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Old 02-11-2018, 07:14 PM
 
Location: Long Island
32,816 posts, read 19,374,420 times
Reputation: 9616

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Quote:
Originally Posted by WannaliveinGreenville View Post
Lower it to age 60. It gets harder for 50+ years olds to find work. You have paid into it your entire life. Why collect it with just a few years left on your life? Collect it NOW.. if you fall in the age criteria.


lower it to 60??? so it can go broke even faster???

SS..reform it...americans are living a lot longer, do another adjustment UP on the full retirement age

SS is is 1.6 trillion in deficit
2011 started the decline...every year since Social Security has collect at least $45 billion less in payroll taxes than it pays out in retirement, disability and survivor benefits, according to the Congressional Budget Office. ....
SS NEEDS to be modified....raise the age, or something, because for most of us now, its just a hope that we will see it when we hit that age
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Old 02-11-2018, 07:36 PM
 
12,999 posts, read 18,815,662 times
Reputation: 9236
No, but they should increase payout for anyone who waits until 75 to claim it. Presently it maxes out at 70. Even if only by few percen a year, it would save the system money.
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Old 02-11-2018, 07:53 PM
 
Location: Ohio
24,624 posts, read 19,057,201 times
Reputation: 21733
Quote:
Originally Posted by 6oo9 View Post
It would be a shifting of cost burdens to the next generations. The younger generations would have to pay ss tax longer and receive benefits shorter.
The Silent Generation was slammed with a 520% FICA tax increase to make sure Social Security would be there for them.

The Boomers suffered a 71% FICA tax increase to make sure Social Security would be there for them.

If Generation X-Box and Generation Whine can't handle a 44.6% increase to make sure Social Security still exists for them, then my recommendation is Wilkinson Bonded or Gillette Silver Blues.
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Old 02-11-2018, 07:54 PM
 
12,772 posts, read 7,930,684 times
Reputation: 4332
Increase it to 178, encourage people to save
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Old 02-11-2018, 09:20 PM
 
31,870 posts, read 14,856,661 times
Reputation: 13531
[quote=BobNJ1960;50993215]
Quote:
Originally Posted by finalmove View Post
Retired at 62, two years ago. Waiting till 66 to begin collecting. Who wants to work into their seventies?


/QUOTE]

I do.

Seniors bocce-no Thanks.
My husband is the same way because he would get bored....plus drive me crazy. He will retire in his 60's but still do consulting, which will get him out of the house.
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Old 02-12-2018, 06:03 AM
 
26,226 posts, read 14,841,240 times
Reputation: 14421
Quote:
Originally Posted by craigiri View Post
The US Stock Market is a gambling Casino. After causing the Great Recession and Madoff and all the other schemes...and, most importantly, supercomputers and math geniuses who can make certain that the average investor is scared into selling...while they buy up the bargains???

This is a recipe for disaster. It is another version of the tens of millions of people who buy lottery tickets every day hoping to fund their retirements.

People are free to invest their IRA's. Many were ruined during the Great Recession and had to re-plan their entire lives and retirements.

Why can't people understand that our system is designed to shake the "little guys" off the tree....to the favor of the big corporations? Forcing people into gambling for a return does not seem like great policy.

Note - Japan...which actually makes a LOT of great things and has a decent economy - had their Stock Market sit close to the same level for 20-25 years (maybe longer). For much of that period it was down to 1/ the highs. Not exactly the Rock of Gibraltar.
Investing in a stock index fund for the long-term is not the same as buying a lottery ticket.

Your mentality that the two are the same is why many are woefully unprepared for retirement and can't experience compounding growth.
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Old 02-12-2018, 06:07 AM
 
18,579 posts, read 10,511,631 times
Reputation: 8600
Quote:
Originally Posted by michiganmoon View Post
Investing in a stock index fund for the long-term is not the same as buying a lottery ticket.

Your mentality that the two are the same is why many are woefully unprepared for retirement and can't experience compounding growth.
With all due respect that is a very dangerous way of thinking ,yes it's not a lottery ticket on that you are correct but your presumption that it is the only way to retire is sadly mistaken.
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Old 02-12-2018, 06:17 AM
 
Location: North America
19,784 posts, read 15,048,701 times
Reputation: 8526
Quote:
Originally Posted by PCALMike View Post
What's your take on this?
No. If they raised the cap, there would be no problem in funding.
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Old 02-12-2018, 06:24 AM
 
26,226 posts, read 14,841,240 times
Reputation: 14421
Quote:
Originally Posted by G1.. View Post
With all due respect that is a very dangerous way of thinking ,yes it's not a lottery ticket on that you are correct but your presumption that it is the only way to retire is sadly mistaken.
I never said it was the only way to retire. That is your presumption.

I am saying that buying index funds and holding them has historically led to significantly better rates of return than the measly 1.23% return after inflation people currently get with Social Security. To tie up 12.4% of my salary into something with such dismal returns isn't ideal.

There is a risk in taking no risks in life.

In this case it is saying no to the powers of compounding growth over the long-term.

Even pensions invest half their money in stocks.
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Old 02-12-2018, 06:38 AM
 
4,288 posts, read 2,043,263 times
Reputation: 2814
Quote:
Originally Posted by cuebald View Post
If the cap was dropped on wages above $128,400 it would be funded forever.
How much are your wages?
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