The Retirement Crisis Just Got Worse
Published: 2023-11-14
Status:
Available
|
Analyzed
Published: 2023-11-14
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Social Security beneficiaries will receive a 3.2% raise in 2024.
"Social Security beneficiaries will receive a 3.2% raise in 2024 as inflation moderates"
Pending
Social Security benefits are projected to rise by 3.2% in 2024.
"Social Security benefits Will Rise by 3.2% in 2024"
Pending
Consumer prices increased by 3.7% year-over-year in September.
"consumer prices climbed 3.7% year-over-year in September"
Pending
Social Security raises are calculated based on the previous year's inflation.
"the raise that you get next year is based off of the inflation that you see the previous year"
Pending
Food prices saw a 3.7% increase between September 2022 and September 2023.
"food prices grew by 3.7%"
Pending
Restaurant food prices increased by 6% between September 2022 and September 2023.
"food away from home AKA restaurant prices for food grew by 6%"
Pending
Car insurance prices rose by 18.9% between September 2022 and September 2023.
"your car insurance grew by 18.9%"
Pending
Prices for sporting event admission increased by 18.9% between September 2022 and September 2023.
"sporting event admission grew by 18.9%"
Pending
Car repair prices increased by 14.9% between September 2022 and September 2023.
"your car repair prices grew by 14.9%"
Pending
Legal fees saw a 12.4% increase between September 2022 and September 2023.
"legal fees 12.4%"
Pending
Nonprescription drug prices rose by 8.4% between September 2022 and September 2023.
"nonprescription drugs 8.4%"
Pending
Prices for men's pants and shorts increased by 8.1% between September 2022 and September 2023.
"men's pants and shorts 8.1%"
Pending
Hotel and motel prices grew by 8% between September 2022 and September 2023.
"hotels and motels 8%"
Pending
The Social Security fund is predicted to run out of money if the current trend of more money going out than coming in continues.
"if the Social Security fund keeps going like this where more money is going out than money is coming in this fund will run out of money"
Pending
Printing more money to fund larger Social Security checks would lead to inflation exceeding the growth of those checks.
"if the government had to go and print more money to fund bigger Social Security checks that means yeah you get a bigger social security check however inflation has been exceeding the growth of Social Security checks"
Pending
Millions of people are entering retirement with insufficient savings and will be entirely dependent on Social Security.
"millions of people entering retirement with little to no money no money saved at all for retirement that are going to be dependent 100% on Social Security checks"
Pending
Social Security checks are not increasing at a pace that keeps up with reported inflation.
"Social Security checks are not Rising fast enough to keep up with the reported inflation"
Pending
The actual inflation experienced by individuals is higher than the officially reported inflation figures.
"the reported inflation numbers that people put out are less than the inflation that most people actually feel"
Pending
Housing costs have increased by approximately 50% in recent years.
"housing costs have gone up about 50% over the last few years"
Pending
The speaker believes the concept of retirement is flawed.
"I think the whole concept of retirement is stupid"
Pending
Wealth is built by investing money and owning assets within the current economic system.
"you have to invest your money you have to own assets that is where wealth is built in this economic system"
Pending
The United States is facing an imminent bond crisis that is being overlooked by most people.
"The United States is on the verge of a bond crisis that most people are completely ignoring"
Pending
Bond prices move in the opposite direction of interest rates.
"bond prices are inversely correlated with interest rates"
Pending
Interest rates have been consistently increasing over the past 18 months.
"over the last 18 months we've seen interest rates go higher and higher and higher"
Pending
Social Security beneficiaries are projected to receive a 3.2% raise in 2024.
"Social Security beneficiaries will receive a 3.2% raise in 2024 as inflation moderates"
Pending
Social Security benefits are predicted to increase by 3.2% in 2024.
"Social Security benefits Will Rise by 3.2% in 2024"
Pending
Consumer prices experienced a 3.7% year-over-year increase in September.
"consumer prices climbed 3.7% year-over-year in September"
Pending
Future Social Security raises are determined by the previous year's inflation rate.
"the raise that you get next year is based off of the inflation that you see the previous year"
Pending
Food prices increased by 3.7% between September 2022 and September 2023.
"food prices grew by 3.7%"
Pending
Prices for food away from home (restaurants) increased by 6% between September 2022 and September 2023.
