Show: Insight Station: KNCO File: 10:14.mp3 Air date: 2026-10-14 Source: OpenAI whisper-1 · shrunk from 98.6 MB to 12.3 MB --- transcript --- Welcome to KNCO Insight, Nevada County Action, KNCO's local issue talk show. This is your chance to gain insight into issues affecting Nevada County. Be a part of the show. Call with your questions or comments. The number, 477-5626, that's 477-KNCO. The opinions expressed are those of the hosts and callers and do not reflect the opinions of the advertisers, staff, or ownership of Nevada County Broadcasters. Now here is your host, Tom Fitzsimmons. OK, NCO News time, just about 907, 56 degrees, it's going to get up to about low 70s or so today, mid 80s tomorrow, which is pretty remarkable for halfway through the month of October, so make your plans accordingly. Just be careful, tomorrow the winds are supposed to pick up and with the gusty winds coming out of the north, everything's dry anyway. It just really lowers any humidity that might have been in the air, so if you're going to do some yard work, just be very cautious out there. Be prepared that the spark can really cause some damage, so if you could postpone that type of work, it would probably be a good idea. You know, for people that remember KNCO from many years ago, my guest today, he's like Pavlov's dog in a lot of ways. I could actually just say, KNCO News time, it's 907, it's 56 degrees, time to check in on Wall Street, and to do that we'll go to Rick Hansen of RW Baird & Company, member FDIC, PDQ, umshnay. Rick, how you doing, buddy? How you doing? Speechless. That's a rarity. Here's the thing about being a stock guy, and a lot of people don't realize this, anytime these guys come on. It's not that you're totally constrained to talk about things, but you kind of are in some respects, right? Yeah. Is there like a clearance that you have to get, and parameters and stuff? Now what's always interesting for our listeners out there, he knows those things, I have no idea what he can or can't talk about. Is it like specific investments? Yeah, I mean you can't really comment on individual stocks, or mutual funds, or ETFs, or anything like that, you can't, yeah. Is it like the money I have put in those Trump steaks I did years ago? I don't know who gave me that advice, it could have been Dave Baird, I guess. It could have been Dave Baird. Yeah. It could have been Dave Baird. Yes. It could have been Dave Baird. Well, how have you been doing, Rick Hansen? You know, our listeners have missed you. You used to do the stock reports in the morning, and you're also sometimes a guest talking about things like today. We're going to be talking about, on Senior Insight, maybe Social Security, and investing at that advanced age and stuff. Yeah. I've been well. I've been really well. I was at an event last week for the land trust, and I was talking to someone there, and we've known each other for many, many years, and they said, aren't you still on the radio? I said, no, it's been a few years, you know, and then they'd sit there, and they'd say next to you, do you know Rick Hansen? He's on the radio. I said, no, not anymore. It was a great, I was thinking about it this morning, it was a great time. Oh, yeah. It was a great run. It really was. It couldn't have been any better. I don't even know why it went away. Why did it go away? Why did it go away? Yeah, people always want to know that. Was it a contractual thing with management and us? Yes. Okay. Yeah. I mean, you know, a lot of times in life, you know, people will, you know, they change jobs, or they change careers, or they, you know, do things that change. And when you get down to it, you say, well, why did it happen? It's money. It's money. That's it. Yeah. Rick, he does little hand motions, doesn't really translate on radio, he's a little cash thing. I thought I was a busboy. Exactly. Exactly. So, how have you been? It's great to see you. You know, we're here at the fair, and we passed and just didn't get a chance to connect, but it's been a few years since we've even had a chance to chat. I know. Well, it's been very eventful. And it's, I don't know, I don't know if you're up for this story or not. It's been kind of a tough road. Let's harken back to Jim Kerr. Jim Kerr. Yes. We could harken back to Jim Kerr. God bless his soul. Yes. Yeah. He was such a gentleman. He was a great guy. And, yeah, I've been battling health issues. I guess that's the main thing. So as far as my wealth management, well, you know, working here, I have no wealth management. You know, you remember back then, I used to show you the apology notes they used to put in my paychecks. Yeah. Wish it could be more, they would say. Had a stamp saying Mexico on it or something, or Hawaii, but wish it could be more. Well, if you've had those issues, you look great. Do I? You really do. Yeah. I have another PET scan I'm doing today. How about that? Another PET scan today, which would be my third radiation treatment for cancer this year. So, yeah. All right. It's starting to take a toll. You know what I mean? It's starting to take a toll. Yeah. I mean, I'm really tired all the time. You know, I haven't always been the sharpest guy in the world. You know, I'm about sharp as a cue ball on a good day. But, like, today was a tough day. Today was a tough day. It was tough getting going. I could not do it. I actually apologized to the listeners to start the show. Oh, my gosh. Yeah. Well, I would never have been able to tell if I was looking at you. No, because I've always had