Social Security exceeds income

Steve & Ted
Thursday, July 12th

Don Grant C.F.P. says projections show Social Security will have to make changes.

00:08:49

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Actually your folks daylight to turn normal stuff. And I think there's there's been some things going on that we are quite aware of that we should be made more aware of. Good morning 97 and thirteen thirty K and as. Stephen did in the morning here on Thursday July 12. Three big things. Three adult film star stormy Daniels. Arrested the seed Kansas gas prices holding steady. Wichita police group to better protect animals. Three big things even dead upon Kate and defense. Gasoline prices in which it's done today. Still to 69 a gallon but I am seeing places coming down NT 67 so what. That's down a couple since they're from the big jump that we had and he's 67 puts us right tactic to Kansas averaged as far as gasoline prices goes yeah. Today we're average traffic updates came in essence radio I'm Jeff chambers sunny and. Not again today with a high of 97 degrees yesterday's high by the way it was 97 degrees. Mostly clear tonight you'll let loose 75 Friday sunny and hot tomorrow's high 97. Sega thirty scalable pattern here yeah now partly cloudy 75 degrees and south winds at seven miles per hour. Can assess whether brought you by the monarch. Featuring the perfect patio for conversation and cocktails. The art covers military discounts for current and retired veterans the monarch. In delay nose on grants he has given money to record orange ones weren't done. Stocks ended today in the red Wednesday after several days of gains. Dow Jones Industrial Average down 219. Points at 24700. Now making it negative for the year 2018. The NASDAQ Composite lost ground over 42 points about a half a percent at 7716. ESP 500 dropped twenty. At 2774. It was energy that weighed the most oil tumbled 5% today the steepest loss in thirteen months after OPEC says demand next year it would declined. Also those escalating trade tensions in US and China also pressured crude Dow winners included Disney these and Walgreens Chevron caterpillar Dow DuPont dropped. An American Airlines had a new low after the company cut its forecast on the floor of the New York Stock Exchange nickel metal Levy's Fox News. Social Security. Exceeding income you know Don grant CFP demonic record what does that mean yes will you please explain that as well at some point before the year 2034. At the Social Security system will need to have some changes made to sustain that current levels now for the first time in a three and a half decade period. Social Security distributions are surpassing totally and come from the workforce. Social Security is a pay as you go system that means that current workers pay for benefits for current beneficiaries. The Social Security trust fund has about two point eight trillion dollars and it. But through some clever accounting those real dollars were moved to the nations general fund. They were replaced the money with the IOUs from Uncle Sam. The two point eight trillion is a difference between what the government has collected and what has been paid out now every year. Auditors predict when a Social Security will run out of the ability to fund benefits at current levels. They look at current economic conditions and they work to predict future employment that will be taxed to pay for the program. They way that side with the back of the balance sheet with a number projected retirees who will benefit from the system. Current projections show that the depletion of the trust fund will trigger in late 2034. That's moved up from previous assessment of early 2035. Now when those monies are depleted the program will not just go away it's not gonna end. If congress does nothing to fix it benefits will Reid be reduced by between seventeen and 20%. The money collected from current workers will continue. To pay benefits. You know but the but what will happen is benefits will exceed the income that's coming in so little deplete even more every year. It's likely that congress will make some legislative changes to keep Social Security benefits rolling at the same levels. To do that some areas of the program will need to change. Disability payouts may change income withholding thresholds may go up or at the age to collect benefits may rise as well. In 2017. Social Security paid more than 940. Billion dollars to more than sixty million beneficiaries. The oldest baby boomers are now in their seventies. And more boomers are retiring every day. Baby boomers weren't the largest generation before millennial holes but his mullet meals income rise so also security. Withholding used to pay for boomers benefits so it's it's starting to turn and it could come back the other way and a course of you have any questions you gimmick com number six report 2222. And and I would it help at all applied to agreed to keep working until Tony 34. I you're gonna and I think it may enter it yeah united beach you don't do a net pay in taxes yeah well you're working and paying for your on right now right well we now. We keep working until we're in our nineties that's an idea. Yeah help me out. Yeah that'll helps you helped Apple's dad yeah I'm into a bit of the retirement age but you know I go it I have my. Meetings are Mensa meetings now with my buddies in on Thursday night's down the mark in new look around the table know there's retired yet the gay man. Mensa meeting Mendes. It's business as an IQ. And I think the men say is the man part but it Russia and or is it really it nevermind well there's 67 sin we have. The aggregate IQ I think yeah yeah how is it you just went that's when you know you guys are talking earlier Iraq construction on Kellogg yeah yeah and I was just crack an app. I was laughing my head up why well because first of all I live on the side yeah costly go to Lowe's and gone of those places right we think progress is good. And we see people working out there wouldn't there there at 6:30 in the morning you limit for apps there's not trying to beat the heat yeah yeah yeah exactly and and every time I drive down or say well there's another wallop that's amazing so you you're and and they kept they kept traffic flowing through there. And then the other thing that I was loose really forget it you guys are talking about traffic can put. I happen to you live in LA. Have you driven in Paris have you been in new York and driven in Paris well okay dividend usually got around the around about a around the Arc de -- you know I have been made out. This traffic. Is thing. Yeah never even have to wait for a second light in this town it's a great year aside for the house on the drivers are kind of weird like me bit but. It. Just taken people out to you as you know like if you're not accustomed to it though it you know I get it I I get it it's it's all perspective it's all relative right you're right obviously your right I mean you know carried that traffic in which is amazingly great I hadn't thought of as usual call pronouncing your you know are stuck who's this guy you know you are right it's nice here. Now and I I don't get me get some slowdowns at that point but relative to commutes across the country this is the only as a haven always in. Yesterday as the day before them are commute in which it does like one of the lowest I wanna in America you know it has little bottom for glee. It's obvious winner and ended its only 25 minutes at the most you know. I mean it's. Well more importantly today is national. Trademark and 1897 Mike pearl weight of literally in New York while. A novel funders are loved by millions. Give a favorite jello. They all taste the same c'mon in you know artificial flavors and there are thing. Just give. My grandfather the Miley grandfather referred to it as toe jam. Wow. I. How if you re if you really you have dirty feet you can get to jam built up between your isn't skeletal. OK okay. Medina international eat your jello day it's probably good fortune so late celebrating Bill Cosby. And. I don't think we're celebrating eagle putt. That would win governing our 7 o'clock we've got the news thanks guys that he is gonna Wichita police moving to better protect animals. We've got the story Stephen dead on K and assess.
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