Epic Real Estate Investing - BREAKING: The Social Security Crisis Nobody Saw Coming (New Data Released) | 1404

Episode Date: January 7, 2025

In this eye-opening episode, we dive deep into the looming changes in Social Security that could drastically impact millions of Americans. With the retirement age set to increase to 67 by 2025 and a potential 21% reduction in benefits on the horizon, the traditional path to retirement is quickly becoming more uncertain. For those planning to retire within the next 10-15 years, the message is clear: now is the time to take control of your financial future before these changes hit. Our speaker breaks down the urgency of this situation and offers a 10-point plan designed to help you not just survive, but thrive financially in the face of these shifts. From shifting your mindset about money and creating multiple streams of income to cutting unnecessary expenses and leveraging current job opportunities, this episode offers actionable steps that can help you build financial resilience. Additionally, the plan encourages continuous learning and staying ahead of the curve in personal finance, ensuring you're always prepared for whatever the future may bring. Whether you're looking to retire early or simply fortify your financial situation against the uncertainties surrounding Social Security, this episode provides the tools and strategies to help you take proactive control of your financial destiny. Don't let the changes catch you off guard—start preparing today! Learn more about your ad choices. Visit megaphone.fm/adchoices

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Let's go. New data just released. They raised the retirement age again, and a 21% slashing of your Social Security benefits, it's all but now guaranteed. So if you're retired or plan on retiring in the next 10 to 15 years, you're in trouble. I mean, you've heard the warning signs. Social Security is in real trouble. They've got a problem.

So let me ask you this. Are you still betting your future on this system that's running out of money and will eventually be completely wiped out? With the full retirement age increasing to 67 in 2025, inflation squeezing every dollar and looming benefit cuts, millions of Americans are at a crossroads. If that's you, don't panic. Today, I'm going to show you how not to just retire, but to retire early. Even if you don't have a penny saved up right now, and this isn't fluff, it's a proven 10-point plan that can put you back in control of your financial future.

First thing, shift your mindset. You're not alone in this. Millions are facing the exact same crisis. But the difference between those who sink and those who thrive is not their resources. It's their resourcefulness. Start by believing that you can take control. That's the fuel and the spark that you're going to need to give your plan momentum. Two, take inventory.

What do you have right now? And I'm not just talking about money. Think skills, time, relationships, and even credit. These are your real tools for building wealth. So write it all down. Because here's the reality. Starting in 2025, the full retirement age for social security. will increase to 66 years and 10 months for those born in 1959.

Sure, it's just a few months, but for many, that delay means more years trapped in a job they don't love. And it gets worse. By 2003, the Social Security Trust Fund is scheduled to run out, which will slash all benefits by 21%. That's $12,400 less each year for a single-income couple. Even claiming benefits early isn't the escape hatch, it seems. I mean, if you start at 62, Your monthly check will be permanently reduced by up to 30%. Imagine living on 70% of already tight benefits. So here's the bottom line. The old plan of relying on Social Security is broken.

But the new plan, that's where the opportunity lies. Step three, create a cash flowing plan. Stockpiling cash, saving money, that won't work if time isn't on your side. Instead, focus on creating streams of income. Passive income doesn't just happen. You build it. And I'll show you how here in a minute. but if you'd like a copy of the new frustrated investors' guide to passive income,

I just uploaded the 2025 version for you at frustratedinvestor.com. Step four, track every penny. For the next 30 days, document every dollar that comes in and goes out. You'll be shocked by how much that you've got that you can allocate and redirect towards your goals. Number five, consider downsizing and for sure optimize. I mean, sell anything that isn't working for you, like cars, boats, even that maybe extra bedroom. Move to a lower cost area where your money stretches further.

I mean, every dollar saved is a dollar that you can invest. And let's get clear on one thing. Social Security was never meant to be your main source of retirement income, but it is for so many. Think of it as the dessert now, not the main course. The sooner that we stop relying on it, the faster that we can take control back. So what's the new strategy?

Well, it's all about building income streams, not stockpilot and saving money. Forget the outdated advice to say, save and wait for compounding interest to do its thing. I mean, if you're within 15 years of retirement and have nothing significant saved up, it's too late for that. Instead, focus on creating cash flow. That's how you turn your financial reality around fast. And here's a great place to start. Step six, ask for a raise or raise your prices if you own a business. You know, one of the easiest ways to increase your income is by leveraging your current job. Ask for a raise. Take on extra

responsibilities, or if you're self-employed, increase your rates or expand your services. Before you go looking elsewhere for money, focus on what you've got right now and how can you increase that? And that brings me to step seven, build new income streams. And think outside the box, you know, rent a room on Airbnb, start an online store, sell unused items on eBay. I mean, if your garage looks anything like mine, it can be a secret gold mine. Each new stream adds up and gets you closer to your financial freedom. And here's the hard truth. Time is your greatest asset and your biggest risk.

I mean, every year that you wait to act, the harder it becomes to recover. The Social Security changes in 2025 are just the beginning. The sooner you shift your focus from saving to earning to streaming, the sooner that you can retire on your terms. If you don't act, here's what could happen. You could face a 30% reduction in benefits. You could work well into your 70s.

And worst of all, you could live. lose all control of your financial future. But here's the good news. It doesn't have to be this way. You've seen the plan. Now it's time to put it into action. Consider solving rich people's problems. That's a good place to focus. This is step eight. When considering creating new income streams, solve rich people's problems. Wealthy people, they pay well for solutions. Real estate investors, they need deals. Busy professionals need services. Find what you're good at and offer it to the right audience. it to an audience that can afford you. Step 9, move against the crowd. Conventional wisdom says to wait to claim Social Security, but early claims invested in high return assets can often outperform

delayed benefits. Dave Ramsey himself agrees with me on this one. I mean, who would have thought? Know your numbers and make a bold move. Your retirement doesn't have to suffer because of a broken system. You have the tools, the plan, and the power to take control. Now, step 10, never stop learning. The world of finance is constantly evolving. Make it your mission to stay ahead of learning new strategies and adapting as you go. Let's take control together. And that wraps up the epic show. If you found this episode valuable, who else do you know that might too?

There's a really good chance you know someone else who would. And when their name comes to mind, please share it with them. And ask them to click the subscribe button when they get here and I'll take great care of them. God loves you and so do I. Health, peace, blessings and success to you. I'm Matt Terrio. Living the dream. Yeah, yeah, we got the cash flow

You didn't know home for us, we got the cash flow Okay, only 10 more presents to wrap You're almost at the finish line But first, there, the last one Enjoy a Coca-Cola for a pause that refreshes This podcast is a part of the C-Suite Radio Network For more top business podcasts, visit c-sweetradio.com Thank you.