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Old 06-10-2019, 04:48 PM
 
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Turns out the oft voiced theory that baby boomers are taking and will get the most out of social security isn't true after all.


That distinction goes to another cohort; those who lived through the Great Depression and benefitted from when social security was first begun. Boomers (those born between 1946 and 1964) as a cohort on average OTOH will have paid more into the system than they will receive in benefits.




Other issues with SS are tied to problems created not long after the scheme was created. In 1939 benefits were added for spouses and surviving minor children. This meant some retirees received far more in benefits than previously would have (when SS only covered the one worker), but also created stress on the pay-as-you-go system since funds that otherwise would have been used to expand the trust fund instead were directed to paying those benefits.


https://www.cnbc.com/2019/06/10/its-...-security.html
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Old 06-10-2019, 05:17 PM
 
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Growth in Ssdi is what is crushing ss retirement.. abuse ,and the fact it has become the new unemployment insurance has had Ssdi go broke ..ss retirement had to divert billions to it
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Old 06-10-2019, 05:23 PM
 
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Originally Posted by mathjak107 View Post
Growth in Ssdi is what is crushing ss retirement.. abuse ,and the fact it has become the new unemployment insurance has had Ssdi go broke ..ss retirement had to divert billions to it
There was no "had" about it; but rather as what is usual for Congress the SS trust fund was seen as a convenient piggy bank to raid that not even Obama could refuse. Only other option was direct funding from the treasury but that is taking more taxpayer money and giving it to SSDI fund.
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Old 06-10-2019, 05:27 PM
 
Location: east TN
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Quote:
Originally Posted by BugsyPal View Post
That distinction goes to another cohort; those who lived through the Great Depression and benefitted from when social security was first begun.



I know Ida Mae Fuller made out like a bandit. First person to collect a check, she paid in something like $22, and collected around $25,000 over the course of her retirement.
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Old 06-10-2019, 05:32 PM
 
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Originally Posted by BugsyPal View Post
There was no "had" about it; but rather as what is usual for Congress the SS trust fund was seen as a convenient piggy bank to raid that not even Obama could refuse. Only other option was direct funding from the treasury but that is taking more taxpayer money and giving it to SSDI fund.
Congress never took a penny from ss ..that is a political myth ....

ss was never in the general funds , it is prohibited by law .it can only be used to fund ss retirement,ssdi and ss survivor benefits. Any excess can only buy treasuries which have never defaulted . Johnson did an accounting slight of hand by combining on paper only, the excess ss funds with the general funds to make the deficit appear smaller but those ss funds were never in general funds .
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Old 06-10-2019, 05:46 PM
 
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It was a Ponzi scheme from the start. The first beneficiary was Miss Ida Mae Fuller. She started collecting in 1940 at the age of 65, having worked for 3 years under the program. She lived to age 100 and collected $22,888.92 in benefits on contributions of $24.75. Her first monthly check was $22.54 so you can see that someone with a similar record could easily get WAY more out of the system than they paid in even if they lived only a few years after retirement.

(I see someone else mentioned her, too. That's what happens when you start dinner in the middle of composing a post.)

I agree with mathjak on SSDI, though. There are apparently small towns where a majority of the adult population is on disability. Much is legitimate, especially in factory towns where people just wore their bodies out early. Much could have been prevented through healthier lifestyles and better management of conditions such as diabetes and high BP. And then there are all the cases of opioid addiction, Big Pharma's gift to us.

Back when I was working on pricing black lung coverage, a colleague observed that coal miners would work even with symptoms- but when the mines closed there would be a rush of black lung claims. Same with disability, as mathjak noted- people may want to work but if there's no work they file for SSDI.
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Old 06-10-2019, 05:46 PM
 
Location: on the wind
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Quote:
Originally Posted by BugsyPal View Post
There was no "had" about it; but rather as what is usual for Congress the SS trust fund was seen as a convenient piggy bank to raid that not even Obama could refuse.
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Old 06-10-2019, 05:50 PM
 
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Originally Posted by athena53 View Post
It was a Ponzi scheme from the start. The first beneficiary was Miss Ida Mae Fuller. She started collecting in 1940 at the age of 65, having worked for 3 years under the program. She lived to age 100 and collected $22,888.92 in benefits on contributions of $24.75. Her first monthly check was $22.54 so you can see that someone with a similar record could easily get WAY more out of the system than they paid in even if they lived only a few years after retirement.

I agree with mathjak on SSDI, though. There are apparently small towns where a majority of the adult population is on disability. Much is legitimate, especially in factory towns where people just wore their bodies out early. Much could have been prevented through healthier lifestyles and better management of conditions such as diabetes and high BP. And then there are all the cases of opioid addiction, Big Pharma's gift to us.

Back when I was working on pricing black lung coverage, a colleague observed that coal miners would work even with symptoms- but when the mines closed there would be a rush of black lung claims. Same with disability, as mathjak noted- people may want to work but if there's no work they file for SSDI.
One man ,Eric conn was responsible for pushing through a half billion in already rejected Ssdi claims in conjunction with a crooked judge and doctor ..

I suggest you look up the definition of a ponzi scheme ... ss certainly is no ponzi scheme . It is no different then any annuity or insurance policy that counts on premiums to pay out future claims ..that is just nonsense... ss does not promise you false big returns nor is it an investment, nor does it claim the money is going in to something it is not..just by definition it can’t be a Ponzi scheme .....that is how annuities and insurance just work

As far as ida , that is how insurance works ..you can pay one life insurance premium and die and your beneficiaries can collect millions ...ss is an insurance program ....

Last edited by mathjak107; 06-10-2019 at 06:01 PM..
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Old 06-10-2019, 06:17 PM
 
Location: east TN
265 posts, read 73,428 times
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Quote:
Originally Posted by athena53 View Post
It was a Ponzi scheme from the start. The first beneficiary was Miss Ida Mae Fuller. She started collecting in 1940 at the age of 65, having worked for 3 years under the program. She lived to age 100 and collected $22,888.92 in benefits on contributions of $24.75. Her first monthly check was $22.54 so you can see that someone with a similar record could easily get WAY more out of the system than they paid in even if they lived only a few years after retirement.

(I see someone else mentioned her, too. That's what happens when you start dinner in the middle of composing a post.)



Yeah, I was off slightly with the numbers.....haven't looked her up in a while.


What was for dinner ?
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Old 06-10-2019, 06:20 PM
 
2,442 posts, read 2,067,677 times
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Quote:
Originally Posted by mathjak107 View Post
One man ,Eric conn was responsible for pushing through a half billion in already rejected Ssdi claims in conjunction with a crooked judge and doctor ..

I suggest you look up the definition of a ponzi scheme ... ss certainly is no ponzi scheme . It is no different then any annuity or insurance policy that counts on premiums to pay out future claims ..that is just nonsense... ss does not promise you false big returns nor is it an investment, nor does it claim the money is going in to something it is not..just by definition it canít be a Ponzi scheme .....that is how annuities and insurance just work

As far as ida , that is how insurance works ..you can pay one life insurance premium and die and your beneficiaries can collect millions ...ss is an insurance program ....
Well said.
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