Transcript
1
00:00:00,460 --> 00:00:02,940
Welcome to something more with Chris Boyd.
2
00:00:03,300 --> 00:00:06,120
Chris Boyd is a certified financial planner, practitioner,
3
00:00:06,340 --> 00:00:09,060
and senior vice president, financial advisor at Wealth
4
00:00:09,060 --> 00:00:11,740
Enhancement Group, one of the nation's largest registered
5
00:00:11,740 --> 00:00:12,780
investment advisors.
6
00:00:13,320 --> 00:00:15,200
We call it something more because we'd like
7
00:00:15,200 --> 00:00:17,340
to talk not only about those important dollar
8
00:00:17,340 --> 00:00:19,500
and cents issues, but also the quality of
9
00:00:19,500 --> 00:00:21,980
life issues that make the money matters matter.
10
00:00:22,400 --> 00:00:25,720
Here he is, your fulfillment facilitator, your partner
11
00:00:25,720 --> 00:00:28,860
in prosperity, advising clients on Cape Cod and
12
00:00:28,860 --> 00:00:29,920
across the country.
13
00:00:29,920 --> 00:00:32,720
Here's your host, Jay Christopher Boyd.
14
00:00:33,280 --> 00:00:36,040
Welcome everybody to another episode of something more
15
00:00:36,040 --> 00:00:36,800
with Chris Boyd.
16
00:00:36,820 --> 00:00:38,000
I'm glad to have you with us.
17
00:00:38,180 --> 00:00:41,720
We are having a special episode today because
18
00:00:41,720 --> 00:00:45,520
there's been some significant legislation that was recently
19
00:00:45,520 --> 00:00:48,220
passed and signed into law, it's called the
20
00:00:48,220 --> 00:00:50,060
Social Security Fairness Act.
21
00:00:50,580 --> 00:00:52,540
And we wanted to have an opportunity to
22
00:00:52,540 --> 00:00:55,180
share some of the implications of this with
23
00:00:55,180 --> 00:00:55,380
you.
24
00:00:55,380 --> 00:00:57,820
I'm joined by Jeff Perry and Russ Ball,
25
00:00:57,960 --> 00:01:00,100
both of whom are part of our AMR
26
00:01:00,100 --> 00:01:01,840
team here at Wealth Enhancement Group.
27
00:01:02,540 --> 00:01:04,820
And we appreciate you listening and hope you
28
00:01:04,820 --> 00:01:05,660
get a lot out of this.
29
00:01:05,820 --> 00:01:09,080
This is something that, Jeff, you've been tracking
30
00:01:09,080 --> 00:01:10,200
for months now.
31
00:01:10,360 --> 00:01:13,500
This is not the first time there's been
32
00:01:13,500 --> 00:01:15,300
legislative rules.
33
00:01:15,580 --> 00:01:15,680
Yeah.
34
00:01:15,840 --> 00:01:17,360
I've been saying for years I've been tracking
35
00:01:17,360 --> 00:01:17,720
this.
36
00:01:18,060 --> 00:01:21,240
And with a lot of skepticism along the
37
00:01:21,240 --> 00:01:22,240
way, will it pass?
38
00:01:22,380 --> 00:01:23,980
Oh, we're down to the last few days.
39
00:01:23,980 --> 00:01:25,300
Is it going to make it through?
40
00:01:27,080 --> 00:01:30,520
And maybe this is the big one you've
41
00:01:30,520 --> 00:01:32,080
been waiting for, for this repeal.
42
00:01:32,300 --> 00:01:35,260
Let's tell everyone a little bit about what
43
00:01:35,260 --> 00:01:39,120
this legislation, the Social Security Fairness Act does,
44
00:01:39,400 --> 00:01:40,660
and then we can talk a little bit
45
00:01:40,660 --> 00:01:42,460
about some of the particulars.
46
00:01:43,380 --> 00:01:43,620
Okay.
47
00:01:44,000 --> 00:01:46,300
Let's go back in history a little bit.
48
00:01:46,660 --> 00:01:50,560
In 1983, when Congress passed some Social Security
49
00:01:50,560 --> 00:01:53,460
form, which increased the retirement age, which was
50
00:01:53,460 --> 00:01:58,740
the headline of that bill, they included-
51
00:01:58,740 --> 00:01:59,880
And the tax structure, right?
52
00:02:00,140 --> 00:02:00,440
Correct.
53
00:02:00,460 --> 00:02:02,920
And as I said previously, Social Security benefits
54
00:02:02,920 --> 00:02:04,000
had been untaxed.
55
00:02:04,120 --> 00:02:04,500
That's right.
56
00:02:04,740 --> 00:02:08,139
They became taxable income in varying degrees.
57
00:02:09,220 --> 00:02:11,920
And then there was also the change in
58
00:02:11,920 --> 00:02:14,980
the age as to full retirement age.
59
00:02:15,100 --> 00:02:15,960
Increasing it, yeah.
60
00:02:16,320 --> 00:02:16,560
Yeah.
61
00:02:16,840 --> 00:02:18,840
But there was also this impact.
62
00:02:18,840 --> 00:02:21,260
So it was a goal by President Reagan
63
00:02:21,260 --> 00:02:24,000
and the Congress at that time to strengthen
64
00:02:24,000 --> 00:02:25,500
the Social Security system, right?
65
00:02:25,580 --> 00:02:28,340
To make it more- It's solvency.
66
00:02:28,660 --> 00:02:29,180
That's right.
67
00:02:29,480 --> 00:02:31,400
So, you know, generally a good idea.
68
00:02:31,520 --> 00:02:32,760
Well, I'm sure we'll go back to this
69
00:02:32,760 --> 00:02:33,480
subject in a minute.
70
00:02:33,920 --> 00:02:38,080
And they included a windfall elimination provision in
71
00:02:38,080 --> 00:02:43,200
that bill, which basically was designed to prevent
72
00:02:43,200 --> 00:02:47,060
or mitigate individuals who had a government pension,
73
00:02:47,700 --> 00:02:50,620
civil servants, state and local employees who were
74
00:02:50,620 --> 00:02:54,540
not paying into Social Security, but to decrease
75
00:02:54,540 --> 00:02:56,960
the amount of their Social Security if they
76
00:02:56,960 --> 00:02:59,700
had earned the necessary credits otherwise.
77
00:03:00,720 --> 00:03:02,540
So they were eligible for Social Security in
78
00:03:02,540 --> 00:03:05,700
the process, but were they perceived to be
79
00:03:05,700 --> 00:03:07,800
double dipping in a sense, you know, getting
80
00:03:07,800 --> 00:03:12,320
benefit from their Social Security benefits and public
81
00:03:12,320 --> 00:03:12,760
pension?
82
00:03:13,280 --> 00:03:13,680
That's right.
83
00:03:13,860 --> 00:03:14,300
That's right.
