Ask The Compound

Is Social Security Going Bankrupt?

May 9, 2024

Bill Sweet, RWM CFO, joins the podcast to discuss the future of Social Security, Thrift Savings Plan, tax planning, and more. They cover topics like asset allocation, retirement income strategies, and the importance of seeking financial advice.

35:40

Episode guests

Bill Sweet

AI Summary

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Social Security projected insolvency by 2035, potential solutions include benefit reductions or tax increases.

Rule of 55 allows penalty-free withdrawals from retirement accounts at 55, careful tax planning optimizes financial outcomes.

Deep dives

Social Security Solvency and Future Projections

Concerns about Social Security solvency arise due to projected insolvency by 2035. Despite potential shortfalls, approximately 83% of scheduled benefits could still be covered by 2035. Various solutions are proposed, including benefit reductions, tax increases, or additional government borrowing to sustain the program. The future outlook indicates a need for action by policymakers to address potential financial strains and ensure continued benefits for recipients.

Introduction

2min

Navigating Social Security's Financial Challenges

11min

Navigating Retirement Investments and Risks

5min

Navigating Financial Decisions with HSAs and Savings

3min

Exploring Various Carlson Characters and a Financial Concern from Al

2min

The Importance of Financial Planning for Retirement

12min

On episode 123 of Ask The Compound, Ben Carlson is joined by RWM CFO and Ask The Compound celebrity Bill Sweet, to discuss if Social Security will exist in the future, asset allocation using the Thrift Savings Plan, tax planning before retirement, and much more! Submit your Ask The Compound questions to askthecompoundshow@gmail.com!

Subscribe to The Compound Newsletter for all the latest Compound content, live event announcements, find out who the next TCAF guest is, get updates on the latest merch drops, and more! https://www.thecompoundnews.com/subscribe

🎥 Watch this episode on YouTube: https://www.youtube.com/watch?v=wnOD6pFJV0g

👕 Check out The Compound shop: https://www.idontshop.com

The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information.

Investing involves the risk of loss. This podcast is for informational purposes only and should not be regarded as personalized investment advice or relied upon for investment decisions. Duncan Hill and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.

Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here:

https://ritholtzwealth.com/podcast-youtube-disclosures/

Learn more about your ad choices. Visit megaphone.fm/adchoices