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.
Well right now Obama has agreed to comprise with GOP demands to cut Social Security benefits by linking cost of living increases to a chained CPI.
The Washington Post describes the cut as 5% for this person
a person born in 1935 who retired to full benefits at age 65 in 2000. People in that position had an average initial monthly benefit of $1,435, or $17,220 a year, according to the Social Security Administration. Under the cost-of-living-adjustment formula and 2012 inflation, that benefit would be up to $1,986 a month in 2013, or $23,832 a year. But if payouts were adjusted using chained CPI, the sum would be around $1,880 a month, or $22,560 a year — a cut of more than 5 percent and more as the years go by.
The organization "strengthensocialsecurity.com" calclulates the cuts like this.
1) It's a benefit cut. It's not some minor technical change to the COLA. It's a real cut to the benefits you have earned every year into the future.
2) It cuts benefits more with every passing year. After 10 years, your benefits would be cut by about $500 a year for the average retiree. After 20 years, your benefits would be cut by about $1,000 a year.
3)It hits today's Social Security beneficiaries. Politicians like to say that their cuts to Social Security will not affect those getting benefits today. Wrong! Switching to the chained-CPI would hit all current beneficiaries.
4)We need a higher COLA, not a lower one. The current COLA is not large enough--it does not adequately account for large health care cost increases faced by seniors and people with disabilities.
The rape of the young continues. If people want to invest with the Madoffs of this world, they should be free to choose to invest with madoffs of this world, not forced to at the barrel of a gun. It must be one of the most unfair, heinous lies perpetrated on people. That govt will look after people in their retirement. They wont because they cant.
..the vast majority of the money you pay in Social Security taxes is not invested in anything. Instead, the money you pay into the system is used to pay benefits to those "early investors" who are retired today. When you retire, you will have to rely on the next generation of workers behind you to pay the taxes that will finance your benefits.
As with Ponzi’s scheme, this turns out to be a very good deal for those who got in early. The very first Social Security recipient, Ida Mae Fuller of Vermont, paid just $44 in Social Security taxes, but the long-lived Mrs. Fuller collected $20,993 in benefits. Such high returns were possible because there were many workers paying into the system and only a few retirees taking benefits out of it. In 1950, for instance, there were 16 workers supporting every retiree. Today, there are just over three. By around 2030, we will be down to just two.
As with all Ponzi’s scheme, when the number of new contributors dries up, it will become impossible to continue to pay the promised benefits. Those early windfall returns are long gone. When today’s young workers retire, they will receive returns far below what private investments could provide. Social Security (United States) - Wikipedia, the free encyclopedia
Yes dear. Believe what you want. Its not false, its inevitable. There is a difference between price and value. You'll understand when $1000 doesnt buy you a tin of beans. Actually, you probably wont, you'll still blame the rich/foreigners/Bush/the boogeyman.
More of the same.
These right winger's posts slamming Social Security all the same. They are either 1) Devoid of relevant facts 2) Never source objective experts 3) Mainly cite biased fact free opinion pieces.
How scared and pathetic must you be to want your own SS benefits cut? My God, these poor souls will not even stand up for themselves?
The rape of the young continues. If people want to invest with the Madoffs of this world, they should be free to choose to invest with madoffs of this world, not forced to at the barrel of a gun. It must be one of the most unfair, heinous lies perpetrated on people. That govt will look after people in their retirement. They wont because they cant.
..the vast majority of the money you pay in Social Security taxes is not invested in anything. Instead, the money you pay into the system is used to pay benefits to those "early investors" who are retired today. When you retire, you will have to rely on the next generation of workers behind you to pay the taxes that will finance your benefits.
As with Ponzi’s scheme, this turns out to be a very good deal for those who got in early. The very first Social Security recipient, Ida Mae Fuller of Vermont, paid just $44 in Social Security taxes, but the long-lived Mrs. Fuller collected $20,993 in benefits. Such high returns were possible because there were many workers paying into the system and only a few retirees taking benefits out of it. In 1950, for instance, there were 16 workers supporting every retiree. Today, there are just over three. By around 2030, we will be down to just two.
