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Started By
Message
re: The payroll income cap increases every year. Why is SS going broke?
Posted on 4/3/24 at 3:18 pm to TigerSprings
Posted on 4/3/24 at 3:18 pm to TigerSprings
quote:
Not Whole Life Insurance, which SS is more like than Term..
It's an Annuity. Amazing how many people do not realize that.
0
Posted on 4/3/24 at 3:24 pm to WildTchoupitoulas
quote:
3. Means test
There's a whole lot of ignorance to be kind but most likely out-right stupidity all over this whole thread but this here might be the stupidest.
That is not at ALL how this was supposed to work. You should get YOUR money back PLUS interest and earnings.
If you are a contributing citizen then the Government takes your money or imprisons you. The Government is supposed to give your money back to you regardless of your situation. Otherwise it's outright theft.
Posted on 4/3/24 at 3:29 pm to bird35
quote:
Easy answer, Less workers by percentage of Americans. More free loaders by percentage of Americans.
Also, people are having less children, so we don't have as many people working as a percentage of the people retired.
Posted on 4/3/24 at 4:03 pm to RebelExpress38
quote:
Also pass a law allowing citizens to choose how the money is invested so government can’t steal the money and spend it on other things.
This would pass overwhelmingly if people were honest about it.
W tried this (essentially) and was roasted from both sides. Nobody wants to fix entitlements.
This post was edited on 4/3/24 at 4:03 pm
Posted on 4/3/24 at 4:11 pm to TigerSprings
quote:
Whole Life Insurance
Posted on 4/3/24 at 4:37 pm to GumboPot
You forgot one: 6. Remove illegals from the SS database that are receiving SS.
Posted on 4/3/24 at 5:31 pm to GumboPot
quote:
The payroll income cap increases every year. Why is SS going broke?
You pay 6.2% and your employer pays 6.2% on your first $168K for 2024. Last year the income cap was $160k. The income cap goes up every year like clockwork.
Too little, too late?
Record number of boomers set to retire this year
quote:
1. Raise retirement age.
That just kicks the can.
quote:
2. Cut benefits.
Good luck with that one. Don't get me wrong, I think it should be considered a viable option, but it's like expecting Congress to actually cut total spending.
quote:
3. Raise payroll tax percentage.
4. Raise the rate of year over year payroll taxes on income caps.
5. Get the economy going to get more of the deadbeats working.
Also, allow people to refuse their benefits (if they want). I've known a few who have made their fortunes and invested well enough to not even want their SS.
Posted on 4/3/24 at 6:54 pm to GumboPot
The Chilean system works well for everyone but those who work off the books. Much greater return on investment that the bad ROI of SS.
The Case for Chile’s Private Social Security System
https://www.jewishpolicycenter.org/2019/04/04/the-case-for-chiles-private-social-security-system/
The Case for Chile’s Private Social Security System
https://www.jewishpolicycenter.org/2019/04/04/the-case-for-chiles-private-social-security-system/
Posted on 4/3/24 at 6:55 pm to Gifman
quote:
Eliminating the cap alone might get it back to solvent.
And once again high W2 earners get fricked.
That would be almost a $9k tax increase on someone making $300k and that person is already paying $90k in federal taxes.
The upper middle class always gets squeezed and the truly rich walk away with 20% tax on their cap gains.
Posted on 4/3/24 at 7:20 pm to GumboPot
Because the gov. uses it for things it wasn't started for. I don't think there is a fund. That disappeared long ago. The Gov. pays as it goes. No wonder there is a chance of it being broke.
Posted on 4/3/24 at 7:25 pm to CharlesUFarley
quote:
Your question has a simple answer:
Because the Government runs it.
Yep. The government can give away trillions of dollars in foreign aid, but can't balance a system to provide for their own citizens.
Posted on 4/3/24 at 7:28 pm to mule74
quote:
The upper middle class always gets squeezed and the truly rich walk away with 20% tax on their cap gains.
This is true. A husbands and wives with professional careers are funding this country.
Posted on 4/3/24 at 7:40 pm to GumboPot
quote:
What's the deal about SS going broke? Are their too many deadbeats not paying into the system.
The issue is the Baby Boomers. After WWII the returning soldier generation multiplied like rabbits. Subsequent generations have toned it down to a more stable reproductive rate. The SS problem is that we are entering into a time where there will be more drawers than payers than it takes to keep the balance of the pyramid scheme.
SS is just basicly a govt plan where people paying now pay for people who are drawing. So if you get an imbalance then the money pool goes up or down depending on which side of the equation the excess is on.
Posted on 4/3/24 at 7:50 pm to GumboPot
Going broke?
The whole Government is broke. It is going in debt an extra trillion every 100 days
The whole Government is broke. It is going in debt an extra trillion every 100 days
Posted on 4/3/24 at 8:18 pm to GumboPot
quote:
$168K for 2024
It was $137,700 in 2020. Pure insanity.
Posted on 4/3/24 at 8:41 pm to TigerSprings
quote:
The life expectancy data is garbage because it takes into account infant mortality, which in 1935 when SS started was 60yo. That would mean no one was collecting anything.
Life expectancy works more like an average rather than a maximum age. If someone manages to live past live expectancy, the government doesn’t go out a shoot them. Well, at least not yet.
Posted on 4/3/24 at 8:46 pm to Beer did clam
quote:
Easy fix, combine SS with Fed/State Pensions. One system for all, Socialists should live it.
The best fix is to quit giving benefits to people that don’t pay into SS.
SSI cost taxpayers 87 billion in 2022.
Posted on 4/3/24 at 9:20 pm to GumboPot
This is the major problem.
quote:pgpf.org
A major contributor to the unsustainability of the current Social Security program is that the number of workers contributing to the program is growing more slowly than the number of beneficiaries receiving monthly payments. In 1960, there were 5.1 workers per beneficiary; that ratio has dropped to 2.8 today.
This post was edited on 4/3/24 at 9:21 pm
Posted on 4/3/24 at 9:45 pm to TigerSprings
quote:
The human life span has been consistent for 2000 years.
Without extraordinary artificial means of extending life, yes.
But we have more people now whose lives are being artificially extended than ever before.
Hell, I'm 53 and I would already be dead (several times over, actually) if I had been born in 1870 or 1770 instead of 1970.
To be fair, I also would have lived a lifestyle that wouldn't have aggravated my genetic predispositions so much had I been born then—they didn't have much junk food yet in 1870, and they moved a whole lot more.
However, my mother's side of the family just has lousy genetics when it comes to cardiovascular health. My uncle was an elite athlete when he was young, stayed active his whole life, always in good shape, never smoked, never overweight, watched what he ate, and he's still had several stents and a triple bypass. My grandfather (his father) was the same way...he died of a stroke at a relatively young age.
We're a lot better at beating bad genetics than we were 100 or 300 or 1000 years ago.
That's undeniable.
Now, I get what you're saying. The fact that we have ways to extend life for those who would otherwise die early doesn't mean that the lifespan for "normal" people goes up. There is no "new normal" for expected top end.
But it does mean we'll have more people living that long. And in a discussion about SS, that matters.
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