Latest / The Table with Anthony ONeal / Social Security Changes in 2034? Do THIS Before 2026 (Save $182,000)

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Social Security Changes in 2034? Do THIS Before 2026 (Save $182,000) · The Table with Anthony ONeal

0:00
[SPEAKER_00]: You know, we want you straight into it.
0:01
[SPEAKER_00]: Today, we're going to be talking about something that's costing 90% of Americans, about a hundred, two, about a hundred and eighty five thousand dollars.
0:08
[SPEAKER_00]: Roughly technically, right around a hundred and eighty two thousand dollars.
0:12
[SPEAKER_00]: Yes, you heard me right.
0:13
[SPEAKER_00]: 182 to about 185,000 dollars because of a decision.
0:19
[SPEAKER_00]: And it's all because people are treating social security like it is a retirement check instead of what it really is.
0:27
[SPEAKER_00]: And to me, a social security is a part of the wealth building tool, the wealth building process.
0:33
[SPEAKER_00]: Listen,
0:35
[SPEAKER_00]: By the end of this video, I need to stay tuned and keep it locked in, because you're going to know exactly how to maximize every single dollar the government owes you, that the government took from you and they owe you back, right?
0:48
[SPEAKER_00]: How to protect your family's financial future and how to turn your Social Security check into part of your wealth-building process.
0:54
[SPEAKER_00]: It's not your retirement plan, but it's a part of the process.
0:59
[SPEAKER_00]: So here's what we're covering today.
1:01
[SPEAKER_00]: The mindset shift that we all need to make, the math, that changes everything and the exact moves you need to make based upon your situation, not theirs.
1:13
[SPEAKER_00]: But specifically, I would say yours, right?
1:17
[SPEAKER_00]: And I promise you it's going to be worth it.
1:19
[SPEAKER_00]: So just hit that like button, hit the subscribe button if you're not a part of the YouTube community, and I promise you you will thank me later.
1:27
[SPEAKER_00]: Alright, so let's get into it.
1:29
[SPEAKER_00]: So here's what's happening.
1:31
[SPEAKER_00]: A brand new study just came out, and they surveyed about 1,500 working Americans.
1:37
[SPEAKER_00]: And you know what they found?
1:38
[SPEAKER_00]: Well, before I tell you what they found, we're gonna link this study inside of the show notes, so you can read it for yourself.
1:44
[SPEAKER_00]: Part of me going to back in school as you can see, I have on my region university, I'm pretty, as I'm pursuing my doctorate.
1:50
[SPEAKER_00]: I wanna make sure that I give you all the actual studies that I'm quoting, because that's just what thought leaders do.
1:56
[SPEAKER_00]: I don't much of think I'm just coming out of my head with this stuff.
1:58
[SPEAKER_00]: no I want you to see it for yourself.
2:00
[SPEAKER_00]: This specific study found that 90% of working Americans are planning to claim their Social Security benefits before the age of 70.
2:09
[SPEAKER_00]: Now I know some of y'all think we're Anthony, well why does this matter?
2:14
[SPEAKER_00]: because claiming early is causing people a fortune.
2:17
[SPEAKER_00]: We're talking six figures that can go towards your family, go towards your kids, that can go towards your legacy, that can go towards your kids inheritance, because what does the Bible say?
2:28
[SPEAKER_00]: A good man leaves inheritance for his children's children.
2:31
[SPEAKER_00]: What I'm noticing and what I found in the studies that most people look at their social security check,
2:36
[SPEAKER_00]: When think, oh, man, this is my retirement money.
2:38
[SPEAKER_00]: I'm going to claim it as soon as I can and call it a day.
2:43
[SPEAKER_00]: But we're especially saying this, y'all, that's the wrong philosophy.
2:46
[SPEAKER_00]: That is the wrong mindset to have.
2:48
[SPEAKER_00]: Honestly, that is broke thinking, that is average thinking.
2:52
[SPEAKER_00]: That's the mindset that's keeping people stuck and they financial trap that they're currently currently in.
3:00
[SPEAKER_00]: Here's
3:02
[SPEAKER_00]: how wealth builders think about it.
3:05
[SPEAKER_00]: Social Security is a guaranteed income stream that you can leverage to build generation of wealth.
3:10
[SPEAKER_00]: It's like a pension that you control, okay?
3:14
[SPEAKER_00]: And the decision you make about when to claim it, that affects your monthly income, your spouse's future, if something happens to you and your children's inheritance.
3:26
[SPEAKER_00]: Let me take you to the word real quick.
