1 00:00:06,440 --> 00:00:09,280 Speaker 1: Well, okay, we can do it if you want. Casey 2 00:00:09,320 --> 00:00:13,160 Speaker 1: totally unprepared for this segment, so I'll take it. I'm 3 00:00:13,200 --> 00:00:15,520 Speaker 1: just kidding mostly. Casey just asked me if I want 4 00:00:15,560 --> 00:00:17,640 Speaker 1: to do things, and I just keep going, huh what. 5 00:00:17,320 --> 00:00:19,919 Speaker 2: What if you're on your phone texting? What are you 6 00:00:20,000 --> 00:00:22,720 Speaker 2: doing over there? I'm telling you, what are you doing there? 7 00:00:22,800 --> 00:00:24,000 Speaker 1: Very secret conversations? 8 00:00:24,040 --> 00:00:25,760 Speaker 2: No, I'm totally prepared. Do you want to talk about 9 00:00:25,760 --> 00:00:28,720 Speaker 2: social security? Oh? I love this article in Indie Star. 10 00:00:29,200 --> 00:00:30,440 Speaker 2: We pick dealer's choice. 11 00:00:30,800 --> 00:00:33,320 Speaker 1: Let's let's do that. Okay, let's start with the social 12 00:00:33,320 --> 00:00:35,080 Speaker 1: security article because this is actually pretty. 13 00:00:34,840 --> 00:00:37,320 Speaker 3: Important for Okay, ninety percent of working By the way. 14 00:00:37,200 --> 00:00:39,120 Speaker 1: I'm just kidding case he's always totally prepared. I am 15 00:00:39,120 --> 00:00:41,320 Speaker 1: the one who's never paying any attention. Thanks for owning 16 00:00:41,360 --> 00:00:43,919 Speaker 1: that shortcomings on her. 17 00:00:44,440 --> 00:00:46,000 Speaker 2: You should get a fact check her over there. By 18 00:00:46,040 --> 00:00:48,159 Speaker 2: the way, you should hire a staff. 19 00:00:48,280 --> 00:00:49,680 Speaker 1: What is going on with social security? 20 00:00:49,800 --> 00:00:52,680 Speaker 2: Ninety percent of working Americans plan to ignore the top 21 00:00:52,720 --> 00:00:57,000 Speaker 2: financial advice on social security? What do you think it is? 22 00:00:57,080 --> 00:01:00,200 Speaker 2: What do you think is the number one financial tip 23 00:01:00,080 --> 00:01:03,240 Speaker 2: up people are given in regards to social security? 24 00:01:03,280 --> 00:01:04,920 Speaker 1: Don't pay into it because it ain't gonna be there. 25 00:01:05,000 --> 00:01:07,640 Speaker 2: Well, that's not allowed. You have to do that that 26 00:01:07,680 --> 00:01:08,840 Speaker 2: you're forced into that. 27 00:01:08,959 --> 00:01:12,280 Speaker 1: We have to. I have to stand by the rules 28 00:01:12,280 --> 00:01:13,520 Speaker 1: of decent and. 29 00:01:13,959 --> 00:01:17,840 Speaker 2: Yeah, you can't break any laws or oh I got you, okay, anything. 30 00:01:17,560 --> 00:01:19,440 Speaker 1: But I'm right right, I mean, like Kev's got no shot, 31 00:01:19,640 --> 00:01:20,839 Speaker 1: right right. 32 00:01:21,360 --> 00:01:25,560 Speaker 2: If he could not contribute to social Security, he probably 33 00:01:25,680 --> 00:01:26,480 Speaker 2: would choose not to. 34 00:01:26,520 --> 00:01:29,000 Speaker 1: Now, you're very well assembled and preserved, so people may 35 00:01:29,000 --> 00:01:31,040 Speaker 1: not realize how old you actually are, So you've got 36 00:01:31,040 --> 00:01:31,400 Speaker 1: a shot. 37 00:01:32,000 --> 00:01:34,200 Speaker 3: I do have a shot. I'm coming close to this. 38 00:01:34,400 --> 00:01:37,000 Speaker 1: Actually you're closing in I am. I mean you're sixty 39 00:01:37,000 --> 00:01:37,679 Speaker 1: three years old. 40 00:01:37,760 --> 00:01:42,479 Speaker 2: Oh stop, Oh there's anything wrong with being sixty three. 