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I read this in my local paper and thought I'd share it with you.
"SS is about the only thing around here that doesn't need fixin"
"It can pay all scheduled benefits into 2049" ........40 yrs of solvency
"SS have made America's elderly the most economically protected age group in America"
" The retired person has relatively more stability than the employed population."
If you invested conservatively, payed off your mortgage and live frugally, you should be in good shape!
Although I'm close to retirement (2 mos) and glad to get out of this crazy job market, I agree with this article! Good Luck to All of You.
There is a major flaw in your thinking. You are looking at it from the perspective of one either collecting or close to collecting. The solvency period is within our expected life time. However from the perspective of those who will working the next 40 years to pay our benefits I am not sure they are feeling as good as you are. The issue is not the money being there for us but for those who will be contributing for the next 30-40 years who will be receiving benefits 30-80 years out from now. Hope no younguns are reading this thread.
"... current benefits are expected to be fully payable on a timely basis until 2041."
"... without change it is expected that the program will no longer be able to pay current benefits in full starting 2041. At that time it is expected that only 78 percent of currently scheduled benefits will be payable."
"Unless changes are made, at age 69 in 2041 your scheduled benefits could be reduced by 22 percent and could continue to be reduced every year thereafter from presently scheduled levels."
"Q: Should I count on Social Security for all my retirement income?
A: No. Social Security was never meant to be the sole source of income in retirement. It is often said that a comfortable retirement is based on a "three-legged stool" of Social Security, pensions and savings. American workers should be saving for their retirement on a personal basis and through employer-sponsored or other retirement plans."
"Q: If Social Security's financial problem is so long term (negative cash flows not until 2017 and trust fund exhaustion in 2041), why do we need to fix it now?
A: Addressing the problem now allows the burden of reform to be spread over more generations, and gives younger people more time to adjust their own retirement planning decisions. As the Trustees of Social Security, the Comptroller General of the United States and the Chairman of the Federal Reserve Board have said, the sooner we address the problem, the smaller and less abrupt the changes will be. The independent, bipartisan Social Security Advisory Board has said: "As time goes by, the size of the Social Security problem grows, and the choices available to fix it become more limited." Addressing the problem now will allow today's younger workers planning for their retirement to have a better assurance of the future of Social Security."
There is a major flaw in your thinking. You are looking at it from the perspective of one either collecting or close to collecting.
No major flaw here. I was trying to give Retirees a boost with todays problems. I did appreciate the article, sorry. We have to take a day at a time, and currently, those on SS can be in ok shape.
Is that why the omb has warned the last presdient of a crisis has require by law and the president was require by the same law to act.That was why he proposed the partial investmnent by younger workers in another plan. The current p[resdient will alos egt teh required warning. Its likie oil;we have enouigh for teh same term but we need to think of those in the future like our grandchilren;not juts ourself.Your way of thinking is called greed.
What's going to kill social security is the fact that everyone wants to live to 100 and beyond. That means some people will be drawing SS for 35-40 years or more. Myself, I'll probably be gone by the time I'm 75 with how bad alzheimer's, cancer, and heart disease are in my family.
Is that why the omb has warned the last presdient of a crisis has require by law and the president was require by the same law to act.That was why he proposed the partial investmnent by younger workers in another plan. The current p[resdient will alos egt teh required warning. Its likie oil;we have enouigh for teh same term but we need to think of those in the future like our grandchilren;not juts ourself.Your way of thinking is called greed.
So by your way of thinking I should turn down SS after paying into it my entire life because you consider me to be greedy for wanting to collect it?
I should choose to live in poverty in my retirement so the upcoming generation, which seems to be a bunch of "me, me, me. you owe me!" whiners can live well when they retire?
If that's greed I'm all for it. You want to complain, talk to the double dippers, and those in government that have totally screwed things up. I've paid my dues.
Write a letter to King Bush II and tell him to get out of Iraq. Can you imagine the amount of money that could be available to invest in something like SS if it wasn't being spent there? Oh. wait, it too late! Duh King is out of office. Oh, well.
So by your way of thinking I should turn down SS after paying into it my entire life because you consider me to be greedy for wanting to collect it?
I should choose to live in poverty in my retirement so the upcoming generation, which seems to be a bunch of "me, me, me. you owe me!" whiners can live well when they retire?
If that's greed I'm all for it. You want to complain, talk to the double dippers, and those in government that have totally screwed things up. I've paid my dues.
Write a letter to King Bush II and tell him to get out of Iraq. Can you imagine the amount of money that could be available to invest in something like SS if it wasn't being spent there? Oh. wait, it too late! Duh King is out of office. Oh, well.
Way to go Tek...... I meant well. Some people only worry about the upcoming generations who have to have everything yesterday, and as you mentioned, the Government can help more instead of other spending.
I wonder if TuborgP has parents or Grandparents that SS helped. Or maybe just didn't care that they too needed SS. Also where else money is being spent, bailouts galore. A system in place for many years working fine helping our Seniors.....who are our Parents and Grandparents!!!!
My parents raised three of their six children during the Great Depression, all babies at the time. They never recovered financially. Without SS they would have been destitute in their old age. As it was my father had to quit work at age 72 because of health problems and my mother worked until the day she died (home at lunch from work), so I have little sympathy for the whining of those concerned about the future of SS. If they are so worried about it, then why don't they do more than come to forums and complain? I'd wager not a one of them is in any way active towards changing the laws or working with their representatives to get things changed.
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