3:30
[SPEAKER_00]: Proverbs 13 says a good person leaves inheritance for the children's children.
3:36
[SPEAKER_00]: Children's children, that's not just about leaving money.
3:42
[SPEAKER_00]: It's about leaving a legacy.
3:44
[SPEAKER_00]: It's about making wise decisions today that impacts your family for generations, not just your children, but your children.
3:55
[SPEAKER_00]: I know somebody right now watching this, you're in your 50s, and maybe you're in your 60s, and you're thinking, AO, I need that money.
4:04
[SPEAKER_00]: Technically, I need that money right now.
4:06
[SPEAKER_00]: I cannot wait.
4:08
[SPEAKER_00]: And listen, especially with everything that's going on in the economy today,
4:13
[SPEAKER_00]: But what if I told you there's a strategy that could add 60,000, 100,000 and even 182,000 dollars to your family's total wealth, would you at least hear me out?
4:24
[SPEAKER_00]: Would you at least pause before you make this decision?
4:28
[SPEAKER_00]: because that's what we're going to be doing today in today's episode.
4:33
[SPEAKER_00]: Now let me tell you about someone in our community.
4:36
[SPEAKER_00]: She is 58 years old, drowning in debt, and she was convinced.
4:40
[SPEAKER_00]: She needed to claim her social security at 62 years old.
4:45
[SPEAKER_00]: But she made a decision.
4:45
[SPEAKER_00]: She said, you know what?
4:47
[SPEAKER_00]: I'm going to get serious about this debt.
4:50
[SPEAKER_00]: I'm going to eliminate it.
4:51
[SPEAKER_00]: I'm going to pay it off.
4:52
[SPEAKER_00]: I'm going to give myself options.
4:55
[SPEAKER_00]: She took our escape plan that we will be releasing here soon.
4:59
[SPEAKER_00]: And she paid off $47,000 in debt in a matter of four years.
5:04
[SPEAKER_00]: And when she turned 62, she didn't need a social security check.
5:08
[SPEAKER_00]: because she was debt free.
5:10
[SPEAKER_00]: So she waited.
5:11
[SPEAKER_00]: She's 68 now about the claim at 70 and she's going to get an extra $200,000 over her lifetime compared to if she would have claimed at 62.
5:21
[SPEAKER_00]: This is what I'm talking about.
5:27
[SPEAKER_00]: That's the wealth building mindset.
5:31
[SPEAKER_00]: So right now what I want to do is I want you to drop in the comments.
5:35
[SPEAKER_00]: Are you thinking about Social Security as a retirement money?
5:38
[SPEAKER_00]: Some of us may be in our 20s and 30s and 10th and I'm not even thinking about Social Security.
5:42
[SPEAKER_00]: But I have a large audience that are in their 50s and 60s and I want to know, are you thinking about pulling it out?
5:48
[SPEAKER_00]: Or are you thinking about it as a wealth building tool?
5:51
[SPEAKER_00]: Be honest, no judgment.
5:52
[SPEAKER_00]: Let me know where your head's at because that's going to determine your family's financial future family.
6:00
[SPEAKER_00]: Listen, before we get into the math, let me talk to you about something real quick that's going to make all of this possible for you.
6:09
[SPEAKER_00]: Here's a true.
6:10
[SPEAKER_00]: If you want freedom, and I mean this freedom, to wait until 70 for Social Security, you need to be debt free and you need to have a good credit score.
6:21
[SPEAKER_00]: just so you can finance homes and things cheaper.
6:24
[SPEAKER_00]: That's where my friends at Kickoff come in.
6:26
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6:34
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6:37
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6:43
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6:44
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6:50
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7:00
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7:15
[SPEAKER_00]: All you gotta do is go to anthonyonil.com for us to ask kickoff or to link us in the description and use my code to get up to 80% off your first month.
7:23
[SPEAKER_00]: That's as low as $1 to start building the credit you need for wealth you want.
7:29
[SPEAKER_00]: All right, now let's get back into these numbers that are going to change your family's future.
7:36
[SPEAKER_00]: And how do I want to start this off?
7:38
[SPEAKER_00]: Okay, okay, okay, I got it, I got it, I got it.
7:41
[SPEAKER_00]: So let's break down your three options when it comes to Social Security.
7:45
[SPEAKER_00]: And I want you to really pay attention here because this is where most people mess up that.
7:51
[SPEAKER_00]: This is where they make a lot of their mistakes.
7:54
[SPEAKER_00]: Option number one.
7:55
[SPEAKER_00]: claim at age 62.
7:56
[SPEAKER_00]: This is the early claim.
