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Old 01-08-2016, 06:21 PM
 
2,294 posts, read 1,561,151 times
Reputation: 2737

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Quote:
Originally Posted by freemkt View Post
I didn't save on the logic that there's nothing left to save on $8 per hour when you have no benefits and student loans to repay.
Unless there is something we don't know, you didnt save because you decided not to get a decent job...move to Sioux Falls...they are everywhere...as is cheap housing and high quality of life. What's your excuse this time ??

There's basically zero uemployment. You probably wouldn't be able to post all day long on Internet forums though. There's your excuse!!
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Old 01-08-2016, 06:53 PM
 
13,912 posts, read 7,405,593 times
Reputation: 25396
Quote:
Originally Posted by bpollen View Post
Nonsense. First, Social Security is solvent currently, and will remain so for the next 10 or so years. It is paid for. After then, it will still be able to pay benefits. All that will happen at that time is that the output will start exceeding the input. Doesn't mean it's out of money or insolvent.

This situation will be corrected in one or two ways:

1. It will correct itself in the next generation, when the younger people, who are not many in number, start retiring, and their benefits are paid by the new workers, much larger in number.

2. SS will be tweaked again, as it has been tweaked in the past.

It is Medicare that is in trouble. Not Social Security.

People have worked and contributed to Social Security. It is not welfare.

I'm tired of hearing people complain about the program. It was created because there was a need for it, since many of our seniors were suffering in dire poverty after working a lifetime. Social Security has been successful and alleviated that suffering to a large degree. If only other govt programs were as successful.
Actually, Social Security is now cash flow negative. "Solvent" is bookkeeping nonsense since the money is already spent. To pay the benefits, Federal income tax money needs to be spent instead of spending it elsewhere. In the medium term, revenue from payroll taxes is about 30% short. Since there's no way politically to cut benefits, payroll taxes are going up. I think it's going to be a mix of a gradual broad based payroll tax hike combined with gradually nudging up the income cap and exclusion of unearned income and capital gains.
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Old 01-08-2016, 10:33 PM
 
33,046 posts, read 22,057,675 times
Reputation: 8970
Quote:
Originally Posted by TuborgP View Post
Their analysis of the data as presented in the multiple articles they publish on the topic. If we have a conservative WH, Senate and House it will become the mainstream thrust of policy in all probability.

So what would they say to people living on ONLY SS under $1000? The 'retirement crisis' is all in your head?
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Old 01-08-2016, 10:38 PM
 
Location: Living rent free in your head
31,065 posts, read 13,591,379 times
Reputation: 22129
Quote:
Originally Posted by freemkt View Post
So what would they say to people living on ONLY SS under $1000? The 'retirement crisis' is all in your head?
No, I think it would go like this: "suck it up dummy, you made bad choices you have no one to blame but yourself, maybe you can find a private charity to get some food when you run out"
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Old 01-08-2016, 11:42 PM
 
Location: Wasilla, AK
7,254 posts, read 4,139,840 times
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Quote:
Originally Posted by freemkt View Post
So what would they say to people living on ONLY SS under $1000? The 'retirement crisis' is all in your head?

There really isn't a whole lot to say. If you find yourself in retirement with less than $1000 in SS as your only income it's pretty obvious that you didn't plan very well.
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Old 01-08-2016, 11:53 PM
 
Location: Living rent free in your head
31,065 posts, read 13,591,379 times
Reputation: 22129
Quote:
Originally Posted by AlaskaErik View Post
There really isn't a whole lot to say. If you find yourself in retirement with less than $1000 in SS as your only income it's pretty obvious that you didn't plan very well.
Or maybe they were like my great aunt who died last year at 103 after having lived for 40 years on her husband's SS and a small pension which amounted to a total of $800 a month. Shame on her for not planning better.
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Old 01-09-2016, 12:01 AM
 
2,294 posts, read 1,561,151 times
Reputation: 2737
Quote:
Originally Posted by 2sleepy View Post
Or maybe they were like my great aunt who died last year at 103 after having lived for 40 years on her husband's SS and a small pension which amounted to a total of $800 a month. Shame on her for not planning better.
Well, no worries "THE GUBMNT" is supposed to take care of every last need.
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Old 01-09-2016, 03:51 AM
 