that same kind of... Youthful exuberance is what I would call it. Okay. I appreciate that. Yes. Most would liken it to a Curly of the Three Stooges type of look, with Moe coming at him. Leave me alone. All right. All right. Well, you are going to be talking about investment stuff, social security stuff. I know one thing that the seniors put up with right now is all the things that are going up with Medicare and Medicare supplements, and the prices keep going up on those as well. Yeah. Does that come across your desk with your investors, too? Oh, sure. That all of a sudden it keeps... It's like this constant drain of things going on? Yeah. All right. So how do you advise them and stuff? Well, with the Medicare and the supplements and all that stuff that goes on, every year it seems like the cost to have that taken out of your social security check goes up. Yes, it does. Yeah. Every year it goes up. Yeah. And you feel like in reality you're getting less. Exactly right. And you're paying more. Mm-hmm. And then the supplements are more. And then if there's any kind of a drug supplement or anything else, that all adds up. Oh, yeah. And it's not cheap. No. One of my cancer drugs, luckily I got a, not a scholarship, but I guess a grant to help out with the cost. When I first got it, it was $1,200 a month. How about that? That's why I needed help or else I couldn't take it. You know what I mean? So it is that type of thing. It's kind of a draining thing. Oh, my God, yeah. And people do have some reserves that can go very quickly and stuff like that. Yeah. Yeah. Wow. That's what I mean. I like that stunned look on your face, though. That was like, whoa. All right. Well, we're going to talk about Social Security today because that is kind of an interesting thing. We've had a couple of my coworkers, and everybody here is kind of old. You know, you look at how- No, no, no, no, no. What? Older. Older. Well, seasoned. Seasoned. There we go. That's a great word. Yeah. Chris just got done with the morning news, put his walker away. Now he's starting to collect some news over there. Oh, Howard, you know, he has that cane. Yeah. You know, he thinks, you know- That's a whole other issue. Dave Bear, who already has retired. Yes. You know, he's in one of those motorized wheelchairs. So it's an old group here. Old group. Yeah. Paul Haas is in the middle of either starting Social Security. I think he started it and then realized there's too many penalties involved because he took it at a younger age than maybe the full age thing. Everybody thinks in their mind it's 65. It's not 65 anymore, is it? Well, no. It's 62, 67. I mean, it can be any time after 62. Any time after 62? Yeah. But to get like your full benefit, when I took it, I think I had to wait until I was maybe 66 and 10 months. Yes. Does that sound right? Yeah. Because you were born in what year? 58, 59? 58. Exactly right. There you go. Yeah. So I think I had this funky little 66 years and 8 months, 10 months, 7 months, 11 months. Yeah. Yeah. But yeah, outside of that little window, it's anything after 62, you can take it. And if you get to 67, you're entitled to the full benefit. Yeah. Okay. Great example. That's what we're going to talk about. Ideal times to take it. So my wife, who was born in 52, she took it at 62 because she said, well, why not? It's just kind of sitting there. And so we're going to talk about all those options and stuff because it is a very confusing thing. There's nothing that really sets you up for this. And so it's another one of those great things that nobody really talks to you about. There's not really great classes about it and stuff. And is that why you need wealth management people to kind of walk you through or help walk you through it? Yeah. I mean, definitely, we can help in that area. And we don't know everything about Social Security because there's a lot of little caveats and nuances about it sometimes. And I always encourage people, if you think you're not getting the benefit that you're entitled to or you think you're not sure when to draw, go talk to somebody at Social Security. That's what they're paid to do is to talk to you. And that's excellent advice. I gave that same advice to Paul, and he went down to the office in Auburn and had a great conversation with someone. They seem very likable. Unlike a lot of government entities, they seem like they do at least work on getting people there that really sit down and converse well and explain things well. Yeah. All right. We're going to take our first break. First break. Okay. First break. Do you need anything on this break? Anything like that? Do you like anything to eat? Anything to drink? No, I'm good. I'm good right now. We're trying to give you the Ken Meyers treatment. I think we'll... The bottom of who? Bottom of the hour. Bottom of the hour. Yeah. Yeah. Okay. We'll try to get something in there. We'll get the Ken Meyers platter going. Okay. Charcuterie. Anyway, quick break here on Senior Insight. We'll be right back. The roots run deep for me, Margie Carr, owner of Reflection Skin Oasis. My dad and grandmother came to Nevada City on the Narrow Gauge Railroad in the 1930s. In my early adult career as a dental assistant, I fostered a love for helping and caring for people in their individual needs. Such is the emphasis at my skincare salon, Reflection Skin Oasis, where personalized care and real results in high-tech skincare diagnoses, along with 31 years of experience for finding the best treatments and products for your skin. Come in