"restaurant prices for food grew by 6%"
Pending
Car insurance costs rose by 18.9% between September 2022 and September 2023.
"your car insurance grew by 18.9%"
Pending
Admission prices for sporting events increased by 18.9% between September 2022 and September 2023.
"sporting event admission grew by 18.9%"
Pending
Car repair costs increased by 14.9% between September 2022 and September 2023.
"your car repair prices grew by 14.9%"
Pending
Legal fees went up by 12.4% between September 2022 and September 2023.
"legal fees 12.4%"
Pending
Prices for non-prescription drugs rose by 8.4% between September 2022 and September 2023.
"nonprescription drugs 8.4%"
Pending
Prices for men's pants and shorts increased by 8.1% between September 2022 and September 2023.
"men's pants and shorts 8.1%"
Pending
Hotel and motel prices grew by 8% between September 2022 and September 2023.
"hotels and motels 8%"
Pending
The Social Security fund is projected to run out of money if current trends of more money outflow than inflow continue.
"if the Social Security fund keeps going like this where more money is going out than money is coming in this fund will run out of money"
Pending
The government has the option to print money through the Federal Reserve to fund Social Security.
"the government can work with the Federal Reserve Bank to essentially print money and keep funding the Social Security fund"
Pending
The government can also fund Social Security by increasing taxes.
"or they can just raise your taxes"
Pending
Money printing in 2020, 2021, and 2022 led to inflation.
"we saw a whole bunch of money printing happen in 20120 2021 even into 2022 and the consequence of all that was inflation"
Pending
Inflation rates have been higher than the growth of Social Security checks.
"inflation has been exceeding the growth of Social Security checks"
Pending
It is possible to begin investing with as little as $100.
"you can start investing with as little as $100"
Pending
Consistently investing $100 per month can lead to the development of a solid retirement plan.
"if you just invest $100 a month and you keep staying consistent with this $100 a month you can build a very solid retirement plan"
Pending
Housing costs have increased by approximately 50% in recent years.
"housing costs have gone up about 50% over the last few years"
Pending
The speaker believes the traditional concept of retirement is flawed.
"I think the whole concept of retirement is stupid"
Pending
The speaker advocates for 'lifestyle design' as an alternative to traditional retirement.
"I would prefer you to do something like lifestyle design"
Pending
Investing money and owning assets are presented as key to building wealth.
"you have to invest your money you have to own assets"
Pending
The United States is predicted to be on the verge of a bond crisis that is being overlooked by most people.
"the United States is on the verge of a bond crisis that most people are completely ignoring"
Pending
Bond prices decrease as interest rates increase.
"bond prices are inversely correlated with interest rates"
Pending
Interest rates have been consistently increasing over the past 18 months.
"over the last 18 months we've seen interest rates go higher and higher and higher"
Pending
Social Security beneficiaries are projected to receive a 3.2% increase in their benefits in 2024.
"Social Security beneficiaries will receive a 3.2% raise in 2024 as inflation moderates"
Pending
Social Security benefits are predicted to increase by 3.2% in the year 2024.
"Social Security benefits Will Rise by 3.2% in 2024"
Pending
Consumer prices increased by 3.7% year-over-year as of September.
"consumer prices climbed 3.7% year-over-year in September"
Pending
Social Security raises are based on past inflation, meaning beneficiaries will receive less purchasing power as current prices rise faster than their income increases.
"the raise that you're getting in the future is based off of previous price increases while the prices of things keep Rising even faster"
Pending
The cost of living is increasing at a faster rate than the raises provided to many Americans.
"the raise that many Americans will getting isn't keeping up with the cost of living growth"
Pending
Despite receiving more money, Social Security beneficiaries will have decreased purchasing power in the upcoming year.
"next year Social Security beneficiaries will be getting more dollars but those more dollars will be able to buy less stuff than what they could buy this year"
Pending
Significant price increases were observed between September 2022 and September 2023, including 3.7% for food, 6% for food away from home, 18.9% for car insurance and sporting event admission, 14.9% for car repair, 12.4% for legal fees, 8.4% for nonprescription drugs, 8.1% for men's pants and shorts, and 8% for hotels and motels.
"food prices grew by 3.7% food away from home AKA restaurant prices for food grew by 6% then if you scroll down a little bit your car insurance grew by 18.9 % sporting event admission grew by 18.9% your car repair prices grew by 14.9% legal fees 12.4% nonprescription drugs 8.4% men's pants and shorts 8.1% hotels and motels 8%"
Pending
Prices are expected to continue increasing in the following year.