8:00
[SPEAKER_00]: If you claim at 62, you're going to get about $1,400 a month.
8:04
[SPEAKER_00]: That's about $16,800 a year.
8:07
[SPEAKER_00]: Now that might sound good to you right now, but hold on, hold on, hold on.
8:12
[SPEAKER_00]: Because claim at early comes with a 30% reduction in your benefits.
8:16
[SPEAKER_00]: And that reduction is locked in for the rest of your life.
8:23
[SPEAKER_00]: Option two, you can claim it to age 67.
8:27
[SPEAKER_00]: This is your full retirement age.
8:30
[SPEAKER_00]: If you wait until 67, which is considered full retirement age, you get your full benefits.
8:35
[SPEAKER_00]: That's about $2,000 a month or $24,000 a year.
8:40
[SPEAKER_00]: That's say $7,200 more per year than claiming at 62, every single year.
8:48
[SPEAKER_00]: Now, Option three,
8:50
[SPEAKER_00]: Claim at age seven, this is where I say we maximize our wealth building opportunities here.
8:56
[SPEAKER_00]: Now if you wait until age 70, you get the maximum benefit that's $2,480 a month or roughly right around $29,800 a year.
9:08
[SPEAKER_00]: That's almost 13,000 dollars more per year than claiming at the age of 62.
9:15
[SPEAKER_00]: Now let me show you.
9:16
[SPEAKER_00]: what this looks like over a lifetime.
9:20
[SPEAKER_00]: Let's say you're a woman and 85% of my audience are women.
9:24
[SPEAKER_00]: So I want to talk to my ladies at this present time.
9:27
[SPEAKER_00]: And let's say you live to 85, which is about on average.
9:31
[SPEAKER_00]: I'm saying we're going to live to about a hundred.
9:33
[SPEAKER_00]: I'm going to go off with what the studies are showing the average ages.
9:37
[SPEAKER_00]: If you claim at 62 and live to 85, you're going to collect about 386,000 dollars in total.
9:44
[SPEAKER_00]: But if you wait until $70 and live to $85, you're going to collect about $446,000 in total.
9:53
[SPEAKER_00]: Now, that's a $60,000 difference.
9:57
[SPEAKER_00]: $60,000.
10:01
[SPEAKER_00]: And some studies show that the difference can be as much as 182,000 dollars depending on how long you live.
10:09
[SPEAKER_00]: And again, I believe all was going to live to 100 plus.
10:13
[SPEAKER_00]: Now think about what you could do with an extra $60,000 to 182,000 for your family.
10:20
[SPEAKER_00]: Think about that.
10:21
[SPEAKER_00]: As a matter of fact, if you're watching us on YouTube, put in a comment below, what could you do with the extra $60 to $182,000?
10:28
[SPEAKER_00]: I could tell you some things you could do right now.
10:30
[SPEAKER_00]: You could pay off your house.
10:32
[SPEAKER_00]: By that age, you should own more than $100,000.
10:34
[SPEAKER_00]: You could fund your grandchildren's education.
10:36
[SPEAKER_00]: You could build your legacy fund.
10:39
[SPEAKER_00]: You can give more generous to your church and to your community.
10:42
[SPEAKER_00]: You can leave a real inheritance.
10:50
[SPEAKER_00]: That is even inheritance for your children's children.
10:54
[SPEAKER_00]: And here's what blew my mind when I was researching this.
10:57
[SPEAKER_00]: 70% of Americans know that waiting pays more.
11:03
[SPEAKER_00]: So they know if I just have patience, I can get more.
11:09
[SPEAKER_00]: But within the same study that I'm gonna be linking it's out of today's show notes, only 10% actually wait.
11:15
[SPEAKER_00]: Why, what's going on?
11:17
[SPEAKER_00]: Why are smart people making wrong choices?
11:23
[SPEAKER_00]: Talk about it.
11:25
[SPEAKER_00]: I really don't want to talk about it.
11:28
[SPEAKER_00]: I want you to drop in the comments right now.
11:31
[SPEAKER_00]: What should current credit score?
11:33
[SPEAKER_00]: No judgment.
11:34
[SPEAKER_00]: We're all on the journey here.
11:36
[SPEAKER_00]: Let me know where you're currently at.
11:38
[SPEAKER_00]: Like, where are you currently financially?
11:43
[SPEAKER_00]: And let me know why do you think smart people are making wrong choices right now.
11:53
[SPEAKER_00]: I'm going to give you the three main reasons why I believe people claim Social Security early, why smart people are making wrong decisions, even when they know they shouldn't.
