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So despite the historical highs of major US stock markets, the SS funds are still running shorting soon. What if a bear market follows in the coming year? NYers, are you concerned?
NEW YORK (CNNMoney) It's highly unlikely that Congress will reform Social Security any time soon.
But there is a near-term cash crunch in one part of Social Security that lawmakers must resolve in the next year or two.
The trust fund for Social Security disability benefits, which is separate from the fund for retirement benefits, is on track to beinsolvent -- most likely by the end of 2016 but no later than 2017Retiring.
All I know is they started publishing stories about how the whole system would fall apart about 30 years ago. So,for the last 30 years,I have operated under the assumption that I would never see a dime and saved/invested for my own retirement.
I hope the system is still solvent when I retire but if it's not I should still be able to live comfortably.I'll be pissed though because according to the Social Security website I have paid a couple of hundred thousand into the system over the years.
social security can be funded in a heart beat. you see how fast we find billions for wars.
in fact social security is a piece a cake to fix compared to medicare.they may close some options that allow double dipping like file and suspend or selective applicate, they can extend out new retirement ages too. but with SS an in grained and a major part of american culture and support for millions the system will always be there in my opinion and fully funded.
Last edited by mathjak107; 06-17-2014 at 04:40 PM..
social security can be funded in a heart beat. you see how fast we find billions for wars.
in fact social security is a piece a cake to fix compared to medicare.
Amen to that but it will be a tough sell for the disability system because it's seen so much fraud and abuse over the years. It seems like 1/2 the people on disability shouldn't be.
Social Security is a giant ponzi scheme. The new money coming in is paying for the benefits of those who collect SS now. The money put into SS is running out. So those who think you will get SS benefits when you get old and retire because you "bought into" it while you were working because it was coming out of your paycheck, better think again.
i would bet nothing changes. only the age you get to retire will likely change in my opinion. some of the practices like file and suspend ,restricted application or requesting a lump sum may be gone though.
the social unrest to a diminished social security ssystem would be out of hand as well as political suicide.
And how fast we give illegals every welfare program.
Wrong again. Undocumented workers use false/expired social security numbers to get work. But being undocumented they never collect the benefit. So the government keeps what they've paid in to social security through an employer to the tune of billions each year. The government actually makes money off illegal aliens. It's well documented and you can Google it.
actually the social seciurity shortfall is pretty small. it amounts to just .9% of the gdp.
that is all we would need to stay solvent for another 75 years.
what is more than .9% gdp? the cost of unemployment insurance , the high end bush tax cuts and 1/5th of the defense budget.
folks get wrapped up in this stuff. they need to spend more time learning how to invest and plan then every chicken littles squack.
social security is the sole income of 2/3's of americans, do you really think it is going away?
they can just extend the cap on social security taxes upward and fully fund it.
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