The official podcast of Rampver Financials. Delivering the best talks, advice, and recommendations about personal finance, investing, entrepreneurship, and success. Subscribe and never miss an episode!
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Similar to The Power Of Zero Show
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Social Security and Medicare Trustees Just Dropped a Bombshell (New Dates for Insolvency)
Manage episode 499909471 series 2488671
Content provided by David McKnight. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by David McKnight or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.
David starts by talking about the apocalyptic headwinds facing Social Security and Medicare and what it means for your retirement plan.
The Social Security and Medicare trust funds are projected to be insolvent by 2033, with the combined Social Security trust fund gone by 2034.
David explains why this isn’t just a distant problem: Without intervention, roughly 70 million Americans will face major benefit cuts—23% for Social Security, 11% for Medicare.
How this impacts you personally: If you're 59 today, you’ll reach full retirement age right as the trust fund runs dry. If you’re already retired, you may be affected in the next 8 years.
David outlines the government’s dilemma: Once the trust funds are depleted, benefits must be paid from incoming payroll taxes alone—which won’t be enough to cover promised amounts.
David shares why printing money isn’t a fix. Social Security and Medicare are tied to inflation, so printing more money only drives costs up.
Why taxing the rich is not the answer. Even if the government confiscated 100% of billionaire wealth, it would only fund the federal government for 11 months—not solve the long-term problem.
David reveals what you can do now. Start saving as much as you can today. Even a small increase—automated every 6 months—can plug the future gap in your benefits.
How to use tax-free accounts strategically. Roth IRAs, Roth 401(k)s, and properly structured life insurance can help shield your retirement from rising taxes.
David explains that Roth withdrawals don’t count as provisional income—keeping your Social Security potentially 100% tax-free.
How to soften the blow of benefit cuts: Keeping your Social Security tax-free preserves more of your income and helps offset reductions in government programs.
With Trump’s tax cuts possibly extended, you could have until 2033 to shift your retirement savings while tax rates remain historically low.
How to avoid future tax pain: David recommends shifting to tax-free accounts slowly enough to avoid “tax bracket heartburn,” but fast enough to finish before tax rates rise.
Why aiming for the 0% tax bracket matters: If tax rates double in the future, two times zero is still zero. The less taxable income you have, the more secure your retirement.
Mentioned in this episode:
David’s national bestselling book: The Guru Gap: How America’s Financial Gurus Are Leading You Astray, and How to Get Back on Track
PowerOfZero.com (free video series)
@mcknightandco on Twitter
@davidcmcknight on Instagram
David McKnight on YouTube
Get David's Tax-free Tool Kit at taxfreetoolkit.com
356 episodes
Share
Manage episode 499909471 series 2488671
Content provided by David McKnight. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by David McKnight or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.
David starts by talking about the apocalyptic headwinds facing Social Security and Medicare and what it means for your retirement plan.
The Social Security and Medicare trust funds are projected to be insolvent by 2033, with the combined Social Security trust fund gone by 2034.
David explains why this isn’t just a distant problem: Without intervention, roughly 70 million Americans will face major benefit cuts—23% for Social Security, 11% for Medicare.
How this impacts you personally: If you're 59 today, you’ll reach full retirement age right as the trust fund runs dry. If you’re already retired, you may be affected in the next 8 years.
David outlines the government’s dilemma: Once the trust funds are depleted, benefits must be paid from incoming payroll taxes alone—which won’t be enough to cover promised amounts.
David shares why printing money isn’t a fix. Social Security and Medicare are tied to inflation, so printing more money only drives costs up.
Why taxing the rich is not the answer. Even if the government confiscated 100% of billionaire wealth, it would only fund the federal government for 11 months—not solve the long-term problem.
David reveals what you can do now. Start saving as much as you can today. Even a small increase—automated every 6 months—can plug the future gap in your benefits.
How to use tax-free accounts strategically. Roth IRAs, Roth 401(k)s, and properly structured life insurance can help shield your retirement from rising taxes.
David explains that Roth withdrawals don’t count as provisional income—keeping your Social Security potentially 100% tax-free.