84
00:03:14,300 --> 00:03:17,480
And it, just a side note, in 1977,
85
00:03:18,200 --> 00:03:22,600
there was a provision called the government.
86
00:03:23,520 --> 00:03:24,980
Why can't I remember the name of this?
87
00:03:25,120 --> 00:03:26,240
Government pension offset.
88
00:03:26,560 --> 00:03:27,280
I forget it earlier.
89
00:03:28,020 --> 00:03:31,120
Which has to do with spousal benefits, how
90
00:03:31,120 --> 00:03:32,600
much they could receive.
91
00:03:32,680 --> 00:03:33,920
So that was already on the books.
92
00:03:34,440 --> 00:03:38,660
Similar idea that as we know, a long
93
00:03:38,660 --> 00:03:41,800
time ago when Social Security was created or
94
00:03:41,800 --> 00:03:46,200
revised, they wanted to incentivize in that time
95
00:03:46,200 --> 00:03:47,880
mothers to stay home.
96
00:03:48,080 --> 00:03:48,200
Right.
97
00:03:48,760 --> 00:03:51,480
And be able to be penalized for not
98
00:03:51,480 --> 00:03:52,580
working essentially.
99
00:03:53,660 --> 00:03:55,880
I could argue either side, right.
100
00:03:56,600 --> 00:03:58,720
Incentivized to stay home or penalized for not
101
00:03:58,720 --> 00:03:59,060
working.
102
00:03:59,440 --> 00:04:02,280
And they were able to collect 50%
103
00:04:02,280 --> 00:04:06,720
of their spouse's Social Security benefits.
104
00:04:06,720 --> 00:04:10,820
In the creation of the Social Security, you
105
00:04:10,820 --> 00:04:14,240
know, at its origins, there were just a
106
00:04:14,240 --> 00:04:16,920
lot more people who, women who were, you
107
00:04:16,920 --> 00:04:18,660
know, stay at home moms who weren't part
108
00:04:18,660 --> 00:04:22,540
of the workforce that also needed some consideration
109
00:04:22,540 --> 00:04:23,260
in retirement.
110
00:04:23,540 --> 00:04:25,540
The goal of Social Security was to provide
111
00:04:25,540 --> 00:04:31,320
an element of Social Security, a retirement stability
112
00:04:31,320 --> 00:04:34,920
for people that they wouldn't be on welfare
113
00:04:34,920 --> 00:04:35,720
in retirement.
114
00:04:35,720 --> 00:04:38,860
So this was like a base income.
115
00:04:39,040 --> 00:04:40,340
So this was, it was part of the
116
00:04:40,340 --> 00:04:43,260
rationale based on the social structure at that
117
00:04:43,260 --> 00:04:43,660
time.
118
00:04:44,040 --> 00:04:44,320
That's right.
119
00:04:44,480 --> 00:04:45,800
That's a well said Chris.
120
00:04:46,040 --> 00:04:50,100
And also as part of that GPO, there's
121
00:04:50,100 --> 00:04:51,280
surviving spouse benefits.
122
00:04:51,760 --> 00:04:55,140
So if the spouse died, that 50%
123
00:04:55,140 --> 00:04:57,140
would go up to a hundred percent.
124
00:04:59,060 --> 00:05:03,640
However, when the windfall elimination provision was enacted,
125
00:05:03,660 --> 00:05:06,620
they also included the individuals, the spouses or
126
00:05:06,620 --> 00:05:09,580
the surviving spouses into that where that benefit,
127
00:05:09,860 --> 00:05:13,020
if that was, if they had a private,
128
00:05:13,180 --> 00:05:15,120
if they had a government pension in that
129
00:05:15,120 --> 00:05:17,840
mix as well, then that Social Security benefit,
130
00:05:18,180 --> 00:05:22,940
either one, either spouses or a survivor could
131
00:05:22,940 --> 00:05:24,080
be eliminated as well.
132
00:05:24,320 --> 00:05:25,820
So both of these have been on the
133
00:05:25,820 --> 00:05:27,760
books for a very long time.
134
00:05:28,200 --> 00:05:30,660
And it doesn't necessarily work identically.
135
00:05:30,660 --> 00:05:34,080
The government offset and the windfall elimination provision,
136
00:05:34,360 --> 00:05:37,940
but the conceptually, so since we don't have
137
00:05:37,940 --> 00:05:39,460
to go into the details on this anymore,
138
00:05:39,740 --> 00:05:44,400
the conceptually both would discount the Social Security
139
00:05:44,400 --> 00:05:47,760
benefit in differing ways, in different degrees, but
140
00:05:47,760 --> 00:05:51,840
for people who either as a surviving spouse
141
00:05:51,840 --> 00:05:55,940
benefited from that public pension while receiving Social
142
00:05:55,940 --> 00:06:00,760
Security benefits or for the worker, depending on
143
00:06:00,760 --> 00:06:01,600
which part of this we're talking about.
144
00:06:01,720 --> 00:06:03,080
And we won't get into the details, but
145
00:06:03,080 --> 00:06:04,740
I just want to add some commentary is
146
00:06:04,740 --> 00:06:08,000
it seemed like the most harshest treatment was
147
00:06:08,000 --> 00:06:11,560
to the surviving spouse, which, you know, why
148
00:06:11,560 --> 00:06:13,160
probably unintentional, right?
149
00:06:13,240 --> 00:06:15,840
But still, yeah, it's, it's kind of surprising.
150
00:06:16,160 --> 00:06:18,120
The big hit came to the surviving spouse
151
00:06:18,120 --> 00:06:19,060
twice, right?
152
00:06:19,100 --> 00:06:21,620
They lose somebody and then what they expect
153
00:06:21,620 --> 00:06:23,160
to get as a survivor benefit.
154
00:06:23,640 --> 00:06:25,240
Got reduced substantially.
155
00:06:26,180 --> 00:06:30,940
Their, their Social Security spousal benefit perhaps, and
156
00:06:30,940 --> 00:06:34,540
was reduced because of this pension that they
157
00:06:34,540 --> 00:06:36,560
got the percentage of certainly was right.
158
00:06:37,140 --> 00:06:38,560
So since then, right.
159
00:06:38,640 --> 00:06:41,620
So since 1983, this has been an issue
160
00:06:41,620 --> 00:06:44,880
and it was an issue for some state
161
00:06:44,880 --> 00:06:48,660
and local employees whose states decided not to
162
00:06:48,660 --> 00:06:50,380
opt into the Social Security system.
163
00:06:50,480 --> 00:06:52,180
Massachusetts was one of them.
164
00:06:52,180 --> 00:06:55,140
Not all state and local governments made that
165
00:06:55,140 --> 00:06:56,080
decision back then.
166
00:06:56,180 --> 00:06:57,720
Some said, okay, well, this is the way
167
00:06:57,720 --> 00:06:58,480
it's going to be.
168
00:06:58,860 --> 00:07:00,900
We're going to opt into Social Security and
169
00:07:00,900 --> 00:07:02,480
government employees were paying both.
