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Are the people telling you SS is going away in a position to know anything about SS, or are they just random people with uninformed opinions who want attention? If they're getting their "information" from YouTube or other random people just as ignorant as they are, why are you paying attention to them? Eliminating Social Security is so politically undesirable that it is extremely unlikely it would even be considered seriously by responsible leaders. Of course, we are not always guaranteed responsible leaders, so if this issue is important to you, then pay attention to the positions of the candidates you vote for on the topic of Social Security.
There will be changes in how benefits are calculated, but Soc Sec is here to stay.
"Differential changes in life expectancies across lifetime earnings quartiles threaten to erode the intended progressivity of Social Security Old-Age and Survivors Insurance benefits. ...The adjustments would reduce projected poverty rates among beneficiaries in the lower lifetime earnings quartiles with no increase in the official poverty rate for those in higher quartiles. The adjustments would also narrow the gap in lifetime benefits between individuals in the highest and lowest lifetime earnings quartiles."
hard to say if SS will continue as is or morph into something else. Some members of Congress are proposing a $2000 a month stipend to each struggling American and $600 per month for each child indefinitely.
hard to say if SS will continue as is or morph into something else. Some members of Congress are proposing a $2000 a month stipend to each struggling American and $600 per month for each child indefinitely.
Lovely. I've got tenants with two children so the government will be giving them $5200 a month for doing nothing and I can triple their rent.
hard to say if SS will continue as is or morph into something else. Some members of Congress are proposing a $2000 a month stipend to each struggling American and $600 per month for each child indefinitely.
Will never pass because no way to fund - but that is a form of UBI not SS.
It’s sort of not. Until you’re 60, Social Security benefit is tied to the average wage index. Once you’re 60, your benefit is calculated and is thereafter adjusted for inflation. So if you’re born in 1960, this is the year your benefit calculation locks in and it’s based on average wage index which is only indirectly related to inflation. After that, it’s inflation adjusted annually.
The late Boomers have benefited from Obama and Trump juicing the economy for 12 years which pumped up the average wage index due to labor shortages. Even the bad CODID-19 impact is projected to only drop AWI for late Boomers born in 1960 by 1/2%. The Great Recession year was the only time AWI has dropped significantly.
I'm 41 and people are telling me that SS will disappear by the time I'll retire
but what will replace it ? i'm sure we will get something for paying into the system all these yrs ? right ?
It is not going anywhere.
There is a strong motivation to kill the program by the business community because they pay fully half of all the intake. For every 6.2% you or I pay, the employer matches it with an equal dollar amount. This is something that is rarely discussed: If they can convince the American public to abandon the system it would be an enormous tax windfall for employers, so naturally they would like to discourage the public with doom and gloom predictions.
Predictions of 'collapse' are usually based upon some projected date that the surplus will be used up, but around that time the boomers (like myself) will be mostly dropping off the list of claimants. The system could still function without a surplus (and possibly some temporary reductions in benefits) and as demand falls the surplus could potentially be re-built.
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