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Message
Speaking of Social Security
Posted on 3/28/24 at 10:40 am
Posted on 3/28/24 at 10:40 am
I would encourage all of you to log in at SSA.gov and review your benefits. They no longer send out statements unless you’re over a certain age. It’s actually a quite useful website and you can verify your earnings are correct.
And don’t get too wound up about the running out of money scare tactics. They’ve been doing that for 30 years.
SSA
And don’t get too wound up about the running out of money scare tactics. They’ve been doing that for 30 years.
SSA
6
Posted on 3/28/24 at 10:44 am to Auburn80
quote:
And don’t get too wound up about the running out of money scare tactics. They’ve been doing that for 30 years.
I disagree with this.
There are 3 reasons why social security is solvent.
1) benefits have been reduced multiple times by extending the full retirement age.
2) benefits are now taxed. And they are taxed at income levels set in the 1980s (i.e. even the poor are paying this tax).
3) inflation is the secret lever that the government uses to afford future debt obligations (higher wages/taxes today to afford lower contributions which would otherwise be unsustainable).
If you can't acknowledge the 3 points above are true, you shouldn't be included in the discussion.
This post was edited on 3/28/24 at 10:45 am
Posted on 3/28/24 at 10:52 am to Auburn80
quote:
I would encourage all of you to log in at SSA.gov and review your benefits.
Have been doing it yearly for several years. Also recommend everyone check it out.
Posted on 3/28/24 at 10:55 am to meansonny
MeanSonny, you are correct.
And as to the OP stating that SS is bullet proof and they have been saying the same thing for 30 Years, you are delusional!
While thank you for the link, will check it out.
But, 30 years ago we were $35Trillion in debt & growing astronomically each quarter with new spending bills sending money overseas.
And we truly haven’t even seen the “updated correction” on costs of the illegal invasion.
Not Only is SS on the ropes, but the entire USD$ is being purposely collapsed.
And as to the OP stating that SS is bullet proof and they have been saying the same thing for 30 Years, you are delusional!
While thank you for the link, will check it out.
But, 30 years ago we were $35Trillion in debt & growing astronomically each quarter with new spending bills sending money overseas.
And we truly haven’t even seen the “updated correction” on costs of the illegal invasion.
Not Only is SS on the ropes, but the entire USD$ is being purposely collapsed.
Posted on 3/28/24 at 10:58 am to meansonny
quote:
3) inflation is the secret lever that the government uses to afford future debt obligations (higher wages/taxes today to afford lower contributions which would otherwise be unsustainable).
The Federal Reserve publicly states that they have a 2% inflation target. It's insane.
Posted on 3/28/24 at 11:02 am to Auburn80
Yeah, I looked up mine a few months ago and it was amusing to see how low my yearly incomes from the early-mid 80s were. I had a few less than 10k 
Posted on 3/28/24 at 11:05 am to Westbank111
quote:
And we truly haven’t even seen the “updated correction” on costs of the illegal invasion.
I dislike SS.
It is wealth redistribution. And it is a total, absolute failure as it was originally structured and sold to the American public.
That said... the ss retirement procedure has a protection built in requiring 40 quarters of work in order to be fully vested in the system.
Anyone under the table is not qualifying for SS retirement.
Anyone using someone else's ss# on payroll is not qualifying for SS retirement.
The payouts are based on pay-ins.
I do not sweat an influx of illegal immigrants as a burden to SS retirement income. There are dozens (possibly a hundred) other burdens and strains. But retirement isn't one of them.
Posted on 3/28/24 at 11:09 am to Auburn80
I'm not uploading a photo to that site. (They want your license and a current photo)
Posted on 3/28/24 at 11:16 am to CGSC Lobotomy
So the amount they say you will receive each month is in dollars for the future time frame? Or what it would be in todays dollars if you started collecting at 67?
Either way, I wish I had thrown much more in the market in my younger days. I have a friend that is a programmer that worked for IBM out of college and they just straight up matched his 401K for a number of years. He will be retiring at 55.
Either way, I wish I had thrown much more in the market in my younger days. I have a friend that is a programmer that worked for IBM out of college and they just straight up matched his 401K for a number of years. He will be retiring at 55.
Posted on 3/28/24 at 11:23 am to Auburn80
How much into SS and Med have you and your employer paid so far? Do you think you'll get it all back?
This post was edited on 3/28/24 at 11:24 am
Posted on 3/28/24 at 11:26 am to Auburn80
quote:
And don’t get too wound up about the running out of money scare tactics. They’ve been doing that for 30 years.
Longer than that. I remember it every election my entire life. 60 yrs?
Messing with Soc Sec is a death sentence to any political career.
Old people show up! Believe that!
Posted on 3/28/24 at 11:26 am to GRTiger
quote:
How much into SS and Med have you and your employer paid so far? Do you think you'll get it all back?
If you assume that 6% of every paycheck you ever received went into SS and 1.3% into Medicare, then unless you worked for the government your employer matched it, add that up and you will get...
ZERO.
You will see none of that money.
Posted on 3/28/24 at 11:30 am to meansonny
quote:
I do not sweat an influx of illegal immigrants as a burden to SS retirement income
On the contrary, undocumented aliens are a prop for ss because they pay in but many will never collect
Posted on 3/28/24 at 11:42 am to GRTiger
quote:
Do you think you'll get it all back?
Depends on how long you live.
Posted on 3/28/24 at 11:42 am to Penrod
That is the more likely scenario.
I agree.
I agree.
Posted on 3/28/24 at 11:51 am to Penrod
SS will be at risk when the oldest generation is no longer a significant voting demographic. Decisions on Capitol Hill are based more on politics than economics.
Posted on 3/28/24 at 11:53 am to BThibodeaux
quote:
SS will be at risk when the oldest generation is no longer a significant voting demographic. Decisions on Capitol Hill are based more on politics than economics.
The oldest generation will never not be a significant voting demographic.
Are you predicting virus X?
Posted on 3/28/24 at 12:30 pm to GRTiger
quote:
How much into SS and Med have you and your employer paid so far? Do you think you'll get it all back?
Yes. I’m 65 so my timeline is different than many on this board. I maxed out in the last half of my career so I will get a decent amount. Not as much as if I invested it myself. I’m not taking it until I’m at full retirement age.
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