41 00:01:43,040 --> 00:01:45,559 Speaker 3: I hope to make it there. Not quite there. 42 00:01:45,640 --> 00:01:48,720 Speaker 1: I bet the all kidding aside case he's only sixty 43 00:01:48,760 --> 00:01:53,440 Speaker 1: one and she looks great. I bet that the advice 44 00:01:53,640 --> 00:01:57,560 Speaker 1: is you're so wrong. I bet the the advice is 45 00:01:58,440 --> 00:01:59,680 Speaker 1: don't count on it being there. 46 00:02:00,160 --> 00:02:02,720 Speaker 2: No, it is waiting until the age of seventy to 47 00:02:02,800 --> 00:02:05,280 Speaker 2: claim benefits for higher monthly payments. 48 00:02:05,560 --> 00:02:07,760 Speaker 3: The number one piece of advice. 49 00:02:07,400 --> 00:02:10,639 Speaker 2: That many top financial advisors give people is to wait 50 00:02:10,720 --> 00:02:11,680 Speaker 2: until you're seventy. 51 00:02:11,880 --> 00:02:13,000 Speaker 1: What if you don't live that long. 52 00:02:13,240 --> 00:02:18,040 Speaker 2: Well, ninety percent of Americans are ignoring that advice. 53 00:02:18,280 --> 00:02:20,240 Speaker 1: I don't mean to be crass, and when I get that, 54 00:02:20,320 --> 00:02:23,000 Speaker 1: and thankfully this is wonderful. People are now living longer 55 00:02:23,000 --> 00:02:28,280 Speaker 1: lives than ever, and modern medicine and healthcare and you 56 00:02:28,280 --> 00:02:31,680 Speaker 1: know everything else that's wonderful. But like, if I'm what 57 00:02:31,800 --> 00:02:33,320 Speaker 1: is the first age you can take it? 58 00:02:33,480 --> 00:02:34,079 Speaker 3: Sixty two? 59 00:02:34,440 --> 00:02:38,400 Speaker 1: Sixty two that's eight years. That's a long time. Yeah, 60 00:02:38,600 --> 00:02:41,200 Speaker 1: especially you know once you pass a certain I mean, 61 00:02:41,600 --> 00:02:43,440 Speaker 1: I'm worried some politicians is going to run me over 62 00:02:43,480 --> 00:02:46,600 Speaker 1: with the bus every single day. And I've just turned forty. 63 00:02:46,800 --> 00:02:49,520 Speaker 2: So what you're saying is that you plan to ignore 64 00:02:49,639 --> 00:02:50,760 Speaker 2: that advice as well. 65 00:02:50,639 --> 00:02:53,400 Speaker 1: Well, I don't know. I mean maybe I even thought 66 00:02:53,400 --> 00:02:54,959 Speaker 1: this out. I mean, I'll probably be working at a 67 00:02:55,040 --> 00:02:57,000 Speaker 1: Chuck E Cheese by the time I turned sixty two, 68 00:02:57,040 --> 00:02:57,960 Speaker 1: so it'd be silly. 69 00:02:58,000 --> 00:02:58,880 Speaker 3: You'll be at Arby's. 70 00:02:59,240 --> 00:03:00,840 Speaker 1: So I don't know. Oh, but I'm just saying, like 71 00:03:01,960 --> 00:03:04,880 Speaker 1: it is a it is retirement? Is this real puzzle piece? 72 00:03:04,960 --> 00:03:05,080 Speaker 2: Right? 73 00:03:05,120 --> 00:03:07,079 Speaker 1: And we hear people like Bill Demri et cetera, and 74 00:03:07,360 --> 00:03:09,440 Speaker 1: talk about this where you got to have, you know, 75 00:03:09,520 --> 00:03:12,160 Speaker 1: some sound advice from people who know what's going on 76 00:03:12,720 --> 00:03:16,040 Speaker 1: because some stuff is taxable, some is not. You take 77 00:03:16,080 --> 00:03:18,520 Speaker 1: certain things at certain times, there's certain penalties. You know, 78 00:03:18,560 --> 00:03:20,360 Speaker 1: all of these things have to go into some sort 79 00:03:20,360 --> 00:03:23,840 Speaker 1: of plan. The bigger thing, though, is we're being totally 80 00:03:23,880 --> 00:03:28,280 Speaker 1: dishonest with people my age, certainly with people's Kevin's age, 81 00:03:28,639 --> 00:03:31,320 Speaker 1: by pretending like there's not going to be dramatic changes 82 00:03:31,360 --> 00:03:35,160 Speaker 1: to this program because it's running out of money. 