Project 2025 & Social Security

have you ever wondered what project 2025 means for Social Security and what it may do to your monthly benefit well if so that's exactly what I'm going to talk about here in this video because there's a lot of misleading information out there and there's a lot of information that has been distorted in a major way when it comes down to project 2025 so I do want to clarify exactly what the plan is with Social Security and what this would mean for you your money your benefits and the longevity of the program as a whole by the way it's not all that shocking that there is distorted information about a certain program that's out there simply because in an election a year like what we're in right now obviously there's going to be a lot of mixed information that's out there so again I want to clarify all that with that being said let's talk about the details of project 2025 is it this big scary monster that's out there that's going to take away all your money I can tell you this much no absolutely not okay I've been doing a bunch of reading on this over the last couple days here and thought you know what I for sure need to make a video about this because I know the vast majority of you here in this community receive fixed income benefits from Social Security and I know a lot of you as well reely on your monthly benefit for the bulk of your income or maybe all of your monthly income if something happened to that that'd be really bad I don't know how else to put it right if your income just disappeared one day um bad situation right yeah I think we'd all be uh very sad and very disappointed at that point right however here's the situation project 2025 is not this big monster that's going to take away your Social Security okay so have you've been seeing this which by the way I have I've been seeing this in the headlines I've been seeing this out there as I've been doing my research and things like this that is not true I've dug into the details about it project 2025 has nothing to do with reducing Social Security or taking away Social Security checks or taking away Medicare nothing like that whatsoever in fact it has all the intention of keeping the program very much the the way that it is it's not going to make any change ches negatively to the program whatsoever it's made it very clear that it's not going to be cutting benefits whatsoever okay so I've had some people reach out to me not a ton I've had a couple people reach out to me that I've seen Down Below in the comment section saying hey can you talk about this I've heard some issues about this are my checks safe your checks are safe okay here's the thing let's think about it just from the big picture here for a second okay how long has Social Security been around almost 90 years has Social Security ever missed a payment no has Social Security ever stiffed beneficiaries and said well H we can't pay you this month no I mean obviously in maybe some very very rare instances where somebody has a situation on their account or something came up with that specific person maybe you know a situation arise arises where maybe their benefits were not payable anymore but I'm saying this much no social security is not stiffened seniors they're not taking away your money they're not ending they're not going away nothing to do with that whatsoever okay so if you see anything like that if anybody tells you that that this is all that what it's about no absolutely not okay I don't care who the candidate is I don't care who uh the person is behind any of this stuff I'm just simply saying we could be talking about anybody out there right now uh who wants to take the next presidency it does not matter my point is nobody has a plan to cut Social Security I don't care what side of the aisle they're on doesn't matter nobody has a big plan to cut the program to end benefits anything like that whatsoever so if you see that it's wrong that's not happening okay however I do want to point out something to be fair one thing that is talked about with project 2025 is potentially very very slowly and gradually raising the full retirement age now you'll see some people jump all over this and say they're cutting benefits by thousands of dollars a year that's actually not the case okay by raising the full retirement age does not cut benefits uh By Nature it does not do that okay you could raise the full retirement AG to a billion years old and it would not cut benefits okay but here's what it does do okay here's what it would do if the full retirement age was was pushed out a little bit okay here's what would simply happen remember when you claim your benefits early there is a reduction to your monthly benefit right your benefits are reduced a little bit by 59 of 1% for every one month that you claim prior to your FL retirement age and there's another calculation that goes into it if your benefits are claimed further out then 36 months beyond your FL or before your flow retirement age okay but 5 9 of 1% for easy math purposes is about a half a percent for every month that you claim early okay it's not quite a half percent but it's about a half percent for easy math purposes okay that's what it is the fraction or the percentage as of right now okay but if they moved out the full retirement age by let's just say I don't know by a year okay so from SE uh 67 out until the age of 68 if they moved it out one year and they uh basically increase the full retirement age by 1 month for every year born after 1960 okay what it would simply mean is that if you claimed your benefits at the age of 62 well now benefits would basically have one extra month of claiming early in this situation so You' have an extra basically 5 9s of 1% cut to your benefit does that kind of make sense right so that is what that comes down to so when you see these people out there coming out saying this is cutting benefits by thousands of dollars directly no it it's not cutting benefits by thousands of dollars but rather if somebody were to claim their benefit early basically all it's doing is adding one additional month or whatever it happens to be onto uh the the the the time frame in which they claim their benefit therefore you'd have an extra say half a percent reduction to benefits because of claiming that extra one month early does that kind of make sense right so but anyway here's what they're talking about again there's many proposals I want to make it very clear there are so so many proposals out there I could write a book about it I I okay I was going to say I should