and enjoy the boutique quality that Reflection Skin Oasis is known for, along with skincare design just for your individual needs. Reflection Skin Oasis, 138 Colfax Avenue, Suite Number 2, Grass Valley, California. Phone 530-274-9053 or text 530-277-9706. Why is my lawn still drinking like it's July? Good question. Even when it's still hot outside, it's a good time to check your water use. Check your irrigation timer, look for leaks and broken sprinkler heads, and don't forget to check faucets and toilets for leaks around the house. A small leak may not seem like much, but over time, those drops add up. Take a few minutes to make sure you're using water wisely. Nevada Irrigation District, serving our community since 1921. Life's most meaningful moments aren't just seen, they're heard. The laughter of family, the voices of friends, the simple joy of feeling connected to the world around you. But when hearing begins to fade, it's not just sound you miss, it's connection. I'm Dr. Kimberly Bonney, audiologist and owner of Gold Country Hearing and Balance. And I'm Dr. Courtney Matheson. We believe better hearing is about more than just sound. It's about staying engaged, being confident, and connected in your everyday life. That's why we take a personalized approach, helping you understand your hearing and supporting your overall hearing wellness. From comprehensive evaluations to solutions tailored to your lifestyle, we're here to help you reconnect with what matters most. Because when you hear better, you live better. Don't miss another moment. Visit goldcountryhearing.com slash radio to learn more and view a special offer for listeners. Gold Country Hearing and Balance, helping you stay connected to what matters most. Hi everyone, it's Tom Fitzsimmons. Join me the first Friday of every month at 9 a.m. right here on KNCO News Talk 830 for a thoughtful, honest conversation exploring our community through culture, science, wellness, and the people shaping our future. I'll be joined by our friends from Grass Valley Provisions. If you're curious, cautious, or just craving grounded conversation, this show is for you. It's the first Friday of every month at 9 a.m. on KNCO News Talk 830. Before you guess, redo, or regret, start where the pros start. Since 1949, Mal Paint and Glass has helped Nevada County homeowners and contractors get it right the first time. This isn't a big box aisle and a shrug, it's expert guidance, premium paint, and custom glass that works in our Nevada County homes and climate. Contact Mal Paint and Glass at 700 East Main Street in Grass Valley, or give them a call at 273-4643. All right, KNCO News Time is 921.57 degrees, welcome back to KNCO Insight. It's senior insight today, kind of talking about issues important to seniors out there. I am a senior. My guest today is beyond senior, Rick Hansen. Rick Hansen was born a senior. A lot of people don't realize this. He grew up in, I believe, Pocatello. Where did you grow up? You grew up towards Eureka, if I recall. I did. I grew up in Eureka. Eureka, California. I don't know why I remember that. Well, I was a super senior. Meaning? I was senior class president four years in a row. Well, it was a heck of a senior year, wasn't it? It couldn't get rid of me. You just loved the proms. You just loved the proms. For our listeners out there, the women in the building would call him Rick Handsome. You've got to stop. It was Stockwood Rick Handsome. Not Hanson. Handsome. He's still a very handsome guy. You're a little white on top now. As a matter of fact, you were just talking with Chris Gilbert. Yes. Both have the same hair color. His is permed, as you can see with the curls there. It's like a little Barbara Bush thing going on there. I put pearls on him. Right there. Looking good. You're looking good. How old are you now, Rick? Older. Can you say your age or are you a little vain about this? What's the matter? Believe it or not, a week from tomorrow, I turn 68. October 22nd. Wow. Wow. Buddy, you look good. Don't I? I'm not kidding. It's all an illusion. How old are you? I mean, you're younger than me. I am younger. Yes. Yes. But are you in the age where with Social Security coming that you're looking at delaying it, not thinking about it because you made other investments and stuff? Yes. One thing, if we can talk about it for a few minutes, is I had this conversation with clients and with friends and people that I interact with and Social Security will come up and say, what do you think about Social Security? Take it. A lot of people say, well, I just don't know if it's going to be around. I hear that all the time. I mean, that to me is the number one thing that people take. My two kids who are 42 and 40 think that exact same thing. Yes. It's a legitimate concern because everybody knows the numbers have been pushed out. Everybody knows that there's kind of a cliff coming in about another six, seven years, 2032, 2033, something like that. It's not that it's going to stop, but the benefits, if you were going to get a dollar in benefits in 2033 or 2032, maybe they only pay out 78 or 80 cents of that dollar because of the shortfall. I'm a pragmatic optimist. Okay. All right. I understand. I just think realistically things are better than most people really want to believe or want to see. I don't think that's going to happen. They're going to fix it. It's just like everything in Washington that needs to get fixed. When do they fix it? Oh, never. Never? The last day. Well, the last day maybe. In the last 15 