Social Security projected to cut benefits in 2035 barring a fix

originally posted by: ColeYounger2
Social Security may run out soon,
but "we'll support Ukraine for as long as it takes."

Biden and Zelensky are putting together a non-revocable TEN YEAR plan of money laundering, under the heart-tugging name of "Long Term Commitment to Ukraine".

ATS Thread of this Subject: www.abovetopsecret.com...

a reply to: WeMustCare

Biden likely won’t be in power much longer.

That said, I’d be surprised if the plan changes much. Polish leader Duda met with Trump recently, and Trump sent out a Truth shortly after saying that Europe should stand behind Ukraine more than the US, but that the US still stands with Ukraine. It was within days that Johnson helped usher through the new aid package.

originally posted by: WeMustCare

originally posted by: ColeYounger2
Social Security may run out soon,
but "we'll support Ukraine for as long as it takes."

Biden and Zelensky are putting together a non-revocable TEN YEAR plan of money laundering, under the heart-tugging name of "Long Term Commitment to Ukraine".

ATS Thread of this Subject: www.abovetopsecret.com...

Oh good God. Let's seriously organize a peaceful protest. Maybe a sit in at one of the Biden family mansions? Like WE'RE HERE! WE FEAR! 4 MORE YEARS! I've got a heat press we can make shirts.

Social security may go bankrupt in 2035 ... but the government will then have to cough up money to house all the newly homeless elderly people that will create. Otherwise, millions of elderly will be on the streets ... myself and my husband included.

a reply to: Vermilion

Well, if we had listened, we'd have the lockbox. The issue is that the money has been "borrowed" from over the years. Not to mention, they've raised the minimium age a few times over the years. Not to mention that they give the money away to people that never paid into it like Juan, Pedro or Maria.

I've heard this ALL MY LIFE.

And guess what, I'm about to collect.

This record is on skip. There are plenty of ways to shore up SS. Raise the age of full retirement. Tax wages over the $160,000 dollars. Or the economy is booming, and more people are paying into it.

Maybe it's because I'm a bit older, BUT, I can't get too excited over something they keep telling me is going to happen, but never does.

By the way, I'm STILL PERFECTLY HEALTHY, and got the Covid vaccine. Sorry to disappoint you.

originally posted by: rdambroso
I have an issue with this. I paid in for 40 yrs..If I put the same 4-5K in decent mutual funds, it would have grown to
2-3 Million dollars. I could easily get 120K per year income from that and when I die give the 2-3 million to my kids.
Instead I get a small fraction of that amount (just retired) and when I'm gone my adult children get nothing.
WHERE is all that money going to? I know, I know

Exactly!

I also decided to take early retirement.

I paid into the SS system for 40 years.

Yes, I'm getting less from SS than if I waited until I'm 67 or 70.

But I'm getting it NOW.

I'll take my $2200/month for the next 5 years. That's $132,000 I never would have seen.

It's a no-brainer, especially since I doubt I'll live much past 70 anyway.

PS - I still work as an Independent contractor 7 or 8 days a month at $1800/day.

People can bull# a lot, but they can't BS real skills, knowledge & verifiable experience.

a reply to: Texastruth2

I haven’t paid into it in the 24 years I’ve been on the fire department.

Yes you have.

You can't opt out of it. The only way you can get out of paying SS is if you're paid "off the books"

Check your pay stubs. It might be called something else, but it's being deducted.

My father was a NYC firefighter for 28 years. Yes they have there own pensions and deductions but SS is ALWAYS taken out. By law.

biggest failure in the system was not having it in law that congress cant "borrow" from it and leave an iou.

Both parties stole from us and soon we will pay the price.

a reply to: CriticalStinker
Not sure you understand the real situation. I paid 4-5K in for 40 yrs.
Had I put that money in good mutual funds (fidelity etc) after 40 yrs it would have grown to
several million dollars. Lets say 3 million. You can easily earn 5% on 3 million without risking
the principle which amounts to 150K/yr or roughly 12K a month without TOUCHING the 3 mill
that you can leave to your children.
Instead, I get 3400/mo for the rest of my life, and when I die my adult children get NOTHING.
THe point is, had the money been managed correctly, the SSA will have made millions off of my
contributions in my lifetime. HOW could it possibly be going broke unless they are paying 10's of
millions of people that that paid NOTHING into the system.
Yeah I get the whole social safety net thing, not that I necessarily agree with it but unless there
is widespread mismanagement and abuse of the system, I fail to see how it could possibly go broke.
The boomers, Most ALREADY funded their SS retirement WITH INTEREST and the younger generations
can PAY IN for 40 years and fund theirs.

a reply to: SchrodingersRat
be careful..If you haven't reached fullretirement age (like me) you can only earn like 22K a year without them
docking your SS pmts. I think they doc 2 bucks for every buck over that..Check with them. Once you hit full
retirement age you can earn as much as you want with no docking. But until then be careful

a reply to: rdambroso

I totally get that. I max out my Roth IRA and 401k yearly and have other things on the side.

