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Started By
Message
re: Why should my Social Security be cut.
Posted on 1/7/23 at 9:33 am to Bass Tiger
Posted on 1/7/23 at 9:33 am to Bass Tiger
quote:True for everyone. However, realistically 90% of the people given that option 45 years ago would have spent it on bigger houses, fancier cars and eating out more often. Come retirement age, they become a complete burden to the state.
I just retired and checked my social security total contributions including my employers ....If I could have taken the social security taxes paid by myself, my wife and our employers and place it in a total market mutual fund 45 years ago I would be way beyond independently wealthy.
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Posted on 1/7/23 at 9:33 am to SlowFlowPro
quote:
But then the current recipients wouldn't have the necessary revenue flow
Too bad so sad
Posted on 1/7/23 at 9:34 am to Bass Tiger
quote:
I expect the cap to be completely lifted at some point
I'd agree with that
As it stands only a small % will eclipse the 160K threshold and when they do it won't be by that much
Posted on 1/7/23 at 9:34 am to Bass Tiger
quote:
I just retired and checked my social security total contributions including my employers ....If I could have taken the social security taxes paid by myself, my wife and our employers and place it in a total market mutual fund 45 years ago I would be way beyond independently wealthy.
Remember back when this was the desire of the GOP in the early 90's and Newt said something the effect of if we did that Social Security would simply "whither on the vine" because it would become unnecessary for younger generations...and The Left lost their shite and nothing happened?
Yeah...
Posted on 1/7/23 at 9:39 am to NorthTiger
Probably a semi-unpopular opinion until you read my nuance, but it shouldn’t.
1) it should have a “generational” lead time
2) all changes to financial wellness transactions should have a “generational” lead time.
Ex: They shouldn’t be able to “plug” the “Roth 401k hole” on individuals making 450,000/y on a few month’s notice (came close to happening a few times in the last 18 months)
Stretch IRA shouldn’t disappear without time for those it is going to impact to prepare
Social security calculations shouldn’t change much for those who have it (excluding COLA)
For all these things, we should be making changes that will impact “the next class,” 10-30 years down the line so people have a chance to adjust their financial plans.
1) it should have a “generational” lead time
2) all changes to financial wellness transactions should have a “generational” lead time.
Ex: They shouldn’t be able to “plug” the “Roth 401k hole” on individuals making 450,000/y on a few month’s notice (came close to happening a few times in the last 18 months)
Stretch IRA shouldn’t disappear without time for those it is going to impact to prepare
Social security calculations shouldn’t change much for those who have it (excluding COLA)
For all these things, we should be making changes that will impact “the next class,” 10-30 years down the line so people have a chance to adjust their financial plans.
Posted on 1/7/23 at 9:39 am to JColtF
quote:
Too bad so sad
Old people vote ?? it’s your problem not theirs
Posted on 1/7/23 at 9:41 am to GeauxTigerTM
I remember GWB had suggested being able to privatize at least a portion of it but that never went anywhere either
Posted on 1/7/23 at 9:43 am to Bass Tiger
quote:
I could have taken the social security taxes paid by myself, my wife and our employers and place it in a total market mutual fund 45 years ago I would be way beyond independently wealthy.
George W Bush wanted to allow equity investments with SS funds. Not sure why we don’t run it like a sovereign wealth fund.
Posted on 1/7/23 at 9:45 am to Powerman
1) SS taxes should apply to all income. Of course this would make me pay more, but fair is fair.
2) SS should continue to be paid out as it has been, to anyone who's put significant money into it. Again, it's only fair.
Life is unfair, but legislation doesn't have to be.
2) SS should continue to be paid out as it has been, to anyone who's put significant money into it. Again, it's only fair.
Life is unfair, but legislation doesn't have to be.
Posted on 1/7/23 at 9:48 am to Hopeful Doc
quote:
we should be making changes that will impact “the next class,” 10-30 years down the line so people have a chance to adjust their financial plans.
