Why are Social Security funds being paid to illegal aliens?
Today we look at the claim that Social security funds are being paid to people who cross our borders illegally.
My name is Howard and my goal is to bring KZhead viewers interesting and factual information about the process of getting to retirement and living a successful retirement, through my channel, Otter's Retirement Corner. I have a degree in Finance, with an MBA from the University of Chicago's Booth School of Business, along with an extensive career in financial services, credit and risk management, within the Banking industry. I have extensively studied retirement topics such as: Social Security, Medicare, investing, economics and portfolio withdrawal strategies, to name a few. My own journey getting to retirement and now living within retirement has allowed me to gain an important perspective on those topics. Note: I am not a financial planner, a tax accountant or an investment advisor and none of the material covered in my videos is intended as personal advice. My videos are for entertainment purposes.
You can email me at: retirementtalk43@gmail.com
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Thank you for explaining this.
Thank you for watching.
Thank you for what you do. Enjoy weekend. 🎉
Thank you, Cathy.
Laken Riley murdered by an illegal immigrant...who was caught...and yettt still released...how would you feel Cathy if this was your loved one?
The truth helps Thanks Howard.
Thanks for watching, Vincent.
Yep My financial advisor SS Timmy is a drunken alien😂
Howard, thank you for addressing this myth and offering your insights! I hear this too often. Some of the "young'uns" I work with are convinced of this and also that their social security benefits have already been dissolved by government grabs. Social Security still appears to be misunderstood as "the" retirement income, not the supplemental support as originally intended. Thinking that similar misconceptions of its intended purpose, along with the current economy, are sadly escalating fears of scarcity. Really appreciate that you diffuse the drama of misinformation and how you consistently present facts calmly and clearly. (And . . .Otter's proclivity to punctuate key points is always a treat! 😃)
Thanks again for your comments, Jean.
Truth!
As I always say, people believe what they want to believe and they know where to look to back up what they believe.
You got it!
Thank you! Love your dog!
Thanks, Lora.
Hi Howard, Sorry, I am unsure how to get this request to you. I have a topic I'd like to hear your thoughts on if possible. What do you think of Biden attempting to forgive student loans again? Is this legal? I paid mine so I could not possibly be more opposed.
Thorls: This is not something about which I would do a video, as it does not relate to retirement or retirees (unless they still have student loans.) Hmmmmmmmmmmm..........well, maybe I will do a video.
Otter is such a ham. I love that dog.
Thanks, Brad.
Facts.
Thanks, Brad.
Baloney!
Hi Howard, Great video. I think you slightly misstated one thing. You do not have to be deceased for your spouse to draw. For example, if someone has a housewife has never worked she can draw based on her husbands FRA amount. She gets from 33% - 50% of her husbands FRA benefit based on the age she draws. When the spouse dies she then gets the survivor benefit. I know you know it as we discussed it before. I was amazed when I discovered that by the way.
Correct!
Yes, sorry I didn't mention that.
@@RetirementTalk43 Thanks for the clarification!
My neighbor was pissed off when he found out my wife will get 50% of my FRA PIA.😂😂😂
@@captainkrunch6372 I was surprised when I discovered it a year or so ago as well. It enabled me to move my retirement forward by a little bit. I told my boss at the time and he said "based on what income?". I feel his concern but now he is aware for his housewife as well. I am glad it is there but this is related to the fairness mentioned in one of the other comments. This means, one person works and gets X. Another person works the same hours and gets 1.5X. I think if someone marries and divorces 4 times they may get 3X as each ex spouse could theoretically claim based on his earnings.
You said those who never paid in can collect off their deceased spouses and never worked, their spouse does not have to be deceased, they can collect 50% of their spouses benifit if they are still alive.
Michael: Yes, that is correct. I neglected to cover that.
Yep, the baby Boomers are the largest generation and we are all retiring so you youngsters need to pay more to support us old folks 🤣
Shhhhhhhh!
Yes SSI funds to some non citizens do not come from Social Security, but it comes from tax payers...so its just as bad.
Not if you are on SS.
Howard, I think you touched on what gets people confused. SSI which stands for Supplemental Security Income IS administered by the Social Security Administration. You can also qualify for SSI if you are drawing Social Security. So no wonder people get confused. On top of that some immigrants are eligible for payments. There are multiple categories of immigrants, with various legal statuses. So you are being disingenuous when you simply dismiss people’s concerns. You would be correct if you said most people are confused, but you would also have to acknowledge that there are immigrants receiving monthly government checks. You essentially do the same thing that you criticize, which is to assume stupidity or bad intent. There clearly is a kernel of truth in some of these viewpoints. And, BTW I’m an immigrant.
randolph: No, there is no truth to the claim that illegal aliens get SS benefits. I DID mention that some legal immigrants get SSI benefits and that may be what causes some confusion. I am still of the opinion that politics, racism and bigotry are big drivers of those false claims.
@@RetirementTalk43 well politics driving a narrative is sort of how it works. As to bigotry and racism(and sexism), that is part of being human. It’s not usually a good attribute, especially in today’s world but it remains pervasive, and it is not unique to any race, ethnicity, sex, or political persuasion.
That's all it is Howard...is your opinion! You offer no facts to say that people don't want illegal immigrants here because of racism and bigotry. The fact is that most people want legal immigration which is not the case with Biden's Border. They are breaking the federal law of the asylum process just letting everyone in. The fact of the matter is most USA citizens don't want them because of the price tag it is costing the USA taxpayer...that bill is coming due and cuts will be made. Apparently you think we have a money tree that is endless. Your takes are so far off and just opinion based...not fact based.
