Can you Retire on Social Security Alone? (Josh's Best Tips)

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Hey there, everybody, Danielle from Boomer Benefits. And I have a special treat for all of you today. So you may remember, that a few months back, we did a joint video with financial advisor Josh Scandlen-- who is joining me again today. And our video was all about, can you retire on $300,000 or less? And it was actually one of our most popular videos. We got tons of comments and emails about it. And some of you, since then, have been sending me emails all about whether you can retire on less. So I've been getting questions like, what if you don't have $300,000? What if you don't have $100,000? And so if you're in that boat, this is going to be an awesome video for you today-- because Josh has written a book about how you can retire on Social Security. And it's full of great little hacks on how you can build your nest egg, and ways that you can work with your Social Security income benefits-- and when you take them-- to maximize the amount that you're going to have to live on. So without further ado, Josh, welcome back. Thanks so much for joining us. Thanks, Danielle. It's great to be back on board, on this hot summer day. Ahh. Yes, that's right. We're going to cool you down with some amazing tips today, about your retirement. When people are watching this in December, they'll be like, man, I can't believe he's griping about the heat, because now it's freezing cold. You know what I'm saying? Yeah, that's right. Prior to the start of the video, we were just talking about it. I'm in Texas. Josh is in Georgia. We're both very hot. So all you people out there chilling in Michigan, or wherever you're at, I hope that you're enjoying that pre-fall cool weather-- or maybe they're getting something like that. But it'll be hot here till October, at least. Anyway. So Josh, I kind of mentioned about what's happening with the people emailing us. I have lots of clients here at Boomer Benefits who share with us that they live on Social Security, or slightly more than that. And I think that there's some really great points in your book, where you're talking about, when is the right time to take Social Security-- to maximize you're going to retire on. And also, some of just the fallacies that we live by, about the differences in the spending that we have before we retire and then after. So can you tell us a little bit about why you wrote the book, and dive into some of those myths out there-- that maybe frightened people as they're getting close to retirement age. And then we'll talk a little bit further about, what you can do, if you're in the last 15 years or less before retirement, to get the most out of what you do get from Social Security. To be perfectly honest with you, Danielle, I wrote it because I get so fed up with the fear mongering in this industry, financial advisory-- the clickbait stuff and all this. I get emails every day, like, I need $1.7 million to retire. I'm like, this is frigging nuts, man. So let's start from the bare bones. What is the median-- you don't have to answer this. I'll answer it. Well, the median income in the US right now-- the median household income-- which means 50% have higher, 50% have lower-- is $60,000 today. So what I use my book here-- You Can Retire on Social Security-- is I just use it as the proxy. If we're a median household income at $60,000-- and I don't have my trusty calculator-- yes, I do-- and you're working. You can take your trusty calculator. And we know for a fact that you're going to pay 7.65% for what's called OSDI-- which is, old age, survivor, disability insurance. And then you're going to pay your Medicare tax. So a 7.65% goes out the door right out the gate, which means you're going to pay basically $5,000 of that $60,000 right out the gate-- that's not including if you're self-employed. If you're putting in 10% to your 401(k)-- you've got the income taxes. Not Texas and Georgia, we don't. When all is said and done, you're not living on $60,000. You're living on about $40,000 to $45,000, depending on the various mechanisms of the state taxes that you're in. And so this idea that you need this significant-- I don't care, [INAUDIBLE] need $300,000. And I prove it in the book. You can retire on Social Security, without even blinking an eye. And that doesn't mean you have to take that step. It doesn't. There are other ways to look around this, too. But, Danielle, I cannot tell you how much it annoys me. Because everyone and their mom says, look, I've got four kids. My wife just started working for stupid health insurance, but she doesn't make that much. So we're sitting there thinking, before I quit my job, I was making pretty good money at USAA. And so they're sitting there thinking, oh Josh, you need 80% of your pre-retirement income. And I'm like, why? Why would I need 80% of that income? My four kids are going to be off. We're going to downsize a house. We're