Will Millennials Get Social Security? (conversation, benefits, university, tax)

[Inquiringmind33]

I don’t expect S.S. To be around, and even if the the government were to create a surplus number in S.S. Bank, I’m sure some government employee would rob it to pay for something else, like they always do.

Only way out of this mess for everyone and their children is to become financially responsible. Live within your means. Only purchase needs and not wants. That $1,000.00 iPhone is not needed. That new car with a 7 year loan is not a need. There’s ways to do it but people need to hold themselves accountable.

What we don’t need is people to vote to steal from others life’s savings or vote away our children’s financial security by taxation.

A little Financial responsibility can compound into a nice savings one day!

-typed from a iPhone 4s.

[Mircea]

Originally Posted by Inquiringmind33

I don’t expect S.S. To be around, and even if the the government were to create a surplus number in S.S. Bank, I’m sure some government employee would rob it to pay for something else, like they always do.

It's sad really that so many people are so incredibly ignorant of how Social Security actually works.

Nobody ever robbed anyone of anything. Ever.

You don't have to rely on 3rd Party web-sites, you can go to SSA's web-site and learn everything you need to know, so why don't you do that?

Originally Posted by North Beach Person

Your first sentence seems to be either forgotten, ignored or unknown. The rate increase was coupled with the gradual raising of FRA.

There was never a gradual increase in FRA.

There was one and only one change in the law, and that was in 1983 which reset the FRA for age cohorts. It won't be raised any higher, because that would create perennial 8%-10% unemployment in the US.

So, if they got stupid and raised it to age 70, three years later they would lower it back to 67 years, because SUTA and FUTA cost far more than Social Security.

The FICA payroll tax was increased 21 times over 52 years, averaging once every 2.5 years.

It has now gone 28 years without an increase, because the last increase was in 1990.

Originally Posted by ComeCloser

This is horse puckey. There is no need to do anything different, unless of course, the millennials are a bunch of bums, and then yeah - ya'll need to change that lol. Otherwise, don't let the 'experts' hood-wink you.

Um, the reason the program is insolvent is because you're short 11 Million workers, and because you haven't increased the FICA tax in 28 years.

To fix Social Security, you need drop the number of unemployed people from 6 Million to ZERO tomorrow, and then the next day, you need to send the Army and Marines to foreign countries and kidnap 5 Million more people, bring them back to the US, and have them start work immediately.

And then you have to have ZERO people unemployed for the next 40 years, and you have to create a minimum of 5 Million jobs every year for the next 40 years, and then it won't be insolvent.

Since that's not going to happen, it'll be just easier to raise the FICA payroll tax.

Originally Posted by PamelaIamela

Nah!
Expenditures have little to do with tax receipts.
We'll fund it the old-fashioned way - the FED will create money for the Treasury to write checks.

See how easy that was?

Not unless Congress authorizes it.

The laws are quite clear, and there is absolutely no mechanism to make up for the short-falls.

Social Security does not collect the same amount of money each month.

Social Security collected $75 Billion in April 2018, but only $51 Billion in October 2018. Social Security collected $186 Billion in the 1st Quarter, $192 Billion in the 2nd Quarter and $175 Billion in the 3rd Quarter.

The percent change between $75 Billion and $51 Billion is 47%.

If benefits are reduced by 27% dependent on a base amount of $68 Billion, and if your monthly benefit is $2,200 then when Social Security collects $68 Billion in a month, you'll get $1,606 for that month, and that month alone and for no other month, unless Social Security collects at least $68 Billion in those other months.

In those months where Social Security might collect more than $68 Billion, then your monthly benefit will be higher than $1,606 but never the full 100%.

In those months where Social Security collects less than $68 Billion, your monthly benefit will be less than $1,606.

The point being you'll never know exactly how much you'll get each month until Social Security actually makes the deposit into your account.

Good luck budgeting with that.

Unless both the House and Senate enact legislation signed by the President to pay monies out of the General Fund to cover the short-falls, the Federal Reserve is going to be doing nothing very slowly.

It's unlikely Congress will do that. They'll do what they did in 1983, which is wait until the last second, raise the FICA payroll tax and then allocate one lump sum to cover short-falls until the FICA revenues can pay for it.

[mathjak107]

that is my feeling . in the 11th hour there will be legislation to refill , more spousal changes , fica increases and perhaps wording changed so fra will be considered 70 . 62 and what is fra now will be called early retirement . the semantic change may get more to delay taking some pressure off the system .

the spousal rules as they are and ssdi are draining a lot of ss retirement money as both could use modern day revisions . spousal is far to generous today and ssdi is riddled with abuse and fraud .

[pittsflyer]

Originally Posted by MichiganGreg

Why 'cut it off' and screw over anyone? That sounds like a typical political solution, and not one that would work. Self-funding DOES NOT WORK when 50% of America struggles to make ends meet.

