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Speaker 1: This episode is brought to you by P and C Bank.

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Speaker 1: A lot of people think podcasts about work are boring,

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Speaker 1: the PNC Financial Service Group, Inc. P and C Bank

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Speaker 1: National Association Member FDIC erness What's Up? You ever walk

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Speaker 1: pushing your vision forward.

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Speaker 2: Bloomberg projects that Social Security will run out of money

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Speaker 2: to pay full benefits by twenty thirty three and Medicare

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Speaker 2: by twenty thirty six. What steps can be taken to

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Speaker 2: mitigate this impending shortfall.

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Speaker 3: We're gonna get to the lighter conversations later. These first two.

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Speaker 3: It goes back into the nothing. I just want to

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Speaker 3: be very honest. I think that those benefits have been

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Speaker 3: run out. Social Security is done for. I know people

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Speaker 3: keep saying that that it's not true. Once again, go

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Speaker 3: reference Chicago. That was the canary in the cold mine

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Speaker 3: to tell you that the money wasn't there Medicare by

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Speaker 3: twenty thirty six. That is scary. And because we don't

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Speaker 3: have enough checks and balances to know where the money

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Speaker 3: is going, where it's being spent, how it is being allocated,

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Speaker 3: how it's being deployed properly. So I think in our

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Speaker 3: lifetime we were going to have to just rest and

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Speaker 3: realize that Social Security or Medicare will not be there.

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Speaker 3: And if we continue to run into debt, other pension

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Speaker 3: plans are going to go away. I remember as a

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Speaker 3: kid when certain adults retired they were guaranteed a pension,

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Speaker 3: then that went away, then came into four one K.

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Speaker 3: That's some four to one ks maybe going away in

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Speaker 3: the next ten to fifteen years. So there's nothing that

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Speaker 3: we can do.

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Speaker 1: What is a solution.

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Speaker 3: We got to invest in and take care of your

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Speaker 3: own financial house, because nobody cares about your money the

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Speaker 3: way that you do. But but it's sad and it's

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Speaker 3: too late. I've been beating this drum for about two years,

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Speaker 3: and everyone said I was a conspiracy theorist, but Bloomberg

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Speaker 3: says it sos official. Shout to Michael Bloomberg.

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Speaker 1: I feel like We've heard this for the past couple

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Speaker 1: of years, and it felt like we're the direct descendants

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Speaker 1: of this, right, like eighties babies, right, they were like

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Speaker 1: as you were growing up, as you were starting to

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Speaker 1: work for us, they would tell you, don't worry. Social

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Speaker 1: surity is not going to be there when you when

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Speaker 1: it's time for you all to retire, and that we're

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Speaker 1: looking at the numbers right within the next week are

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Speaker 1: years a lot of us will probably be at that point.

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Speaker 1: We've done twenty five to thirty years in the career

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Speaker 1: and we're at the retirement age from a career work standpoint,

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Speaker 1: not from the social security standpoint. But this is yeah,

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Speaker 1: this is not one of those things. Again, I'm not

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Speaker 1: sure what we do other than continue to educate ourselves,

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Speaker 1: continue to find other ways than to rely on these benefits, right,

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Speaker 1: whether it's open or Brokensh accounts of finding other pension plans.

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Speaker 1: Like you said, but this is a long especially for medicare.

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Speaker 1: When you talk about the cost of health care in

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Speaker 1: this country, I mean, I don't even know how you

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Speaker 1: can pay for it, Like if you don't have that,

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Speaker 1: if you don't have health care, yeah, astronomical and even

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Speaker 1: medicare is still an expensive course.

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Speaker 2: I don't.

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Speaker 1: I mean, I think it's just start planning to having

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Speaker 1: not even discretionary outcome. But this becomes now that emergency fund.

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Speaker 1: I know early on you used to say it was

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Speaker 1: like sixty months, and I'm like, that seems like a lot.

