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Old 05-17-2017, 07:52 AM
 
62,536 posts, read 27,811,583 times
Reputation: 7889

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Quote:
Originally Posted by Tonyafd View Post
Some of you have the clarity of thought to understand that the Republicans are the enemy of SS and Medicare. Why do so many old people vote against their own interests?
Why do you characterize it as "voting against their own interests?" Most INFORMED people know they're LOSING money on SS:

Quote:
"As recently as 1985, workers at every income level could retire and expect to get more in benefits than they paid in Social Security taxes, though they didn't do quite as well as their parents and grandparents.

Not anymore.

A married couple retiring last year after both spouses earned average lifetime wages paid about $598,000 in Social Security taxes during their careers. They can expect to collect about $556,000 in benefits, if the man lives to 82 and the woman lives to 85, according to a 2011 study by the Urban Institute, a Washington think tank.

Social Security benefits are progressive, so most low-income workers retiring today still will get slightly more in benefits than they paid in taxes. Most high-income workers started getting less in benefits than they paid in taxes in the 1990s, according to data from the Social Security Administration."
Social Security is a LOSING deal for most workers - Associated Press

Quote:
Originally Posted by Tonyafd View Post
Can I get some of you to email your reps in an effort to save SS?
No. I want all my money back, plus compounded interest.
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Old 05-19-2017, 09:52 AM
 
Location: El Pueblo de Nuestra Señora la Reina de los Ángeles del Río Porciúncula
13,592 posts, read 14,078,076 times
Reputation: 9701
Just noting, Trump has recently (yesterday/today) announced that his proposed budget includes NO cuts in Social Security or Medicare funding.
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Old 05-19-2017, 10:59 AM
 
Location: Bella Vista, Ark
69,354 posts, read 79,541,504 times
Reputation: 38690
Quote:
Originally Posted by InformedConsent View Post
Why do you characterize it as "voting against their own interests?" Most INFORMED people know they're LOSING money on SS:

Social Security is a LOSING deal for most workers - Associated Press

No. I want all my money back, plus compounded interest.
Too late for those of us who are living on it now, but I hope the rest of you will see the day when you have a choice to put at least part of your money in private accounts.
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Old 05-19-2017, 11:03 AM
 
14,398 posts, read 16,313,736 times
Reputation: 12886
Quote:
Originally Posted by nmnita View Post
Too late for those of us who are living on it now, but I hope the rest of you will see the day when you have a choice to put at least part of your money in private accounts.
Nothing stopping us now from putting money into private accounts. Lots of people do this already. It's just outside of SS.

The problem with putting SS into private accounts...I don't think we'd have a choice if it was privatized(a choice to stay the old way or the privatized way) because the entire thing would be privatized and recipients get a smaller benefit(smaller amt of money) with the expectation that your investment gains makes up the difference.
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Old 05-19-2017, 11:11 AM
 
Location: El Pueblo de Nuestra Señora la Reina de los Ángeles del Río Porciúncula
13,592 posts, read 14,078,076 times
Reputation: 9701
Quote:
Originally Posted by nmnita View Post
Too late for those of us who are living on it now, but I hope the rest of you will see the day when you have a choice to put at least part of your money in private accounts.
As the post above says, there have been 401k and IRA plans available for many years. I had always put in the maximum in both plans (depending on when I was an employee or self-employed).
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Old 05-19-2017, 11:23 AM
 
48,953 posts, read 39,428,364 times
Reputation: 30591
Quote:
Originally Posted by Tonyafd View Post
You seem confused. Removing the cap will infuse millions into the system.
Yes, millions into a system measured in trillions. How you didn't pick up on the gist of the other posters point since that's a well discussed aspect of SS reform is what is confusing.

I mean if you just start reading up on possible fixes to SS reform you should run into that concept within the first 15minutes or so.
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Old 05-19-2017, 11:32 AM
 
Location: El Pueblo de Nuestra Señora la Reina de los Ángeles del Río Porciúncula
13,592 posts, read 14,078,076 times
Reputation: 9701
It's probably already been said, but unless a replacement system is found those who are workers today will have to continue funding their own retirement system if it ends up that no replacement is found. By removing caps they are benefiting themselves too.

Also note that the baby boom has placed an unanticipated (when they designed the system) load on the system, but baby boomers too shall pass (in both meanings of the word). That will remove one of the bigger strains on the existing system. Boomers are dropping like flies!

But not me! I have my sights and lifestyle choices set on the triple digits!
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Old 05-19-2017, 11:38 AM
 
Location: Oklahoma
1,904 posts, read 650,164 times
Reputation: 895
Quote:
Originally Posted by sware2cod View Post
Nothing stopping us now from putting money into private accounts. Lots of people do this already. It's just outside of SS.

The problem with putting SS into private accounts...I don't think we'd have a choice if it was privatized(a choice to stay the old way or the privatized way) because the entire thing would be privatized and recipients get a smaller benefit(smaller amt of money) with the expectation that your investment gains makes up the difference.
Anywhere it goes as private is better than the ponzi model the government is running.
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Old 05-19-2017, 11:39 AM
 
62,536 posts, read 27,811,583 times
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Quote:
Originally Posted by Lovehound View Post
It's probably already been said, but unless a replacement system is found those who are workers today will have to continue funding their own retirement system if it ends up that no replacement is found. By removing caps they are benefiting themselves too.
No, they're not. They just stand to lose even more money on SS than they already lose.
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Old 05-19-2017, 11:41 AM
 
Location: Oklahoma
1,904 posts, read 650,164 times
Reputation: 895
Quote:
Originally Posted by Lovehound View Post
It's probably already been said, but unless a replacement system is found those who are workers today will have to continue funding their own retirement system if it ends up that no replacement is found. By removing caps they are benefiting themselves too.

Also note that the baby boom has placed an unanticipated (when they designed the system) load on the system, but baby boomers too shall pass (in both meanings of the word). That will remove one of the bigger strains on the existing system. Boomers are dropping like flies!

But not me! I have my sights and lifestyle choices set on the triple digits!
The baby boom is an example of the unintended consequences of a social system. Private accounts eliminate generational disparities, while providing potential assets for heirs.
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