Unfortunately the rules will change at the snap of a finger when things go bad. We almost were forced to purchase a certain amount of Treasuries in our private 401ks when the dollar funding markets failed in 2009. In fact there’s a new rule about liquidating IRAs within ten years of death when prior to that rule you could gift your IRA to your spouse.
Posted on 1/7/23 at 10:05 am to NorthTiger
Social Security is a Ponzi Scheme. It was turned into that by Crooked Joe Biden and his pals back in the mid-eighties.
I know I watched, in disgust, on television as the democrats used the Ole Bait and Switch to pull 'the Social Security Trust Fund' into the general fund.
Translation: They stole Social Security. The action so incensed Senator Daniel Patrick Moynihan (D-NY) he pranced back and forth on the Senate floor and told his colleagues, "It's official, we're stealing from the American people". It went downhill from there.
Unfortunately, we sometimes don't imprison our thieves; rather we elect them to public office.
Now chew on this for a bit. Your S/S Taxes are funding Biden's Proxy War in Ukraine and buying smartphones for illegals invading from the south, among other niceties. One more thing - Plugs is coming after your 401k and IRAs. But first they have to label these savings instruments as racist.
What a mess.
I know I watched, in disgust, on television as the democrats used the Ole Bait and Switch to pull 'the Social Security Trust Fund' into the general fund.
Translation: They stole Social Security. The action so incensed Senator Daniel Patrick Moynihan (D-NY) he pranced back and forth on the Senate floor and told his colleagues, "It's official, we're stealing from the American people". It went downhill from there.
Unfortunately, we sometimes don't imprison our thieves; rather we elect them to public office.
Now chew on this for a bit. Your S/S Taxes are funding Biden's Proxy War in Ukraine and buying smartphones for illegals invading from the south, among other niceties. One more thing - Plugs is coming after your 401k and IRAs. But first they have to label these savings instruments as racist.
What a mess.
This post was edited on 1/9/23 at 5:18 pm
Posted on 1/7/23 at 10:13 am to Zarkinletch416
It’s a Ponzi scheme, forced by the government, looking to be insolvent, with projections of reduced benefits by 2034. I argue it will be much sooner with the recent cost of living increases, and distributions to illegals LINK
Posted on 1/7/23 at 10:19 am to NorthTiger
And now that I get my SS, why does it have to be taxed!!??
Posted on 1/7/23 at 10:22 am to NorthTiger
I've hit the cap for the last 15 years. At this point, I see it as a mandatory donation to charity.
Posted on 1/7/23 at 10:23 am to NorthTiger
You sound white and privileged. The patriarchal tax payers need to learn about equity. Funding gender reassignment surgery and making sure homeless have access to clean needles for black tar heroin injections is more important than your vacation plans and sporadic casual events you planned with other now retired white retirees who paid into social security all their lives as well.
10 years ago everyone would have known immediately this is satire. Today, most won’t realize it until the second paragraph.
10 years ago everyone would have known immediately this is satire. Today, most won’t realize it until the second paragraph.
Posted on 1/7/23 at 10:34 am to NorthTiger
You got a raise numb nut
Posted on 1/7/23 at 10:48 am to NorthTiger
quote:
I paid into it expecting my current meager return
Where else can you get a 2% return on the Trust Fund for decades while inflation averaged 4%. It's a great deal for government budgets and now Biden has made it even better with >7% inflation.
Posted on 1/7/23 at 11:01 am to NorthTiger
There are no proposals to cut. Conservatives want to gradually privatize. At first a small amount would go to a real retirement fund instead of SS. Future generations would have larger amounts.
The models I've seen say retirement benefits would go up substantially. But you can't keep funneling SS money into every disability in the world. That's not retirement that's transference of wealth.
The models I've seen say retirement benefits would go up substantially. But you can't keep funneling SS money into every disability in the world. That's not retirement that's transference of wealth.
Posted on 1/7/23 at 11:02 am to NorthTiger
quote:
I paid into it expecting my current meager return
Only reason there's not a prison devoted just to the fraud and theft of this Ponzi scheme is that it's a government program.
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