"over the course of the next year while prices of things continue to go even higher"
Pending
Projections indicate that the Social Security fund could deplete its money if the current trend of more outgoing funds than incoming funds continues.
"people are predicting that eventually if the Social Security fund keeps going like this where more money is going out than money is coming in this fund will run out of money"
Pending
The government has the ability to fund the Social Security fund by printing money or increasing taxes.
"the government can work with the Federal Reserve Bank to essentially print money and keep funding the Social Security fund or they can just raise your taxes"
Pending
The money printing that occurred in 2020-2022 resulted in inflation.
"the consequence of all that was inflation"
Pending
Current inflation is driving up prices, necessitating faster increases in Social Security incomes.
"the inflation that we're seeing right now is causing the price of things to rise and because the prices of things are rising so fast Social Security incomes are having to rise faster"
Pending
The rate of price increases is outpacing the growth of Social Security incomes.
"the prices of things are rising faster than Social Security incomes"
Pending
Inflation rates have been higher than the growth rate of Social Security checks.
"inflation has been exceeding the growth of Social Security checks"
Pending
Printing more money to increase Social Security checks could lead to a vicious cycle where inflation outpaces benefit growth, reducing real purchasing power.
"if the government had to go and print more money to fund bigger Social Security checks that means yeah you get a bigger social security check however inflation has been exceeding the growth of Social Security checks so you get a bigger social security check but then inflation goes even faster and that can create this very vicious cycle"
Pending
Smart investing is presented as a method for individuals to create their own wealth.
"investing your money smartly and you creating the wealth yourself"
Pending
Individuals should build their own retirement plans rather than relying solely on Social Security.
"building your own retirement plan instead of just solely relying on social security"
Pending
The government is characterized as an ineffective manager and investor of money.
"the government unfortunately is not the best manager of money they're not the best investor of money"
Pending
Individuals have the potential to be better managers and investors of their own money than the government.
"you can be a much better manager you can be a much better investor"
Pending
It is possible to begin investing with a small amount, as little as $100.
"you don't need a ton of money to start investing I mean you can start investing with as little as $100"
Pending
Consistent monthly investments of $100 can lead to the development of a robust retirement plan.
"if you just invest $100 a month and you keep staying consistent with this $100 a month you can build a very solid retirement plan"
Pending
Investment amounts can be scaled based on individual capacity, from $200 to $5,000.
"if you can invest 200 to 200 if you can do 500 to 500 if you can do 1,000 do 1,000 if you can do 5,000 do 5,000"
Pending
Individuals will need to find ways to increase their income.
"the reality is you're going to have to find a way to get more income"
Pending
Some individuals may need to take on second jobs during retirement to maintain their desired lifestyle.
"some people some of you will have to go out and get a second job unfortunately in retirement to continue funding the lifestyle that you want"
Pending
The internet offers numerous opportunities to generate income by monetizing personal passions.
"there are a lot of ways to start creating your own income thanks to the Internet by kind of monetizing your passion"
Pending
Lifestyle design, which involves identifying enjoyable activities, is recommended over traditional retirement.
"I would prefer you to do something like lifestyle design which is start figuring out what it is that you enjoy doing"
Pending
Monetizing passions is a viable income strategy that, despite requiring effort, does not feel like work if the activity is enjoyable.
"there are so many ways to monetize your passion yeah it requires more work but if you enjoy doing it it's not going to feel like work"
Pending
Wealth is built within the current economic system through investing money and owning assets.
"you have to invest your money you have to own assets that is where wealth is built in this economic system"
Pending
Reliance on the government for bill payments leads to subservience.
"when you rely on the government to pay your bills well you will always be subservient to them"
Pending
The United States is approaching a bond crisis that is largely being overlooked.
"the United States is on the verge of a bond crisis that most people are completely ignoring"
Pending
Bond prices and interest rates have an inverse relationship; when interest rates rise, bond prices fall.
"bond prices are inversely correlated with interest rates that means as interest rates go up bond prices go down"
Pending
The significant increase in interest rates over the past 18 months has negatively impacted bond prices.
"over the last 18 months we've seen interest rates go higher and higher and higher the side effect of these higher interest rates are the bond prices"
Pending