not going to have any mortgage, hopefully. We'll see. But I can always use a reverse mortgage, if I need. But my retirement income will be completely different from what my pre-retirement income is. Because we don't have the kids. We don't have braces. We don't have bones getting crushed. We don't have school expenses. Trust me, it's a whole lot more expensive now than it I used to be growing up, for school. We don't have college-- we don't have any of that. We don't need a five-bedroom house on an acre. We're going to downsize, live in Tennessee or something. Who knows? Where there's no state-income tax, low property tax. So to look at me at 80% of my pre-retirement income is inherently stupid, because it doesn't mean anything. That person-- Josh-- 80% of my income now will not be that person of what I'll need once I look at retirement. It just won't. There's a guy who I talk about in my book-- a guy named Larry Kotlikoff-- and Scott Burns, who wrote a book called Spend Till The End. They talk about consumption smoothing. And just for me, that changed-- there's a couple seminal articles or books I've read, and that changed everything for me. I realized it's all been fake-- smoke and mirrors. And I'm not trying to say it's conspiratorial. But do not people recognize the insanity of saying, you need 80% of your pre-retirement income? I do that being some fancy [INAUDIBLE] [LAUGHS] I don't get it. The only thing I can get is they're either ignorant or they're fear mongering-- or a little bit of both. And I don't know which is worse, but it's bad. So that's the premise of my book. I spelled it out in detail. We also talk about the fallacy of medical costs causing all these bankruptcies is fake. I just did a blog post this morning on how the CPS-- the Census Bureau-- misstated retiree income by 30%. It's nuts. In fact, we were just talking about before, how Social Security has been way, way over counted for people's income-- that Social Security provides 90% of 50% of the population. All this is just not true. And it's annoying. [LAUGHS] Well, I gathered that. And I think you had some excellent points in the book. So one of the first things I wanted to ask you about was, you mentioned that Social Security is doing a look-back at 35 years of your income. And one of the things-- you should be checking your statement every year. Because if they happen to miss some of your income, you definitely want them to know about that. But also, there's an index factor. So when they're multiplying what your earnings were, to base what your Social Security check was being on, they're not taking the baseline of what you earned. But is it indexing it for inflation? So the average wage index, until you hit your earliest year of eligibility-- which is 62. In the example I used, when I was in the Army in 1989, I made like $7,000-- something like that. You get your statement. It says, oh, 1989, Josh, you made $7,000. And you're despondent. You're like, oh my goodness, there's no way Social Security is going to be able to pay me any income on $7,000. What the Social Security statement doesn't say-- they don't say on that statement how the AWI-- the average wage index-- the inflation amount. It's a little bit more than just your COLA. But still, at the end of day, that $7,000. I made in 1989 is equivalent-- I can't remember. We'll say $30,000-- whatever it is. Off the top of my head, I don't know. But no one knows that. Everyone just looks at their statement, and they see their numbers from the past. They're thinking, man, I only made $12,000 in 1992. There's no way. I'm going to be destitute. And then they think they've got to work until they're 70. And here's the problem, Danielle. Once you hit 62, the earliest year of eligibility, then it's just basically COLA. [INAUDIBLE] say 2.6% a year until 2094. We're not going to get that this year, I guarantee you. [INAUDIBLE] Yeah, I agree. But at the end of day, they're still using 2.6% as their COLA. But you can even throw that in there, optimistically, is fine. But do you really need to work an extra year, or five, or 10 in order to boost your Social Security benefits? And the answer is, a lot of times you don't. Because the money you made in 1992, 1984-- whatever, 2006-- because it's indexed with AWI-- the average wage index is going to be more than what your current income is. And so what happens here is they take your top 35 years of indexed earnings. If you're working a few extra years thinking you're adding to your Social Security benefit, if you actually run the numbers, you'll find you probably are not. It depends on what your circumstances is. You probably are not, though. Your benefit is locked in for what it is, because your earnings this year are not replacing earnings from the past year-- because it's your top 35 of indexed earnings. If you have 42 years of earnings, seven of those years are just lost. You pay taxes, but you're not going to benefit from it-- the top 35. And I hear all the