170
00:07:03,340 --> 00:07:04,820
And so that did not affect them.
171
00:07:05,000 --> 00:07:07,200
Just the ones that those states said, no,
172
00:07:07,240 --> 00:07:08,480
we're just going to stay with our pension
173
00:07:08,480 --> 00:07:12,320
system and we understand Social Security would be
174
00:07:12,320 --> 00:07:12,820
reduced.
175
00:07:13,740 --> 00:07:16,600
So, so it's kind of not a one,
176
00:07:16,720 --> 00:07:18,000
one size fits all.
177
00:07:18,000 --> 00:07:18,160
Yeah.
178
00:07:18,360 --> 00:07:20,860
It's important to recognize that there are many
179
00:07:20,860 --> 00:07:25,280
other jurisdictions where the public, they may even
180
00:07:25,280 --> 00:07:28,880
have a, a public pension in the state,
181
00:07:29,140 --> 00:07:32,260
but they may also be participating in the
182
00:07:32,260 --> 00:07:33,280
Social Security system.
183
00:07:33,560 --> 00:07:36,100
So it's, it's a, which would make it
184
00:07:36,100 --> 00:07:38,360
more like a private pension in many respects
185
00:07:38,360 --> 00:07:41,040
in that scenario.
186
00:07:41,040 --> 00:07:45,000
In our case in Massachusetts, other jurisdictions that
187
00:07:45,000 --> 00:07:48,460
not all, but many there is this separate,
188
00:07:49,260 --> 00:07:52,300
you don't participate in Social Security, but you're
189
00:07:52,300 --> 00:07:55,900
participating in the public pension paying nine to
190
00:07:55,900 --> 00:07:58,060
12% of your salary into the public
191
00:07:58,060 --> 00:07:58,900
pension system.
192
00:07:59,020 --> 00:08:01,320
Not unlike what you would do in the
193
00:08:01,320 --> 00:08:01,920
Social Security.
194
00:08:01,920 --> 00:08:04,100
And if you were doing FICA taxes or
195
00:08:04,100 --> 00:08:04,840
something like that.
196
00:08:05,160 --> 00:08:09,220
So it's a slightly different, but parallel perhaps.
197
00:08:09,960 --> 00:08:12,700
And so now this is most relevant for
198
00:08:12,700 --> 00:08:15,260
people who qualify for both, right?
199
00:08:15,260 --> 00:08:18,560
This is where it's like, what happened when
200
00:08:18,560 --> 00:08:21,980
you had your 40 quarters of, of eligibility
201
00:08:21,980 --> 00:08:25,980
for Social Security benefits, you, you participated sufficiently
202
00:08:25,980 --> 00:08:28,460
to receive Social Security.
203
00:08:28,840 --> 00:08:32,960
But you also had the benefit of working
204
00:08:32,960 --> 00:08:35,220
in the public sector where you got a
205
00:08:35,220 --> 00:08:38,360
public pension, where you'd get some benefit there
206
00:08:38,360 --> 00:08:39,299
as in retirement.
207
00:08:39,780 --> 00:08:43,260
The challenge for this, this windfall elimination provision
208
00:08:43,260 --> 00:08:46,660
would, would limit how much your Social Security
209
00:08:46,660 --> 00:08:49,360
benefit would, it would be deducted.
210
00:08:49,480 --> 00:08:50,840
It'd be reduced essentially.
211
00:08:51,860 --> 00:08:54,980
So under the old formula, just to, I
212
00:08:54,980 --> 00:08:56,260
know nobody needs to know it, but just
213
00:08:56,260 --> 00:08:57,020
a point of reference.
214
00:08:57,500 --> 00:09:00,700
If you had your quarters, your 40 quarters,
215
00:09:01,080 --> 00:09:04,120
and you had less than 18 years of
216
00:09:04,120 --> 00:09:08,560
substantial earnings, you would get the maximum reduction
217
00:09:08,560 --> 00:09:12,260
to your Social Security, which was changed every
218
00:09:12,260 --> 00:09:15,140
year, but around $550 in the latest year,
219
00:09:15,260 --> 00:09:18,260
that would be the maximum windfall elimination provision.
220
00:09:19,180 --> 00:09:21,800
If you had between 18 and 30 quarters,
221
00:09:22,360 --> 00:09:25,800
18 and 30 years of substantial earnings, your
222
00:09:25,800 --> 00:09:28,340
reduction would be on a sliding scale.
223
00:09:28,540 --> 00:09:30,160
The closer you get to 30, the less
224
00:09:30,160 --> 00:09:31,720
percentage of the reduction.
225
00:09:32,320 --> 00:09:34,900
And if you hit 30 years of Social
226
00:09:34,900 --> 00:09:38,360
Security contributions at substantial earnings, which really weren't
227
00:09:38,360 --> 00:09:41,420
that hard to meet substantial earnings, you would
228
00:09:41,420 --> 00:09:42,400
not have any reduction.
229
00:09:43,960 --> 00:09:46,200
So people, there's no one, once again, no,
230
00:09:46,680 --> 00:09:48,840
there's no single answer for everybody.
231
00:09:48,840 --> 00:09:50,760
It really depended on where you were.
232
00:09:50,920 --> 00:09:53,560
I'll just share with, I've shared it before.
233
00:09:53,740 --> 00:09:54,760
I'm one of those people.
234
00:09:54,920 --> 00:09:58,560
I had like 18 years of private sector
235
00:09:58,560 --> 00:10:03,300
employment and 26 years of public sector employment.
236
00:10:03,700 --> 00:10:06,980
So I am eligible for a pension in
237
00:10:06,980 --> 00:10:10,400
the pension system in Massachusetts, and I'm not
238
00:10:10,400 --> 00:10:12,860
collecting Social Security, but when I was going
239
00:10:12,860 --> 00:10:15,620
to collect Social Security, I was probably going
240
00:10:15,620 --> 00:10:19,360
to lose four or $500, you know, roughly
241
00:10:19,360 --> 00:10:22,500
a month because of where I was in
242
00:10:22,500 --> 00:10:23,680
the number of years I had in the
243
00:10:23,680 --> 00:10:24,320
private sector.
244
00:10:25,840 --> 00:10:29,500
Well, and you mentioned having talked with another,
245
00:10:29,600 --> 00:10:32,980
a client of ours, who's benefiting, going to
246
00:10:32,980 --> 00:10:36,920
see maybe about a $500 difference in their
247
00:10:36,920 --> 00:10:40,560
retirement income as a consequence of that.
