Social Security & Gross Receipts

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Social security and gross receipts are directly related in a number of different interesting ways. Learn about social security and gross receipts with help from a certified financial planner TM professional with over a decade of experience in wealth management in this free video clip.

Part of the Video Series: Financial Planning
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Video Transcript

Hi, I'm Samantha Fraelich, and I'm a certified financial planner professional, and I'm here today to talk to you about social security and gross receipts. Now many of us have heard of social security as it's an exceptional program that has provided millions of Americans with critical benefits during their retirement phase. Unfortunately, many different studies have shown that if we continue at the rate we do with social security, that there will not be enough gross receipts for those in younger generations to be able to continue the types of benefits that our grandparents currently have. Social security has never intended to be a retirement program, it was always only intended to be a subsidy to our retirement income. Current studies show that for every one beneficiary receiving social security benefits, there are 3.3 workers providing that income for that beneficiary. Within 20 years, that ratio will be less than 2 workers providing the benefits for every one beneficiary. For those of us who are no where near retirement age, it's going to be more and more important for us to save outside of social security and to be saving additional retirement funds. Studies have shown that if social security continues on its current path, within 20 years the average benefit would have to be cut to 75 percent of its current size. Congress will need to take quick and decisive action if we are going to continue to provide these critical benefits to millions of Americans. Again, I'm Samantha Fraelich, and I hope this helps you understand the issue we have with gross receipts and social security in the future.

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