time, I want to quit my crappy little job, but I'm only 58, and I need the extra couple years of Social Security. And when you actually run the numbers, they don't. They absolutely don't. Now, that does not take away from saving money into a 401(k), having health insurance. That's not what we're talking about here. What we are talking about-- if you are in a world of hurt physically, because this is grinding you and life is too short. And you're only staying at work because you think that Social Security, you need to work those extra five, six, seven years to build it up-- that might not be true. And I bet, for a lot of people, it's not true at all. They'll do something else that they enjoy. And really maybe lose the weight, get rid of the diabetes. Just enjoy their life. Because you don't want to be that 62-year-old guy having a heart attack at his desk. And that happens all the time. Yeah, that's exactly right. And I think a good point is, it's not that we're saying you don't need to save for retirement. Anything that you save is going to help you be above and beyond what your Social Security is. So in those last few years-- the reason shouldn't be to increase your Social Security check, but if you want to work an extra year or two, maybe that's one or two years that you do everything you can to throw a little bit of extra money into your retirement savings. But at the same time, if you're sacrificing your soul because you hate that job so much, there's a lot to be considered there. And I think sometimes people are too quick to sign up for Social Security right at 62. Because they think, I don't know how long I'm going to be around-- what if I die? And you really address the life expectancy in the book. So tell us a little bit about that, and why it may be a good idea to wait as long as possible-- and how that does affect the amount of Social Security that you get. Yeah, and I'm not one to say, delay. I fought Devin-- my man Devin Carroll. You know, you've interviewed him. Yeah, I know Devin. And I've learned a ton from that guy. Everybody should watch his videos, because I've learned a lot. But there are times when it does make sense to take early-- if you're affected by GPO-- government-pension offset. WEP doesn't bother me so much. But GPO would-- and if you're married and you have a low-earning spouse. But the facts are that everyone thinks that their life expectancy is 78. And I guarantee if you did just a survey on your Facebook page, Danielle, and say, what's your life expectancy? And I guarantee the bulk will say that it's 78. And that's wrong. That's a good idea. I'd like to do that. It's incorrect. And the reason is because that's for a baby born today. A baby born today has a life expectancy of 78. Anyone who's watching this video inherently is not a baby born today, so their life expectancy is different. And what happens is, as you get older, you're more likely to live. Because at least in America and most of the world, the infant mortality rate is still a big, big decrease in life expectancy, once you survive the first two years. It's not nearly as bad as it used to be. But you look at the Society of Actuaries-- I've done videos on this, where they show this drop off of life expectancy. Or I should say, huge increase-- however you want to look at it-- because they survived the first 18 months. Once you survive the first 18 months, you're not likely to die until you hit about mid 70s or something. I mean, there's people dying, but not likely. And so the average life expectancy for someone 65 isn't 78. If you just look at Social Security's own data set, it says you're-- I can't remember what it was. I have it all in the book. Mid-to-late 80s is an average life expectancy. And don't forget-- and here's the problem. I don't want it to get too deep, but when you talk about group insurance versus private insurance, you're thrown with the group. So I don't smoke. I don't drink. I'm a teetotaller. I do get on my knees every day, to say, thank you, Lord, for separating me from alcohol. But the facts are, I am conscious about my health. Most people are too, but some people aren't. I don't mean it negative, like they're deliberately poisoning themselves. But there are some people who have health issues. I get that. But the Social Security and the life-expectancy data are all thrown-- all these people in together. And so what happens is you're essentially saying, the guy or a lady who's healthy is thrown in equal with the guy or lady who's not healthy. And they're saying their average life expectancy is this. And you're like, OK-- which is not 78, again. It's the mid-to-late 80s. But that's not you. If you aren't at risk, for whatever reason, what's your life expectancy? So if you just think about it-- if you don't smoke, primarily, you're most likely going to live beyond the average life expectancy anyway-- which is well above 78 anyway. So all these people, they take Social Security at 62 because they think they've