248
00:10:40,560 --> 00:10:42,500
I had a meeting this morning with, with
249
00:10:42,500 --> 00:10:44,320
someone who works for a city in Massachusetts,
250
00:10:44,320 --> 00:10:47,200
and he hadn't heard about this yet, but
251
00:10:47,200 --> 00:10:48,680
he was very happy to hear about it,
252
00:10:48,780 --> 00:10:55,040
the argument to repeal these provisions was fairness,
253
00:10:55,320 --> 00:10:56,760
you know, the title of the bill in
254
00:10:56,760 --> 00:10:59,500
essence, that if you, for example, if you
255
00:10:59,500 --> 00:11:05,100
worked in two different pension jobs, private sector,
256
00:11:05,200 --> 00:11:06,640
say you worked in two companies that had
257
00:11:06,640 --> 00:11:09,060
pensions and you worked X number of years
258
00:11:09,060 --> 00:11:11,800
in each ones, you qualified for both pensions.
259
00:11:12,100 --> 00:11:14,880
One pension wasn't reduced because you had another
260
00:11:14,880 --> 00:11:15,280
pension.
261
00:11:15,820 --> 00:11:17,140
It was a matter of fairness.
262
00:11:17,320 --> 00:11:21,240
I worked my case 18 years in the
263
00:11:21,240 --> 00:11:21,920
private sector.
264
00:11:22,020 --> 00:11:23,060
I contributed.
265
00:11:23,460 --> 00:11:25,100
I don't have, I have a very low
266
00:11:25,100 --> 00:11:27,420
Social Security benefit because I only worked 18
267
00:11:27,420 --> 00:11:30,840
years in, and so I shouldn't be reduced
268
00:11:30,840 --> 00:11:34,280
or someone shouldn't be reduced because I chose
269
00:11:34,280 --> 00:11:35,940
to work in the public sector as well.
270
00:11:36,040 --> 00:11:37,920
That was the political argument.
271
00:11:39,140 --> 00:11:39,240
Yeah.
272
00:11:39,400 --> 00:11:42,260
I mean, in that scenario, you're saying one
273
00:11:42,260 --> 00:11:45,420
pension isn't affected by the other, but in
274
00:11:45,420 --> 00:11:47,880
both of those instances, those pensions were also
275
00:11:47,880 --> 00:11:51,620
paying into the Social Security system, which, uh,
276
00:11:51,840 --> 00:11:55,140
you know, it's apples and oranges for your
277
00:11:55,140 --> 00:11:58,580
analogy here, but you follow my point that
278
00:11:58,580 --> 00:12:01,200
people were still participating in Social Security all
279
00:12:01,200 --> 00:12:01,860
along the way.
280
00:12:02,960 --> 00:12:06,560
Um, and that, that those, those pensions are
281
00:12:06,560 --> 00:12:10,720
irrelevant to the Social Security conversation.
282
00:12:11,380 --> 00:12:13,480
As a matter of fairness, it's a solid
283
00:12:13,480 --> 00:12:15,920
argument that they are irrelevant to each other,
284
00:12:15,920 --> 00:12:16,200
right?
285
00:12:16,600 --> 00:12:19,540
Now there's other issues that are always involved
286
00:12:19,540 --> 00:12:22,420
with these, these decisions that Congress had to
287
00:12:22,420 --> 00:12:24,140
make, but I think, I think it passed
288
00:12:24,140 --> 00:12:27,180
because it's a compelling argument because a lot
289
00:12:27,180 --> 00:12:29,540
of other reasons, political reasons, I think it
290
00:12:29,540 --> 00:12:29,880
passed.
291
00:12:30,040 --> 00:12:32,940
There's, you know, roughly 3 million people who
292
00:12:32,940 --> 00:12:35,780
are affected by this repeal who will benefit
293
00:12:35,780 --> 00:12:36,820
from this repeal.
294
00:12:37,600 --> 00:12:41,060
Arguably there are 3 million government employees.
295
00:12:41,320 --> 00:12:43,140
So in that 3 million, there's a lot
296
00:12:43,140 --> 00:12:47,560
of individuals who are connected to members of
297
00:12:47,560 --> 00:12:50,660
Congress, connected to the political system just by
298
00:12:50,660 --> 00:12:55,020
being in the government And so there's some,
299
00:12:55,020 --> 00:12:57,460
uh, lobbying, right?
300
00:12:57,860 --> 00:13:01,340
There's some lobbying, all the, uh, retirement associations
301
00:13:01,340 --> 00:13:04,040
in the given states were pushing for it
302
00:13:04,040 --> 00:13:04,760
for decades.
303
00:13:04,880 --> 00:13:05,840
It was a lot of momentum.
304
00:13:06,120 --> 00:13:08,540
In fact, there were more sponsors in the
305
00:13:08,540 --> 00:13:11,740
House and the Senate of, of the bill.
306
00:13:11,900 --> 00:13:13,860
This was HR 42, the name of the
307
00:13:13,860 --> 00:13:16,720
bill, but there were more sponsors every session
308
00:13:16,720 --> 00:13:19,200
than they were required to pass it.
309
00:13:19,200 --> 00:13:22,820
I mean, because the constituents who were affected
310
00:13:22,820 --> 00:13:25,820
by this were knocking on those legislators' doors,
311
00:13:26,420 --> 00:13:29,380
talking to members of Congress all the time.
312
00:13:29,500 --> 00:13:31,300
So the support was always there.
313
00:13:31,420 --> 00:13:36,120
The argument wasn't, the argument was never that
314
00:13:36,120 --> 00:13:37,900
this is, this is fair.
315
00:13:38,000 --> 00:13:40,480
This is just, Congress would never make that
316
00:13:40,480 --> 00:13:41,380
argument publicly.
317
00:13:42,420 --> 00:13:44,340
Um, the argument was it costs too much
318
00:13:44,340 --> 00:13:45,020
money, right?
319
00:13:45,360 --> 00:13:47,140
We'd like to do it, but it's too
320
00:13:47,140 --> 00:13:47,620
expensive.
321
00:13:47,620 --> 00:13:51,600
The Congressional Budget Office puts a price tag,
322
00:13:51,720 --> 00:13:56,620
um, from this repeal at $195 billion over
323
00:13:56,620 --> 00:13:57,680
a 10 year period.
324
00:13:58,360 --> 00:14:02,200
Um, and what's, uh, interesting that, uh, of
325
00:14:02,200 --> 00:14:05,640
the 51 million retired workers who receive social
326
00:14:05,640 --> 00:14:06,160
security.
327
00:14:06,720 --> 00:14:09,980
Uh, probably about 3 million are the number
328
00:14:09,980 --> 00:14:12,720
that's, that's less than 6% are affected
329
00:14:12,720 --> 00:14:15,640
by, uh, this, the impact of this.
330
00:14:16,170 --> 00:14:17,780
Well, you know, I, as I, you know,
331
00:14:17,800 --> 00:14:18,980
I was alluding to it.
332
00:14:19,020 --> 00:14:21,320
I have seen articles about, Oh, is the
333
00:14:21,320 --> 00:14:23,280
fairness, the social security fairness act fair?
334
00:14:23,800 --> 00:14:26,320
You know, I, I think, you know, you've
335
00:14:26,320 --> 00:14:27,820
made the case for why it is.