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Speaker 1: But I mean, based on these numbers, if this might

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Speaker 1: be something that's needed, do we now adjust what the

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Speaker 1: savings is. I don't from a financial advisorce standpoint, what do.

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Speaker 2: You say to that? Well, I mean, at first, you know,

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Speaker 2: this is not something that's new information. When I was

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Speaker 2: a financial advisor, I used to tell my clients this

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Speaker 2: because actually, if you look on your Social Security statement,

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Speaker 2: it says it on your Sociality statement. It's been stated

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Speaker 2: on your Social Security statement for years, but nobody really

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Speaker 2: reads fine print. But so this, yeah, this is something

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Speaker 2: that has been documented by the Social Security Office themselves

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Speaker 2: for over a decade. So it's not surprising. And it

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Speaker 2: doesn't necessarily mean that at twenty twenty three, twenty thirty three,

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Speaker 2: that is going to be over. It's just staying at

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Speaker 2: this pace. It will be over, but they'll probably pump

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Speaker 2: more money into it. They'll they'll you know, I have

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Speaker 2: very strong doubt that Social Security will end in twenty

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Speaker 2: thirty three. That's almost almost impossible. They will put more

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Speaker 2: money into it, and they will make it, but that

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Speaker 2: leads to more issues because it's like, Okay, we keep

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Speaker 2: funding and putting ourselves more into debt. But that goes

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Speaker 2: back to the thing as far as the debt is

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Speaker 2: already out of control. So it's a political gain that

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Speaker 2: you know, really the politicians are the only ones that

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Speaker 2: can kind of figure this out because they're the ones

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Speaker 2: that control the budget. This goes back to our visit

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Speaker 2: in Washington when we met with you know, members of

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Speaker 2: Congress and we talk about you know, the Appropriations Committee,

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Speaker 2: Ways and Means Committee, different things of that. These type

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Speaker 2: of committees control the budget, where the money goes, and

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Speaker 2: how it's allocated. And that's why it's important to be

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Speaker 2: politically aware and take part in the political process because

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Speaker 2: the members of Congress have the power to make the

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Speaker 2: decisions on this, and they're the only ones that have

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Speaker 2: the power to make the decisions on this. So I'm

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Speaker 2: pretty sure they'll they'll kick the can down the road

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Speaker 2: as long as they possibly can. But yeah, it's not

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Speaker 2: it's not encouraging that, you know, financially we're on a

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Speaker 2: path way of insolvency. That's never that's never good, right.

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Speaker 2: But ultimately, there's only a few ways that you can

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Speaker 2: solve these type of issues. You either, you know, increase revenue,

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Speaker 2: which most of the time that's by increasing taxes, or

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Speaker 2: you cut spending. So Democrats want to raise taxes, Republicans

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Speaker 2: want to cut spending. I think you got to do

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Speaker 2: a combination of both. Yeah, and military spending definitely something

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Speaker 2: that I think there's spend way too much money on,

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Speaker 2: especially overseas, over and overseas military practices, overseas financial aid

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Speaker 2: to other countries. There's definitely something that could potentially, you know,

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Speaker 2: be cut down on as a line item for sure.

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Speaker 2: But it's all in the hands of the politicians. It's

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Speaker 2: a political it's a political game. But as far as

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Speaker 2: how much money you should have in savings, I mean,

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Speaker 2: you should definitely have at least six months in savings,

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Speaker 2: but you know, a year for sure if you can

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Speaker 2: to be on the safe side, that's something that's helpful

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Speaker 2: and beneficial. But savings is relative. I mean, if you

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Speaker 2: have money in the stock market, technically that's a form

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Speaker 2: of savings as well, right, like, so you should you

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Speaker 2: should have as much money as you possibly can quote

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Speaker 2: unquote saved. I mean just in a regular bank account

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Speaker 2: a year, probably no more than a year. But after that,

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Speaker 2: you know, you put money into a brokerag account, you

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Speaker 2: put money into stocks. In an emergency situation, if you

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Speaker 2: need to take then you can. You can take from

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Speaker 2: that as well. So you want to have as much

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Speaker 2: money you know, liquid, I would use that as a

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Speaker 2: better word than savings. You want to have as much

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Speaker 2: money liquid as you possibly can because it just gives

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Speaker 2: you flexibility when anything, anything can happen, and you know,

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Speaker 2: if you're not liquid, then you're going to be in

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Speaker 2: a very difficult space.