83 00:03:35,560 --> 00:03:38,760 Speaker 2: Okay, so if you do start claiming at the age 84 00:03:38,760 --> 00:03:42,440 Speaker 2: of sixty two, it reduces your monthly payments by almost 85 00:03:42,640 --> 00:03:43,600 Speaker 2: thirty percent. 86 00:03:44,160 --> 00:03:46,320 Speaker 1: Okay, but you get it for eight years, that's. 87 00:03:46,120 --> 00:03:49,440 Speaker 2: True, and you can do with that money what you want. 88 00:03:49,680 --> 00:03:52,600 Speaker 2: You can invest it how you want. Sure, only ten 89 00:03:52,640 --> 00:03:55,440 Speaker 2: percent of adults that they surveyed plan to wait until 90 00:03:55,440 --> 00:03:59,240 Speaker 2: they're seventy to claim benefits, while forty four percent plan 91 00:03:59,320 --> 00:04:02,160 Speaker 2: to file before their full retirement. 92 00:04:02,200 --> 00:04:06,880 Speaker 1: Well, yeah, because it if you kick the bucket, the 93 00:04:06,920 --> 00:04:07,680 Speaker 1: payments just stop. 94 00:04:07,760 --> 00:04:07,840 Speaker 2: Right. 95 00:04:07,920 --> 00:04:09,800 Speaker 1: It's not like, you know, Harold is owed all this 96 00:04:09,920 --> 00:04:14,680 Speaker 1: money and he died. Now your neighbor, your relatives get it. 97 00:04:14,680 --> 00:04:17,599 Speaker 1: It just goes like you don't. You stop getting it right, 98 00:04:17,640 --> 00:04:18,919 Speaker 1: and they don't. I don't think they just give it 99 00:04:18,960 --> 00:04:19,560 Speaker 1: to your family. 100 00:04:19,800 --> 00:04:22,200 Speaker 2: No, your spouse can still get it. 101 00:04:22,320 --> 00:04:24,800 Speaker 1: Really, yeah, are you sure you said that you did 102 00:04:24,839 --> 00:04:26,800 Speaker 1: an ill hunt omar where you're your voice put up? 103 00:04:26,880 --> 00:04:30,360 Speaker 1: Your spouse can still get it? Yeah you're not sure. 104 00:04:30,360 --> 00:04:30,960 Speaker 3: I'm not sure. 105 00:04:31,040 --> 00:04:33,040 Speaker 1: Okay, I'll look it up right now, you filibuster for 106 00:04:33,320 --> 00:04:33,880 Speaker 1: I feel. 107 00:04:33,680 --> 00:04:37,400 Speaker 2: Like my mom is still receiving Social Security from my legally. 108 00:04:39,400 --> 00:04:42,480 Speaker 1: Yeah, if you pass away, I didn't want to put 109 00:04:42,520 --> 00:04:42,880 Speaker 1: if you died. 110 00:04:43,000 --> 00:04:45,760 Speaker 3: Somebody screaming at the radio right now, if you pass away? 111 00:04:45,800 --> 00:04:48,080 Speaker 1: Oh oh this is oh they're totally listening. Just I 112 00:04:48,080 --> 00:04:49,400 Speaker 1: put it. If you pass away? You know what the 113 00:04:49,440 --> 00:04:50,280 Speaker 1: next thing that came up? 114 00:04:50,320 --> 00:04:51,080 Speaker 3: Did auto phil? 115 00:04:51,520 --> 00:04:52,800 Speaker 1: Who gets yourself security? 116 00:04:52,800 --> 00:04:53,800 Speaker 3: Okay, what's the answer? 117 00:04:53,960 --> 00:04:56,600 Speaker 1: Okay, this is the the internet. If you pass away, 118 00:04:56,600 --> 00:04:59,240 Speaker 1: your Social Security benefits may go to eligible family members 119 00:04:59,320 --> 00:05:02,560 Speaker 1: a survivor benefits right. The main beneficiaries are usually the 120 00:05:02,600 --> 00:05:05,440 Speaker 1: surviving spouse. Children are dependents. A two hundred and twenty 121 00:05:05,440 --> 00:05:08,120 Speaker 1: five lump sum death payment is also available to qualifying 122 00:05:08,160 --> 00:05:08,800 Speaker 1: child or spouse. 