336
00:14:28,360 --> 00:14:31,760
Um, I think the, um, the bigger, you
337
00:14:31,760 --> 00:14:34,180
know, challenge it affects is how does it
338
00:14:34,180 --> 00:14:36,880
affect the solvency of the social security system
339
00:14:36,880 --> 00:14:39,400
overall, you know, as you say, this is,
340
00:14:39,600 --> 00:14:42,500
it has a cost, um, of, uh, you
341
00:14:42,500 --> 00:14:46,960
know, a hundred, nine, 10 billion over 10
342
00:14:46,960 --> 00:14:47,280
years.
343
00:14:47,500 --> 00:14:48,060
Okay.
344
00:14:49,640 --> 00:14:50,920
Roughly 200 billion.
345
00:14:51,400 --> 00:14:51,820
Okay.
346
00:14:51,880 --> 00:14:52,660
200 billion.
347
00:14:52,920 --> 00:14:55,880
So, um, you know, that's, that's, uh, over
348
00:14:55,880 --> 00:14:58,200
a fair amount of time, but we are
349
00:14:58,200 --> 00:15:02,020
also in within that timeframe, you know, 2033,
350
00:15:02,020 --> 00:15:06,140
we have the issue of, um, challenge of
351
00:15:06,140 --> 00:15:09,460
whether social security benefits will be sufficient, uh,
352
00:15:09,460 --> 00:15:11,380
based on who we're taxing at that time
353
00:15:11,380 --> 00:15:14,300
to pay benefits, there's the expectation we'll be
354
00:15:14,300 --> 00:15:16,760
in a position where, uh, we'll be facing
355
00:15:16,760 --> 00:15:20,060
a 21%, uh, or somewhere thereabouts a reduction
356
00:15:20,060 --> 00:15:24,940
in benefits, uh, because unless this is addressed
357
00:15:24,940 --> 00:15:28,580
the, the, from 2033 or whatever the number
358
00:15:28,580 --> 00:15:31,700
was, uh, the CBO, I think, uh, also
359
00:15:31,700 --> 00:15:34,700
indicated this might move that clock up.
360
00:15:34,700 --> 00:15:35,740
Uh, what was it?
361
00:15:35,780 --> 00:15:36,900
Russ six months.
362
00:15:37,120 --> 00:15:37,220
Yeah.
363
00:15:37,240 --> 00:15:37,780
Six months.
364
00:15:38,320 --> 00:15:41,660
And so, um, it does have some consequence
365
00:15:41,660 --> 00:15:44,660
to, you know, all of us who, um,
366
00:15:45,200 --> 00:15:47,160
maybe at, by, I don't know if I'll
367
00:15:47,160 --> 00:15:48,380
be participating at that point.
368
00:15:48,400 --> 00:15:50,000
I, I haven't done the math.
369
00:15:50,060 --> 00:15:50,900
How old will I be then?
370
00:15:51,140 --> 00:15:54,520
But, uh, you know, that notion of, uh,
371
00:15:54,540 --> 00:15:56,180
the people who are affected by social security
372
00:15:56,180 --> 00:15:56,640
benefits.
373
00:15:57,040 --> 00:15:59,400
The big issue is we've got to deal
374
00:15:59,400 --> 00:16:01,880
with this and the longer the runway to
375
00:16:01,880 --> 00:16:04,280
start a better will be.
376
00:16:05,140 --> 00:16:07,840
Uh, but you know, the likelihood is, is
377
00:16:07,840 --> 00:16:10,220
we'll get down to the wire, you know,
378
00:16:10,240 --> 00:16:12,120
over the last several years, Jeff, I've been
379
00:16:12,120 --> 00:16:15,540
saying to clients when they ask about this,
380
00:16:16,120 --> 00:16:18,540
uh, this notion of social security, will it
381
00:16:18,540 --> 00:16:20,960
be, you know, will it pay out, will
382
00:16:20,960 --> 00:16:23,220
we receive benefits as planned?
383
00:16:23,300 --> 00:16:25,840
I've always said, well, you know, I think,
384
00:16:25,880 --> 00:16:27,760
um, there's a lot of people in Congress
385
00:16:27,760 --> 00:16:29,620
who like their jobs, you know, and there's
386
00:16:29,620 --> 00:16:32,320
a lot of voters who are affected by
387
00:16:32,320 --> 00:16:33,000
social security.
388
00:16:33,800 --> 00:16:36,460
Um, but you know, I'm starting to wonder
389
00:16:36,460 --> 00:16:39,660
about the, uh, the plausibility of, you know,
390
00:16:39,660 --> 00:16:42,540
when you look at the fact that, um,
391
00:16:42,860 --> 00:16:45,680
we have these growing debts, um, you know,
392
00:16:45,800 --> 00:16:49,440
uh, what are we almost $2 trillion deficit
393
00:16:49,440 --> 00:16:50,760
last year?
394
00:16:50,960 --> 00:16:52,780
Um, was it 1.9?
395
00:16:52,800 --> 00:16:54,440
I think, uh, something like that.
396
00:16:54,760 --> 00:16:57,620
Um, that's the deficit in the annual budget
397
00:16:57,620 --> 00:17:00,840
and then the debt that's growing and growing
398
00:17:00,840 --> 00:17:04,619
and growing, um, with then you compound that
399
00:17:04,619 --> 00:17:06,900
with the fact that we'd have the social
400
00:17:06,900 --> 00:17:10,599
security issue, uh, in need of addressing, you
401
00:17:10,599 --> 00:17:12,960
know, you could, it's not, uh, unthinkable.
402
00:17:13,160 --> 00:17:14,599
We could be in a position where, you
403
00:17:14,599 --> 00:17:16,099
know, we always worry about, Oh, where's that
404
00:17:16,099 --> 00:17:18,500
tipping point, the debt.
405
00:17:19,119 --> 00:17:23,700
And, um, uh, the notion that it's partly
406
00:17:23,700 --> 00:17:25,920
funded by other people around the world, by
407
00:17:25,920 --> 00:17:29,260
the confidence they have in the debt paying
408
00:17:29,260 --> 00:17:31,240
ability on treasuries.
409
00:17:32,240 --> 00:17:34,680
And, you know, we're, we're up coming this
410
00:17:34,680 --> 00:17:37,480
year with the likelihood of a showdown regarding
411
00:17:37,480 --> 00:17:38,380
the debt ceiling.
412
00:17:38,980 --> 00:17:42,120
And, uh, this is something that could undermine
413
00:17:42,120 --> 00:17:47,140
confidence in people's willingness to own us debt,
414
00:17:47,240 --> 00:17:49,180
if there's not clarity that we're going to
415
00:17:49,180 --> 00:17:49,920
pay our debts.
416
00:17:50,460 --> 00:17:52,980
So, you know, this becomes a political football,
417
00:17:53,040 --> 00:17:54,100
uh, certainly.