minutes. Yeah. It's always to the very edge, the brink of things breaking, and then they fix it. Yeah. But now we're at the point where even those deadlines sometimes don't get met. Yeah. But for something like this, that's what I envision. I'm not prognosticating that that's going to happen. It's like Yogi Berra said, when you're talking about predictions, it's difficult because you're talking about the future. That's right. Yeah. Yogi was very deep. He was very deep. He was a yogi. He was a yogi. But I really do believe that it will get taken care of. And so I tell people, don't worry about that because everybody knows that it has to get fixed. Well, I will say this. That same line I used when I was a kid. I heard Social Security would go away. And by the time I got to use it, this is when I was a teenager, that it wouldn't be there for me either. So I don't know if you had that same conversation or heard that growing up a little bit. It's been out there for decades, obviously, that same verbiage. So we are kicking things down the road. We're very famous for doing that. Yes. We're not taking care of things the proper way as far as funding things. It is what it is. Well, you know, people have said for years, and it's true, they talk about it, but they don't do anything about it. But I just saw this, I don't know, a couple of weeks ago. Did you know that there was a bipartisan bill that just passed that's going to be sent to the President to sign on Social Security? Did you hear about that? No. Is that a true thing? That is true. Okay. That is true. All right. Okay, so let's... Bipartisan bill. Yeah. Can you believe it? No, not really. Okay, I can't either, but I had to look it up to see that it was actually true. And I can't believe the President will sign it because he doesn't want to give Democrats any credit for it. Okay, so it's the House Resolution, it's the 5284 Claiming Age Clarity Act. Okay, we were just talking about claiming age, okay. Okay, so it's the H.R. 5284, look it up. Claiming Age Clarity Act. Okay, so the only thing these guys can agree on is the verbiage. Yeah, the verbiage on when you can claim Social Security. To me, I'm like, guys, this is a great test run, but this is fixing nothing. It's fixing nothing. And whether it'll be signed, I don't know. I'm not kidding about that. You know, there's so much angst that if it's bipartisan right now, it's like, well, we don't want to give the other team credit, too, when really, it's the American people that are serving. Exactly, exactly. Yeah, it's like totally been lost, upside down. I'm just like, okay, that's a great thing. But, you know, you don't hear, you didn't hear about that. I didn't hear about it at all. Okay, so it just flies under the radar because it, you know, I think both sides are trying to get some credit for doing something around Social Security. I get it. But let's do something substantial. Let's fix it. So, because I'll tell you, if you give people clarity and certainty about their Social Security, it frees people up to go do things that they maybe wouldn't do. Yeah, I agree. And I'm talking about, you know, if they're going to go invest, spend, travel. It would be an incredible boon to the economy in a lot of ways. It would be huge. It would be huge. Exactly. And I've said that for years. If, you know, we're all kind of hunkered down and worried. Like you said, if there was freedom of it, people would enjoy life. Yeah. They would invest in things. They would have second homes. They would have maybe a little recreation vehicle and do things that they had in their, what do you call it, bucket list or things that they'd like to get accomplished. Yeah. And I think because there's that lack of certainty and clarity on that, that I had a client, I think last year, maybe, or early this year or late last year, take Social Security at 62. They didn't, she didn't need to. It was not necessary. But she looked at the present state of Social Security and said, you know what? If I don't take it now, it might be gone by the time I claim it. Interesting. And when you're forced into making a decision based on what we know today, because you feel uncertain about the future, you know, that's going to cost that individual a lot of money over the next 20 or 30 years, however, if they live that long. Yeah. Absolutely. Because you're going to take about a 30% haircut on your benefit. And so, if you told somebody, you know, I can give you a dollar in four years or five years, or I can give you 70 cents today, most people would say, well, I don't want to give up. Yeah, you wouldn't undo that, right? What's that worth, right? Exactly. I mean, if you put it in big terms, let's put it in large terms where you just say, okay, that makes sense. If I said, Tom, today, if you wait until you're 60, if you're 62, if you wait until you're 67, you're going to get $100,000. But I'll give you 70,000 today. Oh, I can wait. I can wait. I can wait. And then in that, whatever that is, that five years, that 100,000, I'm going to give you interest on it. Yeah. Okay. So, it's going to be more than that when you get there. Some people are going to say, you know what, I'd rather just take the money today. Yeah, I could do this, but I could do this with it. That's fine. But in the long, when you're talking about, for some people, they're going to be retired longer than they worked. Yeah. That's just a fact. Yeah. I see it all the time. Yeah. People, I didn't think I was going to live this long. Yeah, you did. Yeah. No, I hear that all