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re: Will there be social unrest when monthly social security checks are cut by 22% in 2032?
Posted on 6/10/26 at 3:14 pm to Ingeniero
Posted on 6/10/26 at 3:14 pm to Ingeniero
quote:
Boomers will just have to cut back on their avocado toast and daily coffee. Tough it out.
Not sure why you're getting so many downvotes on this from what I assume is boomers.
I'm all for personal accountability and handling your own business, but they don't need to get mad at being told to find a way to deal when changes beyond your control happen. Pretty sure that's what they expect their succeeding generations to do.
1
Posted on 6/10/26 at 3:22 pm to Ingeniero
quote:
Boomers will just have to cut back on their avocado toast and daily coffee. Tough it out.
That's gen x time for entering 65+.
A lot of boomers will be dead.
Posted on 6/10/26 at 3:30 pm to HailHailtoMichigan!
there won't be shite by the time most of us collect.
Posted on 6/10/26 at 3:36 pm to N2cars
quote:most things that are terrible today are because of Reagan and his policies.
Put the blame where it belongs:
Anyone that voted or votes Democrat.
Posted on 6/10/26 at 3:45 pm to lsu xman
quote:
So should I wait til I'm 70 to collect or not??
I ran the numbers not long ago, since I'm within 5 years of age 62 now.
Should I collect SS at 62? 67? 70?
The pros of waiting (higher payout) have to be weighed against the cons (who knows how long I'll live, the gubmint holding my money even longer, SS solvency concerns).
So, I verified the math...
If I take out at earliest age of 62, and invest all of it until 67, I'll come out ahead as long as I get at least 7.00% annual return.
So, I plan to start drawing at 62.
As for solvency of SS, it's probably going to be achieved by the 3 part cocktail: print money, raise the minimum age to draw, raise the SS payroll tax cap.
Posted on 6/10/26 at 3:47 pm to Stonehenge
quote:
But we’ve got money for bombs, bullets, ballrooms. Billionaires, and arches.
Why don’t you mention basketball courts. Gay pride flags painted everywhere, countless slush funds that were discovered or any of the other billions wasted by our government. Don’t throw stones in a glass house this is a GOVERNMENT problem not a which side you’re on problem. And may I remind you democrats have been in the presidency 24 years since the late 70’s while republicans have been in 24 also. Stop picking side and just know they are all at fault you rock for a brain.
Posted on 6/10/26 at 3:50 pm to HailHailtoMichigan!
Maybe they should cut all unearned entitlements to heathy able bodied folks and illegals and move that money to SS?
Posted on 6/10/26 at 3:58 pm to Everyday Is Saturday
quote:
It goes from 100% of benefits owed one quarter to 78% of benefits owed the next? Decreasing at massively decreasing rate all of sudden?
No, Social Security has been paying out more than what it takes in since 2021. The deficit has increase each of those years. In order to maintain a 100% payout they have been using reserves.
In 2032 the reserves will be exhausted and amount coming in will only total 78% of what is need to be paid out.
Posted on 6/10/26 at 4:15 pm to HailHailtoMichigan!
First, the cuts won’t happen because too many people rely on SS as sole income, and any cuts would be devastating to many of those people. More importantly they’d vote out the reps who let the cuts happen.
Second, there’s no reason for me to worry because I did the right thing and put plenty of money away. In fact I retired early.
I just have to live long enough to get all of my money back from the government.
Second, there’s no reason for me to worry because I did the right thing and put plenty of money away. In fact I retired early.
I just have to live long enough to get all of my money back from the government.
This post was edited on 6/10/26 at 4:20 pm
Posted on 6/10/26 at 4:19 pm to clamdip
I recently learned that SS benefits are taxable. Seems like a double whammy.
Posted on 6/10/26 at 4:22 pm to Stevo
quote:
I recently learned that SS benefits are taxable. Seems like a double whammy.
Yep! Someone will point out that I need to account for that in my early retirement calcs, but since I'd either be using SS or taxable IRA withdrawals for my spending, it's a wash.
And I'm not sure it's a double whammy if you consider SS payroll taxes a "tax shelter" like a 401k that has to eventually be hit with taxes when drawn upon.
This post was edited on 6/10/26 at 4:24 pm
Posted on 6/10/26 at 4:24 pm to HailHailtoMichigan!
Social Security checks won’t be cut. The government will print the money and just use inflation to cover the difference. Just like everything else the government spends money on.
Posted on 6/10/26 at 4:31 pm to HailHailtoMichigan!
As others have said, they will just keep borrowing and borrowing.
Don't you follow politics? You know this so I'm not sure why you posted it at all.
Don't you follow politics? You know this so I'm not sure why you posted it at all.
Posted on 6/10/26 at 4:36 pm to HailHailtoMichigan!
This will never happen
Posted on 6/10/26 at 4:41 pm to clamdip
quote:
raise the minimum age to draw, raise the SS payroll tax cap.
This is going to happen soon is my prediction
Posted on 6/10/26 at 4:44 pm to Snipe
quote:
At this point if you're counting on social security as your sole source of income in retirement you're likely screwed. I'm planning for it to not even be solvent by the time I can draw from it.
I’m not counting on shite but I have been forced to pay into it since I started working. I’m 58 and if I don’t get the full amount I’m due when I could have made 10x as much then I promise I’m not going to sit around and just sulk.
Posted on 6/10/26 at 4:45 pm to HailHailtoMichigan!
Serious question: Does anyone under the age of 50 think that they will be able to collect SS come retirement age? I am 41 years old and about a decade ago I have pretty much come to the conclusion that I won't see much of SS when I am eligible. I assumed that most people my age has come to this conclusion. Save and be wise with your money ,because younger Gen X and Millennials are gonna get royally fricked on this deal imo.
Posted on 6/10/26 at 4:46 pm to stormyhog
quote:Nah, you will just force your children to subsidize your greed and condone the continued theft from them.
if I don’t get the full amount I’m due when I could have made 10x as much then I promise I’m not going to sit around and just sulk.
Posted on 6/10/26 at 4:47 pm to HempHead
quote:
They will remove the contribution cap and employ means testing before they cut en masse.
Maybe they will reimplement the Windfall Elimination Penalty only on those that exceed a certain amount.
I could see stricter requirements to be eligible for a payment. Some reasonable new changes I would make, if I were an elected official:
Higher dollar amounts to have one quarter count towards benefits, currently 1,890, make that 10k
A higher number of quarters to be eligible to receive benefits, Instead of 40 quarters make it 80 quarters
Increase taxes or offer current workers an option today to elect either an additional 1-2% of Social Security Tax or receive the Cut when the threshold is met.
Benefits are only paid out to eligible US Citizens (That is so immigrants that have paid into the SS system have to apply to receive citizenship to receive their SS benefits, immigrants who do not become a naturalized citizen would be ineligible for benefits)
Cap on Benefits at 6k per person for joint retirees 10k per month, but no cap on SS taxes
Social Security Tax on investments that were withheld preTax like IRA Contributions, stock options
The other big elephant in the room with government spending is really Health Care costs, if we could ever get control of health care costs there might be a better way to balance the budget.
Also, interest is a big ticket item on the balance sheet. FED needs to cut rates, just to slow the rate of growth in the deficit.
This post was edited on 6/10/26 at 4:50 pm
Posted on 6/10/26 at 4:48 pm to HailHailtoMichigan!
quote:I can handle smaller SS payments if the future of the country depends upon it.
Will there be social unrest when monthly social security checks are cut by 22% in 2032?
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