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Old 08-27-2017, 03:57 PM
 
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At current interest rates, SS is like a $500K annuity paying 4%. Almost but not quite guaranteed.
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Old 08-27-2017, 08:06 PM
 
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Quote:
Originally Posted by Crashj007 View Post
Interesting. I'm still studying. I don't understand the mechanics of deposits to the trust fund. What stops congress from just not doing it?
Then why did you make that incorrect claim of how it works when two posts later you're saying you don't understand it?
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Old 08-28-2017, 06:18 AM
 
Location: Proxima Centauri
3,754 posts, read 1,591,896 times
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Quote:
Originally Posted by borninsac View Post
A decent suggestion. What do you suggest be called the benefits received by those who did not earn a pension?
That is already in a different category.

There are business leaders who can't stand the idea that 6.2% of their payroll expense pays part of the national pension. We need to unite against them.
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Old 08-28-2017, 06:30 AM
 
Location: Proxima Centauri
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Quote:
Originally Posted by Malloric View Post
1) It's not a pension.
2) There's no obligation.

You could name part of it a national pension plan. The problem though, as you point out, is pension pan implies an obligation that isn't there.
It is a pension by law which puts us in a better position than many corporate pensioners.

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.
While it was designed during the Depression it still applies today. The media is just more crafty in what they label a depression. Every month you hear of another company reneging on their pension obligations. If it wasn't for the national pension, many would have nothing.
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Old 08-28-2017, 07:12 AM
 
18,242 posts, read 11,653,926 times
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Do not think any sane and rational person truly doubts SS will continue for future. Sooner or later yes, some changes will have to occur to keep the system solvent, but other than that.....


IMHO the discussion that this nation should be having is if Social Security still performs its original mandate; preventing poverty in seniors.


With nearly twelve years of near zero inflation (at least by the numbers used by federal government) those on SS have received very small to nil cost of living increases. Meanwhile their very real costs (housing, food, etc...) have gone up.


The other problem one has already mentioned; though not designed for it, never the less many seniors are 100% reliant upon SS as sole source of income. That is not good my friends. Even worse large numbers of the Baby Boom generation in their 50's and 60's are in the same boat; entering old age with nearly nil savings, investments, and or assets. Some aren't even working full time and just counting down the days...


Sooner or later there are going to be calls to expand SS beyond its original mandate; to replace a portion of a workers earnings. That is give people *more* than what they "put in" as a way to deal with poverty and seniors. That is going to spark an interesting debate as it sounds very much like welfare.
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Old 08-28-2017, 07:37 AM
 
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all i know is i start ss on friday
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Old 08-28-2017, 09:25 AM
 
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Quote:
Originally Posted by Tonyafd View Post
It is a pension by law which puts us in a better position than many corporate pensioners.



While it was designed during the Depression it still applies today. The media is just more crafty in what they label a depression. Every month you hear of another company reneging on their pension obligations. If it wasn't for the national pension, many would have nothing.
The Federal gov't can renege on the SS obligation at any time.
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Old 08-28-2017, 09:30 AM
 
Location: Pennsylvania
8,963 posts, read 3,118,603 times
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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.
Bingo.
That was then.
Now.....the rich also collect it.
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Old 08-28-2017, 09:52 AM
 
Location: Paranoid State
12,672 posts, read 9,425,981 times
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Quote:
Originally Posted by Hoonose View Post
The Federal gov't can renege on the SS obligation at any time.
it wouldn't be a "renege." It would be a change.
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Old 08-28-2017, 10:02 AM
 
437 posts, read 198,614 times
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Quote:
Originally Posted by BeerGeek40 View Post
Bingo.
That was then.
Now.....the rich also collect it.
Now? Are you saying people were previously excluded because they earned a certain amount or had a certain net worth?
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