12:02
[SPEAKER_00]: And I want to walk through each one because you might see yourself in one of these, I'm going to walk through what grace and with understanding, so don't get upset with me, but I just want to be real reason number one is because the majority of us are living paycheck to paycheck.
12:18
[SPEAKER_00]: I call this debt stress, this is the big one, if you're drowning in debt, if you're living paycheck to paycheck, you feel like you need that Social Security money, the moment you can get it.
12:31
[SPEAKER_00]: I've been as with all of us, right?
12:33
[SPEAKER_00]: If I can get access to more 401k with no penalties, I think a lot of us will pull from our future.
12:39
[SPEAKER_00]: And listen, and today's economy, I get it.
12:41
[SPEAKER_00]: When you're stressed about money, when you're worried about how you're going to pay your bills next month, waiting eight more years for bigger checks, completely sounds impossible.
12:55
[SPEAKER_00]: But here's the real talk.
12:59
[SPEAKER_00]: This is exactly why paying off your debt is super critical.
13:06
[SPEAKER_00]: If you're watching this and you're your 20s or 30s, this is why I'm my opinion, you've got to take your finance seriously today because if you're 55 or older right now and you're still buried in that claim it early might be your only option, but I'm not going to judge you for that completely.
13:24
[SPEAKER_00]: I'm not, but if you're in your 30s, 40s or even your early 50s, you still have time.
13:32
[SPEAKER_00]: You can still become dead free.
13:35
[SPEAKER_00]: You can still give yourself options.
13:38
[SPEAKER_00]: You can still take control of your finances today, because here's what happens when you're dead free.
13:44
[SPEAKER_00]: You don't need Social Security at 62.
13:46
[SPEAKER_00]: You can wait.
13:47
[SPEAKER_00]: You can maximize it.
13:49
[SPEAKER_00]: You can build wealth instead of just surviving.
13:52
[SPEAKER_00]: Aren't you tired of surviving and ready to start thriving and setting up the future generation?
13:59
[SPEAKER_00]: Here's reason number two.
14:02
[SPEAKER_00]: health concerns.
14:04
[SPEAKER_00]: Now, this one I got to say up front, it is legitimate.
14:08
[SPEAKER_00]: If you have serious health issues, if you have a family history of people dying young, if you genuinely don't think you're going to live past 75 or 80, then claiming early might make sense to you, especially if it can help you with medical bills and your medical
14:30
[SPEAKER_00]: That's the age where the total money you collected from claiming early equals what you would have collected if you would have waited.
14:39
[SPEAKER_00]: And that break even age is about 80 years old.
14:43
[SPEAKER_00]: So, if you claim, I think it's that age 62, you're banking eight years of benefits before someone who waits until 70 gets their first shot.
14:56
[SPEAKER_00]: Well, here's the thing, the average life expectancy for women today is roughly about around the age of 86.
15:01
[SPEAKER_00]: 86.5, I would say, for men, unfortunately, brothers, we got a work on this.
15:07
[SPEAKER_00]: It's about 83.5.
15:10
[SPEAKER_00]: So, statistically, most of you watching is are gonna live past the break even point, which means waiting will pay off.
15:17
[SPEAKER_00]: I'm speaking out over all of our lives, all right?
15:19
[SPEAKER_00]: Now, if you have real health concerns, that's a different kind of conversation, but be honest with yourself.
15:26
[SPEAKER_00]: Don't claim early just because you're scared, or because you think you might not make it.
15:32
[SPEAKER_00]: Look,
15:33
[SPEAKER_00]: look at the real data, talk to your doctor, have a honest conversation, and make an informed decision.
15:41
[SPEAKER_00]: All right, reason number three, fear about 2034.
15:45
[SPEAKER_00]: Okay, this one is what gets everyone worked up.
15:54
[SPEAKER_00]: You probably hear that Social Security is going to be broke by 2034, right, especially my
16:03
[SPEAKER_00]: People are scared, they're thinking, way, way, way, way, way, way, way, way, way, way, if I wait until 70, there might not be any money left over in Social Security.
16:18
[SPEAKER_00]: Let's talk about it.
16:19
[SPEAKER_00]: Let me give it a truth.
16:21
[SPEAKER_00]: about 20-30-4 right now.
16:25
[SPEAKER_00]: But before I do that, before I do that, let me talk to you about building the bridge fun I mentioned earlier.
16:31
[SPEAKER_00]: Because this is one of the smartest places to park your money while it grows.
