot. Tomorrow's estimated jackpot is $668,000. Good luck. 38 is the first winning cash five number tonight followed by 12. Our third winning number six. The fourth cash five tonight is seven and good luck. Our final winning cash five number is two. The North Carolina education lottery has contributed over $10 billion to education. Thanks for your support and get the winning numbers every night right here on your exclusive station for the North Carolina education lottery. Thanks for playing.

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Carolina Hurricanes players and Head Coach Rod Brind'Amour talk about Game 3 on Thursday night against the New York Rangers. 

So, um, it's just, it's just part of it. Um, I think our five on five games been been good and, um, obviously special teams, we need to share that up. And, um, just, yeah, obviously that, that needs to be a focal point moving forward. You got a fine line to walk, you know, wanting to be a physical game with all that but not to take the foolish penalties that give them opportunities. Yeah, I was just luck at last game. We had, uh, uh, most of our penalties are stick penalties. So, um, just need to start checking with your body instead of your stick and, um, I was guilty of one and there was a few other ones. So, uh, you just stay away from those ones and we'll be fine. Do you, do you embrace the pressure of having to come back here down? Two? Oh. And having a chance to maybe push it back the other way if you guys can get it done today. Yeah, I, I had a coach in junior hockey told me you're, you're not this until you lose at home. That's, that's been, he said that and we haven't lost at home. So, um, they, they did their job, they won their two at home. Now it's our turn to do ours and, um, starts with tonight and try and you, you win your games at home and then it goes to uh best of three, but we'll focus on tonight as a leader on the team. How important can your impact and what you and the other leaders do to try and turn the tide here. Um Yeah, I, I honestly, we need to come out and play, play our best games, especially here. This, this needs to be the best game of the series tonight. Obviously, we're, we're down too, so you need to push as hard as you can. And um I don't think any, any of us are gonna change the way we're playing. We just need to find maybe that little bit more and um we'll uh have everybody kind of follow suit but um, you look at Fishy Jordan me slavo every everybody in there. We, we're, we're up for it. So we're, we're looking forward to have you guys said anything to the team, have some kind of player meeting after the first two games. No, no, we haven't done that. I know you guys haven't practiced as a group since prior to game too, but have you talked about changes on the power play? What you can do to generate more shots and find more open works? That's a question for Roddy. I'm not in the power play meeting so well, I spoke after game two about, there's a lot, there's still a lot of belief in your room. Uh, despite how frustrated you guys were, can you speak to that? And, and does that come from the experience? And, and I don't know how, how frustrated we are. If we score in overtime, then we're sitting here 11 and it's, uh, when you guys are asking different questions, it went to double overtime and um, the, and then we're, we're trying to tie it late in game one. It's not like they've come in and completely outplayed us two games. It's, it's, they did their job at home, they scored in overtime to make it 20 and now it's our job to respond. All right. Thanks Marty. Marty. Mhm. Yeah, we like 40 places. It means here we go. Evan's gonna check the LA tonight. That was your range for, uh, earlier in the year. Oh, man, we're gonna bring this place to the ground, burn it down and it's not working now. At least we don't have the batteries anymore. That was for the escape by Martin. I say, you know, a little bit, you're now out to you. Oh, that's good. He had a little bit of Charlie is covering tonight or in the, there's gotta be some kind of like nerve damage or something or like fracture. I don't think, I don't know. You never know, I mean, it depends on what the injury is. I mean, the first thing I thought about what he said, that's what, 78 years, right. I, yeah, why do you decide not to have a skater or practice? Just your call? No, it, you know, tough game the other night. A little more rest. I mean, the morning sheets. I don't know really what you get out of them for me. So, we had our meetings. That's, you know, where, where we can get a little better. This team is so experienced and been through so many different things in the past. Do you even need to say anything? Do any of the players need to step up and kind of say anything before this game or is it just kind of