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Prediction: If You're In Your 50's, or Early 60's Your Social Security Age Will Be Raised Before Getting A Dime

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[00:00:04] Douglas McIntyre: Let’s move to social security for a second. I, this is really aimed right now at people in their 50s. in early 60s. I’m going to make a prediction and that is is that
[00:00:16] Lee Jackson: Oh,
[00:00:16] Douglas McIntyre: minimum age for when you can take Social Security is going to move up two to three years.
[00:00:23] Lee Jackson: yep.
[00:00:24] Douglas McIntyre: you know, those marks, you know, when you take it are also going to move up.
[00:00:29] Lee Jackson: Yep.
[00:00:30] Douglas McIntyre: security has to do it and the population in the United States isn’t aging that much. So I mean, of their
[00:00:40] Lee Jackson: No, they’re living to be older. Yeah. Well,
[00:00:44] Douglas McIntyre: age at death is still about 79. So the number of years you have social security. May drop because you die at the same age you did 10 years ago, but you get it later.
[00:00:55] Douglas McIntyre: So if you’re the social security administration, this is the time to save yourself and raise the age,
[00:01:04] Lee Jackson: they’re going to have to, because I mean, there’s no money for it. They’ve spent all the money that was in there. And you know, when social security started in the late twenties or thirties, there was like 300 people paying in for every one person that was getting it. Now it’s like three people paying in for every one person that’s getting it because the.
[00:01:23] Lee Jackson: As you pointed out, the, the, the age of the nation has, we’ve gotten older as a nation. There’s less kids, which is somewhat helpful, you know, for the future of social security. But I mean, look at this year. I mean, the, the COLA increase for this year for 2025 is, is two and a half percent. Well, that’s below the current inflation rate, you know?
[00:01:47] Lee Jackson: And so, yeah, it’s, it’s the typical. Lucy and Charlie Brown with the football, which our younger viewers may not even know what that reference means, but yeah, they’re going to keep moving it down. You’re kind of kicking the can down the road, moving the age they’re going to do. So they’ll cut out maybe being able to take it at 62, unless you have just drastic, some sort of issues.
[00:02:15] Lee Jackson: yeah, you’re exactly right. The question is not if, but when.
[00:02:20] Douglas McIntyre: right? So what, what we’re telling you right now, you can’t do anything about, we’re just
[00:02:25] Douglas McIntyre: bad news. This, this segment the show is just. There’s bad news coming. You can’t do anything about it, so you might as well just, you know, you may as well just sit back and take it.
[00:02:37] Lee Jackson: Well, and, and also most, most people know, you know, in this day and age, you can’t live off social security. I think the max you can draw in is like around 4, 000 per month. And, and if you live even a, even a medium lifestyle or a middle class lifestyle, that’s not going to pay the bills. It’s not going to pay the bills.
[00:03:00] Lee Jackson: And, yeah, so that makes sense to pour money into your 401k. And especially if you get company matching, you know, if a lot of companies will contribute up to 5%, so, and that’s, that doesn’t. It makes your investment so much better because they’re coming across the table with money and, you know, go to a Roth IRA or a regular IRA and load that up because, Social Security isn’t going to be the answer and you’re right.
[00:03:32] Lee Jackson: Down the road, it’s going to be probably 65 will turn into 67 or whatever.
[00:03:39] Douglas McIntyre: So, I think the message here is maybe you’re too old to do this, but if you can put any more money in savings
[00:03:45] Douglas McIntyre: as you late 50s, do it.
[00:03:48] Lee Jackson: Do it. Absolutely do it. And, and if you’re concerned about certain time frames, you know, buy zero coupon bonds. They’re like the old savings bond where they, they, they, you know, a bond trades for a thousand at par, they trade for maybe 200. So, so buy a bunch of them at that level. And then 10 years from now, it’ll be a thousand bucks or whatever, if you’re worried about stock market in the near term.
[00:04:11] Lee Jackson: So yeah, but max it out if you got a 401k, especially with matching.
[00:04:16] Douglas McIntyre: Yeah.
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