16:36
[SPEAKER_00]: If your series about building a bridge fun to delay social security, you need to put that money somewhere safe that actually pays you.
16:45
[SPEAKER_00]: Right now, CDs, certificates of deposits are offering some of the best rates we've seen in the years.
16:51
[SPEAKER_00]: I'm talking about 3.75% to all of the above 5.5% APY, which is way better than your typical regular savings account.
17:00
[SPEAKER_00]: Even some of your high-yield savings account.
17:02
[SPEAKER_00]: Here's why I love CDs for your bridge fund.
17:05
[SPEAKER_00]: Your money's FDIC insured.
17:07
[SPEAKER_00]: The rates are locked in and you're earning while you're
17:10
[SPEAKER_00]: planning.
17:11
[SPEAKER_00]: Your HYSAs are not locked in rates, still a great option, but checking out the CD options in the description below could help you.
17:18
[SPEAKER_00]: Whether you go with bar plays for an example at 3.8% for 12 months or Brett Savings at 3.75% or even gain bridge, fast break at 5.3% you're making your money work for you instead of just sitting there.
17:33
[SPEAKER_00]: I just go to anthonyo.com for slash CDs and some of these requires that little as a thousand hours to start and you can ladder them to have money available when you need it.
17:45
[SPEAKER_00]: This is how you build that bridge fund strategically, all right?
17:50
[SPEAKER_00]: So, again, go to AnthonyOnell.com for slash cd.
17:54
[SPEAKER_00]: I have several options going there for you to consider.
17:57
[SPEAKER_00]: Now, let's give that to, or I will say this, let's talk about this 235, 234 fear that's keeping people from maximizing their wealth.
18:08
[SPEAKER_00]: All right, so here's the truth about Social Security and 234.
18:11
[SPEAKER_00]: How do I want to start this off?
18:16
[SPEAKER_00]: Yes.
18:18
[SPEAKER_00]: The Social Security Trust Fund is projected to become empty pretty much by 2034.
18:23
[SPEAKER_00]: That's what Social Security Board of the Trustees are saying.
18:29
[SPEAKER_00]: But here's what people don't understand.
18:31
[SPEAKER_00]: And solvent does not mean the money stops.
18:36
[SPEAKER_00]: All right.
18:36
[SPEAKER_00]: I want to say that again.
18:38
[SPEAKER_00]: And solvent does not mean the money stops.
18:44
[SPEAKER_00]: If nothing changes
18:46
[SPEAKER_00]: Benefits will be reduced by about 20% I want to say, but not eliminated, but rather reduce.
18:55
[SPEAKER_00]: So even if you're getting 20% less, guess what?
18:58
[SPEAKER_00]: Waiting until seven still pays more than claiming at 62.
19:01
[SPEAKER_00]: Let me say that again.
19:03
[SPEAKER_00]: Even with a 20% cut, you're still better off waiting.
19:09
[SPEAKER_00]: Plus, do you really think the government is going to let
19:13
[SPEAKER_00]: They're going to fix it eventually.
19:15
[SPEAKER_00]: They'll raise the income cap on social security taxes.
19:19
[SPEAKER_00]: They'll make adjustments, but it will be handled.
19:22
[SPEAKER_00]: Now, again, we may lose 20%.
19:26
[SPEAKER_00]: But it's not going to be cut off.
19:28
[SPEAKER_00]: Don't let fear still your family's well.
19:32
[SPEAKER_00]: I know someone who claimed that 62, because she was scared.
19:36
[SPEAKER_00]: Social security wouldn't be there.
19:38
[SPEAKER_00]: She's 70 now.
19:39
[SPEAKER_00]: And you know what?
19:40
[SPEAKER_00]: Social security is still here.
19:43
[SPEAKER_00]: And she's getting $1,400 a month instead of for $24,00 a month.
19:49
[SPEAKER_00]: That's so $1,000 a month difference that she's missing out on every single month for the rest of her life.
19:59
[SPEAKER_00]: Let me pen it to you like this.
20:01
[SPEAKER_00]: That's almost $13,000 a year.
20:05
[SPEAKER_00]: that her family will never see.
20:07
[SPEAKER_00]: Simply because of fear.
20:11
[SPEAKER_00]: And remember Christians, we don't operate out of fear.
20:16
[SPEAKER_00]: We don't.
20:16
[SPEAKER_00]: So do not let that be you.
20:18
[SPEAKER_00]: If this is helping you to see Social Security, a little different, or if you're learning about Social Security for the first time, please hit that subscribe button because we're building a community of people
20:31
[SPEAKER_00]: who are done bam bro, done thinking like bro people and they're ready to build well to ready to get out of the red and into the black.