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Speaker 3: And the truth is even when you get to a

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Speaker 3: different level, even sixty months, like five years ago, is

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Speaker 3: by fast. There's companies that have hit a route for

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Speaker 3: run for ten years. But if you look at how

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Speaker 3: much money they have two point seven trillion in social

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Speaker 3: security left, that's the value. That's the market cap of video.

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Speaker 3: What in video's at two point nine So everyone's paid

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Speaker 3: in all this time and in the course of ten years,

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Speaker 3: and videos has had more value than security. That money

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Speaker 3: probably won't be there by twenty forty. What do I know?

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Speaker 3: And every year we do the show makes a case

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Speaker 3: for why you need this much money stored away. Inflation

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Speaker 3: is getting higher. We won't talk about the corruption, the

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Speaker 3: reallocation of money. It's a lot of tricky stuff going

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Speaker 3: on investing yourself, to my thinking. On top of that,

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Speaker 3: you have to have your money work for you. There's

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Speaker 3: no more like. The disparity between rich and poor is

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Speaker 3: getting higher than ever. We'll talk about it later, but

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Speaker 3: now we have a poor per since recession. We're gonna

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Speaker 3: put all the debt on those that make less than

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Speaker 3: sixty grand a year, and then everyone who's doing well

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Speaker 3: get elevated higher. I know I sound like Bernie Sanders,

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Speaker 3: but it is getting tricky. And as an entrepreneur you

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Speaker 3: have to be able to weather a lot of storms,

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Speaker 3: and sometimes the storm may lasts longer than the year. Sure, yep, yeah,

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Speaker 3: I'm looking at this start.

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Speaker 1: For the US government spending fiscal year to day twenty

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Speaker 1: twenty four, the number one category is Social Security nine

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Speaker 1: hundred and sixty billion. Medicare is number two six hundred

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Speaker 1: and seven billion. We had interests six hundred and one billion,

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Speaker 1: Health five hundred and ninety five billion, and the National

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Speaker 1: Defense five hundred and seventy six billion. Interesting. Interesting, I'm

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Speaker 1: trying for that. Where education is here? Oh here it

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Speaker 1: is down here Number eight Education, Training, Employment, and Social

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Speaker 1: services one hundred and forty one billion.

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Speaker 3: Yeah, a lot of key gonna get their money no

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Speaker 3: matter what. So Ander roller Ben MX soon boweing.

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Speaker 2: Hit. I'm like, but it like yes and share.

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Speaker 4: An illegal alien from Guatemala charged with raping a child

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Speaker 4: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 4: accused of murdering a Texas man of Venezuelan charged with

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Speaker 4: filming and selling child pornography in Michigan. These are just

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Speaker 4: some of the heinous migrant criminals caught because of President

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Speaker 4: Donald J. Trump's leadership. I'm Christy nom the United States

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Speaker 4: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 4: crossings are at the lowest levels ever recorded, and over

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Speaker 4: one hundred thousand illegal aliens have been arrested. If you

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Speaker 4: are here illegally, your next you will be fine nearly

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Speaker 4: one thousand dollars a day. Imprisoned and deported, you will

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Speaker 4: never return. But if you register using our CBP home

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Speaker 4: app and leave now, you could be allowed to return legally.

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Speaker 4: Do what's right. Leave now. Under President Trump America's laws,

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Speaker 4: border and families will be protected. Sponsored by the United

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Speaker 4: States Department of Homeland Security,