As with all Ponzi’s scheme, when the number of new contributors dries up, it will become impossible to continue to pay the promised benefits. Those early windfall returns are long gone. When today’s young workers retire, they will receive returns far below what private investments could provide. Social Security (United States) - Wikipedia, the free encyclopedia
Whoever wrote that bit for Wikipedia seems to have missed the most important part of what has killed our Social Security system. I guess they don't know that if the Congress hadn't spent from the Social Security fund all those years to pay for foreign aid (quite a bit of that went to the UK) and then to various pork projects to "buy" votes there would have been in excess of $3 trillion in the Social Security fund. We wouldn't be so worried about the Boomers if they had allowed that money to sit until needed.
I am sure that you, like most leaners of today, don't really understand what did happen with all that unspent money, or what was considered "surplus" back in the 1950s by Eisenhower and his Democrat Congress. Yep, they started it and the Congress kept on spending what they considered surplus.
It really hurts me to think about all this crap not having been necessary. FDR and his Brain Trust had a real plan that would have worked very well for another 100 years or so if the money hadn't been put into the General Fund and spent like normal taxes.
Whoever wrote that bit for Wikipedia seems to have missed the most important part of what has killed our Social Security system. I guess they don't know that if the Congress hadn't spent from the Social Security fund all those years to pay for foreign aid (quite a bit of that went to the UK) and then to various pork projects to "buy" votes there would have been in excess of $3 trillion in the Social Security fund. We wouldn't be so worried about the Boomers if they had allowed that money to sit until needed.
I am sure that you, like most leaners of today, don't really understand what did happen with all that unspent money, or what was considered "surplus" back in the 1950s by Eisenhower and his Democrat Congress. Yep, they started it and the Congress kept on spending what they considered surplus.
It really hurts me to think about all this crap not having been necessary. FDR and his Brain Trust had a real plan that would have worked very well for another 100 years or so if the money hadn't been put into the General Fund and spent like normal taxes.
I strongly believe money that comes from Social Security should be used on Social Security. Figured I would mention that so you have an idea of what a "leaner" thinks of this. Also the Democrats of the 1950s are different from the Democrats of today, much like the Republicans of the 1950s are much different than the Republicans of today, but that should just be common knowledge.
We need an option to opt out of social security. Social Security like the rest of ponzi scheme will work as long as new money is more than old money. However when the tipping point tipped, it will collapse. It did not work for Madoff, it will not work for US government. Social Security was started at 1% and now at 12.4%. How high they are going to raise it up too? 20% 50%?
The easiest solution is let people opt out and pay back those who paid into it.
I would love to have an option to opt out and packet that 12.4% right now
We need an option to opt out of social security. Social Security like the rest of ponzi scheme will work as long as new money is more than old money. However when the tipping point tipped, it will collapse. It did not work for Madoff, it will not work for US government. Social Security was started at 1% and now at 12.4%. How high they are going to raise it up too? 20% 50%?
The easiest solution is let people opt out and pay back those who paid into it.
I would love to have an option to opt out and packet that 12.4% right now
For SS to work it is an all or nothing program, if you don't want to pay into it, don't work, but you are welcome to also send back that SS check and say you don't want it.
I don't favor raising the age when people can draw on it. The cap on what is taxed should be raised to 150k. Also, put out a rewards program for people to apply for when they turn someone in that is drawing SS due to fraud.
We need an option to opt out of social security. Social Security like the rest of ponzi scheme will work as long as new money is more than old money. However when the tipping point tipped, it will collapse. It did not work for Madoff, it will not work for US government. Social Security was started at 1% and now at 12.4%. How high they are going to raise it up too? 20% 50%?
The easiest solution is let people opt out and pay back those who paid into it.
I would love to have an option to opt out and packet that 12.4% right now
You mind telling us where we would get the money to pay the Billions we owe current retiree's if you get to opt out ?
About 99% of their funds come from current workers now. So every dollar you take out of the system you'll need to find a dollar to replace that.
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.
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.
