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Apparently, you don’t understand how social security works.
Social security is taken out of every single paycheck. It is our money for our future. But the government has borrowed these funds to pay for other government spending. And now evidently, they can't pay it back.
Social security is taken out of every single paycheck. It is our money for our future. But the government has borrowed these funds to pay for other government spending. And now evidently, they can't pay it back.
And they just paid off their political donors to the tune of $1.5 Trillion so they have even less money to pay it back with.
In Galveston Texas, government workers were able to opt out of SS and go into a private system where they pay their own way and make their returns off of their money.
Not once have they petitioned to go into SS, because they are doing so much better off the privatized system, they don’t want to drastically cut their retirement funds.
Alot of government agencies opted out of SS in the 80's. So those govt employees who came after will have a better retirement package w/o SS. If those employees want to apply for SS with their pension benefits they would get knocked down on the SS scale because of their pension benefits.
Some government agencies don't have a pension (such the federal government and the City of San Diego recently as of a few years ago).
If the SS was to be improved, then I think it should include raise the cap on income it takes away and the tax on it should raises like taxes with the higher percentages at higher salaries. But current politicians and some previously don't want to improve SS.
Also people could better prepare for retirement on their own with taxable accounts, 401k's, IRAs, starting their own businesses, etc.
Then both big government parties ( Dems and GOP ) would do it.
Its a political football use to score points. The game must continue till the ball is flat and the fans have emptied out of the stadium.
No it isn't. You don't have an account. They want you to think you do, but it's a pay as you go program. You are paying for the people drawing now and the hope is there will be poor suckers paying into it when it is your time to draw from it.
And there will be -- but the problem is that
1) They may be paying in at 75% of what they are now
and
2) Eventually there may be runaway inflation, and what is received from SS, will pay for far less than anyone is expecting.
Location: Just transplanted to FL from the N GA mountains
3,997 posts, read 4,143,759 times
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Quote:
Originally Posted by markg91359
Social security is sustainable with some increase in both retirement ages
Usually said by someone who's spent their lives working in an air-conditioned office building while setting in a nice cushy office chair. Spend forty years working hard physical labor and then come back and talk to us. They starting raising it in 1983. A mere few years after some of us graduated high school. They just keep moving the goalposts farther and farther on some of us. I agree that something needs to be done, but raising the age at this point is ridiculous, especially for the younger generations. You need to consider the WHOLE workforce because from a physical standpoint 70 is too old to be doing demanding physical labor.
Lots of people think they can do better than social security on a risk adjusted basis. The fact they quote 401K results as "evidence" undercuts their veracity. None have ever priced annuities with survivor benefits, obviously.
2/3's have no 401K and those over 65 that have one have an average of $200K. Not encouraging at all!
Twice in the last 17 years people nearing retirement have seen their equity balances savaged at the most inopportune times! A lot of then lost their jobs at the same time. I've seen it first hand. They all thought they were wonderful investors. Until they weren't.
Now let's just suppose that for some reason they must stop working well before 65. Ooops!
Last edited by shaker281; 12-22-2017 at 05:20 AM..
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