The social security administration estimates that illegal immigrants pay in around 13 billion dollars a year that they can never collect.
Don't confuse immigration with illegal immigration.
vmax: You didn't watch the video, did you?
Pretty much true. One glaring error - there are millions of people drawing dependent, spousal, ex-spousal and survivor benefits that they didn't pay a dime for on their own. With respect to "illegal immigrants" getting SS, of course that is false. But it is true that the flood of immigrants the country is currently experiencing will be a serious burden for SS in the future. The reason is because of the progressive payout, that lower paid, lower contributing workers are a much bigger relative burden when they start drawing. Millions of the people entering the country now can be anticipated to eventually qualify for SS and most will be lower contributing accounts. The absolute best thing for the SS trust fund is highly paid, long career workers. They are the only ones who fully earn (and more) the actuarial value of their benefits. Which brings up another myth you could debunk = "SS is mine, I earned it". The majority of people don't fully earn the actuarial value of the benefits paid on their account. It is an important concept that almost no one seems to understand or acknowledge when discussing ideas to "fix" SS funding. Not a popular concept, but undeniably true.
badabing: Illegal immigrants will never be eligible for SS benefits. Legal immigrants can only help the program, through their payroll contributions. More workers, relative to retirees, helps secure the trust fund. It is not assumed that immigrants make less money than the average worker. According to Zip Recruiter, immigrants average $90,000/year.
@@RetirementTalk43 According to Zip recruiter ? Really ? Those $90K jobs on Zip are mostly H1-b legal immigrants - engineers, doctors and nurses. I should know as I've sponsored a couple from Korea. Not many of those claiming political asylum and coming across the southern border with plastic cartel wrist bands are going to make $90K. It isn't "racist" to be aware of the facts. Quite the contrary, it is racist to intentionally ignore them. The term "racist" has lost it's sting because it has been used so much to deflect political discussion. Inferring people's motives as "racist" when they advocate for the explicit rule of law doesn't further discussion. And you know how the SS benefit formula works. It is disingenuous to pretend you don't understand that lower earning and shorter career claimants are a fiscal drag on the SS system. That's not racist, that's math. The system was swimming in surpluses for a few decades of the boomer's working careers *if* you don't count the future promises that go along with the incoming contributions. That is the drawback of a pay-go system. Eventually people show up wanting their benefits. And low paid jobs do not benefit the SS fiscal situation over the long term. That is math.
@@badabing308 Okay, I came up with a source and a number. What is your source and number? I never said it is racist to be aware of facts. It IS racist to make false claims about a certain race because someone doesn't like that race simply BECAUSE of their race. I never said it was racist to advocate for the rule of law. I also never said anything about how SS benefits skew higher (as a percentage) to lower earners.
Again Howard is saying Nonsense about legal immigrants making $90,000. This is just not true!!
@@RetirementTalk43 Search for "illegal immigration burden on social security". You'll come up with all kinds of think tank studies. A quote from the top search link, the ostensibly non-partisan Center for Immigration Studies: "If 10 million illegal immigrants receive amnesty, the total cost to Social Security and Medicare would be roughly $1.3 trillion," Very believable, if you understand the basics behind the SS payout formula. You stated quote: "Legal immigrants can only help the program, through their payroll contributions.". In a video to debunk the myth of illegals getting paid from Social Security, you have repeated another myth from the other side of the aisle. The asylum seeker wave at the border is an eventual huge burden to SS. And a current burden on social service spending. Math doesn't lie.
Now you know people are going to say you don’t know what you’re talking about. 😂😂
I certainly expect some of that.
Actually the opposite is true - if we have more immigrants and let them work legally, then they will contribute to , and possibly save Social Security. None of them are getting a penny from Social Security until they have worked at least 20 quarters and are at least 62 years old.
Not the way it works out mathematically. The last thing SS needs is more low earning, short career workers qualifying for benefits. Study up on the way benefits are calculated and you'll quickly find out that we all don't contribute proportionally or equally for the benefits we receive.
@@badabing308 We are talking about OASI, not SSI. Databoy is correct (except it is 40 quarters, not 20).
Also incorrect on the “quarters”. You need 40(ten years) for regular SS, however, disability requires as little as 1.5 years, and survivor benefits are also more flexible and may not require any work records on the part of the person receiving benefits.
I think there is confusion about OASI, SSI and SSDI. They all have requirements for legal status and different qualifications for each. Two of the 3 require a work history (OASI and SSDI), There are many limitations.
But they are getting free housing...food...clothing...phones etc....at the cost of the USA citizen. That's a fact!
Howard is a retired x banker and not a social security expert. I find a lot of his videos politically motivated with lots of false claims. He likes to wrap his political opinions around a topic hence this one social security. If you watch the video again he states he is not talking politics but then goes on to say that people don't want these illegals because they are racists and bigots. In my opinion his takes are way off and not fact based.
Otter was listening, he wants to know if he qualifies for any special benefit. 🐕🦺
He seemed to be keenly interested at the end.
@@RetirementTalk43 I think Otter watches those TV commercials promoting delicious dog foods. My dog watches those commercials too and now will just eat what I cook for him, he gets ground round mixed with veg all, plus he insists on brown gravy over the meat. I am not kidding. Tried to fool him once with dog food and got a nasty look from him. Just like our SNAP program in society,, its never enough. ( I really do cook for the dog )
@@MichigantoFlorida He DOES watch a lot of TV.