only got 14 years left to live. It's completely not true. It's unfortunate the financial industry has allowed-- and again, I don't know if it's by ignorance or by more nefarious-- Sinister design, yeah. --to get people to make mistakes financially. I don't know. But it's not correct. It's really surprising to me the difference in the amount of check that you can get as well. When we are looking at the numbers versus someone that takes in at 62-- when you're really earning like 70% of your full retirement income. Whereas if you wait till age 70, I think the example in your book showed that that check might be as much as $2,500. Well, if you are living on just Social Security, there's a big difference between a check that's $1,300, or $1,400, or $1,700, and one that is $2,500. So it's a very personal decision. You have to figure in what kind of savings you do or don't have, how much longer you can work, and is that mentally killing you? Maybe you like your job, or your spouse likes your job, and you can wait a little bit longer. And then accepting the fact that you probably aren't going to die at 70, or 75, or 78. So you know, what's more important? You don't want to be destitute later in your life. So those few dollars can really make a difference, if you have the ability to wait. And it gets actually even deeper than that, too, because what people say is they'll get their statement at 62 years old. And I just did a bunch of videos on this right here. We'll say, Karen. She has her statement at 62. The statement says, if she waits to her full retirement age-- we'll just say 66 for simplicity-- it's $2,000 a month. If she takes it now at 62, it's $1,500 a month. But if she takes it at 70, it's $2,640. So she's looking at that statement saying, now at $1,500 a month, at 66 at $2,000 month, or 70 at $2,640. But that's not right. Because what happens is that there is cost-of-living adjustments-- inflation that goes onto these numbers too. I have a huge chapter on this, with tons of charts on this. A lot of people don't realize it's not $1,500 versus $2,000 versus $2,600. It's $1,500 adjusted with inflation versus $2,000 adjusted with inflation to $2,600 adjusted for inflation. And what happens is, when you start with $2,000-- and we'll just use a 5% inflation. So we take our trusty calculator. And it's not 5%. I get it. But just for simplicity. So we say I have $2,000. I take 5%. That means I'm going to get a $100 increase in my Social Security benefits. $100. Because all that matters is actual dollars, not percentages. What if I have $1,500 and I get a 5% Increase It's only $75 then. You see what I'm saying? Yes. So at $1,500, I still get the same 5% increase. But at $1,500, it's only giving me 75 actual dollars I can use to spend. But if I were to have waited till my full retirement age, that's $100 I could use to spend. And then lastly, you go to $2,640 times 1.05. That's $132. So that means, then, for every year that I delay, I get $132 versus $100 versus $75. And so when you factor in those compounded month over month, over year over year, it's nuts how much more delaying can actually pay you in dollars. All that matters, my friends, is dollars. It doesn't matter the percent. It matters the dollars. And the percent will give you more dollars the more the amount is to start with. And I just think so many people screw this up. They're like, my break even is 78, if I take it at 62. I'm like, are you factoring in COLA? Ah, what do you mean? So yeah, the COLA. But it's the same percentage. It's the same percentage, but it's not the same dollar amount. You can't spend percentages. You spend dollar amount. Such a good point. And I've been thinking-- going back and forth on this a little bit, between taking [INAUDIBLE] at full-retirement age, or taking it at 70. I vacillate there. I can scratch out taking it at 62. You really shouldn't do that, unless you need the money, or unless you're not in good health or something-- or if you're single, maybe. But full-retirement age versus 70, I go back and forth. It really depends on what your spending needs are. But if aim for that-- you know, if you can make it that far, you're definitely going to be at a much better position. And then when you combine that with some of the things that you had said about, you don't have a commute to your job anymore. You're not paying FICA taxes. And FICA taxes go toward your future Social Security and Medicare. We don't pay those anymore, once you are on Social Security. You're not putting things in for dry cleaning. You're not going to lunch with your co-workers. You have less fuel, and fewer entertainment costs. So I was mentioning to Josh before the video, I thought this was such a good point. Because I'm 45, and I love to go home after work and throw the ball for my dogs, and have a quiet evening reading a book. And my life is so different from when I was in my 20s, when I was spending money every night, going out with my friends. Party girl. Woo