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Posted on 9/26/24 at 1:33 pm to LChama
quote:
If the country still resembles what it is today
The federal government is currently on track to spend nearly $3T in deficit spending this year (estimate from last year was $1.8T, but we're already well over $2T). Before all of this, debt servicing is already the 2nd most expensive category in the federal budget, accounting for something like 20%-25% of total revenues last year.
Depending on how fast deficit spending and debt servicing continue to grow, especially if it continues to outpace the growth in revenues (FY2022, growth in deficit spending to FY2023 was 19%, meanwhile revenue dropped by ~9% from 2022 to 2023), then it may well end up failing by 15 years.
Posted on 9/26/24 at 2:11 pm to LChama
Likely to some extent. I expect a phase out for people that have a net worth of $x value. Broadly speaking, I also expect benefits to be reduced for all participants.
Unclear which politician will have the guts to actually push through the reform required.
Unclear which politician will have the guts to actually push through the reform required.
Posted on 9/26/24 at 2:45 pm to LChama
What would be the impact on the SS fund if they shift from taxing your SS payments if you earn over certain thresholds to reducing your monthly payments if you hit certain income brackets.
Right now if you earn between $25k-$34k you will be taxed on 50% of your benefits. If you earn more than $34k you are taxed on 85% of your benefits. So instead of taxing you, could they create a system to reduce the monthly benefit?
Right now if you earn between $25k-$34k you will be taxed on 50% of your benefits. If you earn more than $34k you are taxed on 85% of your benefits. So instead of taxing you, could they create a system to reduce the monthly benefit?
Posted on 9/26/24 at 3:20 pm to lynxcat
quote:
I expect a phase out for people that have a net worth of $x value.
Trust lawyers finna eat.
Posted on 9/26/24 at 7:59 pm to LChama
They will probably increase the retirement age for milenials or Gen Z.
If it was really in trouble, they wouldnt have so easily upped it with inflation.
If it was really in trouble, they wouldnt have so easily upped it with inflation.
Posted on 9/26/24 at 8:04 pm to LChama
Yes
Posted on 9/26/24 at 8:12 pm to lynxcat
I dont think it will take any guts to means test the benefit. The wealthy are easy for the left to dump on. The sycophants in the media will eat it right up, too
This post was edited on 9/26/24 at 9:45 pm
Posted on 9/26/24 at 11:04 pm to AndyJ
quote:What group has benefitted the most, by a vast majority, from how their incomes and wealth have been taxed over the past 15+ years? Why should mega millionaires up through billionaires be paid SSI they have zero need for and the de minimis contributions they have made compared to their income? I'm more concerned about the current federal debt level than minute SSI payments and I'm not a lefty.
The wealthy are easy for the left to dump on.
Posted on 9/27/24 at 4:57 am to SloaneRanger
$875B / year interest on the debt currently is mind blowing
Posted on 9/27/24 at 5:58 am to LChama
It’s going to have to change, one of the things that should, is starting to draw earlier.
I started drawing at age 62, so did my wife. We have other sources but frankly the older you get the more you realize you’re not guaranteed tomorrow. Since I didn’t get a choice about paying in on it until I was self-employed I’m damn sure going to get something back, so mine is basically my golf money now.
You can’t give people an opt out, the system would collapse. So the only way to make it more financially secure (I know), is push the age to draw back so the death tax works to reduce the number of people drawing more than they put in.
I started drawing at age 62, so did my wife. We have other sources but frankly the older you get the more you realize you’re not guaranteed tomorrow. Since I didn’t get a choice about paying in on it until I was self-employed I’m damn sure going to get something back, so mine is basically my golf money now.
You can’t give people an opt out, the system would collapse. So the only way to make it more financially secure (I know), is push the age to draw back so the death tax works to reduce the number of people drawing more than they put in.
Posted on 9/27/24 at 7:43 am to tirebiter
I will never be a billionaire, but I do not know what “mega millionaire” means to you and the left. My wife and I pay a lot into SS. A LOT. I am not paying that in with the expectation of getting nothing back out. Even if I retire with $8 -10 million in my accounts.
Posted on 9/27/24 at 7:46 am to llfshoals
Wait, I pay in even though I am self employed. I do not think opting out is an option for the self employed or I would take that in a heartbeat
Posted on 9/27/24 at 7:56 am to tirebiter
quote:
Why should mega millionaires up through billionaires be paid SSI they have zero need for and the de minimis contributions they have made compared to their income?
Because they paid into it?
What's the cutoff for millionaires? Many folks are millionaires due to the value of their homes.
I just looked it up. There's about 8M millionaires and billionaires in the US.
If each collected $40k per year in SSI that about $320B. Congrats you just funded another payment to Ukraine.
Posted on 9/27/24 at 9:47 am to LChama
No reason to think they won't do what they've done for every other problem the country has ever experienced... print.
It'll just be worth less.
It'll just be worth less.
Posted on 9/27/24 at 9:54 am to tirebiter
quote:
Why should mega millionaires up through billionaires be paid SSI they have zero need for and the de minimis contributions they have made compared to their income?
Bruh, that's some commie shite right there. You might as well just say "they should pay their fair share"
Posted on 9/27/24 at 12:24 pm to SloaneRanger
quote:
I don’t see how they stop paying
how to they keep paying it? unless they reduce the payout, raise the tax, raise the age, or do all three.
Posted on 9/27/24 at 12:29 pm to LChama
quote:
Realistically in 15 years .. will social security payments still be paid
SSec falls into that 'too big to fail' category. Too many have paid into it, and rightfully so deserved to be paid their benefits. Also, sadly, too many are depending on it as their sole source of retirement income. At some point, POTUS & Congress collectively, will get off their arses and figure out how to sustain it.
Posted on 9/27/24 at 12:38 pm to LChama
Wish it could just be an account invested in the S&P 500. Complete BS how the set up is.
Posted on 9/27/24 at 12:55 pm to LChama
Anyone who was born after 1972/1973 who is planning on having SS in its current form is a god damn imbecile. It might 'exist' but it will be drastically reduced. Anyone with an IQ above 80 is planning/saving/investing right now like it won't exist to be able to have any semblance of a decent retirement.
This post was edited on 9/27/24 at 12:56 pm
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