business as usual? Well, I don't know. Yeah, I mean, I think we all understand where we're at in this situation and I don't, I don't think we need to dwell on that. I don't think it's, you know, how can we find that little extra, you know, play here or there? That makes a difference and, you know, uh that, that's really what it's about character as a coaching staff in those meetings. Have you discussed any strategies of how to get the power play going and generate more chances to score? Yeah, I mean, obviously we, we, that's uh an area we wanna get better at. They did a nice job up there and you know, there's, there's areas that we can be better for sure. And, um, you know, we're gonna have to be, obviously we go back to Freddie tonight. Um, yeah. No. Yeah. No, we're gonna go cooch tonight. Um, uh, you made a change in overtime with moving Tony onto the second unit. I was, I didn't know if that was maybe, uh, trying to get more out of the power play or was it more? Maybe not loading up, Shay so much with minutes. Both. Yeah, both. Yeah, I mean, Brady is playing a Ton and Tony, we know we can do it. It's just, you know, we had to get power play all year and Brady was running on that unit, but we know Tony is capable of it. So it's a little bit of both there. You said the change with, with the goalie? Um, well, I think, you know, Freddie's played really well, but he's also played a lot and I think, uh, give him a little rest is the best thing you've said that you're not worried, you never have been worried about couch's ability to step right back in despite knocking the play off. And what has he been doing? Especially the majority of his time. Is it kind of split between watching film and practicing? Is he doing something different? No, just getting ready. Practice. You ready? I mean, he doesn't, I don't know how much film work he does. I mean, it's the goal is just getting himself ready. He does work with Polly, but I mean, at the end of the day it's, I think, uh, you know, he's fresh and hopefully that was a great game. You anticipated, you said yesterday, you anticipated, who is he getting back in? Is that what you're gonna do today? He's fine. Right. Do you see this as a matchup series? Like as far as sometimes there, there are, sometimes there's, they're not for you. Is this a matchup series? And do you have more of an advantage because of that people? Um, yeah, I mean, you have certain game plan going in, you know, certain, you know, maybe guys you wanna play against but it really, um that's, it's, um, yes and no. Uh uh I mean, obviously there's more about um, the d matching up really more than even the floors. But yeah, I mean, we'd love to get our top guys against their top guys. Your estimation is to check out, do anything differently as a goalie playing behind your group. Well, he's got a different demeanor. I mean, that's obvious and he said he's really comical and creature is a little more passionate and, you know, wes his emotions are on his sleeve. But yeah, I know they both pretty good goalies. Coach, a player like this, a tr check for the Rangers who scored in every playoff game so far. I just want to stop them to stop his momentum from getting going. Well, I mean, there's no different game plan for him than anyone else. You gotta do your best when you're out there. And, um, you know, we know him very well. Good player. Uh, so we just can't give him a lot of room obviously. All right, thanks. Yep. Here you are. No, I was wearing these pills. I have been to Starbucks and then we're still 10 minutes by any one. I know you a Star Me? Have a good one. All right. Yeah.

Canes players, coach talk about Game 3 against New York Rangers

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Monday, Wednesday, and Saturday Powerball drawings, as shown live on WRAL.

Good evening, Juan, I'm Brady Trainer. Tonight. We have another life changing jackpot. It's worth a guaranteed $20 million. So, get your tickets ready here. Come tonight. 20 numbers. Let's start things off this evening with the number 43 right after that America. We have the number 51 and congratulations to Jack Canfield and his son, Todd from Tennessee. They won a million dollars playing powerball all the rest of your winning numbers tonight. 44 7. And we'll round it out tonight with the number 41 and tonight's winning powerball number, that's gonna be five and your power play multiplayer is two. Let's take a look at tonight's winning numbers. Remember there are multiple ways to win. Good luck, everyone. We'll see you back here on Saturday night. That works. It's time to play America's favorite.

Powerball Drawing

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Retiring yesterday vs. today - is social security dying? (Financial Safari)

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