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In just a few years, the average retiree will be receiving 37% more in SS than he paid in

Posted on 2/24/24 at 9:46 pm
Posted by HailHailtoMichigan!
Mission Viejo, CA
Member since Mar 2012
69495 posts
Posted on 2/24/24 at 9:46 pm


I’m not sure if it is because nobody wants it admit they are getting unearned benefits or what, but the numbers are the numbers. Adjusted for interest, retirees are getting more in SS than what they paid in.

It’s why the program is heading into the fiscal pooper.

Yet we see memes like this, grossly inaccurate


I simply don’t think the average person on the left or the right currently grasps the shite storm coming to Medicare and ss in the 2030s

If congress doesn’t raise fica taxes or reform the program, there will be a 25% automatic cut.

Will make the George Floyd riots look like the cartoon scene from Mary Poppins
Posted by navy
Parts Unknown, LA
Member since Sep 2010
29142 posts
Posted on 2/24/24 at 9:50 pm to
They can have all of what I have paid in…and that is a lot…if they just stop stealing my money from this moment forward.
Posted by roadGator
Member since Feb 2009
141674 posts
Posted on 2/24/24 at 9:52 pm to
I will agree to give them all mine today if they stop taking out FICA for the rest of my working years.

ETA: what navy said
This post was edited on 2/24/24 at 10:00 pm
Posted by Godfather1
What WAS St George, Louisiana
Member since Oct 2006
80389 posts
Posted on 2/24/24 at 9:53 pm to
Fine. Just give me back what I’ve put into it the past 40 years so I can invest it myself. As a gesture of what a nice guy I am and how much I want to help, I’ll even forego the interest on all of that.
Posted by Eurocat
Member since Apr 2004
15090 posts
Posted on 2/24/24 at 9:54 pm to
Al Gore talked about it. Lockbox. You may tease that nerd to holy high heaven but he was right about it.

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)).

Clinton and Gore, say what you want, if those policies had been continued, things would not be so bad now.
Posted by Cheese Grits
Wherever I lay my hat is my home
Member since Apr 2012
55265 posts
Posted on 2/24/24 at 9:55 pm to
quote:

I simply don’t think the average person on the left or the right currently grasps the shite storm coming to Medicare and ss in the 2030s


Since 1980, neither party has actually worked for the taxpayer and citizen

1980 was the parting of way for

National Debt
Social Security
Democracy (for the actual average American)
Employment inside the US (before we shipped jobs to Asia)


Yet we argue about
Abortion
Alphabet City
Guns
Border

And throw the blame on "them" over "us"


A UNITED America is best for America but media and corporate monarchies do not profit from such an America.
Posted by LSUBALLER
Louisiana
Member since Jul 2013
16749 posts
Posted on 2/24/24 at 10:00 pm to
You threatening a riot baw
Posted by Pelican fan99
Lafayette, Louisiana
Member since Jun 2013
35145 posts
Posted on 2/24/24 at 10:03 pm to
Where have you been mate
Posted by SirWinston
PNW
Member since Jul 2014
83308 posts
Posted on 2/24/24 at 10:09 pm to
Mate welcome back, but the topic du jour is Donald J. Trump's resounding victory in South Carolina.

P.S. Congratulations on the Michigan title and the Lions excellent season.

I look forward to working with you this fall to help re-elect Trump.
This post was edited on 2/24/24 at 10:10 pm
Posted by Tigahs24Seven
Communist USA
Member since Nov 2007
12234 posts
Posted on 2/24/24 at 10:10 pm to
If they can pay illegals 10k just for committing the crime of crossing the border they can pay me everything I am owed till I die..frick em
Posted by Rebel
Graceland
Member since Jan 2005
131590 posts
Posted on 2/24/24 at 10:12 pm to
when did you get back? and how did the bottom surgery go?

Posted by SloaneRanger
Upper Hurstville
Member since Jan 2014
8121 posts
Posted on 2/24/24 at 10:14 pm to
You think any of this matters? In a few years interest on the debt will exceed SS outlays.
Posted by El Segundo Guy
SE OK
Member since Aug 2014
9698 posts
Posted on 2/24/24 at 10:17 pm to
quote:

And keep your retirement
And your so-called social security
big city, turn me loose and set me free


The great Hag
Posted by HubbaBubba
F_uck Joe Biden, TX
Member since Oct 2010
45986 posts
Posted on 2/24/24 at 10:18 pm to
quote:

the average retiree will be receiving 37% more in SS than he paid in
Play on words. Now add in the amount paid by the employer. Bet that number changes drastically.
Posted by LakeCharles
USA
Member since Oct 2016
5071 posts
Posted on 2/24/24 at 10:26 pm to
37% more than paid in. Now, calculate what the contributions would be with 3% compound interest.




Posted by Nosevens
Member since Apr 2019
10739 posts
Posted on 2/24/24 at 10:33 pm to
Are you a complete idiot? I paid for 45 years at the limit of each year. I will not get back what I paid into if I live to be 86-1/2 , 20 years after I collect the first dollar. That is not counting any return of what would have happened if invested in a phucking savings bond
Posted by Fat Bastard
coach, investor, gambler
Member since Mar 2009
73815 posts
Posted on 2/24/24 at 10:43 pm to
how was the 6 month ban?
Posted by geauxpurple
New Orleans
Member since Jul 2014
12775 posts
Posted on 2/24/24 at 11:22 pm to
Not me. I am skewing the stats the other way. Not that anyone cares.
Posted by AUauditor
Georgia
Member since Sep 2004
1121 posts
Posted on 2/24/24 at 11:25 pm to
Since Congress made this agreement and I was forced to accept the terms, then they owe me every dime they promised.

If I would have been allowed to invest my money all these years and get the 5-7% stock growth, I would likely have been more pleased than I will be on my $50k a year of social security and Medicare for maybe 30 years.
Posted by NC_Tigah
Carolinas
Member since Sep 2003
124713 posts
Posted on 2/24/24 at 11:36 pm to
quote:

I simply don’t think the average person on the left or the right currently grasps the shite storm ...
It's apparent you don't.
BTW, why post an Andrew Biggs Opinion piece without a link, as if it is hard news?

Why lump Medicare and SS together as they are as different as your IRA and health insurance?

Why the angst about SS in 2032, when the rest of our budget CURRENTLY is running at that deficit level?

As Biggs lets us in on his opinion, those are questions you should be asking.

---

The fact is SS is not a retirement program.
It is not a benefit to the recipient.

It is a loan you and I and every employed American is forced to give to Uncle Sam.
The beneficiary is the Federal Government!

Uncle Sam borrows your SS contributions and converts them into paltry returning bonds or debt instruments. The correspondent debt pool is referred to as the SS Trust Fund. There is no actual money in the SSTF, just IOUs.

If the same SS contributions were invested in the stock market, munis, or even 30-yr treasuries there would be no pending 2032 program deficit. But of course, if Uncle Sam invested the money in stocks, he'd not have it to spend on Ukraine, or Solyndra, or funding of DOJ lawfare targeting Trump, etc. That would defeat the purpose.

Again, the program beneficiary is Uncle Sam, not you. Uncle Sam sets a paltry ROI, and you have no say in it. Now government claims you owe more because the ROI the feds allot doesn't cover payouts.

Meanwhile SS SOL increases roll in to further strain the program. That is no accident.

But, the bottomline is SS is currently in surplus. The rest of our budget is not.

When the Feds tell you to focus on a fiscal problem a decade off, while not addressing current areas which are far more problematic than SS will ever be, you'd better hold on to your wallet.
This post was edited on 2/24/24 at 11:40 pm
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