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We need it to continue for us but hope it will be around for our kids. They are already planning on the possibility of it not being there for them. Would appreciate the OP listing some points.
I watched the video. It is nothing many of us haven’t already seen. It is only about “why” SS is unsustainable, (which it is), compared to what it was when started and through the 50’s & 60’s. Historically up until the 70s, SS was a drop in the bucket, compared to GNP and taxed income to the government, SS premiums, etc, etc.l. Now it is around 25%mand inflows are less then outflows. He shows, logically, that originally the intent was a helping hand for those on the brink when life expectancies were lower and less people were covered. All true. One of his points is that if we compare the realistic ages from 1937 to today, we would have to have the FRA be about 82 to be the same relative age with remaining time left, which is a bit of a stretch as he only uses averages not indexed to anything. He focuses a lot on the national debt, and how it increases 800B+ a year, etc, and how there will have to be some type of economic repercussion. Which there will be. His “solutions” are just options which he acknowledges are not realistic...voters and politicians will continue kicking the can down the road un til the system collapses, which again is very likely. His only final suggestion (mainly for much younger people) is to take care of your financial house and not depend on SS being there in todays form in 25-30 years. Which is also pretty likely. But there is nothing really for a retirement forum to take away from this video. It is an interesting presentation, better than I thought it would be.
The employment base is shrinking, and the robots will make it continue to shrink. When the trust fund is exhausted, they will have to drop benefits by about 30%.
If the next generation doesn't like that, they can pony up and pay more FICA. We did.
The employment base is shrinking, and the robots will make it continue to shrink. When the trust fund is exhausted, they will have to drop benefits by about 30%.
If the next generation doesn't like that, they can pony up and pay more FICA. We did.
You can bet that in the 11th hour it will be 100% funded ....they find billions of dollars when need be
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