71,584 posts, read 71,730,589 times
Reputation: 49179
Quote:
Originally Posted by freemkt View Post
So what would they say to people living on ONLY SS under $1000? The 'retirement crisis' is all in your head?
you say rest in peace as they committed financial suicide ,whether intentional or non intentional . they are the financially dead .
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Old 01-09-2016, 07:28 AM
 
39,260 posts, read 20,360,961 times
Reputation: 12751
Quote:
Originally Posted by freemkt View Post
So what would they say to people living on ONLY SS under $1000? The 'retirement crisis' is all in your head?
You qualify for Medicaid. I pay over $800 a month for that benefit. = $1,800.00. The tax payer pays your bill if you go to a nursing home while they will be forced to spend down to poverty. Some of us, even though we pay your bill will never qualify for assistance due to income limits. I believe the current income limit is $2,500 a month.

There is a big push to transition people from the nursing home into the community (home), you'll qualify for rental assistance ($800), home modifications ($Thousands) and nursing home care plus ($thousands a month), food. Medicaid will follow you home, no medical bills or free medications. A lot of benefits that people like me paying your bill will have to pay for out of our own pocket.

The middle class will not qualify for a lot of help that you'll get, they are heading for a train wreck and don't know it, but they pay to make sure you will be taken care of. YOU will actually do much better than people who worked and paid taxes and who's kids are paying your bill instead of keeping that money to help their own.

And you and people like you are complaining???? Maybe you should be thanking the taxpayer?

Last edited by petch751; 01-09-2016 at 07:52 AM..
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Old 01-09-2016, 07:38 AM
 
Location: R.I.
978 posts, read 605,665 times
Reputation: 4242
Quote:
Originally Posted by freemkt View Post
I didn't save on the logic that there's nothing left to save on $8 per hour when you have no benefits and student loans to repay.
When I got married in 1986 both my husband and myself made $8.00/hr. We had prior to marriage paid off our college debt working any job we could get during college which included my husband one summer digging graves at the local cemetery, and me working as a lifeguard and as a nurse's aide in a nursing home. Granted $8.00/hr went further back then, but with the mortgage interest rates in the late 80s being around 12% it was mighty difficult to buy a home unless you had a big down payment. My husband and I sacrificed having a big wedding and took a cash gift from our parents instead because we very much wanted to own our own home. After our honeymoon which was a few days on Cape Cod we worked like crazy fools for the next 4 years grabbing every overtime hour we could get to save for a home down payment. In 1989 we had enough money to buy a piece of land and a year later began construction on our home. After a year of paying a construction mortgage of 11% we were able to convert to a conventional mortgage at 9%. In the course of 8 years my husband was in and out of work as he worked in retail and the establishments he worked for kept closing, but due to a major nursing shortage my income increased which helped make up the difference from my husband's periodic lost wages. In the course of 8 years we refinanced our home every time the mortgage interest rates drop 1.5 points or greater which was 3 times, and with making extra payments which meant no vacations, eating out = pizza, as well as our tax refund going towards extra payments we paid off our home. This was a blessing in disguise because my husband ended up passing away in 2001 at the age of 49, and without a mortgage I was able to keep and maintain my home on my income alone.

Even though I have earned a very good salary for the last several years I continue to be a frugal spender because what I pay in combined Federal, State, and property taxes is a bit higher than your annual salary. With heavily saving for retirement combined with paying my household expenses, what is left does not fund a very extravagant lifestyle. I have no problem paying the amount of taxes I do, and as for someone who never had children, I look up an down my street a feel a sense of pride that I financially contributed to all my neighbor's children's education that now are in college pursuing careers as doctors, engineers, nurses, teachers, military, electricians as well as enhance the lives of the two children across the street that have MD and will never be able to work. What I have a real issue with is my tax dollars funding those with abled bodies and minds through lack of initiative and or a history of chronic poor choices expecting my tax dollars to fund a lifestyle and retirement identical to mine without they having invested any of the same sacrifices that I did.
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