20:40
[SPEAKER_00]: So please hit that thumbs up button and hit that subscribe button and let's get back into these strategies.
20:47
[SPEAKER_00]: So now you understand a map.
20:49
[SPEAKER_00]: All right, you understand the math?
20:51
[SPEAKER_00]: You understand why people mess this up?
20:54
[SPEAKER_00]: Now I want to talk to you about what you need to do today, no matter your age, whether you're 25, 35, 45, 55, 65, 75.
21:02
[SPEAKER_00]: I'm going to give you three strategies.
21:05
[SPEAKER_00]: And you need to figure out which one best fits your situation where you currently are in life.
21:11
[SPEAKER_00]: And here's strategy number one.
21:13
[SPEAKER_00]: And I call this the Bridge Plan.
21:15
[SPEAKER_00]: This is my favorite strategy.
21:18
[SPEAKER_00]: And so when I recommend for most people, here's exactly how it works.
21:22
[SPEAKER_00]: If you're in your 50s right now, your mission is to eliminate all your debt before you turn 62.
21:28
[SPEAKER_00]: I'm talking credit card debt, card loan debt, student loan debt, everything except maybe your mortgage, right?
21:34
[SPEAKER_00]: So anything that is consumer debt in a liability, I need you to pay it off.
21:38
[SPEAKER_00]: Then you build what I call a bridge fund.
21:42
[SPEAKER_00]: That's eight years.
21:44
[SPEAKER_00]: of living expenses saved up.
21:47
[SPEAKER_00]: So let's say for an example.
21:49
[SPEAKER_00]: So from ages 62 to 70, you live off of that bridge fund.
21:53
[SPEAKER_00]: You don't touch Social Security, you let it grow.
21:55
[SPEAKER_00]: And at 70, you start claiming the maximum benefit of 24, 88 month for the rest of your life.
22:04
[SPEAKER_00]: This is how some of my wealthy people are thinking.
22:07
[SPEAKER_00]: They delay gratification.
22:09
[SPEAKER_00]: They play the long game and they maximize every single dollar.
22:14
[SPEAKER_00]: No, what you're thinking, 80 years of living expenses, that's a lot of money.
22:19
[SPEAKER_00]: You're right.
22:21
[SPEAKER_00]: It is, but remember, you're debt-free.
22:23
[SPEAKER_00]: Your expenses are lower and you've built time to build it.
22:28
[SPEAKER_00]: So if you're in your 50s right now and you save $1,000 a month for the next 12 years, that's $144,000 plus interest if you put it in a CD or a high-year sales account.
22:39
[SPEAKER_00]: That's your bridge fund.
22:41
[SPEAKER_00]: That's your freedom.
22:42
[SPEAKER_00]: All right.
22:43
[SPEAKER_00]: was leaves me over to strategy number two.
22:46
[SPEAKER_00]: The spousal wealth maximizer.
22:50
[SPEAKER_00]: Oh, man, I've been thinking about this stuff.
22:51
[SPEAKER_00]: Y'all, I'm coming up some of some creative names.
22:54
[SPEAKER_00]: Now, this one is critical.
22:56
[SPEAKER_00]: If you're married, and since 85% of my audience are pretty much women, I need you to listen up.
23:03
[SPEAKER_00]: Here's a rule.
23:04
[SPEAKER_00]: The higher earner should always wait until 70 decline.
23:14
[SPEAKER_00]: because survivor benefits are based on the higher earners amount.
23:19
[SPEAKER_00]: So if you're married in your husband is a higher earner, he needs to wait until 70.
23:24
[SPEAKER_00]: Because if something happens to him, you get his benefit amount for the rest of your specific life.
23:32
[SPEAKER_00]: And since women live longer than men on average, this is huge.
23:37
[SPEAKER_00]: And as a man saying that,
23:39
[SPEAKER_00]: I don't like the way that sounds, but it's the truth.
23:42
[SPEAKER_00]: Because this isn't just about you.
23:44
[SPEAKER_00]: It's about protecting your spouse.
23:46
[SPEAKER_00]: It's about your family's legacy.
23:48
[SPEAKER_00]: I can't tell you how many widows I've talked to who are struggling financially because there has been claimed early.
23:55
[SPEAKER_00]: And now they're stuck with the reduced benefit for the rest of their life.
24:00
[SPEAKER_00]: Please, don't let this be your story.
24:02
[SPEAKER_00]: And here's strategy number three.
