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Old Today, 01:32 PM
 
180 posts, read 36,867 times
Reputation: 196

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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
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Old Today, 01:38 PM
 
10,336 posts, read 12,094,178 times
Reputation: 6614
Not True: Try 60 years...

https://smartasset.com/retirement/so...curity-run-out

https://www.aarp.org/retirement/soci...-security.html

Yet with a rising number of retirees and a drop in the birthrate, that's changing. The latest projection has the combined Social Security trust funds that pay retirement and disability benefits running out of cash reserves by 2034.

But that wouldn't leave Social Security bankrupt and unable to pay any benefits. Even if Congress does nothing to shore up the system by 2034, Social Security will be able to pay out 79 percent of promised benefits until 2090. The last time Social Security nearly depleted its reserves was in the early 1980s, when Congress shored up the program by gradually increasing the full retirement age from 65 to 67 and started to tax benefits based on income levels.
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Old Today, 01:42 PM
 
Location: Haiku
4,597 posts, read 2,712,796 times
Reputation: 6664
There's a solution to this: Means testing and raise the age of eligibility.
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Old Today, 01:45 PM
 
10,336 posts, read 12,094,178 times
Reputation: 6614
Quote:
Originally Posted by TwoByFour View Post
There's a solution to this: Means testing and raise the age of eligibility.
It used to be 65 and now it has been raised 66.10 months respectively, depending on your birth year. If you were born in 1960, it is 67 years old until you can retire (FRA) You can also retire at 62 but you will receive 30% less.
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Old Today, 01:53 PM
 
Location: Ohio
20,226 posts, read 14,407,529 times
Reputation: 16435
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.
Actually, it's far less than 15 years, but who's counting?

There's nothing preventing you from managing your own retirement. If you're the financial genius you claim to be, it shouldn't be a problem.

Unfortunately, 85% of Americans are not financial geniuses like you, and there are issues of morality and ethics related to the purchasing of stocks issued by publicly-traded corporations.
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Old Today, 01:55 PM
 
30,261 posts, read 16,679,918 times
Reputation: 14041
Quote:
Originally Posted by TwoByFour View Post
There's a solution to this: Means testing and raise the age of eligibility.
no thanks, I can do better things with my money and much sooner. So can many others.
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Old Today, 01:57 PM
 
16,406 posts, read 4,314,853 times
Reputation: 11519
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!
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Old Today, 01:59 PM
 
Location: 15 months till retirement and I can leave the hell hole of New Yakistan
25,471 posts, read 14,194,995 times
Reputation: 6575
Quote:
Originally Posted by WannaliveinGreenville View Post
Not True: Try 60 years...

https://smartasset.com/retirement/so...curity-run-out

https://www.aarp.org/retirement/soci...-security.html

Yet with a rising number of retirees and a drop in the birthrate, that's changing. The latest projection has the combined Social Security trust funds that pay retirement and disability benefits running out of cash reserves by 2034.

But that wouldn't leave Social Security bankrupt and unable to pay any benefits. Even if Congress does nothing to shore up the system by 2034, Social Security will be able to pay out 79 percent of promised benefits until 2090. The last time Social Security nearly depleted its reserves was in the early 1980s, when Congress shored up the program by gradually increasing the full retirement age from 65 to 67 and started to tax benefits based on income levels.


ss has been in the red since 2007...more outgoing than incoming


the trustfund was raided many years ago..only about 10 years left
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Old Today, 02:00 PM
 
30,261 posts, read 16,679,918 times
Reputation: 14041
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!
If you like your SS you can keep your SS, just let those who want out, opt out. Whats your problem with letting people make their own choices with their own money?
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Old Today, 02:01 PM
 
Location: SGV
25,482 posts, read 9,899,293 times
Reputation: 9868
Quote:
Originally Posted by TwoByFour View Post
There's a solution to this: Means testing and raise the age of eligibility.
Or take off the stocking cap and holster your sidearm.

Just a personal preference on my end.
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