123 00:05:08,839 --> 00:05:09,400 Speaker 3: So I was right. 124 00:05:09,600 --> 00:05:13,200 Speaker 1: Eligibility now wait wait on her. Eligibility depends on factors 125 00:05:13,240 --> 00:05:16,040 Speaker 1: like relationship, age, and disability status, and you may also 126 00:05:16,080 --> 00:05:18,440 Speaker 1: be able to switch to a higher benefit based on 127 00:05:18,480 --> 00:05:20,839 Speaker 1: your own work record at a later time. 128 00:05:20,960 --> 00:05:24,039 Speaker 2: So what my mom is getting is survivor benefits from 129 00:05:24,040 --> 00:05:25,719 Speaker 2: my father partially. 130 00:05:25,360 --> 00:05:27,239 Speaker 1: Maybe Yeah, you don't know what she's getting. 131 00:05:27,279 --> 00:05:28,719 Speaker 3: Oh say, I'm right, I was right? 132 00:05:28,800 --> 00:05:31,440 Speaker 1: Well then how to Okay? Wait wait and it sounds 133 00:05:31,480 --> 00:05:31,880 Speaker 1: like you're. 134 00:05:31,760 --> 00:05:34,640 Speaker 2: Right, and that's even you can do that even if 135 00:05:34,680 --> 00:05:37,680 Speaker 2: you've been married for longer than ten years and you 136 00:05:37,760 --> 00:05:41,480 Speaker 2: end up getting divorced, you can still claim your ex's 137 00:05:42,160 --> 00:05:43,160 Speaker 2: Social Security. 138 00:05:45,560 --> 00:05:47,200 Speaker 1: Yeah, because I was gonna ask, Like you hear about 139 00:05:47,240 --> 00:05:49,080 Speaker 1: these people pass away and their kids keep claiming the 140 00:05:49,080 --> 00:05:51,640 Speaker 1: benefits and they get in trouble. So what would they 141 00:05:51,640 --> 00:05:52,200 Speaker 1: get in trouble with? 142 00:05:52,240 --> 00:05:52,320 Speaker 2: This? 143 00:05:52,360 --> 00:05:56,840 Speaker 1: Says children, unmarried, children under eighteen, or children of any 144 00:05:56,880 --> 00:05:59,200 Speaker 1: age with the disability that are that began before age 145 00:05:59,200 --> 00:05:59,920 Speaker 1: twenty two. 146 00:06:00,279 --> 00:06:01,960 Speaker 2: That's because they're considered minors. 147 00:06:02,040 --> 00:06:04,360 Speaker 1: Right, ye, So but I like, if you're an adult, 148 00:06:04,400 --> 00:06:07,000 Speaker 1: you can't get it correct, Okay, very good, but a 149 00:06:07,040 --> 00:06:12,000 Speaker 1: spouse can. So if you're married, Like, I just assume 150 00:06:12,440 --> 00:06:14,480 Speaker 1: you know I've told my wife she's got a I 151 00:06:14,520 --> 00:06:16,520 Speaker 1: don't know if I told you this, Like, I've got 152 00:06:16,520 --> 00:06:19,320 Speaker 1: my stuff structured so that my wife needs to keep 153 00:06:19,360 --> 00:06:22,520 Speaker 1: me living. The longer I live, the greater the payout is. 154 00:06:22,839 --> 00:06:24,360 Speaker 1: And I learned that from my father. He did the 155 00:06:24,400 --> 00:06:26,679 Speaker 1: same thing. He's like, you're not taking me down because 156 00:06:26,680 --> 00:06:28,679 Speaker 1: the longer I live, the better it's gonna be from 157 00:06:29,440 --> 00:06:31,800 Speaker 1: And so I've structured my thing to where she has 158 00:06:31,839 --> 00:06:34,120 Speaker 1: no incentive to. 159 00:06:33,360 --> 00:06:37,000 Speaker 3: To sprinkle something in. 160 00:06:36,040 --> 00:06:42,480 Speaker 1: The longer she grins and in this marriage, the better 161 00:06:42,520 --> 00:06:46,920 Speaker 1: it's and the same thing for Livy. So I've structured 162 00:06:46,920 --> 00:06:49,200 Speaker 1: that because I know what I know my risk