the time. Fortunately, you didn't run out of money, but it can happen. Yeah. Yeah. Okay. Well, we have to take our news break here. Okay. You see how we're just getting great. We haven't talked a word about what people should be doing yet, have we? I don't think so. All right. But those guys, there's knuckleheads in Washington. I don't know. That is interesting. They had a bipartisan bill. I always hope that could lead to other ones. Oh, totally. That we can go back to governance and shaking hands and making things happen. Yeah. We need that. That's what we need more. Anyway, we won't get into that. We're going to talk Social Security when we come back. I'm Chris Gilbert with the KNCO Local News Update. For most of the rest of the month, you should be able to use Highway 20 to get to eastbound I-80 toward Truckee and Lake Tahoe, but you'll still find it slow going near various roads approaching the 80 Junction. Caltrans is wrapping up a third construction season for the overhead bridge projects at the Junction, and Public Information Officer Jeremy Linder says crews are still on track to finish the westbound 80 Bridge by the end of the year, weather permitting, and that will finally reopen the westbound on-ramp. So for those that are familiar with the area, I mean, that's the ramp that you first take before you even go underneath the bridge. That loops around onto westbound 80. That is right in the middle of the work zone. So when the new bridge is done, the concrete is poured, it's set, and traffic is put back on that alignment, then that ramp will reopen up. The eastbound overhead bridge was completed last year. Linder says the eastbound on-ramp is still expected to also close from time to time while work continues on the westbound bridge, and he says there will still be some other work left to complete next year, but with fewer and less lengthy traffic disruptions. Meanwhile, he says a pavement rehab project on 20 needs to wind down for the season as the weather gets cooler, and motorists will find one-way traffic controls this week on three sections, although only one during the daytime. And free hands-on Tech Talk classes are back through the Nevada County Library. County Public Information Officer Taylor Wolf says the next one is at the Madeline Helling Branch Thursday afternoon. Oftentimes when we think of our libraries, we think of kids programming, and there's a lot of really great educational programming as well, including for adults. So on October 15th, we're having a Tech Talk on backing up your PC. That's from 2 to 4 p.m. Wolf says the class will focus on how to protect important files, including family photos, documents, and music. Participants will also learn about external hard drives to backup files, also cloud storage options and setting up automatic backups. But you do need to register through the library's online events calendar, with only 14 seats available. And then later this month, Wolf says the library is also hosting a free adulting workshop on how to avoid scams. That will be on Friday, October 23rd, and no registration is required for the workshop. Join us for our next local news update at the bottom of the hour. And for news and weather anytime, you can go to knco.com. I'm Chris Gilbert, KNCO News Talk 830. Are your floors embarrassed? 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Here is your forecast on KNCO News Talk 830. Sunny with a high in the low 70s today. A very light easterly wind. It will be clear overnight until low 54. Then sunny and much warmer on Thursday with a high in the mid to upper 80s. Clear and breezy Thursday night until low 61. Then warm and dry Friday. Sunny with a high in the low 80s. For weather anytime, click on the Weather Center at KNCO.com. I'm meteorologist Anne Holiday on KNCO News Talk 830. KNCO News Talk 830. KNCO News Talk 830. I've had plenty of guests on Insights and Senior Insights. But never one as leisurely and signing autographs in between breaks like Rick Hansen. Do you have a position at R.W. Baird besides being top advisor over there? You are the top advisor. The top one, yeah. Are you like president of it now? Are you president? Is that Ken Myers president? Yeah, that would be Ken. Is he still president? He's a director. He's a director. Yes. Alright. You must be his second in command. You guys are like fricking frack. We've been together a long time. A long time. A long time. 28 years. What's the best thing about working with Ken Myers, if you don't mind me asking? What's the best thing? Yeah. We've been friends. We went to school and college together. And that was what? We graduated in 90. That was what? Chico? Where'd you go? The highest, probably one of the most prestigious universities in California. San Jose State? Chico State. Chico State, yes. They're wildcats, so I tell people. For Bidwell, for Rick. Ken's just a genuinely good person. He's just a great guy. Very generous with his time and his money. Does a lot of really great things. And even R.W. Barrett is very much involved in the community. Like you said, you were just at an event the other day. You guys are always involved with stuff. We're very fortunate, very blessed to be able to do that. And we love doing it. It's just great having you back on the air. And we're talking off the air. And we were talking about when to take Social Security. Everybody has in their mind probably 65 is the time you take Social Security. As you mentioned, you could take it as early as 62. Is there any reason to take it that early? There