418
00:17:54,100 --> 00:17:57,920
And so, um, you know, I guess I,
419
00:17:58,060 --> 00:18:01,140
I've always had the mindset, Congress is going
420
00:18:01,140 --> 00:18:03,900
to deal with it, but you, you could
421
00:18:03,900 --> 00:18:05,940
get to a point where the question is,
422
00:18:06,480 --> 00:18:10,720
uh, is there still confidence from investors around
423
00:18:10,720 --> 00:18:12,420
the world in us debt?
424
00:18:12,860 --> 00:18:16,540
Does that undermine the ability, the cost of
425
00:18:16,540 --> 00:18:18,640
financing our debts?
426
00:18:18,840 --> 00:18:22,640
Could that envision a period of greater austerity?
427
00:18:22,640 --> 00:18:25,240
Like we saw in Europe in the last
428
00:18:25,240 --> 00:18:30,380
decade, uh, where we might not be as
429
00:18:30,380 --> 00:18:33,660
free to simply say, Hey, let's just address
430
00:18:33,660 --> 00:18:37,800
this, um, in, in a way that seems
431
00:18:37,800 --> 00:18:40,340
very attainable and manageable today.
432
00:18:48,290 --> 00:18:51,950
And in, uh, 30, 20, 33 is eight
433
00:18:51,950 --> 00:18:52,810
years from now.
434
00:18:53,130 --> 00:18:53,730
Right.
435
00:18:54,430 --> 00:18:55,390
I don't know.
436
00:18:55,490 --> 00:18:57,330
Uh, I'll just throw that out there.
437
00:18:57,450 --> 00:18:58,950
Uh, what, what are your thoughts?
438
00:18:59,670 --> 00:19:02,450
I actually thought that this issue of the
439
00:19:02,450 --> 00:19:06,070
social security fairness and their repeal of weapon
440
00:19:06,070 --> 00:19:07,950
GPO is going to be handled in a
441
00:19:07,950 --> 00:19:12,870
larger social security reform act, where, you know,
442
00:19:12,890 --> 00:19:14,910
they take all the, this is just one
443
00:19:14,910 --> 00:19:16,410
thing that people say is wrong with social
444
00:19:16,410 --> 00:19:16,810
security.
445
00:19:16,970 --> 00:19:18,850
I mean, we could have, I'm sure we
446
00:19:18,850 --> 00:19:19,050
will.
447
00:19:19,090 --> 00:19:21,970
We'll have a whole episode on what, on
448
00:19:21,970 --> 00:19:23,970
what we think should be done to solve
449
00:19:23,970 --> 00:19:26,110
the financial challenges.
450
00:19:26,470 --> 00:19:26,810
That's right.
451
00:19:26,810 --> 00:19:30,110
Or taxes, uh, later ages, all these kinds
452
00:19:30,110 --> 00:19:30,630
of variables.
453
00:19:32,190 --> 00:19:36,690
Um, they talk about, um, income, uh, I
454
00:19:36,690 --> 00:19:37,950
can't think of the right term for it
455
00:19:37,950 --> 00:19:40,070
where if you make so much, Oh, you
456
00:19:40,070 --> 00:19:42,450
might not be eligible, you know, it means
457
00:19:42,450 --> 00:19:44,130
testing is one of those things.
458
00:19:44,350 --> 00:19:46,350
And it's all these different, it's the cap
459
00:19:46,350 --> 00:19:47,370
on social security.
460
00:19:47,450 --> 00:19:49,810
It's like a tax, uh, where they, why
461
00:19:49,810 --> 00:19:50,610
is there a cap?
462
00:19:50,730 --> 00:19:52,570
Maybe they don't, or maybe there's a donut
463
00:19:52,570 --> 00:19:53,190
hole or something.
464
00:19:53,230 --> 00:19:54,170
There's all these different things.
465
00:19:54,170 --> 00:19:54,430
Right.
466
00:19:54,570 --> 00:19:54,850
Right.
467
00:19:55,190 --> 00:19:55,450
Right.
468
00:19:55,450 --> 00:19:59,450
So there's, I, I really sincerely thought if
469
00:19:59,450 --> 00:20:00,910
I was a betting person, I would have
470
00:20:00,910 --> 00:20:02,790
bet that this would be handled someday.
471
00:20:03,350 --> 00:20:03,750
Yeah.
472
00:20:03,810 --> 00:20:04,910
I don't know what would have happened.
473
00:20:05,130 --> 00:20:06,470
You know, I didn't have really a feeling
474
00:20:06,470 --> 00:20:07,010
about it.
475
00:20:07,090 --> 00:20:08,110
Uh, this was a surprise.
476
00:20:08,110 --> 00:20:10,070
If you read the, if you read the
477
00:20:10,070 --> 00:20:13,410
commentary from the various retiree and employee association
478
00:20:13,410 --> 00:20:14,090
groups.
479
00:20:14,210 --> 00:20:14,610
Yeah.
480
00:20:14,930 --> 00:20:16,750
Kind of snuck up on everyone from the
481
00:20:16,750 --> 00:20:17,690
Massachusetts folks.
482
00:20:17,950 --> 00:20:20,730
Um, they acknowledged that they've been working on
483
00:20:20,730 --> 00:20:23,090
this for 30 years and same thing happened
484
00:20:23,090 --> 00:20:24,570
in Congress, you know, it gets through committee
485
00:20:24,570 --> 00:20:25,030
and everything.
486
00:20:25,030 --> 00:20:26,590
And it doesn't go anywhere.
487
00:20:26,890 --> 00:20:28,990
Uh, they had knowledge that they were surprised
488
00:20:28,990 --> 00:20:31,550
and they didn't really feel confident that it
489
00:20:31,550 --> 00:20:34,930
was going to happen until actually president Biden
490
00:20:34,930 --> 00:20:36,070
signed it.
491
00:20:36,230 --> 00:20:38,050
I talked to, um, I mean, I'm off
492
00:20:38,050 --> 00:20:39,710
topic a little bit, but I talked with
493
00:20:39,710 --> 00:20:41,730
someone who's a congressional staffer, who's an old
494
00:20:41,730 --> 00:20:44,090
friend of mine, uh, he works in the
495
00:20:44,090 --> 00:20:48,830
house and he's not sure, obviously, you know,
496
00:20:48,830 --> 00:20:49,870
he's not going to give me like.
497
00:20:50,150 --> 00:20:53,230
This is exactly what happened, but sometimes one
498
00:20:53,230 --> 00:20:55,470
branch of government passes something to get the,
499
00:20:55,490 --> 00:20:57,170
uh, pressure off their back.
500
00:20:57,490 --> 00:20:57,890
Yeah.
501
00:20:57,970 --> 00:20:59,390
If you, if you remember how it went,
502
00:20:59,550 --> 00:21:00,990
uh, the house passed it.
