Social Security Takes Another Hit

[Dunkopf]

Quote:
Wish I was that young. Social Security is projected to be solvent until 2036-2041 depending on how closely tied the forecaster is to the stock market industry.. If they were to raise the maximum income level at which contributions stop being deducted they could easily make it till around 2070.

I'm not too worried about it. I remember saying what you said when I was 20 though.

As for seniors not getting a raise. The system needs to be changed. The index used takes the cost of everything including computers and flat screen TV's. The main things seniors are concerned with are food, prescriptions and heating cost. The 250.00 flat payment proposed by Bernie Sanders Independent and backed by Obama was voted down. 1 person from the side that always votes NO voted for it, the other side voted for it except for 3. It required a 60 vote majority. At least it got voted on.

Sorry seniors. No bonuses for you.

 

[Q9]

SS is broke. By the time MY generation is old enough to qualify, it will be completely dried up.


Actually, by then the Federal Government probably will end up bankrupt and imploding anyway. So I get the joy of paying taxes and getting next to no benefits.

 

[dacjohns]

Quote:
I doubt that. Will the SS system be broke? Yes. Will the government reneg on payments? No. It will just become another part of the federal deficit.

And to add insult to injury we had a tax increase. Pay decrease.

 

[Dunkopf]

Quote:
It might actually be broke by the time you get old enough. Thanks for paying my SS though. I've paid for the 4 generations before me.

Actually I think Wall Street will have invested enough money invested in the Congress by then that everyone will be required to contribute to Wall Street so they can make bad investments for you. What the heck. If you have kids you can always go live with them if you haven't managed to make it to the top 2% over your lifetime.

 

[Dunkopf]

Quote:
I doubt that. Will the SS system be broke? Yes. Will the government reneg on payments? No. It will just become another part of the federal deficit.

And to add insult to injury we had a tax increase. Pay decrease.

What tax increase did you have?

 

[dacjohns]

Quote:
And to add insult to injury we had a tax increase. Pay decrease.

What tax increase did you have?

You really want me to go back and look at my earnings statement? I am drawing retirement for over 20 years service with the US Army. My retirement pay cost of living increase each year is tied to the social security cost of living increase. Last year (2010) we did not get a cost of living increase but our federal income tax deductions went up. To me that is a tax increase. There are also articles verifying this but since it is almost a year in the past they may be more difficult to find.

 

[PurpleChicken]

Quote:
Keep the faith my young friend. There will be plenty of time to fix it and maybe some smart members of our future generations, like you, will come up with solutions while others live in fear and make ridiculous statements blaming Wall Street, the Democrats, or even the Republicans.

I've heard these arguments for most of my life and I'm still 28 years away from SS, hopefully even further.

The most important thing I like to teach my younger friends is to not rely on SS anyways. It's not enough to live on for most people, especially in states like mine. Start saving early and investing wisely. A little money a week over a lifetime adds up to a nice retirement.

 

[Mac in Wisco]

Quote:
You're mixing up different programs here. The COLA is by law, based on inflation. If there is no inflation then there is no adjustment. Congress did not override anything. The program is being administered as intended and as written into law.

The $250 for 2009 was part of the economic stimulus package. That package included the "Making Work Pay" tax credit of $400 per individual and $800 for married couples. It also included direct payments of $250 per person to Social Security recipients and those collecting federal disability benefits.

When it was realized that the 2010 COLA would be zero, the President advocated an additional $250 payment to SS recipients in the first quarter of 2010 which was shot down. By that time everybody was tired of the government giving away money and was starting to question what all of these "recovery" programs were going to cost.

What gets me is that you will have people hollering that they are somehow entitled to a COLA or a $250 stimulus payment and then in the next breath complain about government spending...

 

[PurpleChicken]

Quote:
What tax increase did you have?

You really want me to go back and look at my earnings statement? I am drawing retirement for over 20 years service with the US Army. My retirement pay cost of living increase each year is tied to the social security cost of living increase. Last year (2010) we did not get a cost of living increase but our federal income tax deductions went up. To me that is a tax increase. There are also articles verifying this but since it is almost a year in the past they may be more difficult to find.

Don't forget the increases in property, sales, energy, state and other taxes that are slipped in the back doors when no one is watching.

 

[wpalmisano]

I am 40 but I was a widower with a young son. My late wife who died from cancer was a worker all her life, so my son and I receive SS benefits in his name until he turns 18. I still work full time, have remarried and had another son. I realize in this economy, with all these folks out of work, we all have to take a hit. I am tired of all these Greedy Geezers whining about what they get on the public dole. Free electric scooters, Viagra, 80 year old people on Kidney dialysis at $2000.00 3 x each week plus an ambulance ride back and forth. The casinos send buses to the Senior Citizen Centers at the beginning of the month, and most of us won't see a dime of that money we've paid in. You know what ? Tough luck old folks, we are all suffering out here, I am trying to save for my kids college and my own retirement and cover my mortgage and feed my chickens. Lots of young families are. UNEMPLOYMENT IS OVER 10%. Quit whining, cowboy up, and act like an American! Show some pioneer spirit, be ( please just a little more) independent, have macaroni and cheese once a week, be creative, find a way. Improvise, adapt, overcome !