isn't unless you need it. Okay, unless you need it. And if you need it, you genuinely need it, that's okay. But then there's some penalties that are not going to give you the full benefit right now. If I was to want to take it, to get my full benefit, I'd have to wait until 67. So if you're born, I think it's after 1960, a full retirement age is 67. So that's when you get your full benefit. Anything prior to that, they give you a haircut up to 30%. And then if you're still working and you're taking Social Security, you're getting taxed on two out of the $3 that you're taking Social Security. You're getting whacked on that. That's what I think Mr. Haas found out. So you're just like, well, that's not really a good trade. So I think at least wait until I'm 67 if you can do it. And then you get the full benefit. And then as we were talking about off the air, so between 67 and 70, which is when the maximum, that's at 70, you have to take it. You're going to take it. Oh, okay. You have no choice. You don't have any choice. You know what's crazy? I had a client. This is why. I had a client who was very anti-government, just in general, and didn't want to take it. Yeah, because he didn't want the government in his life. Exactly. I understand. And I told him, I said, you've got to take it now. You've got to. You have to. But at 67, you get the full benefit. So every year you wait after 67, Social Security gives you an 8% credit on your Social Security benefits. That is up to. So if you were to say you're going to get $1,000 a month, you wait that year, your 8% credit is $80. Okay. Yeah. Not huge. Nobody adds up. But it's every year for the next four years. So you're going to get an extra 32%-ish on your benefits. So if you took it at 67, it was $1,000. At 70, it's going to be $1,320. That's an interesting spread, isn't it? Because you said if you took it at 62, it's a 30% cut. Yeah. It's almost like a 32% add if you had the ability to wait. Yeah. So if you looked at the difference on that, Tom, the delta between 62 and 70, you're talking about a 50% swing. Yeah. That's pretty big. That's big. That's pretty big. Right. I mean, that's worth contemplating. You go, hmm. All right. So really, at 62, it's for people if you really need it. Yeah. If you have a hardship, I guess, or just bills or whatever life has thrown you, you might need to do it. Yeah. Okay. Obviously, if you have a terminal illness, things like that, I hate to talk about that. But if that happened, you might take it. Yeah. As well. Yeah. Obviously. Yeah. For things like that. Is the goal to always take it at that max number? I mean, at the very minimum? I think so. For instance, if you're 67 or you're coming up, say you're 65 or 66 or maybe even 67 this year, you're still working and you plan to keep working. Mm-hmm. I had a client that he and his wife were six months apart. When they turned 67 at that age, they both turned on their Social Security and said, we're just going to take the full benefit. We don't want to wait. We're just going to take it. Okay. And they kept working. And they just banked everything that they got from Social Security. Never spent a dime of it. And just basically- They just put it away. Turned that into an automated savings. I have to admit, it is automatic deposit, so you don't even see it. They don't even touch it. Yeah. So, for them, it was like getting a bonus while they were still working. And you can pay a little bit of tax on it. Mm-hmm. But like, hey, let's just take it or let's do that. Okay. That's interesting. Yeah. And so, has it worked well for them? I mean, it's just become like a thing that has grown. Yeah. There's a lot of money. Yeah. They've saved. I think it's been eight, nine years ago, maybe. They haven't spent a dime of it. Wow. So, it's a lot. It's a lot of money. Yeah. Well, good for them. Yeah, it's great. It's really great. I've never heard of anybody doing that. Is that unusual when you heard them do that? Or are people more and more doing that? Well, I don't hear about it a lot, but I thought it was a novel idea. I thought, man, that's a great idea. Just keep working. Yeah. A lot of people work a lot longer today because we're younger, healthier, more active. We don't want to sit home. Well, again, it's not to pick on Chris Gilbert, but Chris is right in back of you. But he's like my poster child for this thing for people at home is that he's in his early 70s, I think. Maybe 73-ish, I think. So, he took it at 70, like the max time, and he's still working. And as he said, he loves doing the news. It's like his thing. Yeah. So, if you are doing something you enjoy, work is not really work. It's just something you enjoy doing. Yeah. You know, so. If you're on Social Security, like there's a lot of folks that are listening, maybe to draw on Social Security. The Christmas comes for them in December, but there's Social Security Christmas. There's Social Security Christmas? Yes. What is that? That's the day that they... Did I miss something? You did, and it happens to be today. It's today? It is. The 14th of October? Well, this is the day that they've chosen to release the annual cost of living adjustment. Oh. Okay? Okay. That's your present from Social Security. Well, it should be a heck of an adjustment. Okay, so this is crazy. Oh, I got some good numbers. Because, you know, you get into these numbers and they're a little mind-blowing. So today the Social Security Administration announced the cost of living adjustment, the COLA, for 2027 is going to be 3.6%. Okay. All