USAtoday: Social Security will never run out of cash (pensions, physically, retiree)
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This Ponzi scam needs to end. Shut it down and give the stolen funds back to the victims.
Also give back all the money spent on life insurance since you did not die , all the money spent on health insurance since you weren’t sick, all the money spent on fire insurance , etc .
All work with future premiums paying for claims. Ss is insurance .
No money was stolen by the govt . That is a political myth. What was really taken were all the billions in Ssdi paid out that were undeserving
So according to your definition every annuity or insurances are ponzi
schemes since they are user funded and use current payments to meet obligations.
The definition of a Ponzi scheme is where big profits are promised from investing in goods or services but actually come from luring in new investors and not the investments .
That is not social security
thank you. I oculdn't rep you anymore. I hate that "ponzi" crap that gets thrown around.
I think Social Security saves a LOT of people. While the estimated average amount of Social Security received per month is $1404 for 'all retired workers' in 2018, some people receive $1800 or $2000 or $2400 (or more).
Especially in low cost of living areas, Social Security makes a large difference. It's just that fewer people who fall into that category post in this Retirement Forum or fewer talk about falling into the category where it makes a large difference to them in those terms.
(The maximum monthly Social Security benefit payment for a person retiring in 2018 at full retirement age is $2,788 or $33,456 per year. However, the maximum allowable benefit amount is only payable to those who had the maximum taxable earnings for at least 35 working years.) https://www.investopedia.com/ask/ans...nt-benefit.asp
And as quoted in the thread called 'Poor senior citizens' "21% of married Social Security recipients and 43% of single recipients aged 65+ depend on Social Security for 90% or more of their income." (Social Security Administration [SSA], 2016) https://www.ncoa.org/news/resources-...ecurity-facts/
One can read that Social Security saves a lot of people in many articles and interviews.
ok I should have said "designed" to save a lot of folks
and you are right but sorry I do not think being a "poor senior citizen" was the goal. at least its not mine
In a world where people live longer by staying young longer AND healthier than ever before, I would agree. But today’s average 70 year old is no better equipped to continue a full time job than the 70 year olds from 20 or 50 years ago. The increase in average life span is in large part due to reductions in early death, not a general increase in the health of the elderly.
In addition, many people who lose their position after 55 or 60, due to no fault of their own, are simply unable to find comparable employment due to age discrimination, along with employers demanding a laundry list of bloated and unnecessary requirements that these older candidates are currently unable to fill and too old to be economically re-educated in.
When a 60 year-old middle manager at Sears Holdings is let go, she is very unlikely to find a position paying a living wage in her, or really any, field. What is she supposed to do to survive until she is 70, or whatever age you have in mind?
Yeah, the raise the age argument is a smoke screen for lower the benefits. When they raise it, it has very little impact on average age of retirement but has significant impact on average monthly payout. And the people who have the least lose the most percentage wise because they have little to no other sources of income for retirement and have to take it when they can no longer work due to health or job loss.
Some 80s something in my bridge club still ski, they often brag about the discount seniors get in Utah. But they are Swiss, very independent, reasonably healthy.
Yeah, especially at Deer Valley.
For people aged 18-64, a season pass is $2766.00
For people aged 65-71, a season pass is only $1360.00
I'm not sure what is for the 72+ crowd.
I'm focusing on skiing 1.5 Million vertical feet this coming winter.
$30,000 a year in Social Security benefits sounds like a dream to younger to middle aged people, especially when many are thinking the Social Security they are now contributing will be drained. And that is the demographic that doesn't have the representation looking out for them to make sure they aren't taken advantage of.
If you were a big enough earner to get $2500/month in your SS check, you probably have other resources, like a paid for house and/or investments. The people who really get saved by SS get less than $1,000/month from SS and have no substantial savings. They have to lean heavily on other parts of the social safety net, like food stamps, housing assistance, and Medicaid.
SS will never be "drained," but benefits will need to be reduced by about 30% if other funding is not provided. I believe the system is currently back in the black, thanks to the massive Republican tax stimulus package and full employment. After the trust fund is paid back, benefits might have to fluctuate during periods of high unemployment, which would make planning difficult for seniors.
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