24:05
[SPEAKER_00]: I call this a hot,
24:09
[SPEAKER_00]: This one is for my entrepreneurs who let myself, my hustlers and my younger people, people who aren't ready to slow down just yet, right me.
24:18
[SPEAKER_00]: Use your your age to build additional income stream, side hustles, consulting, part-time work, whatever you're good at doing.
24:27
[SPEAKER_00]: This lets you delay social security while still building wealth, plus you're creating multiple income streams, which is wealth building one, oh one, okay?
24:38
[SPEAKER_00]: Technically I call them wealth streams, not just income streams.
24:42
[SPEAKER_00]: Maybe you start a coaching business, maybe you do some freelance work, maybe you do some consulting, maybe you turn your hobby actually into income.
24:51
[SPEAKER_00]: The point is, you're not sitting around waiting for a check, you're active, you're building, and you're letting your Social Security benefit grow in the background.
25:03
[SPEAKER_00]: Alright.
25:04
[SPEAKER_00]: Here are some action steps.
25:06
[SPEAKER_00]: I want you to write these down because these action steps are going to help you.
25:10
[SPEAKER_00]: I want you to calculate your break even age, okay?
25:15
[SPEAKER_00]: Assess your current debt situation.
25:18
[SPEAKER_00]: Can you be debt free by 62?
25:20
[SPEAKER_00]: Start building your bridge fund now, even if it's just $100 a month.
25:25
[SPEAKER_00]: And if you're married,
25:32
[SPEAKER_00]: I also want you to think about what side income you could create in your 40s, 50s and 60s.
25:39
[SPEAKER_00]: These five steps will change your family's financial future if you honestly ask yourself these questions and be honest with yourself.
25:48
[SPEAKER_00]: All right, now on this last segment before we end today's episode, I wanna give you the personal gain plan that will work specifically for you, all right.
25:57
[SPEAKER_00]: based specifically on where you are in life right now.
26:01
[SPEAKER_00]: So let's say if you're an ages of 30 to 44, I call this my faith-driven wealth builders.
26:07
[SPEAKER_00]: Again, this is ages 30 to about 44.
26:09
[SPEAKER_00]: Your mission is 100% simple.
26:12
[SPEAKER_00]: Get completely debt-free within the next five years.
26:15
[SPEAKER_00]: No plan around.
26:16
[SPEAKER_00]: I know that sounds aggressive, but you've got five years to not play around, and you can do this, technically people who take their skate plan are debt-free within a matter of about 18 to about 30 months, so that's less than five years.
26:32
[SPEAKER_00]: You're going to build your emergency fund of six months of your net pay that you're going to start your bridge fund, even if it's just a hundred dollars a month.
26:39
[SPEAKER_00]: You're going to just start it.
26:40
[SPEAKER_00]: This is going to give you freedom.
26:42
[SPEAKER_00]: freedom then produces options.
26:45
[SPEAKER_00]: This means when you term 62, you don't need the Social Security check, you can wait and you can maximize the Social Security check.
26:53
[SPEAKER_00]: Now, the next stage is if you're in between the ages of 45 to about 54, 55.
27:00
[SPEAKER_00]: I call these my legacy building years.
27:03
[SPEAKER_00]: your in-home stretch is time to get aggressive with the debt payoff if you're still in debt.
27:09
[SPEAKER_00]: You're going to max out your catch-up contributions to your 401k and your IRAs.
27:15
[SPEAKER_00]: If you're over 50, you can contribute extra money.
27:18
[SPEAKER_00]: I have a full show on that.
27:19
[SPEAKER_00]: We'll link that inside today's show notes on what you need to take advantage of that.
27:24
[SPEAKER_00]: Start planning your estate with Social Security in mind.
27:28
[SPEAKER_00]: Talk to your financial advisor, how about honest conversation with him or her, and think about how this fits into your generational wealth plan.
27:35
[SPEAKER_00]: Remember, it's not just about you, but it's about the generations after you.
27:40
[SPEAKER_00]: You've got about 10 to 15 years before you can claim, I need you to make these count.
27:45
[SPEAKER_00]: Now, if your age is 55 enough, you're in your wealth protecting years.
27:55
[SPEAKER_00]: you're in your well protecting ears.
27:57
[SPEAKER_00]: If you're debt free right now, you're in a great position.
28:01
[SPEAKER_00]: create your bridge strategy right now.
28:03
[SPEAKER_00]: Figure out how you're going to cover your expenses from 62 to 70.
28:08
[SPEAKER_00]: If you're still in debt, I need you to focus on the debt snowball.
28:13
[SPEAKER_00]: I need you to focus on that.
