Joe Pinsker
speaker
1,247 appearances
30 recordings
1 series
first heard Oct 2022
last heard Jan 2025
Joe Pinsker’s voice in public audio — every appearance, attributed to the second.
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Appearances
Another effect that this is having on people is just making the retirement planning process a bit murkier.
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I talked to a couple in Wisconsin who said that they were trying to get started on a retirement plan.
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They met with two financial advisors and they told them that they wanted to have their retirements modeled without any Social Security income.
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But the advisor said they couldn't do that.
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The software wouldn't allow it.
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And so this couple, they gave up in frustration and just went to go make plans themselves.
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It's certainly possible.
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They're putting away at this point more than they are likely to need.
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Obviously, we're talking about a future that is several decades away, and so we don't really know anything.
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But the policy analysts I was talking to, their best guess is that the chances of getting nothing from Social Security are basically zero.
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One of them referred to it as zombie apocalypse kind of stuff.
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So with that in mind, you would actually think that, yes, the people who are being extra cautious right now and trying to compensate for not getting any Social Security will hopefully be pleasantly surprised decades from now.
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There aren't any concrete political plans right now, which I think reflects the fact that Social Security is just so popular that any discussion of altering it, it comes with kind of political risks.
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Both President Biden and former President Donald Trump say that they oppose cutting Social Security benefits.
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Biden has added that he is open to raising taxes on higher income people in order to compensate for that to an extent.
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Trump has not provided as many details, but there are some Republicans in the House of Representatives who have proposed raising the retirement age, the idea that you have to be older in order to collect full Social Security benefits.
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That's sort of the state of where things are right now.
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But
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It doesn't appear that there's any solution on the immediate horizon.
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It's not about the products and the stuff that money buys per se, but rather the choices that having money affords you.
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Showing 381–400 of 1,247 · page 20 of 63
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