Social security is a joke and I don’t expect it to be around when my time to retire comes.

All they're gonna do to "fix" it is restructure it so it's not part of the "mandatory" spending portion of the budget (which is totally arbitrary anyway--it's an accounting gimmick.) That way, other tax dollars can fill the gap.

That doesn't actually fix the long term problem that the government is spending too much money though. If anything, it'll make it worse.

This has to come to a head eventually. No idea what the solution is. We owe most of the debt to ourselves.

No matter how much you pay into SS, if you die, the government owes none of it back to you or your family.

The solution is simple:
LOGAN'S RUN

originally posted by: rdambroso
a reply to: CriticalStinker
Not sure you understand the real situation. I paid 4-5K in for 40 yrs.
Had I put that money in good mutual funds (fidelity etc) after 40 yrs it would have grown to
several million dollars. Lets say 3 million. You can easily earn 5% on 3 million without risking
the principle which amounts to 150K/yr or roughly 12K a month without TOUCHING the 3 mill
that you can leave to your children.
Instead, I get 3400/mo for the rest of my life, and when I die my adult children get NOTHING.
THe point is, had the money been managed correctly, the SSA will have made millions off of my
contributions in my lifetime. HOW could it possibly be going broke unless they are paying 10's of
millions of people that that paid NOTHING into the system.
Yeah I get the whole social safety net thing, not that I necessarily agree with it but unless there
is widespread mismanagement and abuse of the system, I fail to see how it could possibly go broke.
The boomers, Most ALREADY funded their SS retirement WITH INTEREST and the younger generations
can PAY IN for 40 years and fund theirs.

The problem is social security is wealth redistribution scheme. It is taking money from one group of people to give to another group of people. Like you said, if the group of contributors were able to keep the money put into social security and invest it, they would be far better off in terms of actual wealth and have money to pass on to their heirs.

The real beneficiaries of social security are the poor / indigent who are able to draw far more in benefits than they contribute.

Social security is nothing but a govt sanctioned ponzi scheme. If any private investment company tried to sell an investment product structured like social security, it would be called a ponzi scheme and company executives jailed.

a reply to: Irishhaf

That 'IOU' is a treasury bond that pays interest. Similar to a US Savings Bond, or for that matter, any corporate bond. Every bond issued has been repaid with full interest.
The interest on the bonds over time exceeds the actual deposits from payroll.

The money could be invested elsewhere besides the US Treasury. But the dems in Congress have an emotional breakdown anytime that is proposed.

Raising the ceiling from its current $168,600 would be a small and temporary fix. It rises with inflation anyway. Income over that limit is not subject to FICA taxes, but does not count in benefit calculations either. If the limit was raised to a higher amount, slightly more money would flow into the account now, then would result in higher benefits paid out when the high earners retired.

Ultimately, a combination of measures will be needed -- increasing the FICA tax on both employees and employers, raising the retirement age, increasing the cap, and investing in securities other than US Treasury bonds. No single change will fix the problem.

I also do not see the benefits being cut. That is political suicide. Congress will be forced by the voters to supplement the shortfall with general revenue.
Seniors vote in a much higher proportion than the general population. Any Congressman that votes to cut benefits will be unemployed after the next election, and they know it.

originally posted by: rdambroso
a reply to: SchrodingersRat
be careful..If you haven't reached fullretirement age (like me) you can only earn like 22K a year without them
docking your SS pmts. I think they doc 2 bucks for every buck over that..Check with them. Once you hit full
retirement age you can earn as much as you want with no docking. But until then be careful

You're absolutely correct.

But since I'm an Independent contractor, it's up to me to report my earnings.

But it seems every time I'm about to do that, something shiny goes by.

lol!

a reply to: CriticalStinker
it is a really bad joke..the true joke is that they always claim its going to go broke.
I think the real issue is they are plundering that money..sort of like the uke money laundering factory

Just return all money borrowed from the fund with interest. The Federal Reserve would have to eat the loss.

here's a idea to save some of the social security dollars.
stop giving non citizens SSI and illegals medicare.