Social Security

[Dunkopf]

Social Security or Socialist security as some people call it.

Obviously SS is on it's way out. This year we are having a so called tax holiday. It's supposed to end next year. Does anyone think that there's a politician out there that is going to take our candy back after 1 year? No it won't happen. This is the start of a total reduction of social security funding. They will just faze it out and reduce benefits each year till it's just a memory. I guess all those years of paying in are wasted.

At any rate. What will replace it? When jobs start coming back in a few years at half of what they used to pay, will people be able to invest in the stock market to make up for what they gave away for 30 years? Will people be able to build up a nestegg with whatever they have left over from their 10.00 an hour job. Or will people that are unable to work just have to live with their children to survive.

I for one am increasing my 401k contributions to match whatever is no longer being withheld. I wish there was some way to compensated for the 100 some odd thousand that I have paid in to the system so far.

What are you going to do besides collect eggs and grow vegetables?

 

[The Chicken People]

I dunno but the plan has always been that we have four children...so...three months with each?
Really, I am not joking! And now I am at the stage of my mom just quit her job ( due to medical reasons) and is applying for disability! And my step dad is on SS and diabetic ...wont be long before he comes to live with us!
Better grow a bigger garden, fire up the bator, get some cows for milking and eating...maybe a pig or two!

 

[dawg53]

What is going to replace social security? More taxes at all levels of government!

 

[EweSheep]

Judging hubby's SS tax, he is still paying into it.

I'm on SSD...wondered how I would fit in the picture. I am hoping my pension from my old job would kick in but can not collect for another ten years.

 

[Dunkopf]

Quote:
SS withholding should drop about 1/3rd starting on your paycheck from the first full pay period of the year. In other words around week 3 of January. If you're on SSD you should be ok for 10 years or so. They will probably reduce the amount paid out though.

Yep I'm afraid the solution will be more taxes at every level except the upper levels.

 

[mgw]

We have known this for awhile now. The problem with the govt is they will cut SSI for all but they will still get their gold clad retirements and benefits. That is the problem with govt entitlements, people get used to them then cannot do without them. These are the things that anger the masses like we have discussed on other threads. I surely do not know the answers to these problems, only what I can do for my family to be more self sufficient. They have known about this for many years and have done nothing about it. When ever they talk about reform it's always the middle class that gets reformed and suffers. We are going to see the end of the middle class I'm afraid.

 

[EweSheep]

Quote:
That is what my father was saying in the last twenty years. He is 69 years old.

 

[PineappleMama]

This is NOT good. Not for the folks who've paid in and get nothing back, not for the folks who depend on that income and it's going to be cut... as said before, the only ones who will profit are the politicians who have a guaranteed umbrella... and there's no way that will ever go away because they would have to vote themselves out of a paycheck. Never happen unless it's put to a national vote. Boy wouldn't that be lovely... eh a girl can dream.

Overall I'm with the rest. Get as off the grid (sic teet) as much as possible. Saving paper dollars isn't going to do a bit of good if disaster strikes, see Russia's bread lines back when, so don't stuff your mattress with that... go for the much lumpier but more secure commodities. Paranoid, absolutely, but the worst that can happen is you're called a nutter... bit whoop, I can live with that. Particularly if it means that if anything does go kablooey that my kids will still have food in their bellies.

 

[draye]

Social Security now. Did you know that Senator John Kerry is trying to get pushed through the house(s), a bill that will reduce your social security according to how much you will draw from your 401K? How's that for representation in Washington?

 

[EweSheep]

401K's supposed to be there and so are our pensions however if the company goes belly up and can not put any funds toward the retirement funds, where do we go from there????

Scarey!