hoo. Yeah, you know. And I can significantly see how, as you get older, many people will just naturally spend less. And you have to factor that in. Something else I've just recently been working on for one of my clients-- I'm have very dear client that's been with us since almost the beginning of our agency. And she has a significant health condition, for which she has expensive medications. And she is one of these people that lives on Social Security. So her income is $1,644 a month. And she was telling me that due to the cost of her medications there were some really hard times for her, in that last week before the Social Security check would come. And I said, have you checked into the local-- any type of aid for you? And she's like, well, I don't qualify for Medicaid. So I spent about two hours on a Sunday just researching options for her here in Fort Worth. I was able to find an activity center one mile from her home that serves $2 hot meals Monday through Friday for seniors. So that is a bargain. And they have a little listing on their website to show you what they're serving, what the calories are, and everything. So that's a resource for her. I was able to find another food pantry in a pretty nice area of town, that was near to her-- that she qualifies for, to go in on what they call Senior Saturdays, to get help with food. And so if you did find yourself in a situation where you felt like in that last week before the next check comes, there are resources in your community for you, that can help you get along if you don't have the means. So I think you also have to remember that you aren't necessarily all alone. You've got that check. You've got some control over when you're going to take that check. So you have control over how much that check is going to be. You have control over a lot of your entertainment spending, and some of the things that we mentioned that are going to cost you less. And then also, there are community resources that are available for people. Even if they're not at such a low income level that they qualify for Medicaid, there still might be some help. And when you put all of those things together, the picture may not be as bleak as you think. And I'd just add, too, if all your income is Social Security, you literally have no taxes-- no taxes due at all, whatsoever. So if you're looking at income-based assistance, you should qualify if it's based on your 1040, because there is literally no taxes. And I'll tell you, let's say you're single. All of your income is from Social Security, and you have $10,000 of an IRA distribution. We'll just use that as an example. You're still not going to have any taxes. And the reason for that is because you have your-- I don't want to get into provisional income rules how Social Security works. But at the end of the day, you have a standard deduction higher than what your adjustable gross income would be. So you have zero taxes. So don't think, folks, that you don't qualify even if your Social Security is higher. Because if it's based on your taxable income, you have no taxable income. I mean, just none. And that includes some IRA distributions, too. Going back to the guy with $60,000 a year who has taxes coming out, FICA coming out. When you're on Social Security, you don't have any of that. Not only you do not have FICA, but you don't have income tax either. So don't hesitate to look at opportunities that exist out there for folks who have-- when they look at your taxable income. Because you might be surprised [INAUDIBLE] In fact, I was talking to my aunt out in California. She lives in Whittier, California. It's a pretty well to do-- well, I don't know if it's well to do anymore. But long story short, it's California, so you know it ain't cheap. Yeah. So expensive to live. All she's is on is Social Security. And she told me that she can get dental from the university-- UCLA. They've got a dental office down there that works. She gets discounts on her electrical bill and whatnot. This is specific, obviously, to California. But she just says, what's your income? She goes, my income from a tax perspective is nada. And she's not stealing. That's all she's got. And so that's a good thing. So don't overlook that kind of stuff. You might think it's welfare. I'm telling you it's not. Social Security is not welfare. Social Security is your money by design, by [INAUDIBLE] by right. Because government can take your rights away in two-seconds flat. This is your money. You paid into it. I'd argue you paid into it more than you're going to get back, in terms of the 42 years you worked of labor, but you're only get 35 years of earnings to account for it. Yeah, good point. [INAUDIBLE] face. But this is your money. If this is all you've got, you put money in for other people to live on. So if you can qualify for some of the stuff, it's not welfare. It's not. This is OK for you to take advantage of. It's not OK to be sitting there-- we can't eat, because some stupid health care