From Yahoo Finance: 2025-06-06 05:17:00

Social Security benefits face uncertainty as Professor Scott Galloway questions the necessity for all recipients. Galloway suggests cutting benefits for the wealthiest 10-30% of retirees to address economic inequality and reduce costs. Without reform, Social Security trust funds may be depleted by 2035, resulting in a 17% benefit cut for all recipients. Galloway criticizes the current system, arguing that it unfairly burdens younger generations who fund retiree benefits. He proposes eliminating benefits for wealthy retirees to correct this imbalance. Galloway also criticizes the payroll tax cap and suggests removing the earnings cap to address funding shortfalls. While this policy fix may delay fund exhaustion, it won’t fully solve the program’s financial problems. Galloway’s view is supported by the Manhattan Institute, stating that Social Security redistributes wealth upwards, not downwards. To reduce reliance on Social Security, it is crucial to build savings, invest wisely, and diversify portfolios with assets like gold, real estate, and alternative investments. Gold is seen as a store of value, with prices projected to rise significantly in the coming years. Investing in real estate, particularly necessity-based commercial properties, can also help build wealth and reduce reliance on Social Security. With platforms like Masterworks, investing in art has become more accessible, allowing investors to buy fractional shares of blue-chip paintings by iconic artists. Investing in alternative assets like art can diversify portfolios and reduce reliance on Social Security.



Read more at Yahoo Finance: Prof G says 10% to 30% of those on Social Security don’t need it and are hurting young Americans. Is he right?