write a book there's no reason to write a book I'm not going to make a book about it okay I promise you I'm not going to write a book about this okay but I do a lot of videos here on the channel talking about it there's a lot of different iterations that are out there there's iterations to say raise the full retirement age by one year two years 3 years out until the age of 70 they've talked about increasing the full retirement age by one month for every year born after 1967 I've seen it by two months for every one year born after 19 or sorry 1960 I think I said 1967 sorry I meant to say 1960 sorry about that uh correction by the way uh for every year born after 1960 cuz remember right now the full retirement age is the age of 67 for anybody born in 1960 or after make sense so basically what it would look like is this somebody born in 1961 May potentially have the flid retirement to age of 67 and 1 month something like that right or 6 7 and 2 months these are uh the details behind this okay now here's the thing I've been very transparent about this before know the videos I think this much leave the seniors alone okay I've said this very clear before in other videos leave the seniors alone seniors if they're getting their checks or they're very close to getting checks within the next couple years leave them alone don't touch their benefit do not do anything to these people why would we do such a thing if somebody's that close to the goal line and we pull the the goal post back and say oh just kidding we're going to move the goalpost back now by a couple months that's not fair that's just going to make people angry don't do that why would we do that to somebody somebody's super excited for retirement why would you do that I mean I I uh I witnessed this with my own parents they got super excited right getting very close to that retirement age and they're like man I can't wait to wrap this up I'm so sick of doing this I've been doing this for 30 35 40 years I can't wait to retire right that would have driven me nuts to see them do this to my parents and again I'm saying this because I sought it personally but to see them so close and all of a sudden say oh just kidding we're going to move this back another couple months right that would have like devastated a lot of people right to see that so close to retirement getting right there to the to the goal line and they say just kidding we're going to push it on another three months that'd be torture have to stay that that awful job for another three months right nobody wants to do that let's just be fair right you want to get out of there like yesterday right I think we all know that um but anyway so I've said this before and I again I want to be very transparent about I say this much leave the seniors alone stop touching their benefit don't do anything to their benefits if they're currently getting benefits or going to be getting benefits soon leave them alone okay go after the younger people I've said that again go after the young uh the 40 and youngers that's me by the way I fall into that category as of now a couple months from now that's not going to be the case anymore okay just I know I'm struggling with that just saying okay uh but anyway my point is somebody like me in their late 30s very late 30s just saying okay okay I know weird um but anyway I I don't think that I should be allowed to claim Social Security retirement at 62 why because life expectancies continue to progress and we continue to live longer and longer why should I be able to get Social Security retirement at 62 right I mean that's the rule from way back like many decades ago okay and maybe this isn't a popular thing for me to say but I'm just saying if we want uh solvency in this program if we want this program to have longevity and last for a very very long time and for many more Generations into the future hey I'm good if I know that um if I can't get Social Security at the age of 62 or if I can but I'm saying if my full retirement age is say 70 or something like that if I know that that's going to push out solvency as in the program will be good for another you know four decades beyond that and I know that like my my kid my my my neighbor kids my I don't know my friends kids you know my siblings kids whatever my cousins kids all stuff like that if I know that these little kids that are you know very young now are going to be able to get Social Security in say 50 60 70 years because of things that we're sacrificing today I'm good with that right I'm totally good with that let's do it right I'm fine with that so that's what I've said before is that leave the seniors alone if somebody's so close to getting their benefit absolutely 100% don't touch it leave them alone back away let them go right but as far as the younger Generations they can absolutely wait a couple more years on their full retirement age no problem whatsoever because who knows maybe in the next 30 Years or 20 years maybe we're living to like 95 on average I mean seriously we could be doing that right now average life expectancies uh for men and women is 83 and 86 not bad right considering way back in the day when Social Security started almost 90 years ago life expectancies were guess what 65 we've increased that by about 20 years we're living about 20 years longer today than what we were about 90 years ago my point is back in the day when they started Social Security they basically had the full retirement age right at our life expectancy so they basically said hey sure you can get Social Security if you if you're lucky enough to live longer than the age in which you can claim it that's basically what they did what a cruel program that is I mean seriously right let's just say it it is they basically say we're going to put the uh the age in which you can claim Social Security right at basically the end of somebody's life yeah that's a real cool plan you can claim it for one full day and then basically that's it right that's basically all the program was set up so anyway is that going to make sense so when it comes down to project 2025 don't worry about it whatsoever when it comes down to your benefit you're not getting your benefits cut they're not ending they're not going away nothing like that whatsoever is in that make sense anyway anyway I know this video got to be a little bit long I apologize hope this helps you again please subscribe share the video check out the other videos on the channel the thousands in in the video library uh catch you again later in the next video thanks again for watching