expense comes in. It's OK. Yeah, it's OK to reach out for help. Ah, my goodness. What would you say to some of the people that might be watching, that are in the last five to 10 years before they are retiring? What are some of the hacks and recommendations that you have for squeezing every little bit of savings out that you can? I think a couple of things. You see this right here-- it's called the LED light bulb. While you have good income coming in, you really need to change all your lights to LEDs. I mean, the facts are just one 60-watt-- and we have lights outside our garage. We have four sets of those-- like 24 of them. Those candelabra-- whatever they're called. Those little lights like that, they're freaking 40-to-60 watts a pop. So if you'll be those suckers on all night long, that's costing you a lot of electricity. Yeah, this is a good one. You can save easily $20 a month just switching out your lights. Now, LED lights aren't cheap. But you do it one time, essentially, you have that light right there for a long, long time. And you want to do this, Danielle, while you have income. And the reason is because we know there's a guy won the Nobel Prize-- Richard Thaler-- in economics, from the idea of mental accounting. What that simply means is people are very, very worried about spending down principle. But they'll spend like drunken sailors if it comes from income. [LAUGHS] Now, I was in the Army. And every one of my family is from the Navy, so I can say that. I'm not discriminating. You can call it drunken infantrymen, I suppose. But anyway, what happens is when you have income coming in, you're more liberal on your spending, so to speak. And when that income stops, you're a lot more conservative-- which is one of the reasons why people's income, or consumption drops as they hit retirement. Because they're spending from principle, and they get real nervous about that. Not that they can afford it. They can. Just they don't want to, by rights. It's just mental. It's the way God made us, for some reason. So what you want to do is you want to go through your house, if you have a house right now. Get insulated, first and foremost. Take out your LED lights, because utility bills are huge. If you can get insulated, you could take out your high electrical charges, things like that nature. You've got to do all that, because that can save you $30 a month. And that's $30 a month, just right there alone, will really be a big difference for folks who are just on Social Security. Here's what I say, too-- start trying to grow your own food. In Fort Worth it's tough, but people can. Grow some corn. Grow some beans. Grow something out there. Because there's no sales tax on food you produce. There's none whatsoever. I've got peppers out there. I made some awesome salsa with some habeneros. A little bit too spicy. But I didn't have to buy it. A lot of states don't tax food anyway. But still, there's no income tax. Because any time you have to buy something, you had to generate an income to buy that. That income that you had to generate could be subject to income tax, even if the net is go to buying something at the store that doesn't have a sales tax. So I'm buying a pepper. Well, I still had to get the income from someplace to be able to buy that pepper. That income I had to generate could be taxable as ordinary income, right? Because it's income. And there might be a sales tax on the food good. So anything you can do to reduce the outflow is good. You don't have to be miserly here. I don't think you have to do that at all. I've found tons of people-- and look, Danielle, I've been in this business for 25 years. I've done thousands of plans. The one thing that I always chuckle at is the guys and ladies who've got pretty good, squared away retirement plans. They're not living large like we'd expect-- like the Kardashians, or whoever those stupid people are. They're not living like that. They're living on a 2004 Ford F-150. You know what I'm saying? Sure. A 2006 Honda Accord. They're living in the same house they've been in. It's paid off. I mean, it's a certain mentality of that. And once you have that mentality, that you can live just fine in your T-shirt or something like that, without having to get in your three-piece suit to go and show everybody how hoity-toity you are. Once you get into that mentality, you can find you can get by without a whole lot of income. I've seen it happen a million times to Sunday. It's [INAUDIBLE] We have them. And we also put together a blog post on our site a while back, about 50 ingenious ways to make money in retirement. Yeah, I saw that. I have some really cool things that people do. We have a client that's a professional Santa Claus. Year round he's doing these events. He gets paid to go and be Santa Claus, which I think is so cool-- a lot of great things he does for kids, which is very fulfilling. We have people that sign up for sites like Tutor.com. And they are teaching kids, online in another