503
00:21:01,170 --> 00:21:04,330
And then Schumer, uh, who was, who is
504
00:21:04,330 --> 00:21:05,970
the leader of the Senate for the Democrats,
505
00:21:05,970 --> 00:21:10,730
um, was approached, if you will, cornered perhaps
506
00:21:10,730 --> 00:21:13,730
at a union event and said, you know,
507
00:21:13,730 --> 00:21:14,470
the house passed it.
508
00:21:14,490 --> 00:21:15,670
Why don't you, why don't you?
509
00:21:15,690 --> 00:21:19,530
And he, whether intentionally or because of where
510
00:21:19,530 --> 00:21:21,110
he was said, we're going to get it
511
00:21:21,110 --> 00:21:21,330
out.
512
00:21:21,330 --> 00:21:24,490
And then the momentum started and the, you
513
00:21:24,490 --> 00:21:26,170
know, the hundreds of thousands of phone calls
514
00:21:26,170 --> 00:21:27,150
started to Congress.
515
00:21:27,390 --> 00:21:29,530
And so this could be, this could just
516
00:21:29,530 --> 00:21:31,090
be one of those things that just happened
517
00:21:31,090 --> 00:21:34,170
because of political pressure at the time and
518
00:21:34,170 --> 00:21:35,190
political maneuvering.
519
00:21:35,750 --> 00:21:35,870
Yeah.
520
00:21:36,110 --> 00:21:37,690
Um, it's kind of amazing.
521
00:21:37,690 --> 00:21:38,330
Uh, yeah.
522
00:21:38,330 --> 00:21:41,230
As it kind of crept up unexpectedly, Jeff,
523
00:21:41,450 --> 00:21:43,630
um, tell everyone a little bit about, um,
524
00:21:43,710 --> 00:21:46,130
how, how quickly people will start to feel
525
00:21:46,130 --> 00:21:46,910
the impact of this.
526
00:21:47,110 --> 00:21:48,490
When will benefits change?
527
00:21:48,930 --> 00:21:50,830
Uh, when will people, when does it take
528
00:21:50,830 --> 00:21:52,330
effect in essence?
529
00:21:52,710 --> 00:21:52,850
Sure.
530
00:21:53,270 --> 00:21:56,570
It takes effect January 1st, 2025.
531
00:21:56,710 --> 00:22:00,510
So last week, um, and it is provided
532
00:22:00,510 --> 00:22:01,470
to be retroactive.
533
00:22:01,770 --> 00:22:04,430
So, you know, it's going to take, yeah,
534
00:22:04,510 --> 00:22:06,610
it's going to take social security administration, some
535
00:22:06,610 --> 00:22:09,570
time to figure out how they're going to
536
00:22:09,570 --> 00:22:09,970
do this.
537
00:22:10,070 --> 00:22:11,650
Um, I would think they'd have all the
538
00:22:11,650 --> 00:22:15,150
data because they have calculated the, the offsets.
539
00:22:15,250 --> 00:22:15,490
Right.
540
00:22:15,490 --> 00:22:19,550
So, um, but, so this goes back to
541
00:22:19,550 --> 00:22:23,350
December of 2023 or is it January of
542
00:22:23,350 --> 00:22:23,890
2024?
543
00:22:23,910 --> 00:22:27,010
Like when does, how far back to, is
544
00:22:27,010 --> 00:22:28,030
that retroactive?
545
00:22:28,170 --> 00:22:30,810
I wonder, uh, article I was looking at,
546
00:22:30,890 --> 00:22:32,910
made it sound like it goes back to
547
00:22:32,910 --> 00:22:37,410
last, uh, to 2023 to December or some
548
00:22:37,410 --> 00:22:38,530
of this, but I don't know if that's
549
00:22:38,530 --> 00:22:38,910
accurate.
550
00:22:39,210 --> 00:22:39,690
Yeah.
551
00:22:39,710 --> 00:22:40,830
I don't know if it's accurate either.
552
00:22:40,890 --> 00:22:43,050
I do know it's retroactive, but I'm not
553
00:22:43,050 --> 00:22:44,450
a hundred percent sure on the date.
554
00:22:44,450 --> 00:22:47,550
I read November 23, November 23.
555
00:22:47,810 --> 00:22:47,950
Yeah.
556
00:22:48,030 --> 00:22:49,610
Nailed down what exactly that is.
557
00:22:50,530 --> 00:22:54,650
So, um, anyway, it's a full year plus
558
00:22:54,650 --> 00:22:57,750
that people are, who are affected by this
559
00:22:58,290 --> 00:23:03,490
will recover more benefit that they didn't get
560
00:23:03,490 --> 00:23:04,690
in that period of time.
561
00:23:05,030 --> 00:23:05,170
Right.
562
00:23:05,230 --> 00:23:07,350
And just for a point of reference, the
563
00:23:07,350 --> 00:23:10,730
average increase from the WEP, the windfall elimination
564
00:23:10,730 --> 00:23:15,310
provision is $360 per recipient a month.
565
00:23:17,050 --> 00:23:19,430
And on the government offset pension offset, the
566
00:23:19,430 --> 00:23:25,190
average is $700 increase for, um, 380,000
567
00:23:25,190 --> 00:23:28,890
people who are spouses and the average for
568
00:23:28,890 --> 00:23:30,110
the surviving spouse.
569
00:23:30,290 --> 00:23:33,310
And this 390,000 of them is $1
570
00:23:33,310 --> 00:23:34,410
,190.
571
00:23:36,460 --> 00:23:38,390
Oh, pretty, uh, pretty impactful.
572
00:23:39,050 --> 00:23:39,310
Yeah.
573
00:23:39,310 --> 00:23:41,150
I'll tell you what, this is, um, from
574
00:23:41,150 --> 00:23:42,630
a Kiplinger article.
575
00:23:43,190 --> 00:23:45,610
It says, uh, that the text of the
576
00:23:45,610 --> 00:23:48,890
law indicates that the legislation's effective date will
577
00:23:48,890 --> 00:23:52,770
apply to benefits payable for months after December
578
00:23:52,770 --> 00:23:53,770
2023.
579
00:23:54,090 --> 00:23:56,210
So that'd be the entirety of 2024.
580
00:23:57,190 --> 00:23:57,290
Right.
581
00:23:57,930 --> 00:23:59,690
So by the time they get this done
582
00:23:59,690 --> 00:24:00,990
in a few months, you know, people could
583
00:24:00,990 --> 00:24:03,570
be looking at maybe a year and a
584
00:24:03,570 --> 00:24:04,070
few months.
585
00:24:04,070 --> 00:24:07,290
So it's, uh, if you're at the top
586
00:24:07,290 --> 00:24:10,630
of that amount, you know, $1,100 between
587
00:24:10,630 --> 00:24:16,010
360 and $1,190 could be up to
588
00:24:16,010 --> 00:24:17,610
10,000, maybe a little bit more.
589
00:24:18,850 --> 00:24:23,110
Well, um, so what's the financial planning, uh,
590
00:24:23,110 --> 00:24:23,930
ramifications?
