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Started By
Message
re: In just a few years, the average retiree will be receiving 37% more in SS than he paid in
Posted on 2/25/24 at 1:44 pm to HailHailtoMichigan!
Posted on 2/25/24 at 1:44 pm to HailHailtoMichigan!
Are they receiving more payments than what they would have received if they were allowed to invest the money taken from their checks against their will?
1
Posted on 2/25/24 at 1:45 pm to HailHailtoMichigan!
quote:
In just a few years,
Imminent?
Posted on 2/25/24 at 2:02 pm to ruzil
quote:That
They also robbed from the social security fund to balance the budget.
is
the
design
of
Social Security.
---
Social Security is not a retirement benefit!
Social Security is certainly not a welfare benefit.
SS is a debt management vehicle for the Federal Government. It is simply marketed as a retirement program. As a debt vehicle, it is a huge Fed benefit. As a retirement program it sucks.
From its inception in the 1930's, SS tax contributions were immediately converted to debt instruments. This allowed the government to spend SS tax revenue anyway it wanted, just as is the case with debt instruments like US T-bills, T-notes, etc.
Posted on 2/25/24 at 2:13 pm to Warfarer
quote:
I've said this. If they want to give me what I paid in with no interest, I would sign off and take the cash now and pay for building a new house. Im 46 and have been paying SS wince I was 12. I account for close to 250k so far and I went through the tech boom. If it were invested in a simple index fund as I put it in, it would probably worth a few million with interest at this point.
The SS "Trust Fund" is a skimming operation because it typically pays interest lower than inflation. 2% interest with 4% inflation is a racket.
$1000 forty years ago would produce about $2,000 at 2% compound interest. The stock market has averaged a gain of about 9% per year over the last 40 years. 9% compound interest over 40 years would produce about $36,000.
If SS was a private pension producing the results that it does, the managers would go to jail.
Posted on 2/25/24 at 3:11 pm to Auburn1968
quote:Nah. That's sort of how bank CDs work. Of course given SS ROI, they'd never have a buyer.
[img]If SS was a private pension producing the results that it does, the managers would go to jail.
Posted on 2/25/24 at 6:43 pm to Revelator
This thread is a good example of the is-ought problem.
Fact: ss and Medicare are financial ticking time bombs. The programs are taking in less than they are paying out
Yet we have people in this thread saying ss should be paying them even more than it currently does.
From where should the govt get this extra money to give ss recipients? Because the govt doesn’t have the money right now
Fact: ss and Medicare are financial ticking time bombs. The programs are taking in less than they are paying out
Yet we have people in this thread saying ss should be paying them even more than it currently does.
From where should the govt get this extra money to give ss recipients? Because the govt doesn’t have the money right now
Posted on 2/25/24 at 6:47 pm to Warfarer
quote:
Im 46 and have been paying SS wince I was 12. I account for close to 250k so far and I went through the tech boom. If it were invested in a simple index fund as I put it in, it would probably worth a few million with interest at this point.
Yep. It's a scam Ponzi scheme.
This post was edited on 2/25/24 at 6:49 pm
Posted on 2/25/24 at 6:51 pm to Pelican fan99
Boomer naivety and sense of entitlement will mean that we face disaster instead of dealing with the problem.
And they don't care, they are, by and large, the most selfish generation in American history
Younger Gen X through Gen Z all know we are paying into a system that we will not get the benefits of, yet we don't complain 10% as much as a boomer when you suggest the slightest cut or age raise to SS
And they don't care, they are, by and large, the most selfish generation in American history
Younger Gen X through Gen Z all know we are paying into a system that we will not get the benefits of, yet we don't complain 10% as much as a boomer when you suggest the slightest cut or age raise to SS
Posted on 2/25/24 at 7:02 pm to HailHailtoMichigan!
quote:
Yet we have people in this thread saying ss should be paying them even more than it currently does.
From where should the govt get this extra money to give ss recipients? Because the govt doesn’t have the money right now
My problem is that people call social security an entitlement like welfare. If you pay into a system that is designed a certain way, such as SS, then you are owed what you are promised. If the government wants to cut if off, then do it and write a check to people that have paid in to it.
