Social Security and Medicare May Cut Benefits to 77% by 2035 (#348)

In this episode, A.B. Ridgeway discusses the future of Social Security and Medicare, emphasizing the challenges these programs face in the coming years. He provides a detailed breakdown of how potential cuts and insolvency could impact retirees by 2035 and why it’s essential for individuals to create their own financial plans. A.B. urges listeners not to rely solely on government programs for retirement and instead take personal responsibility for their financial future.

3 Key Takeaways:

1. Social Security Cuts Are Likely: By 2035, Social Security is projected to reduce benefits by 20-25%, meaning individuals will receive only around 77% of their expected payouts.
2. Medicare Faces Similar Challenges: Medicare could become insolvent by 2036, raising concerns for those who rely heavily on this essential healthcare program.
3. Plan for Your Own Financial Future: Don’t rely solely on Social Security for retirement. Start investing and saving now to create alternative sources of income that can support you in your later years.

3 Memorable Quotes:

1. "Social Security is not your golden parachute. We shouldn’t be depending on Social Security anyway."
2. "The government is not going to do it for you. This is a social program for everybody, not just for you."
3. "Retirement is do it yourself. You need to take responsibility for your financial future."

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Video/Audio Credit: CBN