How to soften the blow of benefit cuts: Keeping your Social Security tax-free preserves more of your income and helps offset reductions in government programs.
With Trump’s tax cuts possibly extended, you could have until 2033 to shift your retirement savings while tax rates remain historically low.
How to avoid future tax pain: David recommends shifting to tax-free accounts slowly enough to avoid “tax bracket heartburn,” but fast enough to finish before tax rates rise.
Why aiming for the 0% tax bracket matters: If tax rates double in the future, two times zero is still zero. The less taxable income you have, the more secure your retirement.
Mentioned in this episode:
David’s national bestselling book: The Guru Gap: How America’s Financial Gurus Are Leading You Astray, and How to Get Back on Track
PowerOfZero.com (free video series)
@mcknightandco on Twitter
@davidcmcknight on Instagram
David McKnight on YouTube
Get David's Tax-free Tool Kit at taxfreetoolkit.com
356 episodes
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Similar to The Power Of Zero Show
The official podcast of Rampver Financials. Delivering the best talks, advice, and recommendations about personal finance, investing, entrepreneurship, and success. Subscribe and never miss an episode!
…
continue reading
The show that helps you maximize your wealth by turning complex financial situations into actionable advice. On Your Money. Your Mission., we answer the questions you’ve been asking about -- financial planning, investing, retirement and everything in between. Whether you’re navigating the complexities of the market or looking for the best ways to save or spend your money, tune in to hear from experienced financial advisors with JFG. Walk away from each episode with savvy tips and financial t ...
…
continue reading
Bitcoin pioneer Charlie Shrem peels back the layers on the lives and backgrounds of the world's most impactful innovators. Centering around intimate narratives, Shrem uncovers a detailed, previously unspoken story of the genesis and evolution of bitcoin, cryptocurrency, artificial intelligence, and the web3 movements. Join Shrem as he journeys through the uncharted territories of tech revolutions, revealing the human side of the stories that shaped the digital world we live in today.
…
continue reading
Matching real people, asking real questions about their money, with experienced Financial Advisors. You’ll hear answers to important questions like: Is now the right time to buy a house? What to do if your business fails? How should I be saving to cover the cost of college? How much do I really need to retire and am I on track? Join us as our guests share their stories around life's major moments. And hear the difference a conversation can make. Hosted by Morgan Stanley Wealth Management’s J ...
…
continue reading
Capitalmind looks at stocks, bonds, funds and the macro to bring you their view on the Indian financial markets. We discuss all things related to investing at our focussed podcast that keeps it simple. For more, go to capitalmind.in and to invest with us, visit capitalmindwealth.com
…
continue reading
Best friends Joel and Matt are the co-hosts of How to Money which is all about providing the knowledge & tools that normal folks need to thrive in areas like debt payoff, DIY investing, and crucial money tricks that will provide continuous help along your journey. We believe that access to unbiased and jargon-free personal finance guidance is more necessary than ever before. When you handle your money in a purposeful, thoughtful way that works for your lifestyle, you can really start living ...
…
continue reading
An archive of each full weekday episode of the award-winning program presented by Stephen Grootes.
…
continue reading
Decoder is a show from The Verge about big ideas — and other problems. Verge editor-in-chief Nilay Patel talks to a diverse cast of innovators and policymakers at the frontiers of business and technology to reveal how they’re navigating an ever-changing landscape, what keeps them up at night, and what it all means for our shared future.
…
continue reading
How can business help solve society’s biggest challenges? Welcome to Take on Tomorrow, the award-winning podcast from PwC that examines the biggest problems facing society and the role business can—and should—play in solving them. Hosts Femi Oke and Lizzie O’Leary talk to industry innovators, tech trailblazers and visionary leaders from around the globe about timely topics: from the climate transition to AI and data; and from the future of food to how we build, move and power the world.
…
continue reading
Alessandro Bogliari, CEO and Co-Founder of The Influencer Marketing Factory, a global influencer marketing agency, talks with great guests about influencer marketing, social media, the creator economy, social commerce and much more.
…
continue reading
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