28:15
[SPEAKER_00]: Don't play around with it.
28:16
[SPEAKER_00]: Tell your grandchildren, tell your kids, tell your family, hey, y'all, I got a focus right now.
28:20
[SPEAKER_00]: So that way, I'm not putting you all in a financial burden when I get older because I didn't make the right financial decisions.
28:28
[SPEAKER_00]: I need you to talk to a financial advisor about your specific situation.
28:32
[SPEAKER_00]: Don't just claim at 62 because that's what everyone else is doing.
28:36
[SPEAKER_00]: Don't just make financial decisions.
28:38
[SPEAKER_00]: No, get a strategy that specifically works for you.
28:42
[SPEAKER_00]: Don't claim out of fear.
28:44
[SPEAKER_00]: Don't make decisions out of fear.
28:46
[SPEAKER_00]: No, be strategic.
28:47
[SPEAKER_00]: Remember, everything that I teach on this show is about strategy.
28:52
[SPEAKER_00]: Get the right strategy for yourself.
28:55
[SPEAKER_00]: All right, let's bring it home.
28:56
[SPEAKER_00]: So we can end today's show.
28:58
[SPEAKER_00]: Social security is not retirement money.
29:02
[SPEAKER_00]: It's a wealth building tool.
29:05
[SPEAKER_00]: It is a part of your wealth building strategy.
29:08
[SPEAKER_00]: I want you to wait until 70 because if you wait until 70 that could add 60 to 180 something thousand dollars to your family as well.
29:16
[SPEAKER_00]: And to me that's important.
29:18
[SPEAKER_00]: The key is being debt-free and having a bridge plan.
29:24
[SPEAKER_00]: This is about legacy.
29:26
[SPEAKER_00]: This is about your children's children's children legacy.
29:33
[SPEAKER_00]: This isn't just about a monthly check.
29:38
[SPEAKER_00]: Listen, you've worked hard.
29:41
[SPEAKER_00]: Too hard to be honest with you, to be honest with you,
29:49
[SPEAKER_00]: God didn't bring you this far to have you set up for less than what you're owned.
29:56
[SPEAKER_00]: God wants you to have an abundant life.
29:58
[SPEAKER_00]: God wants you to live as long as you possibly can.
30:00
[SPEAKER_00]: And the truth of the fact that you can do this, your family's future is worth the weight.
30:07
[SPEAKER_00]: So here's why I need you to do specifically right now within the next seven days.
30:19
[SPEAKER_00]: and calculate, okay, where can I be at at at at at at at at at at at at at the two or seven is going to show you exactly how much money.
30:26
[SPEAKER_00]: You're leaving on the table.
30:28
[SPEAKER_00]: I want you to drop a comment when you find that calculator and tell me what should biggest obstacle to wedding until 70.
30:35
[SPEAKER_00]: Let me know.
30:36
[SPEAKER_00]: My team and I read every comments and I try to pray over comments because I just a spiritual side of me, see I'm going to a Christian university.
30:45
[SPEAKER_00]: And so I really want to pray as much as I possibly can.
30:49
[SPEAKER_00]: If this video helped you understand a little bit, don't be a favorite, hit that subscribe button and turn on notifications.
30:55
[SPEAKER_00]: So you don't miss the next one because man, right now, my team and I were just in a different season.
30:59
[SPEAKER_00]: If you haven't noticed, man, we are even going on live with current news and giving you all perspective and a correct way to think about things.
31:09
[SPEAKER_00]: I'm really excited about it.
31:11
[SPEAKER_00]: And be praying for me because me being back in school is stretching me
31:19
[SPEAKER_00]: It really is because I want to make sure that I'm continuing to learn more because I don't know everything about money, but I do want to learn more.
31:30
[SPEAKER_00]: And so me being at Regent University is not just for me, it's for my community as well.
31:39
[SPEAKER_00]: And I decided to go to Regent University because I wanted to get a Christian education around financing and investing.
31:50
[SPEAKER_00]: And you know what?
31:51
[SPEAKER_00]: Some of you all may want to go back to school.
31:53
[SPEAKER_00]: I'm going to link Regent University's website inside of today's show notes.
31:59
[SPEAKER_00]: Because if you want to get an education, why not get it a Christian way?
32:03
[SPEAKER_00]: All right, so we're going to link the information in the show notes, check them out as well.
32:06
[SPEAKER_00]: All right, it's your boy Anthony O'Neill, love you all, God bless you, we'll see you in the next show.
32:09
[SPEAKER_00]: Peace out.