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Old 11-11-2018, 01:25 PM
 
2,442 posts, read 2,067,677 times
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Quote:
Originally Posted by GeoffD View Post
Most likely, it’s a typo. I had no problem figuring out what he meant by context.
If it is interest bearing account, why is that a big laugh? I don't think the government stock market investing would be a good idea.
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Old 11-11-2018, 02:07 PM
 
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Quote:
Originally Posted by Perryinva View Post
If both my parents were showing effects of dementia by 80, Iíd be spending the crap out of my nest egg and do the same as Geoff. Heck, I might still do that.....
Iím not spending it yet. Iím on a short term 1099 contract with way too much income in 2018 to touch my IRA/401(k) stuff. When this one ends, Iíll think about it. Itís supposed to run until late March but it could end at any time. Iíd like to be able to bridge to age 70 without having to sell the ski condo or sailboat to trim the cash burn.
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Old 11-11-2018, 02:15 PM
 
13,872 posts, read 7,381,208 times
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Quote:
Originally Posted by jasperhobbs View Post
If it is interest bearing account, why is that a big laugh? I don't think the government stock market investing would be a good idea.
From my perspective, the big laugh is anyone thinking that there is actually a Social Security Trust Fund. That money has already been spent. Itís politically impossible to cut benefits so taxes are going up eventually to pay for it. The program is 75% funded so itís not way off like many other government programs. The payout is massively progressive so it makes no sense to privatize it. The bottom 50% would starve.
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Old 11-11-2018, 02:23 PM
 
2,442 posts, read 2,067,677 times
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Quote:
Originally Posted by GeoffD View Post
From my perspective, the big laugh is anyone thinking that there is actually a Social Security Trust Fund. That money has already been spent. It’s politically impossible to cut benefits so taxes are going up eventually to pay for it. The program is 75% funded so it’s not way off like many other government programs. The payout is massively progressive so it makes no sense to privatize it. The bottom 50% would starve.
Oh I am quite certain there is no cash fund. More like what comes in from taxes goes right out.

Last edited by jasperhobbs; 11-11-2018 at 03:14 PM..
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Old 11-11-2018, 03:13 PM
 
Location: SoCal
3,767 posts, read 2,551,535 times
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I think we should start a lottery system for more immigrants to come here, and they should pay a slightly higher SS tax maybe that would offset some of this.
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Old 11-11-2018, 03:20 PM
 
13,872 posts, read 7,381,208 times
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Quote:
Originally Posted by sean1the1 View Post
I think we should start a lottery system for more immigrants to come here, and they should pay a slightly higher SS tax maybe that would offset some of this.
The math doesnít work. What would likely work better is to make it impossible to work in the grey economy dodging payroll taxes. There are a ton of people working for cash and otherwise gaming the system.
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Old 11-11-2018, 03:27 PM
JRR
 
Location: Middle Tennessee
3,676 posts, read 2,222,849 times
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Social Security better not run out of cash. I applied last month to have my benefits start December 1 with my first check in January.
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Old 11-11-2018, 03:58 PM
 
Location: Portugal
5,916 posts, read 2,883,413 times
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Quote:
Originally Posted by ncguy50 View Post
I usually agree with your posts, but I disagree with you here. Your argument is that technical differences preclude SS from rising to the definition of Ponzi scheme. Tell me, how long would SS last without new participants? Social Security IS structured like a Ponzi scheme and the fact that it is legally mandated does not diminish the similarities between the con and the program people rely on.
Saying it is structured like a ponzi scheme is false, because ponzi schemes promises a return on investment that is fraudulent since there is no actual investment. Throwing every organization that wouldn't last without new participants into the ponzi scheme label would snare all sorts of legit businesses.
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Old 11-11-2018, 04:21 PM
 
Location: Metropolis IL
1,595 posts, read 1,889,414 times
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Quote:
Originally Posted by eliza61nyc View Post
I don't think SS "saves" anyone. Even when my parents collected, living on SS has never been champagne and caviar.

Wasn't it simply designed to keep you out of eating from a trash can? and only that? somewhere along the line people starting thinking it was supposed to be some thing to live out "golden years".

Whats the maximum amount you can get now? 30K a year? that is not what I would call living la vida loca or even living vida.

the point should be driven home for everyone at any age.
For your locale, and the minimum acceptable lifestyle for you, family, and people you know, you're likely correct. For the population of retirees as a whole, you're incorrect.
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Old 11-11-2018, 04:48 PM
 
Location: Grove City, Ohio
10,128 posts, read 12,373,396 times
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Quote:
Originally Posted by NewbieHere View Post
About $40k for maximum now. Plus as part of a couple, it could be more. If you donít have mortgage, itís doable to live a decent life on SS. Itís be like $70K for my household in todayís dollar. Not luxury budget, but not cat food eating category either.
I waited until just short of my 70th birthday to collect and together my wife and I receive combined ss income of $48k and if which will dwindle to $36k for the survivor. Living in an Ohio metro area we find it extremely comfortable as long as no mortgage or debt. Remember SS is exempt from state and federal taxes for most of us. Not all of us but most of us.

And social security will never run out and it is not a Ponzi scheme because, unlike a Ponzi scheme, the government will never run out of money.
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