country, English as a second language. We have a lady that teaches a class at her local senior center, on how to use your iPhone. So people that just want to be better at using apps with their grandkids and stuff. And she makes a little money doing that. And one of the best ones that I think, that I see happening in my own neighborhood, and that I participate in myself, is you can sign up for sites like next door. And you can post in your neighborhood that you're available for pet walking or pet sitting. Whenever I travel for work, I have a retired lady that pet sits. I pay her $50 a night. Considering my travel schedule, she makes a few thousand dollars a year off what I'm doing, and it's usually cash money. So I think there are ways, because of the digital age that we live in, that you also make a little bit in your retirement. Not enough to make you end up having to pay tax on that, or your Social Security income, but enough to make a difference in your grocery bill, or how much money you have for medications. And some of just the ordinary living expenses, even a few-hundred dollars can go a long way toward that. There's a group of YouTube guys called the Income School. And I watch these guys because they're freaking awesome. But anyway, these guys talk about how you can make you know $1,000-$2,000 a month off your blog, just by having ads on there. And they go through the litany of things. And I'm telling you, I just got off the horn with a lady today in Nashville-- freaking awesome lady. She knows more financial planning than 99% of financial planners do. We'll just call her Samantha. I said, Samantha, why don't you just start a blog or something like that? She goes, I like to be private. I said, yeah, but maybe you can just do it anonymously or something like that. But you got this knowledge up in that noggin of yours. And I said, you could use that to help people, and you might even be able to make some money off it. And I deal with tons of engineers. They get passionate putting solar and stuff like that. I said, why don't you do a blog post? Whatever it is, do something that you enjoy. Get out there for the masses to see. And if you do it well-- I mean, well is well-thought-out, that gets people engaged-- believe it or not, you can start making some ads off your website. And that could be enough to pay this lady's extra week of income that she needs, that you were talking about. And so the Income Schools is one I recommend people look at it, if they're looking at YouTube and blog posts-- and just anything kind of like we're doing here. Because you don't have to be a rocket scientist. You can just be someone who's passionate about-- I like minor-league baseball cards. I don't why. But I said, huh, I wonder if there's a YouTube thing on minor-league baseball cards. And sure enough there is. I don't know what these guys are getting paid, but they're getting paid something-- because I saw the ads. Someone is getting paid [INAUDIBLE] minor-league baseball cards. It's crazy. So why not? Why can't that be you? If that's something you enjoy. And see if there's an opportunity there, to earn a little bit of money. But you've got to be consistent. The only thing I'd say, Danielle, is you've got to be consistent. Just real quick-- I know this is about Social Security. No one will read or hear you for the first 90 days. I'm just telling you. The minute you start a YouTube channel-- and you'll see like this is stupid, no one's watching me. It takes awhile. It does. It does. And I'm just telling you, there's a guy named Miles Beckler who I follow, who told me that on his YouTube channel. I said, I don't know, man. And he was right. After 90 days, nobody. Then all of a sudden, it's a slow steady, then a slow [INAUDIBLE] Then it goes and goes, and goes exponential. And then a year-and-a-half later, here you and I are yapping. And you found me, I think, through YouTube. So it's cool. But you've got to start someplace, for sure. You live in the best time. I mean, this is by far the best time in history to be able to make ends meet. And so these are some really great ideas to think about, if you are in those last few years and you're heading into retirement-- and you're one of those people that have emailed or commented on our site, saying, what about if I haven't put anything away? Well, I think we've given some good opportunities, some things to think about. And I would totally recommend, also, anyone watching the video today to pick up Josh's book, which you can find on Amazon. And Josh has his own YouTube channel as well. Scandlen. Not the traditional Irish way. I think when they came over, they didn't understand the original guys, so they said Scandlen. But this was not [INAUDIBLE]. Just real quick too, Danielle-- just going back-- I do find reference to this guy's email. And I get this a lot, actually, about people are scared crapless about this. And I wish they would not be. I totally feel that. Man, I'm telling you, if you