The Financial Crisis NO ONE Is Talking About
Published: 2024-01-24
Status:
Available
|
Analyzed
Published: 2024-01-24
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Social Security will only be able to pay 77% of full benefits starting in 2023 due to depleted excess reserves.
"the Social Security Administration will run out of the excess reserves it has and will only be able to pay out a portion of a retiree's full benefits 77% to be exact"
Pending
Historical precedent suggests that future Social Security deficits may be resolved by raising the full retirement age, similar to the increase from 65 to 67 in 1983.
"according to CNBC the last time Social Security faced a deficit was back in 1983 and it was resolved through an agreement that raised the full retirement age from 65 to 67"
Pending
A proposal exists to increase Social Security taxes for individuals earning over $400,000 annually.
"a recent proposal would raise Social Security taxes on those making over 400 ,000 a year"
Pending
The Social Security Board of Trustees indicated a potential need for an immediate 133% reduction in benefits to ensure solvency for 75 years.
"the Social Security Board of Trustees recently said that we'd either need an immediate reduction in benefits of about 133%"
Pending
The Social Security Board of Trustees suggested an immediate increase in the combined payroll tax to 14.4% to maintain benefit payments for 75 years.
"or an immediate increase in the combined payroll tax to 14.4%"
Pending
The estimated cost for achieving the 'American dream' retirement is $3.4 million.
"the American dream now cost is staggering $3.4 million"
Pending
A retirement fund of $1.25 million is estimated to be sufficient, allowing for a 4% annual withdrawal without depletion.
"if you invest in a broad Index Fund you would be able to spend 4% of that portfolio every single year throughout retirement without running out of money and that would mean you need $1,250,000 in order to retire"
Pending
A safe retirement fund target has been set at $1.5 million to account for unforeseen life events.
"sometimes you know what life just happens so let's bump it up to $1.5 million just to be on the safe side"
Pending
Individuals starting retirement savings at age 20 need to invest $416 per month ($5,000 annually) to reach $1.5 million by age 60.
"if you're 20 years old you'll need to invest $416 a month or $5,000 a year and by the time you're 60 you'll have just over $1.5 million invested"
Pending
Starting retirement savings at age 30 requires $950 per month ($1,400 annually) to reach $1.5 million by age 60.
"if you're able to do this within a Roth IRA that means all of this money is going to be yours completely taxfree however if you start doing this at 30 years old you'll have to save $950 a month or $1,400 a year year to reach that very same $1.5 Million by the age of 60"
Pending
Starting retirement savings at age 40 necessitates saving $2,300 per month ($228,000 annually) to achieve $1.5 million by age 60.
"and if you start at 40 years old you'll have to save $2,300 a month or $228,000 a year just to be able to reach that very same amount"
Pending
Investing $10,000 at age 20 with an 8% return yields $217,000 by age 60, whereas the same investment at age 30 yields only $100,000.
"if you invested $110,000 at 20 years old at an 8% return by the time you're 60 you're going to have $217,000 but if you waited and invested that very $10,000 at 30 years old instead you would only have $100,000 by the time you're 60"
Pending
A $10,000 investment made at age 20 is worth $117,000 more by age 60 compared to the same investment made at age 30.
"that literally means that your $10,000 invested at age 20 is worth $117,000 more than just that same money 10 years later"
Pending