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You don't need to visit the future, you need to visit the past. At no time, not once has there been any changes to the SS benefits seniors receive currently when any changes have been made. All changes 100 percent of the time are made to future benefits usually at least 5 years out to people not currently receiving anything. Also, politicians and especially Congressmen know to do otherwise puts seniors in jeopardy and it's suicide for any Congressman to do otherwise.
Use history and common sense.
The past shows that benefits can be cut by cutting COL increases by redefining COL to support that, or by raising the cost of Medicare such that there is no increase when a COL is given. They could also declare that there will be no more COL increases at all, which, with inflation, would erode benefits for current recipients over time.
Last edited by Windwalker2; 12-09-2017 at 10:48 AM..
The stock market keeps going up, the rich get richer (just look at the Khardashians) been going on awhile and I see no real increase in jobs. I don't expect that to change.
My question is - what will you do when it doesnt? Will you even be able to admit it to yourself? And if so, what will you do?
Do you know anything about my situation and retirement finances? Other than illness, if we get hit there is a world of hurt on this country and the vast overwhelming majority of retiree's. My RMD's starting next year will be reinvested. My SS is being invested. Obviously our pensions and SS are enough to get by on without our portfolio's. We can use our investments to fund a COLA etc. We have LTCi. What do I need to admit? What do you think I am going to do and what is creating that outcome?
My prediction is that SS is going to be greatly reduced for people in their 60's unless they have a verifiable and permanent disability. And then payment levels would return to "normal" sometime in their mid 70's. SS was not designed to support people for three decades.
Something has to be done. SS, as currently structured, is unsustainable in the long term. Perhaps money can be shifted from other expenses. Maybe defense, I don't know. I do know that politicians on either side of the aisle have kicked this can down the road for far too long. It should have been addressed when beneficiaries started to outnumber contributors.
Imagine if we could only get out of SS what we put in it during our working lives. How would that affect our behavior in the 40+ year path to retirement? Would we demand a market investment vehicle for a portion? Would we ask for government bonds for a portion? The truth of the matter is that even though SS, Medicare, etc are called "entitlements", as soon as they take that money from your check, it is no longer yours, and you aren't really entitled to squat. Think I'm wrong? If the USG lowers SS benefits, try to sue them for the difference on the legal grounds that you're entitled to what you were promised.
My prediction is that SS is going to be greatly reduced for people in their 60's unless they have a verifiable and permanent disability. And then payment levels would return to "normal" sometime in their mid 70's. SS was not designed to support people for three decades.
Something has to be done. SS, as currently structured, is unsustainable in the long term. Perhaps money can be shifted from other expenses. Maybe defense, I don't know. I do know that politicians on either side of the aisle have kicked this can down the road for far too long. It should have been addressed when beneficiaries started to outnumber contributors.
Imagine if we could only get out of SS what we put in it during our working lives. How would that affect our behavior in the 40+ year path to retirement? Would we demand a market investment vehicle for a portion? Would we ask for government bonds for a portion? The truth of the matter is that even though SS, Medicare, etc are called "entitlements", as soon as they take that money from your check, it is no longer yours, and you aren't really entitled to squat. Think I'm wrong? If the USG lowers SS benefits, try to sue them for the difference on the legal grounds that you're entitled to what you were promised.
Scary, eh?
Food for thought.
The only reason SS "as currently structured" is unsustainable is that the GOP has decided that they are going to deadbeat the American people and not pay back the treasury debt that constitutes the so-called "trust fund" that was set up in the early 1980s specifically to deal with the problem of baby boomer retirement. That's treasury bonds sitting in there, and the GOP has no intention of making good on them. THAT is the reason it's "unsustainable as currently structured." Make good on the money that was borrowed to pay for tax cuts and war and there is no problem.
Do you know anything about my situation and retirement finances? Other than illness, if we get hit there is a world of hurt on this country and the vast overwhelming majority of retiree's. My RMD's starting next year will be reinvested. My SS is being invested. Obviously our pensions and SS are enough to get by on without our portfolio's. We can use our investments to fund a COLA etc. We have LTCi. What do I need to admit? What do you think I am going to do and what is creating that outcome?
That isn't what I'm talking about. Will you admit that the tax plan didn't work? Will you admit the Republican party is corrupt? Will you vote for a best candidate vs. anything with an R in front of it?
That isn't what I'm talking about. Will you admit that the tax plan didn't work? Will you admit the Republican party is corrupt? Will you vote for a best candidate vs. anything with an R in front of it?
Where are you coming from? You have seriously misread my politics, big time. Just because I can calmly discuss a position I may not agree with and present it to someone doesn't mean I embrace it. I have a knack for keeping my panties unbunched. As far as the tax plan not working may I without taking political sides remind you it hasn't even been passed yet so any verdict on eventual outcome is pre-mature. It will it appears do what a lot of Republicans want. So whether you or I like it that may become the path forward that we will have to deal with.
I might add that having been involved in Political Science since my high school years and had it as my under graduate major I have been preparing. That along with having a large number of Econ courses and experiences and having taught it at one time I have spent decades preparing.
Having read Ayn Rand and done a comparative research paper on her philosophy and 19th century English Socialism, I have been preparing a long time.
Having followed the Libertarian leanings of a large number of currently elected government officials and many of their financial donors, I have been preparing!
It could have happened with Jack Kemp. Had Jack Kemp been elected vice president and perhaps eventually president this discussion might now be history and reality.
All you need to have done is read the details and known that Paul Ryan as a collegiate intellectual was a Ayn Rand disciple. He now claims he has modified (sorta funny).
Let me try to explain it this way. Assuming you are a child of the sixties or there about.
Quote:
“You don't need a weatherman to know which way the wind blows.”
It is a reality of the topic and your question which is a good one. It is bringing things to the surface that should have been discussed 14 months ago. It is the future outcome for seniors in America. It is a complex answer to a simple question but one that in my mind islegitimate discussion.
I know it wasn't what you planned on and as is so often in the forum answered by folks with multiple levels of different thoughts.
The tax plan is one step in a process that includes as a follow up SS, Medicare and Medicaid along with the size and scope of government spending. I could have profound impact on seniors at all three government levels.
You don't have to vote to eliminate a program to get rid of it. You can starve it from cash to be able to function. Hmmm collapse on its own. Hold back money, send it back to the states, eliminate the state and local tax deduction.
I volunteer as a poll worker. Indeed all absentee votes are counted.
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