Seems a better way would be to introduce methods to phase different generations out of the systems into better, more fiscally responsible ones. If we ever get some adults involved, it would require a massive effort to design newer, better planned mechanisms to allow younger generations to invest or save in, while allowing older generations to transition-out of the current systems. Those already vested in the system stay, those halfway into retirement can phase over to the new systems with growing benefits while phasing out of the existing system with phase-reduced benefits. Easy? Hell No. It would take years of serious planning by new agencies to do. It would require non-partisan input from some serious financial wizards representing different industries, but the result would afford some national financial stability instead of just lobbing a grenade into SS. Considering what is at stake here, spending a billion or two over a few years to set it up would save literally trillions in the long run.

America put a man on the moon in less than ten years when it actually became a priority, and we didn't have any of the technology in place before we started. Plus, it was ALL unknowns:we did not fathom what the challenges would be. Of course, that was in the day when America was The United States, and anything was possible- not like today.

The nasa days are over, we are in full blown unfettered capitalism.

[markg91359]

Originally Posted by Inquiringmind33

I don’t expect S.S. To be around, and even if the the government were to create a surplus number in S.S. Bank, I’m sure some government employee would rob it to pay for something else, like they always do.

Only way out of this mess for everyone and their children is to become financially responsible. Live within your means. Only purchase needs and not wants. That $1,000.00 iPhone is not needed. That new car with a 7 year loan is not a need. There’s ways to do it but people need to hold themselves accountable.

What we don’t need is people to vote to steal from others life’s savings or vote away our children’s financial security by taxation.

A little Financial responsibility can compound into a nice savings one day!

-typed from a iPhone 4s.

i hate to say this, but you really haven't learned anything reading all these posts.

[Mircea]

Originally Posted by mathjak107

the spousal rules as they are and ssdi are draining a lot of ss retirement money as both could use modern day revisions . spousal is far to generous today and ssdi is riddled with abuse and fraud .

I'm not seeing where spousal benefits are too generous.

Perhaps you could elaborate on that.

Although I wouldn't disagree that fraud and abuse exist, the amount is insignificant. Granted, every penny counts, but eliminating the fraud and abuse is not going to save Social Security.

All of the disabled are classified into three categories: Improvement Expected, Improvement Possible and Improvement Not Expected.

Someone with a spinal chord injury is classified as Improvement Not Expected, but even so, their case is automatically reviewed every 5 to 7 years to determine if they should continue receiving benefits.

Where you have Improvement Expected, their case is reviewed every 6 to 18 months. It's 3 years for all others.

The number of people receiving OADI benefits actually decreased by more than 1 Million from 12 Million to 11 Million in 2016.

About 3.5 Million of the 10.1 Million on Disability have mental disorders. Of those, 1.5 Million have "Mood Disorders" and the rest are autistic, mentally disabled, have congenital brain defects, head injuries, or are schizophrenic.

Social Security doesn't require the 1.5 Million with "Mood Disorders" to be involved in any treatment program, but they should. They should be required to attend weekly treatment sessions, and if they fail to do so, they need to be terminated.

Originally Posted by pittsflyer

The nasa days are over, we are in full blown unfettered capitalism.

That has absolutely nothing to do with Social Security.

[mathjak107]

most women work today unlike generations ago .having children and staying home not working is a personal choice .. singles with or without kids kids don't get to dip in to someone else's work record and neither should married . at least married there is another person bringing in a pay check .

my opinion is it is unfair to singles .we all should eat what we kill today and get what our own records give us good or bad it is what it is . .

there is no way one work record should support multiple spouses , either . unless like a pension , if you want it to go to multiple spouses then you get less of a payment .

[Serious Conversation]

Originally Posted by mathjak107

that is my feeling . in the 11th hour there will be legislation to refill , more spousal changes , fica increases and perhaps wording changed so fra will be considered 70 . 62 and what is fra now will be called early retirement . the semantic change may get more to delay taking some pressure off the system .

the spousal rules as they are and ssdi are draining a lot of ss retirement money as both could use modern day revisions . spousal is far to generous today and ssdi is riddled with abuse and fraud .

I'm sure we will get political deals done at the last minute that don't address real problems and just throw band-aids over everything.

[TheEmissary]

Soylent Green ...yum yum!

At least your food bill may go down, as your SS check gets lower!


https://www.youtube.com/watch?v=9IKVj4l5GU4

[mathjak107]

ss already got rid of restricted application , file and suspend and the ability to pay back years of ss and refile .

the public was not very informed on any of the above for a long long time . it was only after a media blitz that is was becoming known and used . up until the final years of it , only 8% of filers took advantage .

the nicest perk was the ability to collect for years , pay it back and refile .

in the year you paid it back you could take an income deduction . normally that deduction died on the vine . but some smart people realized you could use it for a tax free roth conversion . so it was killed off