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Old 09-09-2020, 09:51 PM
 
Location: Sandy Eggo's North County
8,338 posts, read 4,298,665 times
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To qualify for SS benefits, you gotta work, and pay into SS for 40 quarters. That's only 10 years. Easy peasy.
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Old 09-10-2020, 03:57 AM
 
98,442 posts, read 97,608,634 times
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Quote:
Originally Posted by NORTY FLATZ View Post
To qualify for SS benefits, you gotta work, and pay into SS for 40 quarters. That's only 10 years. Easy peasy.
nope , you can marry , have no work record of your own and collect on your spouses record
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Old 09-10-2020, 03:59 AM
 
98,442 posts, read 97,608,634 times
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Quote:
Originally Posted by Johnhw2 View Post
The corporation is owned by shareholders, who will see lower after tax profits on their investment if corporate taxes go up.

The question you have no answered is do you think this is a good idea, the basic income, and if so what will be its impacts? I know you must stay busy writing text books and do not have time to be bothered by a very basic real question so you shift the topic.

The claim that a politician can pass a bill and magically good happens is as false as you can keep your Policy and Dr PERIOD as one President promised
very sneakily the taxes got shifted to the investor ....

the tax cuts went right to the bottom line and improved the share price , then in effect the investor will now be paying a greater tax on their gain and the corporation less . but a good portion of that lower tax rate is shifted to us
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Old 09-10-2020, 04:02 AM
 
2,263 posts, read 825,677 times
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Then there's this:

Quote:
As a result of changes to Social Security enacted in 1983, benefits are now expected to be payable in full on a timely basis until 2037, when the trust fund reserves are projected to become exhausted. At the point where the reserves are used up, continuing taxes are expected to be enough to pay 76 percent of scheduled benefits.
https://www.ssa.gov/policy/docs/ssb/...v70n3p111.html
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Old 09-10-2020, 04:36 AM
 
98,442 posts, read 97,608,634 times
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Quote:
Originally Posted by mathlete View Post
social security is such a major part of american culture it will be refunded in a heart beat in the 11th hour like everything else our incompetent gov't does .

you see how fast trillions are available when push comes to shove .
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Old 09-10-2020, 07:44 AM
 
Location: Bangkok
11,892 posts, read 6,167,817 times
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Quote:
expected to be enough to pay 76 percent of scheduled benefits.
That's actually an older report from 2009, the 2019 report with updated projections is here: https://www.ssa.gov/OACT/TRSUM/2019/index.html

2020-2034 = 100% of benefits
2035-2092 = 80% of benefits
2093+ = 75% of benefits

I agree with mathjak107 that this will get funded, no politician wants to be the one who ended their career by voting against ensuring seniors' checks keep coming in full every month. It might mean higher payroll taxes, it might mean higher income taxes, it might mean less aircraft carriers, etc. but it'll get done.

Meanwhile I continue using 75% of promised SS benefits in safe-withdrawal calculations.
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Old 09-10-2020, 07:50 AM
 
98,442 posts, read 97,608,634 times
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Quote:
Originally Posted by lieqiang View Post
That's actually an older report from 2009, the 2019 report with updated projections is here: https://www.ssa.gov/OACT/TRSUM/2019/index.html

2020-2034 = 100% of benefits
2035-2092 = 80% of benefits
2093+ = 75% of benefits

I agree with mathjak107 that this will get funded, no politician wants to be the one who ended their career by voting against ensuring seniors' checks keep coming in full every month. It might mean higher payroll taxes, it might mean higher income taxes, it might mean less aircraft carriers, etc. but it'll get done.

Meanwhile I continue using 75% of promised SS benefits in safe-withdrawal calculations.
80 million voting baby boomers says so
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Old 09-10-2020, 09:26 AM
 
2,263 posts, read 825,677 times
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Quote:
Workers and retirees have long been warned that Social Security’s trust fund will run out of funds sometime in the future, and that the program has many trillions of dollars in unfunded obligations.

But what does this year’s 2019 Trustees Report, revealing $16.8 trillion in unfunded obligations over the next 75 years and insolvency in 2035, mean for current workers and retirees? (The $16.8 trillion figure includes the $13.9 trillion 75-year unfunded obligation, plus $2.9 trillion in trust fund IOUs that represent additional debt.)

Well, for starters, 2035 is only 16 years away. That means that anyone below the age of 52 today is on track to receive only 75% to 80% of their scheduled benefits.
$16.8 trillion is a lot of money. Where’s it going to come from. No matter how badly politicians may want it you can’t keep printing money like the sky’s the limit.
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Old 09-10-2020, 09:36 AM
 
98,442 posts, read 97,608,634 times
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Quote:
Originally Posted by mathlete View Post
$16.8 trillion is a lot of money. Where’s it going to come from. No matter how badly politicians may want it you can’t keep printing money like the sky’s the limit.
all they need to do is raise the cap and increase fica taxes 1.8-2.20% have the employer kick in 1.25% and the employee 1.25% and it is funded
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Old 09-10-2020, 11:53 AM
 
Location: Bangkok
11,892 posts, read 6,167,817 times
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Quote:
Originally Posted by mathlete View Post
$16.8 trillion is a lot of money. Where’s it going to come from. No matter how badly politicians may want it you can’t keep printing money like the sky’s the limit.
Unfunded obligations of 16.8 trillion over 75 years = 224 billion per year.

Still a big number but in perspective that's only 5% of the 4.5 trillion federal budget for 2020. As mathjak alluded to it could be covered by various combinations of removing the cap, payroll taxes, pushing the age back, etc. It's still a problem, but nothing insurmountable as seems when just looking at it like they have to come up with almost 17 trillion next week.
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