Name: How 2024’s Record Retirement Numbers Could Spark a Recession | WSJ（How 2024’s Record Retirement Numbers Could Spark a Recession | WSJ）
Uploaded: 2024-02-25T02:43:33.000Z
Duration: 6 min 20 s
Description: VoiceTubeの動画で発音を聞きながら英語表現を覚えよう！学べる英語：

- [Narrator] You're looking at a chart of the US population,

of them will reach traditional retirement age.

because fewer taxable workers means less money

- If Congress does nothing, we're gonna hit a major crisis.

- [Narrator] Here's how this demographic shift

of one of the country's most important government programs

and 1964 have been propping up the US economy for decades.

- Their mere numbers contributed for a long time

and because every worker contributed social security

that made social security look very healthy.

- [Narrator] But as boomers started exiting the workforce

in 2008, the number of retirees grew rapidly.

- Not only do you have more retirees collecting benefits

for more years, you have fewer young people

entering the workforce because birth rates were lower

and that creates a squeeze on both directions.

Higher expenses from all those retirees living longer,

from fewer people entering the labor force

- [Narrator] This puts a lot of pressure on social security

projections show the trust funds will be depleted in 2034.

that when the social security trust fund is exhausted,

the system is somehow bankrupt and there's no money.

and as long as the federal government is not bankrupt,

- What's really happening is the program is running out

which are basically IOUs from the government.

For many years, social security was taking in more money

than it needed to pay out in benefits, so it lent money

to the government to use for other programs,

- Around 10 years ago though, that situation flipped around.

For the last decade, we've been paying out more in benefits

than we've been collecting in social security revenue.

had so many IOUs stashed away from previous years,

it's been able to keep paying benefits in full

- Right now, there's roughly $3 trillion in IOUs,

By the year 2034, all of the IOUs will have been cashed in.

- That means retirees would see overnight

- [Narrator] This number will likely increase as the number

of workers per retiree continues to fall.

to go bankrupt doesn't mean there's no problem.

- [Narrator] Studies show that the majority

of Americans rely on these monthly benefits checks

According to census bureau data, about 50% of people

between 55 and 66 years old have no retirement savings.

to take a 25% reduction in your take home pay,

You gotta buy groceries, you gotta pay utilities.

people on the lower end of the income spectrum.

when retirees have less retirement income,

'cause no longer is that money coming in.

that could be basically a senior induced recession.

- But social security is only meant to replace a percentage

So as much as 78% for very low earners to about 42%

for medium earners and 28% for maximum earners.

- This is three legged stool we talk about all the time.

It's supposed to be social security is one leg,

is a second leg and your personal savings a third.

Well, social security is financial challenges.

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How 2024’s Record Retirement Numbers Could Spark a Recession | WSJ（How 2024’s Record Retirement Numbers Could Spark a Recession | WSJ）

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