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Old 08-26-2015, 10:17 PM
 
1,915 posts, read 3,241,580 times
Reputation: 1589

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Quote:
Originally Posted by Dopo View Post
I laugh every time I remember that GWB was promoting the idea of letting people take money from their social security funds and gamble with it in the stock market
I wish we were allowed to do that - opt out of social security instead be forced to save same amount in retorement account that I could invest as I please.
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Old 08-27-2015, 06:34 AM
 
2,047 posts, read 2,985,290 times
Reputation: 2373
Quote:
Originally Posted by Dopo View Post
I laugh every time I remember that GWB was promoting the idea of letting people take money from their social security funds and gamble with it in the stock market
I laugh even more that you think you will be getting social security by the time YOU retire.
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Old 08-27-2015, 06:41 AM
 
Location: Houston, TX
17,029 posts, read 30,929,122 times
Reputation: 16265
Quote:
Originally Posted by Dopo View Post
BS, they are transnational and can build s refinery in any country they want (Bahamas, Mexico, Canada, etc)
You are waaaaayyy off point on this one. More than usual.
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Old 08-27-2015, 08:53 AM
 
17,183 posts, read 22,921,959 times
Reputation: 17478
Quote:
Originally Posted by ipuck View Post
I laugh even more that you think you will be getting social security by the time YOU retire.
It is not as bad as people keep saying. Analyze the financial report with a little bit of actual sense.

The state of our Social Security system - Chicago Tribune

Quote:
The trust fund may not last forever, but reports of its demise are certainly premature. The trustees say it will be drawn down to zero in 2037, at which point the program will only have enough money coming in from taxes to pay 78% of the benefits due under current law. So sometime in the next quarter-century — but by no means right now — does anything have to be fixed, say through a hike in the payroll tax ceiling (or, better, its elimination)?

That 2037 deadline, in truth, is a moving target. It's based on long-term projections, which become more uncertain the further out you look. The estimated date is very sensitive to forecasts of immigration, wage and economic growth, and birth and death rates, all of which are uncertain. Over the last 10 years, it has fluctuated between 2037 and 2042, mostly due to economic factors. It has held steady at 2037 for two years despite the downturn, but that's still better than the projection in 1998, which was for exhaustion in 2032.
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Old 08-27-2015, 08:58 AM
 
Location: Westbury
3,283 posts, read 6,052,923 times
Reputation: 2950
There will always be social security in some degree. Certainly for people in their forties. Your children or grandchildren though - you all arent going to be leaving them much, but there will be something and what they pay in will be less.

SS in the stock market. Love the idea in a boom but if you were needing to retire the few years after the bust you'd be destitute lol. Feds would send you a letter "so sorry whoops!" Wouldn't wish that on anyone. You have your own savings to invest, the idea is to keep SS funds locked up safe

The younger generation actually saves and plans for retirement though. Much smarter
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Old 08-27-2015, 09:33 AM
 
18,130 posts, read 25,291,852 times
Reputation: 16835
Quote:
Originally Posted by Oildog View Post
You are waaaaayyy off point on this one. More than usual.
Venezuela (Citgo) has refineries in the US (Corpus Christi)
How is that way off point?
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Old 08-27-2015, 09:33 AM
 
2,047 posts, read 2,985,290 times
Reputation: 2373
Quote:
Originally Posted by nana053 View Post
It is not as bad as people keep saying. Analyze the financial report with a little bit of actual sense.

The state of our Social Security system - Chicago Tribune
You are quoting social security from Chicago Tribune LOL. The math they created in Chicago for their pensions should receive a Nobel Peace Price for how insane it is.

Maybe there will be social security 30 years from now. Just don't assume you will be able to start collecting at 60something. Maybe 70 something or 80something? Who knows, maybe the life expectantly will be 90 in 30 years.
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Old 08-27-2015, 10:51 AM
 
Location: Westbury
556 posts, read 1,086,740 times
Reputation: 464
They do need to move the retirement age back for social security. Just moving it to 70 would help a ton.
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Old 08-27-2015, 02:22 PM
 
Location: Mo City, TX
1,728 posts, read 3,443,437 times
Reputation: 2070
Quote:
Originally Posted by diggity101 View Post
They do need to move the retirement age back for social security. Just moving it to 70 would help a ton.
The way SS was originally designed it was expected that people would not live long after retiring, in fact they counted on it. I blame modern medicine for keeping us living longer.
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Old 08-27-2015, 02:33 PM
 
Location: Westbury
556 posts, read 1,086,740 times
Reputation: 464
correct
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