Posted on 2/25/24 at 7:16 pm to Warfarer
quote:
If the government wants to cut if off, then do it and write a check to people that have paid in to it.
The fact that they can't do this shows you that it was never designed the way you think it is.
You ignorantly believed talking points and PR instead of what the system/program actually was.
Posted on 2/25/24 at 7:26 pm to SlowFlowPro
Social Security threads are always entertaining.
Posted on 2/25/24 at 7:31 pm to SlowFlowPro
7/16 career years I worked for State of LA and paid no SS taxes.
I have since made a ton more money, but here is my personal breakdown at 38 years old.
Social Security Taxes Paid: $65,397
I'm eligible for full earnings and at 67 I'll have $3,699/mo.
If I delay until 70: $4,615/mo.
There is absolutely 0 chance I probably see any of this money but it's a nice thought.
We don't factor any of this into our retirement plans. If I get anything from SS, it'll probably go to my kids for a living stipend. Their mother makes as much money as I do.
How cool will it be to be able to give your kids $3700 a month each as a living stipend. I hope they absolutely live it up on Government's dime.
I don't consider it "my money", I consider it a tax. I'll likely never get a benefit. If I do, see above.
I have since made a ton more money, but here is my personal breakdown at 38 years old.
Social Security Taxes Paid: $65,397
I'm eligible for full earnings and at 67 I'll have $3,699/mo.
If I delay until 70: $4,615/mo.
There is absolutely 0 chance I probably see any of this money but it's a nice thought.
We don't factor any of this into our retirement plans. If I get anything from SS, it'll probably go to my kids for a living stipend. Their mother makes as much money as I do.
How cool will it be to be able to give your kids $3700 a month each as a living stipend. I hope they absolutely live it up on Government's dime.
I don't consider it "my money", I consider it a tax. I'll likely never get a benefit. If I do, see above.
This post was edited on 2/25/24 at 7:34 pm
Posted on 2/25/24 at 7:36 pm to HailHailtoMichigan!
Had they not taken people's money ey, they could have invested it and make up that 37%.
I did not ask for the fed gov to limit me by taxes.
I did not ask for the fed gov to limit me by taxes.
Posted on 2/25/24 at 7:38 pm to Jjdoc
quote:
I did not ask for the fed gov to limit me by taxes.
You have the opportunity to stop the welfare program doing this to younger voters
Posted on 2/25/24 at 7:42 pm to Jjdoc
People wouldn't invest a dime is social security went away today.
There'd be mass chaos. Crime would explode.
People really underestimate how SS is less a retirement plan and more of a way to keep underclass fed and at bay.
There'd be mass chaos. Crime would explode.
People really underestimate how SS is less a retirement plan and more of a way to keep underclass fed and at bay.
Posted on 2/25/24 at 8:56 pm to DiamondDog
quote:
People wouldn't invest a dime is social security went away today.
Yes they would.
quote:
People really underestimate how SS is less a retirement plan and more of a way to keep underclass fed and at bay.
Not the point. The point is, it's my money. The fed gov took it with the idea of giving it back at retirement.
That is where we are.
Posted on 2/25/24 at 9:34 pm to Eurocat
quote:Right about what? There never was a "lockbox". By the time Gore ran, that "lockbox" had already been raided. And the government already could not afford to pay it back. Gore never ran on doubling or tripling the SS tax (which is what it would have taken).
Al Gore talked about it. Lockbox. You may tease that nerd to holy high heaven but he was right about it.
quote:How much did GWB cut the SS tax? How much did he cut medicare tax? The 2007 deficit was about $160 billion. 1/10th of what it will be this year. Clearly, it's all Bush's fault.
George Bush said "It's your money. I will cut taxes" (and he did just that after the Iraq war had started (or was impending in any event)).
quote:What policies?
Clinton and Gore, say what you want, if those policies had been continued, things would not be so bad now.
Posted on 2/25/24 at 9:36 pm to Taxing Authority
Posted on 2/25/24 at 9:36 pm to Warfarer
quote:It stopped being your money the day you gave it to the government.
write a check to people that have paid in to it.
Posted on 2/25/24 at 9:37 pm to DiamondDog
quote:Taking 30% of one's entire labor is a crime.
Crime would explode.
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