right. Okay, it's not bad. No, it's not bad. But if you live in the same world that I'm living in... You live in California. Yeah. Gas is up more than 3.6%. Food is up more than 3%. Water is up more than... Energy. Okay, so it's kind of like spitting on a forest fire. It helps a little, but it doesn't really dent it. Yeah. Okay? But if you want to go back, let's go back 46 years. Okay, 46 years. All right. In 1980. Yeah. Okay. That was a heck of a year. That was a heck of a year. Yeah. Why is that? Jimmy Carter was still there and he was about to leave to Ronald Reagan. Yeah. I didn't think about it. I don't remember. As a reminder, during that era of time, inflation, which is a hot topic today. Yeah. Okay. Inflation in, I think, 1980 or 81 was around 14 or 16%. It was huge. I mean, it's three times worse than today. Oh, yeah. Gas lines, odd and even days. We can tell you stories, kids. Okay, so crazy, crazy, crazy inflation. All right? If you were taking Social Security in 1980, your cost of living adjustment was 14%. Wow. Wow. Really? 14%? 14%. Wow. That's the highest I could go back and look. That's the highest annual COLA that Social Security ever issued. Yes. Turn around and look at the TV. It's saying it right now. Social Security benefits in 2027. They're literally covering this. There you go. You were just talking about it. You're right about the birthday. Yeah. Social Security Christmas right here. All right. But you know, there were a couple years, and I had to go back and just kind of run through these numbers. But if you go back to, let's look at this here. Where were we? So this is post-global financial crisis, post-GFC, post-real estate meltdown, okay? Okay. After 08, 09. Yeah. Feds cut rates. Rates were essentially zero. Yeah. And we're trying to get the economy to take off again. Right. And people are just begging for some inflation. Just grow. The economy is going to get stagnant. In 2010, your annual Social Security increase was zero. In 2011, it was zero. Wow. We got a lot of zeros? Yeah. There's two in a row. And that happens when there's no inflation, and you don't get a COLA. But did the cost of health care go up? Sure. Rent went up? Absolutely. Yes. Yes. But the measured inflation, the CPI, which is what they base it off of, comes in at zero. Because you have slack demand, and you got too much inventory, and prices. You're just trying to get price discovery in the market, and all this stuff is going on, and the economy is not growing. You get zero. So I would say, long run, if inflation is at two, two and a half percent, if you took Social Security, you wouldn't be probably around, but let's say two and a half percent, your Social Security benefit is going to double in about 34 years. 34 years? Yes. Wow. That's the rule of 72. So if you use that as a measuring stick, you could get there. Here at KNC, we use the rule of 179. 179? Yes, 179. Okay. I like it. By the way, I think I did see the boss walk through. Didn't you? I heard you were on the air. Oh, yes. How about that? How about that? This guy's loved in more ways than one. All right. Rick Hansen. Not Hansen. Rick Hansen. R.W. Berry. We're down to home stretch here of a Senior Insight. We'll be right back. Ready to check glass blowing off your bucket list? At Bear River Glassworks in Grass Valley, their three-hour intro classes let you create something truly unforgettable. Make a hollow-blown jellyfish using gold and silver fuming to create beautiful shimmering colors, or create your own hollow-blown glass pumpkin just in time for fall. Get hands-on, play with fire, and take home something amazing you made yourself. Book your class today at BearRiverGlassworks.com. That's BearRiverGlassworks.com. The Nevada Union Miners come back to battle the Roseville Tigers Friday night. Hi, I'm Tom Fitzsimmons, inviting you to join Jim Adams and Andrew Jackson for the best high school football on KNCO News Talk A30. Miners got beat by 12 bridges last week. It does not get any easier taking on the Tigers, who were also lit up by Yuba City. Nevada Union football is brought to you by Utopian Stone Jewelry, by Zion Capital Wealth Management, and by Trips Auto Body and Paint. It's Nevada Union and Roseville Friday night at 7 on KNCO News Talk A30. Johnny Houlihan grew up in Nevada City, graduated from Nevada Union, and spent his teenage years listening to KNCO, dreaming about music. That dream eventually took him to Nashville, where he built a career as a singer, songwriter, and producer. Now Johnny's music is bringing him home. His latest album, 119 Grove Street, is inspired by the Nevada County he grew up in, with songs like Nevada County Line and Hometown Radio. 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Contests on Mondays are now Minor Moe Days on KNCO News Talk 830. KNCO News Time, 953, 60 degrees. Actually a song penned by Abel Baldoni before Pink Floyd got it. Another brick in the wall. I think it was another plant in the bed or something like that over there. Of course, he's a friend of ours. There's nobody quite like Abel Baldoni. You know what I like about Abel? I can't think of anything. What? Everything. Everything. Oh, that's even a better way to put it. Everything. I couldn't think of one thing I like about him and you came up with everything. So you just split us in half, we're fine. That's for you, Abel. That's for you. He is the best guy. I like Abel. He's the best guy. He and Becky and stuff, great family. Okay, so how do we fix Social Security? Is it possible to fix it? It's