think about it. If the median income in the States is $60,000, just think about that. That means half the people make more and half the people make less. We don't have mass poverty in the States. We don't. It is not out there. There is some. In some segments of the society is mass poverty. And a lot of times that's due to issues with drugs and alcohol, for sure. But there isn't any. So how can we possibly have a retirement crisis, if the median income is $60,000? And yet, we don't have mass amounts of poverty. We just don't. And to say that we do is silly. It's just not out there. I just did a blog. I can't remember if I said this. But the Social Security Administration, when they used the Census Bureau numbers to show that 63% of people said 90% of their income is solely from Social Security. That number is wrong. It's unequivocally wrong. They've since backtracked from this. The numbers are just out there that are incorrect, of what the fear mongers are leading us to believe. And so if you're sitting there, you're 60 years old, thinking, I've got to work another 10 years at my crappy old job-- look, I'm not saying you don't. I don't know what your situation is. But I'm just telling you right now, I have a sneaky suspicion you're going to be just fine. And the reason I say it is because you can look out your window wherever you are and not see mass amount of homelessness-- not see mass amount of people with no money. We just don't see it. And the reason is Social Security. With all the negativity-- everyone says it's going to go bankrupt. No, it's not. It's not going bankrupt. It's not going bankrupt. It will be there. They're going to reduce it by 20%. Yeah, when has a government, politicians ever taken away benefits? They never have. Just look at Dan Rostenkowski. Look up Dan Rostenkowski on YouTube, and you'll see what I'm talking about. They won't take it away. I agree with you there, because I think you see the politicians kicking that can down the road. Nobody wants to be the one that's going to cut into programs like Medicare and Social Security. They're invented for very good reasons. And when you do look out your window the level of poverty that we have in the US compared to other countries, we're very lucky where we live today-- and to have the programs like we have in place, like Social Security, so that people aren't going bankrupt. And you know, knowing that previous legislators saw this problem in society before they created these programs-- and that they were created to be a safety net, and to be something that you will have so that you aren't someone with absolutely nothing when you find the day comes around for you to retire. And so all of those things should be positive signals. And that's why we love having you on the channel, Josh, because you're kind of the good-news guy out there. [LAUGHS] So I think people really enjoy that. That was the feedback that I felt like was coming from, after we posted the video. And I encourage people to check you out. Go learn more about Josh, so that you can maybe get a little bit more of that good news. And again, we're not saying that it's not important to save for retirement. No. Anything makes a difference. Anything makes a difference. But if you find yourself close, and it's consuming you worry, and you can't sleep at night, there are obviously some things that you can think about and some things that you can do, that will make a difference in the means that you have to live once you do retire. Yeah. Thanks for having me, Danielle. And again, you can find me-- my YouTube channel is Heritage Wealth Planning. I probably do three or four videos a day. [INAUDIBLE] [LAUGHS] That's crazy to me. I love it, man. It's fun. There is so much crap to interject about all these people out there. It's like, oh, we're all going to die because of the [INAUDIBLE] ah. And I'm like, ahh. And it's fun to be the bearer of good news. I'm not Pollyannaish, because there is some negative stuff out there. But we live in the United States, for heaven's sake. So thanks, Danielle, for having me. Good point. Absolutely. Josh, always great to talk to you. We'll have you on again sometime in the future. Take care, and have a great day. Thanks, everybody, for watching. Thanks, Danielle. Bye.
Info
Channel: Boomer Benefits
Views: 257,826
Rating: 4.7714286 out of 5
Keywords: medicare, medicare supplements, medigap, social security, retirement planning, social security benefits, social security income, financial planning, retirement income, taxes in retirement, social security retirement, living on social security alone, living on social security, how to retire on social security, personal finance, retirement savings, taxes on social security, working and social security, social security retirement benefits, how to maximize social security benefits
Id: D-9t-tNsAfM
Channel Id: undefined
Length: 37min 13sec (2233 seconds)
Published: Fri Aug 16 2019
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