U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-16-2018, 06:33 AM
 
Location: Northern VA
512 posts, read 633,436 times
Reputation: 621

Advertisements

https://www.fedsmith.com/2018/09/09/...cial-security/

Saving Social Security comes down to two choices. We can cut the benefits of those who have already paid an enormous price to fix Social Security once, or we can ask workers who donít believe that they will ever get paid to contribute more.

Authorís note: Readers are going to ask about increasing the cap on taxable wages. I suspect that some change in the tax base is unavoidable, but (1) Eliminating the cap doesnít fix the problem. It does not even officially kick the can anymore. (2) The policy introduces structural changes to the program which will over time crash the program. This solution appeals to the people who wish to throw other peopleís money at the problem. I am happy to take questions in the comments.
Reply With Quote Quick reply to this message

 
Old 11-16-2018, 06:49 AM
 
71,721 posts, read 71,829,507 times
Reputation: 49288
this has been discussed more times here then i think anyone wants to rehash again .
Reply With Quote Quick reply to this message
 
Old 11-16-2018, 07:24 AM
 
2,446 posts, read 2,075,019 times
Reputation: 5701
Quote:
Originally Posted by djplourd View Post
https://www.fedsmith.com/2018/09/09/...cial-security/

Saving Social Security comes down to two choices. We can cut the benefits of those who have already paid an enormous price to fix Social Security once, or we can ask workers who donít believe that they will ever get paid to contribute more.

Authorís note: Readers are going to ask about increasing the cap on taxable wages. I suspect that some change in the tax base is unavoidable, but (1) Eliminating the cap doesnít fix the problem. It does not even officially kick the can anymore. (2) The policy introduces structural changes to the program which will over time crash the program. This solution appeals to the people who wish to throw other peopleís money at the problem. I am happy to take questions in the comments.
My advice is save like you will not be getting it.
Reply With Quote Quick reply to this message
 
Old 11-16-2018, 08:38 AM
 
Location: Minnesota
560 posts, read 140,544 times
Reputation: 1672
To be perfectly honest I'm looking at it as something that would be nice but I'm not betting the farm on it and I'm 49. I'd really like to see it just go away and everyone has the option to take those monies and put it into something self funded but the problem is where do you cut it off? Which generation do you screw over?
Reply With Quote Quick reply to this message
 
Old 11-16-2018, 08:42 AM
 
Location: Wasilla, AK
7,267 posts, read 4,154,513 times
Reputation: 15718
Most retirees are going to be more concerned about getting theirs. They're not really concerned about what millennials will be getting long after they're gone.
Reply With Quote Quick reply to this message
 
Old 11-16-2018, 09:05 AM
 
2,446 posts, read 2,075,019 times
Reputation: 5701
Quote:
Originally Posted by jmcahacker View Post
To be perfectly honest I'm looking at it as something that would be nice but I'm not betting the farm on it and I'm 49. I'd really like to see it just go away and everyone has the option to take those monies and put it into something self funded but the problem is where do you cut it off? Which generation do you screw over?
Senator Paul Ryan had a proposal if you were 55 or older you had nothing to worry about. That proposal was popular LOL.
Reply With Quote Quick reply to this message
 
Old 11-16-2018, 11:18 AM
 
1,137 posts, read 571,069 times
Reputation: 4370
Quote:
Originally Posted by jmcahacker View Post
To be perfectly honest I'm looking at it as something that would be nice but I'm not betting the farm on it and I'm 49. I'd really like to see it just go away and everyone has the option to take those monies and put it into something self funded but the problem is where do you cut it off? Which generation do you screw over?
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.
Reply With Quote Quick reply to this message
 
Old 11-16-2018, 12:53 PM
 
Location: Omaha, Nebraska
7,323 posts, read 4,169,633 times
Reputation: 18377
I'm sure the Millennials will be receiving something when it's their turn to retire. How much, though, we can't say, for two reasons: the Millennials are a big demographic cohort, and we don't know how large the subsequent generations will be when the Millennials retire, and we don't know what the relative wealth of the US will be at that time.

No one, of any age, should be counting on Social Security to fully fund their retirement. Best to just treat it as an extra.
Reply With Quote Quick reply to this message
 
Old 11-16-2018, 01:09 PM
 
8,866 posts, read 5,143,460 times
Reputation: 10144
Quote:
Originally Posted by MichiganGreg View Post
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.
People have the option to invest now; most pass.
Reply With Quote Quick reply to this message
 
Old 11-16-2018, 01:09 PM
 
Location: Tennessee
23,614 posts, read 17,598,460 times
Reputation: 27693
It'll probably still be around in some form, probably at a later age and with reduced benefits compared to what people are used to now.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top