been possible for a long time. You were sharing with me off the air there was a mathematical formula that some guys kind of worked out that would be a very minor adjustment, half of 1% added Social Security tax. And things would be at a surplus if they did that formula back then. It would have been what, about 20 years ago? Maybe not even that. Yeah, not even that. Probably like 14, 13, 14 years ago. It was getting kicked around multiple during the 2012, 2013. A couple of guys had made a run at it in Congress and said, hey, let's really think about putting a solution together and fixing this thing. And most people know that you pay about, your Social Security tax is about 6.2%. And the employer matches that. So they pay the same, 6.2% to match. And that gets you to roughly, what's that, 12.4% is the benefit. Those are the dollars going in from both parties. And one of the proposals, and this was back in 2013, 2012 or 2013, I can't remember. A couple of these guys said, hey, if we could raise it by a half of 1% or three quarters of a percent. So if we took it from 6.2%, let's just say take it to seven. And on both sides. Yeah. Okay. If you, instead of paying $62 per $1,000 of earnings, you would pay $70. Right. For the security of knowing that it's going to be there. So that's what, $8 a month? You wouldn't think anything about it. I would do it in a heartbeat. Of course. And most people would want to do it in a heartbeat to make sure it was there. Exactly. There's no doubt about it. And so if you put that out to people and you said, hey, here's what we're, you know, this is what we propose. There's always going to be a portion of the people that say, no new taxes. Oh, I know. I get it. I understand. But at some point, it's such a, I mean, you could spill that at Starbucks. Easily. Anywhere. Anywhere. So to me, it's still fixable. But now I think it's at a point where the fix is going to be more painful for parts of the economy and parts of the people that are paying in social security. Yeah, certain generations are going to feel it. Yeah. So, I mean, I don't know what the solution is. Everybody's got ideas about how to fix it. And I feel bad for people that have to take that burden on because they're going to be resentful and they have a reason to be. Yeah. Because my generation couldn't, you know, bite the bullet and make things work. Yeah. You know, I mean, that's the age of the guys and gals that are in there right now. Yeah. Basically, they should be fixing this thing. Yeah. But now it's late. But anyway, I just, I hope that they can, I mean, there's no hope. Oh, here's another interesting thing. So we got the elections coming up right now. Yep. About one-third of the Senate seats are up for election. 33 seats, I think, this year. So about a third of the seats. Those people that are getting elected this year are going to have to fix. They're going to be part of the solution or part of the problem. Yeah. That's going to be on their watch. They got to fix it. Yes. And it's going to be a tough thing to do. You can embrace it. What's the thing? Embrace it as an opportunity. Absolutely. Yeah, it is. It's an opportunity. You know, you could be like a hero. You have to get it fixed. Yeah. You have to do it. Yeah. So I don't know. You know, my own ideas, I mean, I think that there are. Is there another idea like doing like an increase in what you're contributing and stuff? Well, I think you could. Yeah, I mean, part of it, I think, part of the solution is probably just raising the Social Security tax, you know, say to say 7%. Yeah. Get a little lift there. And then I think maybe, you know, from this is just me, maybe we look at taking, raising the cap on Social Security earnings. So right now if you earn, I think it's the cap is 184,000 a year, 186,000. So once you earn up to that, you pay up to that point and then any earnings above that or there's no Social Security tax on that. Oh, yeah. We probably have to raise that. So you probably. Because that has become kind of a reachable figure. Yeah. It would seem. Yeah, yeah. So, I mean, you get a look at that and those people are going to say, well, if you're going to ask me to pay more, I want more. Yeah. Okay. Where can we find an agreement in there in the middle? Yeah. To make that work. Do you think most people would be okay with that? Again, if it's in the realm of it'll be there for you. I mean, that's what it is. But way back 14 years ago, if you told people you're going to raise it to 7%, we would have said, fine. Yes, we would love to do that. Yeah. To make sure it's there. I mean, I would say, you know, like for me, if they did something like that, I would say yes. Yeah. Let's do it. Yeah. Because in the grand scheme of things, you'd pencil it out and go, all right, you know what? If it's going to mean it's there for myself, for my posterity and, you know, and it's going to be functioning for, you know, decades and centuries to come. Yeah. It's like, it's only a good thing. Yeah. That's a generous thing. Okay. So my friend. Yes. I hear the music. Yes, it is your music. It is. It's very familiar. Listen, how could that be an hour? It's not possible. Well, because, again, it's your energy. It's your brightness. It's really your just incredible understanding of the world as it is. You're Mr. Social Security today. He actually looks at what the, he almost looks like Ted Knight. Think about Ted Knight. Caddyshack. Judge Schmelz. That's him. All right. That does it for us. ABC News right now. --- end of transcript ---