There’s one reason at the bottom of the bank failures. Here’s how it could impact Social Security.
🔥🔥 Get the Ultimate Social Security Cheat Sheet! It takes the essential information from the 100,000 page Social Security website and condenses it down to just one page! 🔥🔥
Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn:
✔The Most Important Factors to Consider BEFORE You File for Benefits
✔How to Coordinate Your Social Security Filing Decision with Your Other Assets & Income for a Tax Efficient Distribution Strategy
✔Why This Is The Biggest Decision of Your Retirement
Access the workshop today at this link
➡️ Want to take a deeper dive into investment management and financial planning with Devin and his team? —
📊 Get a customized Social Security filing plan. Start with a 10-minute discovery call with a Registered Social Security Analyst
→ Financial Advisors! Become an RSSA and discover how Social Security expertise can unlock massive opportunities for your practice — 🧑💻
➡️ Get a copy of my newly revised book here —
➡️ Simple Questions? Join my FREE Facebook Group!
➡️ If your question is about the WEP/GPO, join this Facebook group instead
See Disclosures Below
⭐⚠️⭐Please read this⭐⚠️⭐
⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government . I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇
—————————————————————————————————–…(read more)
LEARN MORE ABOUT: Bank Failures
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
Bank failures can have a significant impact on the Social Security system. Social Security is a government program designed to provide financial assistance to individuals who have retired or become disabled. It is funded by payroll taxes paid by employers and employees, as well as various other sources of revenue.
When a bank fails, it can cause significant problems for the Social Security system. This is particularly true if the bank holds large amounts of Social Security funds. If these funds are lost, it can cause serious financial difficulties for the Social Security program, as well as for the beneficiaries who depend on it to support themselves.
One of the most significant problems that can result from bank failures is a lack of liquidity. This occurs when the bank is unable to meet the demands of its depositors, which can include the Social Security Administration. If the bank is unable to fulfill its obligations to the Social Security Administration, it may be forced to freeze the accounts of Social Security beneficiaries, leaving them without access to their funds.
Another problem that can result from bank failures is a loss of trust in the banking system. When a bank fails, it can cause widespread panic among the public, who may become concerned about the safety of their own deposits. This can lead to a run on other banks, which can further destabilize the banking system and potentially lead to more failures.
To prevent these problems from occurring, it is important for the Social Security Administration to carefully choose the banks it works with. This means selecting banks that have a strong reputation for financial stability and reliability. It also means being vigilant about monitoring the banks it works with and taking action to address any concerns that arise.
Ultimately, bank failures can have a significant impact on the Social Security system, but there are steps that can be taken to mitigate these risks. By working with reputable banks and carefully monitoring the financial health of these institutions, the Social Security Administration can help ensure that Social Security remains a stable and reliable source of financial support for years to come.
What is your take on this? Leave your comments below!
You never answered my "Elephant in the room question" When (not if) the banks go down I won't be able to get my social security right? How would I get it then? Not looking good. You need to do a whole new video on this ramification! There is going to be a global reset. Most don't know how this will unfold!
Reinstate The Glass-Steagall Act Now! If the Feds don’t, then they are not serious about protecting the public. Dodd-Frank was designed to fail.
This was a planned structural failure to wipe out crypto fiat so they could launch their CBDC.
Joe Biden and the democrats have almost single handedly destroyed the US economy. I am sure going green will mean a lot when you have no social security left 🙁
Feds should raise the rates to above 6 %. This will shake the trees and get rid of the dead leaves that they may be burned.
Thank you for your clarity!! Your videos are really helpful and trustworthy!!
Ok, lets start a new era that we dont need banks anymore, HAIL TO BITCOIN & Cryptocurrencies
We need to somehow collect FICA and income taxes from the underground economy of $2 trillion GDP per year. If those folks reported as they should paying the 12% FICA 6.2×2 that a typical self employed person does rather than evading taxes SS would probably realize around $100 Billion in additional FICA contributions per year…from that guy "working for cash" building a deck on the weekend or the roofer "doing a side job for cash" or the guy that cut's lawns for cash or the pool cleaner what advertises "works for cash" on facebook marketplace.or considering that they'd now have to pay their taxes , perhaps the underground economy would just roll back into the legit business community and Paul's deck's and more, Bobby's Roofing and siding, Dave's lawn maintenance, and Biff's pool cleaning service would pick up what business is currently being lost to the underground economy since the price difference between legit tax paying businesses and illegal tax evading under the table type businesses wouldn't have as much of a spread , so you'd use the licensed and insured company to do the project rather than some "jobber" that's being facilitated by "work for cash" type schemes.
Dam .. every corner turned the government trying to mess with social security… its almost time to over take the government.. count down begins..
Why aren't you telling people the whole story? If you know people, you know
I fear that without the interest rate increases we would be facing Wiemar Republic type massive inflation.
The problem might be more that we had defacto negative interest rates too long in the past with all of their malign effects including the result that long term bonds sold by the US Treasury had almost a guarantee of loss in real purchasing power.
$250 K ain't what it used to be,I think it is time for the FDIC and NCUA to raise the deposit insurance to at least $750K due to the effects of inflation. I think an amount sufficient to buy a medium price house in a non depressed market area would be appropriate.
It looks like in fact there has been a near total bailout of SVB. I hope it doesn't lead to yet more risk taking.
