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Old 08-27-2019, 05:10 PM
 
Location: Austin
12,432 posts, read 7,078,643 times
Reputation: 13795

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We paid into ss for over 40 years. we will happily reclaim our own money. why wouldn't we?
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Old 08-27-2019, 05:19 PM
 
Location: Chicago, IL
6,994 posts, read 3,474,437 times
Reputation: 2978
Quote:
Originally Posted by KenCopeland View Post
Let it go bankrupt and close the books on it... No more socialist programs. I'd prefer to manage my own retirement, thank you.

Like Milton Friedman propsed...All those with accumulated entitlements are issued a bond due at 65 and equal in value to each of their present accumulations under the law, then close the books. done.

REF: https://www.marketwatch.com/story/th..._theo_homepage
How is the fund going to be bone dry when we're still withholding money from paychecks to go directly into the fund?
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Old 08-27-2019, 06:07 PM
 
366 posts, read 170,521 times
Reputation: 331
Quote:
Originally Posted by EddieB.Good View Post
How is the fund going to be bone dry when we're still withholding money from paychecks to go directly into the fund?
It's not. In so many years, they will only take in enough money to pay about 75-80% of benefits.
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Old 08-27-2019, 06:25 PM
 
Location: SGV
25,512 posts, read 9,915,100 times
Reputation: 9880
Quote:
Originally Posted by EddieB.Good View Post
How is the fund going to be bone dry when we're still withholding money from paychecks to go directly into the fund?
A "middle man" with a rap sheet as long as the Mississippi River is holding your bag of cash.

I'd be at least somewhat concerned if I were you.
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Old Yesterday, 06:59 AM
 
Location: Wisconsin
20,378 posts, read 13,983,769 times
Reputation: 5247
Quote:
Originally Posted by craigiri View Post
Too many people don't know basic math. It's quite humorous when you've heard the same thing for 40 years and yet, here I am...and the SS is being put into my account each and every month.....

The sky will not fall. Of course, no one should rely on SS as their only source of income either!
We will see how easily you shrug this off when the day comes, and SS is forced to lower your monthly check by 20-25%.

From the Trustees report of 2019: Timely revenue increases and/or benefit reductions could bring the program into long-term balance

What they are talking about when SS becomes insolvent, payment won't stop, but they will no longer be able to pay out at 100%. So either we significantly raise taxes, or recipients will receive less per month. I've heard the Democrats, like Pelosi, and they just say that recipients will receive 80% of previous payments. Congress doesn't care, because they are on a different system, and they will always get their retirement money.

I care if I receive less than promised, because I'm close to retirement. We need a different system for the younger generations, SS is not a good system for the 21st century.
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Old Yesterday, 07:07 AM
 
30,275 posts, read 16,690,958 times
Reputation: 14051
Meanwhile inflation chips away at the whole mess and rising property taxes attack the fixed income retiree. One hand gives a little while the other reaches around and grabs the whole wallet
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Old Yesterday, 07:34 AM
 
52,527 posts, read 42,221,274 times
Reputation: 32784
The irony of people talking about not understanding simple math and then giving an example of someone with 10mil in assets for means testing is awesome.

That's the problem with means testing Soc. Sec., cutting benefits to people like that doesn't accomplish squat in the big picture. I mean seriously, who for a second with a functioning brain thinks that witholding benefits from 1% of the recipients would in any way meaningfully help the situation?

So, that's when the ugly truth starts to hit home...they'll need to go after MUCH MUCH Lower levels of either assets or income to make a dent that way. That starts to get into much more "regular" people which is why anyone seriously mentioning means testing without providing at what level and how much they'd start cutting and the impact are pretty much uneducated on the topic or just trying to pull a fast one.
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Old Yesterday, 07:49 AM
 
Location: Chicago, IL
6,994 posts, read 3,474,437 times
Reputation: 2978
Quote:
Originally Posted by Wapasha View Post
We will see how easily you shrug this off when the day comes, and SS is forced to lower your monthly check by 20-25%.

From the Trustees report of 2019: Timely revenue increases and/or benefit reductions could bring the program into long-term balance

What they are talking about when SS becomes insolvent, payment won't stop, but they will no longer be able to pay out at 100%. So either we significantly raise taxes, or recipients will receive less per month. I've heard the Democrats, like Pelosi, and they just say that recipients will receive 80% of previous payments. Congress doesn't care, because they are on a different system, and they will always get their retirement money.

I care if I receive less than promised, because I'm close to retirement. We need a different system for the younger generations, SS is not a good system for the 21st century.
There's always been a fix to SS that would keep it solvent. The issue is not SS. It was designed when the bottom 90% of the population were receiving a bigger share of payroll. When you divert more payroll & earnings to people who cap out of paying into SS, obviously we're going to have a funding issue.

It would be like if we funded SS on the telegraph industry's payroll, then claim today that SS is a scam b/c it's underfunded.
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Old Yesterday, 08:00 AM
 
Location: Suburb of Chicago
21,440 posts, read 10,342,613 times
Reputation: 20595
https://nypost.com/2012/08/13/disabi...cial-security/

They need to get people who can work, off disability.
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Old Yesterday, 08:12 AM
 
Location: SGV
25,512 posts, read 9,915,100 times
Reputation: 9880
Quote:
Originally Posted by MPowering1 View Post
https://nypost.com/2012/08/13/disabi...cial-security/

They need to get people who can work, off disability.
In theory this would be nice.

However

Guess who is going to legislate, implement, and regulate the "solution" to this problem?

*Both of us look over as Uncle Sam walks thru the door. We immediately put our wallets on the table and sigh in exasperation.
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