- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Realistically in 15 years .. will social security payments still be paid
Posted on 9/26/24 at 8:35 am
Posted on 9/26/24 at 8:35 am
If the country still resembles what it is today
30
Posted on 9/26/24 at 8:38 am to LChama
Probably so
Posted on 9/26/24 at 8:42 am to LChama
People have been sky screaming this my entire life. Neither party wants to be the one who catches that knife. It will be fine.
Posted on 9/26/24 at 8:57 am to LChama
Yes. Something will have to be done though in that 15 years.
When you introduce something like social security its almost impossible to ever let it "go away" or take it away. ~50% of elderly have S.S. as the majority of their monthly income and 25% its almost their sole income.
The parties will have to get together over the next decade or so and come to some sort of agreement on it. It will change somewhat (tax cap removed, slightly reduced benefits, invest in something that returns more, etc etc) but still very much exist.
When you introduce something like social security its almost impossible to ever let it "go away" or take it away. ~50% of elderly have S.S. as the majority of their monthly income and 25% its almost their sole income.
The parties will have to get together over the next decade or so and come to some sort of agreement on it. It will change somewhat (tax cap removed, slightly reduced benefits, invest in something that returns more, etc etc) but still very much exist.
This post was edited on 9/26/24 at 8:58 am
Posted on 9/26/24 at 9:03 am to LChama
They’re going to need to do away w/ the FICA cap or substantially raise it
Posted on 9/26/24 at 9:07 am to Clint Torres
quote:
They’re going to need to do away w/ the FICA cap or substantially raise it
Thats 1 thing I think definitely will happen, but it wont come close to fully funding SSI still is the scary part even with a completely removed cap. It get you like 50% of the way there.
Posted on 9/26/24 at 9:11 am to LChama
Yes. If AI becomes what we hear, we may even see the age lowered.
Posted on 9/26/24 at 9:12 am to LChama
quote:
Realistically in 15 years .. will social security payments still be paid
Yes, there will be riots if not. Well probably not riots, but what ever political party kills it, will be dead forever.
They will have to do some changes, we can only hope they makes sense. The current census based population peak is 2080, after that it should start to decline. That is where things could start to become painful.
Posted on 9/26/24 at 9:13 am to LChama
I just wish I could opt out and invest that money on my own.
ETA: I'm 35 now and would give up the past 17 years of money paid in to be able to do that.
ETA: I'm 35 now and would give up the past 17 years of money paid in to be able to do that.
This post was edited on 9/26/24 at 9:14 am
Posted on 9/26/24 at 9:28 am to LChama
I am 45 and if they raised the age, it would not affect my vote, because I have so little confidence it will be there. I doubt it would impact the votes of people my age or younger. But politicians are too scared to do anything about it still. If they means test it, then that will affect my vote
Posted on 9/26/24 at 9:32 am to Triple Bogey
quote:
ETA: I'm 35 now and would give up the past 17 years of money paid in to be able to do that.
I'm about to be 39, I would take the same option if given the opportunity, but it would be absolutely theft by the government.
It's beyond absurd that the government believes that they can mismanage my money better than I can for retirement. And I have no say in how the funds are managed.
This post was edited on 9/26/24 at 9:35 am
Posted on 9/26/24 at 9:36 am to LChama
Force the government onto SS and Obamacare and see how fast it is fixed.
Posted on 9/26/24 at 9:51 am to LChama
I don’t see how they stop paying. But the problem is that 15 years down the line interest on the debt will consume damn near all federal revenues.
Posted on 9/26/24 at 9:51 am to Triple Bogey
quote:
just wish I could opt out and invest that money on my own.
ETA: I'm 35 now and would give up the past 17 years of money paid in to be able to do that.
Same. I'd come out ahead.
Posted on 9/26/24 at 9:52 am to LChama
Nominally, yes. In purchasing power terms, no.
Posted on 9/26/24 at 10:31 am to LChama
The current "doomsday" projection is that Social Security will exhaust its trust fund and will then be required to reduce benefits to 70% or so of what was expected.
While that will be a political quagmire, it really doesn't sound like the end of the world to me. I will be as pi$$ed as anyone, but I will be fine.
I am highly confident that Congress will cook up some kind of rescue plan by then. Those plans are always "devil in the details" type plans which always have "gotchas" in them, but they will do something to avoid the torches and pitchforks that will result from massive disruptions to Social Security.
Maybe that brain trust will get together and offer something like a targeted 150% tax credit for skipping SS payments or no taxes (or FICA) on earned income up to some limit if you are over retirement age, or something similar to shift the margins on this issue.
While that will be a political quagmire, it really doesn't sound like the end of the world to me. I will be as pi$$ed as anyone, but I will be fine.
I am highly confident that Congress will cook up some kind of rescue plan by then. Those plans are always "devil in the details" type plans which always have "gotchas" in them, but they will do something to avoid the torches and pitchforks that will result from massive disruptions to Social Security.
Maybe that brain trust will get together and offer something like a targeted 150% tax credit for skipping SS payments or no taxes (or FICA) on earned income up to some limit if you are over retirement age, or something similar to shift the margins on this issue.
Posted on 9/26/24 at 11:14 am to LChama
Yes, but probably at a lower amounts lower than today. They will start raising the wage limit that is taxed for SS to address shortfalls. This amount was just raised to $168k, and was kept too low for too many years.
Posted on 9/26/24 at 11:48 am to LChama
They damn well better be.
Posted on 9/26/24 at 11:50 am to KennytheTiger
SS will be around because the voting power of the older generation. Guaranteed. The tax cap will be raised and the full retirement age extended. Benefits will not be cut.
Posted on 9/26/24 at 12:35 pm to BThibodeaux
I'm all for ending it, but at the same time I'm all for honoring what people have paid in.
- It can be funded by other means, and it will take congress to allow that.
- never rely on one source of income for life
- It can be funded by other means, and it will take congress to allow that.
- never rely on one source of income for life
Page 1 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News