SVB was not your typical community bank or credit union but fear mongering media's clickbait and general pessimism and frustration with the sagging stock market have put the general public into a sour mood and lemming like readiness to "run the bank" .
I guess it makes a significant difference as to whether most of a bank's deposits are "withdrawal on demand" or time deposits such as CDs which the bank has digression as to whether to allow withdrawal before the maturity dates allowing the bank to manage the amount of money running out the doors.
Devin Carrol, you are not stupid,
You know as well as I do that Trump removed the government regulations on banks.
Trump also cut government regulations on federal Train Safety…
There are videos of Trump bragging how he is cutting all government regulations with a ribbon ceremony which caused the deadly train crash recently and this bank failure.
Never let a good crisis go to waste. This is the Fed's opportunity to kill all the regional banks, consolidate into the favored few, and scare the s**t out of John Q Public, so when they usher in the CBDC, everyone will go running into the trap with smiles on their sheep lips and gratitude in their forever monitored and controlled bank accounts. Such a scam. LOVE the content BTW. Thanks so much.
I expected to hear about the COLA.
It was all part of the plan. Sometimes people are so close to the problem they can't see the problem, but for us looking from the outside, it's easy to see the obvious. People can be so educated but so stupid.
Is Buildaburg real? Yes. Is there a 2030 initiative? Yes. Has the WEF said they wanted a one world digital banking system? Yes.
Something else that's real is the bible. Given to us bye the Holy Spirit that has told us this was all going to happen. We will have a federation of world organizations that will tyrannically rule the world's population, deceived bye the false prophet and led bye the Antichrist. The antichrist will claim to be a descendant of the Jews King David and will be worshipped as the saviour of the world ( because of work in World climate I suspect). The antichrist will place a statue of himself in the new Jewish temple. The antichrist will force all people of the world to accept a mark on their right hand or their forehead in order to buy or sell. But DON'T TAKE THE MARK. It will take a lot of fortitude not to take this mark because how will you pay for food, housing or healthcare without it. The bible says if you take the mark you will be damned. So we will have a choice, we have been warned. Work together, read your bibles, pray, repent and love God with all of hearts, minds and souls.
The title to this video is at best deceptive, and at worst irresponsible. The bank failures are wholly separate from Social Security. You're making a tenuous connection between interest rate increases and Social Security through the banking failures. Interest rates set by the Fed affect both things, but do so independently. This is very much in the clickbait video category.
I'd rethink making videos at all if I were in your position.
Confirmation that rich people get bailed out for their stupidity but the rest of us don't.
Though Social Security is an part, an insurance program, many have worked hard for years both to attain highest SS benefits they can, and also because they see their SS estimated benefit statements, and so they begin to count upon these benefits during their latter years. I think they have reasonable expectations based on their hard-earned contributions, and their "promised" estimated benefits.
Thanks, Devin…great explanation.
Your title should be how rising interest rates could effect social security
But the act of rising interest rates is a small part of the social security future change compared to the future political policy that is prevalent when they tackle issue of making social security fix
You can 'sugarcoat' the whole deal all you want…..
…it's only one step closer to the 'great reset' that's been planned for decades…
…and it ain't gonna get better.
We're already in a recession…heading full speed into a depression…. then comes the all mighty CBDC to save us all…..NOT !!!
0's and 1's….. and EVERYTHING you do with 'money' WILL be tracked… then a 'glitch' in the programming will wipe out everyone's accounts (except for the 'chosen' elitist controllers) and we be left with zilch….
But hey, just keep living the dream (trance) and 'big brother' will take care of you.
That’s what democrats do. ‘Wreck the economy’.
Svb was for the woke!
Why didn't you mention the 43 billion the two israeli banks took out SVB the day proir to the bank going bust or all the bonus's paid out to some in SVB a week before going bust ! Someone gave out inside info !!!
Why are the 3 banks that failed their names began with an "S"? Coincidence?
If you're on SS your not going to need banks when the feds roll out the CBDC. The feds are taking over the banking industry folks! First they must remove cyrpto stable coins and take over the banks that are heavy into blockchain technology. Oh no MR BILL we are from the government and we are here to help!!!!
Question: If the government started needing to fund the shortage on a year-to-year basis, what would the annual cost be? (ballpark)
Thank you, keep up the good work.
Treasure bonds don't lose value if the interest rates increase. I think you need to rephrase that.
Social Security is a Raw Deal for our younger generations
What is the biggest problem with Social Security?
Not Enough Workers
As the Baby Boomers has pushed a significant increase of beneficiaries into the system, the worker-to-beneficiary ratio is falling. The Social Security Trustees expect the ratio to drop from its current 2.8 to 2.1 by 2035.
Did we ever get the money back which these low life creeps borrowed??with interest??
Which ever party lets a 20% cut to Social Security is going to be tossed out and never elected again. Most likely it would be the Republican Party that would just let the trust fund crash and burn. They have shown us over and over what they intend to do to Social Security. Vote blue like your life depends on it because it probably does. If you're poor working class the Republican Party does not have your back.
What first year economics students don't know that rising interest rates decrease the value of current bonds. Inverted yield curve was the tell. The upper management of SVB got record bonuses for that strategy. On top of that they redeemed a lot of their shares before the collapse and left the other investors holding the bag. The fed sat on their hands far too long and then overreacted to inflation. Full employment is always good for SS recipients so your connection to this is a moot point. I will always love hearing Janet "yellin" that inflation is transitory.