591
00:24:24,210 --> 00:24:24,930
What should we be?
592
00:24:25,130 --> 00:24:27,810
Uh, I think the, the bottom line for
593
00:24:27,810 --> 00:24:30,750
listeners is time to revisit your financial plan
594
00:24:30,750 --> 00:24:31,350
a little bit.
595
00:24:31,350 --> 00:24:33,870
If you think you might be affected by
596
00:24:33,870 --> 00:24:38,490
this, um, let's, let's get into the details
597
00:24:38,490 --> 00:24:40,450
and, uh, if you're coming into a little
598
00:24:40,450 --> 00:24:42,090
bit of money, maybe that's a good opportunity
599
00:24:42,090 --> 00:24:44,010
to think about what should you be doing
600
00:24:44,010 --> 00:24:44,410
with that?
601
00:24:44,470 --> 00:24:46,530
Is that part of your, your reserve, your
602
00:24:46,530 --> 00:24:47,370
liquidity reserve?
603
00:24:47,430 --> 00:24:49,250
Is it part of, uh, you're going to
604
00:24:49,250 --> 00:24:50,490
fund your, your goals?
605
00:24:51,010 --> 00:24:53,310
Uh, what's going to happen with that when
606
00:24:53,310 --> 00:24:55,330
it comes to that change in cashflow?
607
00:24:55,610 --> 00:24:58,730
Does that have a material consequence on, uh,
608
00:24:58,730 --> 00:25:02,230
your financial profile, your financial picture?
609
00:25:02,770 --> 00:25:02,950
I don't know.
610
00:25:02,970 --> 00:25:04,130
Anything you want to add to that, Jeff?
611
00:25:04,770 --> 00:25:06,550
No, I agree a hundred percent.
612
00:25:06,810 --> 00:25:08,650
And it's a good time to re re
613
00:25:08,650 --> 00:25:12,050
revisit your financial plan and update the modeling
614
00:25:12,050 --> 00:25:15,010
of it, update your income, your monthly income.
615
00:25:15,150 --> 00:25:16,370
It may, uh, it's going to make it
616
00:25:16,370 --> 00:25:17,770
look better, whatever it is.
617
00:25:18,410 --> 00:25:21,170
I would just add, um, as we go
618
00:25:21,170 --> 00:25:25,230
to wrap up momentarily, if, uh, you are
619
00:25:25,230 --> 00:25:28,290
someone who, uh, is a municipal employee or
620
00:25:28,290 --> 00:25:31,070
someone who has, uh, is affected by this,
621
00:25:31,610 --> 00:25:34,810
um, Jeff has a lot of expertise on
622
00:25:34,810 --> 00:25:37,830
these issues on understanding the, uh, the way
623
00:25:37,830 --> 00:25:39,570
the public pensions work.
624
00:25:40,130 --> 00:25:41,930
And so if you, um, are kind of
625
00:25:41,930 --> 00:25:43,950
facing some of the decisions you might need
626
00:25:43,950 --> 00:25:46,390
to deal with, uh, we would encourage you
627
00:25:46,390 --> 00:25:47,210
to reach out.
628
00:25:47,350 --> 00:25:49,150
Um, we can, uh, we've got some great
629
00:25:49,150 --> 00:25:52,170
resources here as a team and Jeff, uh,
630
00:25:52,170 --> 00:25:53,650
in his wealth of knowledge can be a
631
00:25:53,650 --> 00:25:54,510
great tool as well.
632
00:25:54,510 --> 00:25:56,610
I think we're going to do some episodes
633
00:25:56,610 --> 00:26:00,970
specifically geared toward, uh, those, uh, listeners who
634
00:26:00,970 --> 00:26:03,290
might be in benefit from that in the
635
00:26:03,290 --> 00:26:03,590
future.
636
00:26:03,870 --> 00:26:07,450
So, uh, if you're a public employee, uh,
637
00:26:07,450 --> 00:26:09,410
stay tuned and let us know if we
638
00:26:09,410 --> 00:26:11,310
can be a resource to you as well.
639
00:26:11,950 --> 00:26:14,710
Um, with that, uh, anything else to add?
640
00:26:14,730 --> 00:26:15,850
Should we call it a day?
641
00:26:16,650 --> 00:26:17,730
Let's call it a day.
642
00:26:17,810 --> 00:26:19,450
It's good news for most of us out
643
00:26:19,450 --> 00:26:19,710
there.
644
00:26:19,990 --> 00:26:20,390
Excellent.
645
00:26:20,530 --> 00:26:20,730
All right.
646
00:26:20,730 --> 00:26:22,090
Well, thanks for listening, everybody.
647
00:26:22,090 --> 00:26:24,530
Until next time, keep striving for something more.
648
00:26:25,590 --> 00:26:27,930
Thank you for listening to something more with
649
00:26:27,930 --> 00:26:28,650
Chris Boyd.
650
00:26:28,930 --> 00:26:31,090
Call us for help, whether it's for financial
651
00:26:31,090 --> 00:26:35,010
planning or portfolio management, insurance concerns, or those
652
00:26:35,010 --> 00:26:37,050
quality of life issues that make the money
653
00:26:37,050 --> 00:26:38,170
matters matter.
654
00:26:38,490 --> 00:26:40,650
Whatever's on your mind, visit us at something
655
00:26:40,650 --> 00:26:43,670
more with chrisboyd.com or call us toll
656
00:26:43,670 --> 00:26:48,650
free at 866-771-8901.
657
00:26:48,650 --> 00:26:52,530
Or send us your questions to amr-info
658
00:26:52,530 --> 00:26:54,470
at wealthenhancement.com.
659
00:26:54,650 --> 00:26:56,590
You're listening to something more with Chris Boyd,
660
00:26:56,630 --> 00:26:59,210
financial talk show, wealth enhancement advisory services, and
661
00:26:59,210 --> 00:27:01,330
Jay Christopher Boyd provide investment advice on an
662
00:27:01,330 --> 00:27:03,910
individual basis to clients only proper advice depends
663
00:27:03,910 --> 00:27:05,690
on a complete analysis of all facts and
664
00:27:05,690 --> 00:27:06,250
circumstances.
665
00:27:06,530 --> 00:27:08,330
The information given on this program is general
666
00:27:08,330 --> 00:27:10,350
financial comments and cannot be relied upon as
667
00:27:10,350 --> 00:27:11,970
pertaining to your specific situation.
668
00:27:12,150 --> 00:27:14,110
Wealth Enhancement Group cannot guarantee that using the
669
00:27:14,110 --> 00:27:16,130
information from this show will generate profits or
670
00:27:16,130 --> 00:27:17,250
ensure freedom from loss.
671
00:27:17,250 --> 00:27:19,590
Listeners should consult their own financial advisors or
672
00:27:19,590 --> 00:27:21,710
conduct their own due diligence before making any
673
00:27:21,710 --> 00:27:22,470
financial decisions.
