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Old 08-26-2017, 01:41 PM
 
17,626 posts, read 12,211,350 times
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Understood I got autocorrected
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Old 08-26-2017, 02:14 PM
 
Location: Raleigh
8,007 posts, read 5,293,755 times
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Quote:
Originally Posted by Tonyafd View Post
<>To some extent calling SS a National Pension takes the wind out of the sails of those who call it a ponzi scheme. <>
Social Security originally was a National Pension because it was un-funded. As contributions mounted up it became a pension. When Congress saw all that money sitting there they became greedy and siphoned off funds to pay for their schemes.
Now the fund does not have enough money to pay its future debt, so it must be funded from current contributions of new members who are paying for the withdrawals of people who are previous members of the fund. Bernie Madoff is very upset that he went to jail because Congress is a much bigger thief that he was and Congress has apologists working to preserve the system.
US Social Security is the biggest Ponzi scheme in history. Quit the quackery and stop pretending to fund it on its own.
"If it walks like a duck, and quacks like a duck, and poops like a duck, guess what?"
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Old 08-26-2017, 02:28 PM
 
Location: Canada
5,798 posts, read 2,153,737 times
Reputation: 5193
We have 2 deductions from our pay~~~
Canada Protection Plan Life Insurance | Instant Life Insurance
Quote:
Canada Protection Plan Life Insurance
Canada Protection Plan is one of Canada's top life coverage and health insurance providers that does not require a doctor's visit or medical report. All insurance policies offered by Canada Protection Plan feature 10-day money-back guarantee and 30-day grace period for late premium payments.
The link explains who and how they are covered~

Next ~~ OAS

https://www.canada.ca/en/services/be...e-security/Old Age Security payment amounts
Quote:
Retirement Planning
Related services and info
Old Age Security

The payment amount for the Old Age Security pension is determined by how long you have lived in Canada after the age of 18. It is considered taxable income and is subject to a recovery tax if your individual net annual income is higher than the net world income threshold set for the year.

Payment amounts for the Old Age Security benefits (Guaranteed Income Supplement, Allowance and Allowance for the Survivor) are based on your marital status and level of income. They are not considered taxable income.

Eligibility for the Guaranteed Income Supplement is reviewed every year effective in July and is based on the applicant’s net income in the previous calendar year, or the combined net income in the case of a couple. Therefore, from year to year, payments can increase, decrease or even cease according to reported changes in annual net income.
^^^ The above seems to be similar to American Social Security which comes across as a combo of the above 2
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Old 08-26-2017, 02:31 PM
 
Location: State of Transition
72,698 posts, read 64,172,365 times
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Quote:
Originally Posted by SVTLightning View Post
I grew up very poor. When my dad died my mom got Social Security for me and my sister. It certainly wasn't a pension for us at 14 and 10 lol
You were very lucky. When a couple of relatives of mine were growing up with a widowed mom, SS didn't exist yet. A mom cleaning houses couldn't adequately support 2 growing boys. Food was scarce. That's what SS & widow's benefits were designed for. Enabling people to get 3 meals/day.
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Old 08-26-2017, 03:15 PM
 
Location: Raleigh
8,007 posts, read 5,293,755 times
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The names are confusing:
Supplemental Security Income (SSI) is a United States government program that provides stipends to low-income people who are either aged 65 or older, blind, or disabled. Although administered by the Social Security Administration, SSI is funded from the U.S. Treasury general funds, not the Social Security trust fund.
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Old 08-26-2017, 04:18 PM
 
Location: AZ
593 posts, read 305,018 times
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Well, were it not for SS and Medicare, lots of businesses would close their doors. Most on SS spend every dime. I view it as organized wealth transfer. It works.
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Old 08-26-2017, 04:32 PM
 
2,138 posts, read 1,151,720 times
Reputation: 4370
Quote:
Originally Posted by Crashj007 View Post
Social Security originally was a National Pension because it was un-funded. As contributions mounted up it became a pension. When Congress saw all that money sitting there they became greedy and siphoned off funds to pay for their schemes.
Now the fund does not have enough money to pay its future debt, so it must be funded from current contributions of new members who are paying for the withdrawals of people who are previous members of the fund. Bernie Madoff is very upset that he went to jail because Congress is a much bigger thief that he was and Congress has apologists working to preserve the system.
US Social Security is the biggest Ponzi scheme in history. Quit the quackery and stop pretending to fund it on its own.
"If it walks like a duck, and quacks like a duck, and poops like a duck, guess what?"


Except they never siphoned anything from the trust fund. Ridiculous claim without any basis in reality.
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Old 08-26-2017, 04:48 PM
 
Location: Raleigh
8,007 posts, read 5,293,755 times
Reputation: 9647
Quote:
Originally Posted by Bygeorge View Post
Well, were it not for SS and Medicare, lots of businesses would close their doors. Most on SS spend every dime. I view it as organized wealth transfer. It works.
That's true . There's another thread around here that complains the rich don't spend enough.
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Old 08-26-2017, 08:17 PM
 
18,266 posts, read 11,663,507 times
Reputation: 11876
Quote:
Originally Posted by Crashj007 View Post
The names are confusing:
Supplemental Security Income (SSI) is a United States government program that provides stipends to low-income people who are either aged 65 or older, blind, or disabled. Although administered by the Social Security Administration, SSI is funded from the U.S. Treasury general funds, not the Social Security trust fund.

Exactly!


SSI came about in whole or part to deal with those who were not yet able to get Social Security and or couldn't for various reasons, but still were in need of aid.


Since SS is funded via payroll deductions from employers and employees, money couldn't be diverted to those who never worked. So the idea was hatched to create another government scheme (SSI) that would cover the disabled, blind, and elderly who never worked and or reached even the minimum quarters to qualify for Social Security.


Certain elderly immigrants (mostly refugees and or asylum cases) receive SSI because they never will be able to get Social Security.
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Old 08-26-2017, 08:25 PM
 
18,266 posts, read 11,663,507 times
Reputation: 11876
Quote:
Originally Posted by Ruth4Truth View Post
It's not a pension. It was never intended to be a pension. It's a pretty pathetic one, if that's the way you want to characterize it. It was originally conceived as minimal assistance so people wouldn't go hungry. At least they could buy food. It was a reaction to the conditions of the Depression.

Social Security was meant to be part of a "three legged stool" (pension, SS benefits, and savings/investments) that would form a part of wage earners (and or their spouses/minor children) income after reaching a certain age.


The main demographic targeted were women and children (widows, etc..), who were often left in very bad fiscal shape in old age. If you examine how Social Security works women who marry (and marry well) do better on average historically than spinsters. This was largely a product of fact women earned far less money historically than men. Things begun to change after the 1970's and still into today as women earn more of their own money thanks in part to passage of various anti-discrimination laws/regulations that opened up entire professions and other careers to women.


Fast forward to modern times and for many that "three legged stool" is gone. Pensions are vanishing and fewer Americans save anywhere near the sums needed to survive in complete retirement (ceasing all paid work). So for many Social Security has become the de facto sole income; that is not good my friends.


Other fly in ointment is that thanks to better healthcare seniors and elderly are living longer. So even those who did manage to save a bit of something now must make that money last one, two, three or more decades after retiring. Without a pension that means savings/investments and SS are the only two things left.
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