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Started By
Message
re: Young Americans Turn Against Boomers Over Social Security
Posted on 1/8/24 at 2:59 pm to Flats
Posted on 1/8/24 at 2:59 pm to Flats
quote:
The point I was making is that any generation close to retirement age is going to be more cautious about reforming their benefits. It has nothing to do with the fact that they're Boomers
You seem to be having a very difficult time understand this:
There are 74 million Boomers. There are 49 million GenX'ers paying for 74 million people's entitlements. Millennials and Gen Z don't count because they won't work or are too fragile to work and want everything handed to them. The math hasn't worked on this in a long time.
This post was edited on 1/8/24 at 3:00 pm
2
Posted on 1/8/24 at 3:02 pm to canyon
Well I am 74 my position for years has been to remove all of the income limits. Let everyone pay in the full 7.65%. Allow for drug price negotiation. When it becomes time to collect, implement a resource test. If you have liquid financial resources over $2 million then you are ineligible for SS but eligible for Medicaire.
As for Congress, eliminate that cushy retirement plan and shift them all over to Social Security.
Also any "borrowing" from the SS fund menas the $$$ are replaiced with US bonds at double the bond interst rate.
As for Congress, eliminate that cushy retirement plan and shift them all over to Social Security.
Also any "borrowing" from the SS fund menas the $$$ are replaiced with US bonds at double the bond interst rate.
Posted on 1/8/24 at 3:04 pm to Purplehaze
If every GenX'er silent quit or walked out of their jobs like GenZ and Millennials are doing then there would literally be no money for SSI or Medicare. We are paying it all. It's insanity.
Posted on 1/8/24 at 3:04 pm to Purplehaze
quote:
If you have liquid financial resources over $2 million then you are ineligible for SS but eligible for Medicaire.
You'll have plenty of company if you want to punish success.
Unfortunately.
Posted on 1/8/24 at 3:06 pm to Flats
quote:
That's very possible; I've never included SS in any retirement planning. If I get it there's a strong possibility we'll punish success and I'll be means tested.
It already is means tested since recipients have to pay taxes on it as regular income if they have other income that puts it over a rather low threshold.
Posted on 1/8/24 at 3:09 pm to TrueTiger
This is nothing new.
Posted on 1/8/24 at 3:14 pm to Flats
Over 40 years with a "Trust Fund" interest of 2%, that first 1,000 of payments into SS becomes about $2,000. That 1980 $1,000 in constant dollars is around $3000. Quite a tax racket.
Had that same $1000 been put into the stock market over that same 40 year, it would have earned about 9% return and produced about $36,000.
But hey, that's what a dem lock box does. It's a black box that your money goes into to melt away.
Had that same $1000 been put into the stock market over that same 40 year, it would have earned about 9% return and produced about $36,000.
But hey, that's what a dem lock box does. It's a black box that your money goes into to melt away.
This post was edited on 1/8/24 at 3:16 pm
Posted on 1/8/24 at 3:33 pm to ronricks
It is. Call it whatever you want I don’t mind. If you’re a young buck maybe not. I didn’t think I would see any SS left when I started paying in 1971 either. But hell I finally get some back.
Posted on 1/8/24 at 4:47 pm to Auburn1968
It needs to be revamped, overhauled, and rethought. That said I also have been paying into the system for 41 years now without a missed payment...
I haven't figured it into my retirement plan for the obvious reason that I wasn't sure it would be there at the time of need. The insurance which I cant now get until 65 is more of a factor than SS.
I'm working now just to buy toys and pump funds into investments going into retirement looking at the work sheet if I had to live solely on what my projected SS payments would be somebody here would need to bring me some cat food/old bread once a week under my new home the bridge on I-95.
I haven't figured it into my retirement plan for the obvious reason that I wasn't sure it would be there at the time of need. The insurance which I cant now get until 65 is more of a factor than SS.
I'm working now just to buy toys and pump funds into investments going into retirement looking at the work sheet if I had to live solely on what my projected SS payments would be somebody here would need to bring me some cat food/old bread once a week under my new home the bridge on I-95.
Posted on 1/8/24 at 4:53 pm to TrueTiger
Sounds like you bought into the media attempt to cause dissention. Just because young Americans think SS needs reform doesn’t threaten us boomers. That kind of fiscal discipline and independant thinking hurts liberals/progressives and socialists waaaaaay more.
Posted on 1/8/24 at 5:00 pm to SlowFlowPro
quote:
Cue the completely rational and realistic "just give me back my contributions with interest " posts
quote:
contributions
Honestly, social security was a good idea. but just like every good idea, the government has inevitably corrupted it and broken it beyond repair (for use as intended at least).
Posted on 1/8/24 at 5:08 pm to ronricks
quote:
Must be nice to be on a Government Entitlement program. I won't ever know what that is like. It's nothing to brag about either.
Only problem is when you get on one of these programs, you're getting old. By the way, you're full of the brown stuff. If you are under 40, just quit worrying about it.
Posted on 1/8/24 at 5:09 pm to wackatimesthree
quote:
This is not an endorsement of giving aid to Ukraine, but GOD I'm tired of people saying stuff like this. We've sent $75 billion to Ukraine. We spend over $1.5 Trillion on Social Security EVERY YEAR.
It’s just the most recent thing we’ve wasted money on.
And I think most people agree by now.
SS is a diff issue. No one on it currently is saying, yeah let’s cut back, it’s a waste if money.
Posted on 1/8/24 at 5:20 pm to ronricks
quote:
There are 74 million Boomers. There are 49 million GenX'ers paying for 74 million people's entitlements. Millennials and Gen Z don't count because they won't work or are too fragile to work and want everything handed to them. The math hasn't worked on this in a long time.
16-24 year olds have had the highest rates of employment for a very long time.
I don’t personally know a single millennial that doesn’t work. And we are the largest generation.
It’s prob not going to work out because you basically still have to go to food banks and shite if living off just SS.
So yes I would take my money back. I don’t even need with interest because I would turn around and invest it better.
This post was edited on 1/8/24 at 5:22 pm
Posted on 1/8/24 at 5:25 pm to tgerb8
No. We all know that may Americans can’t and won’t save for their healthcare or any needs after retirement. Then they will go on welfare and we all know that Americans downy have the balls to let people fail or die even if from their own mistakes. So we have to force people to pay for their retirement and healthcare. We just need to tweak social security to recognize less deductions but a longer deduction period and longer life and higher medical costs. BUT
We need to make Americans share more of the expense so they put pressure on drug companies and doctors to not charge so dam much. And stop limiting the number of medical schools and drug sources so there is more competition and options and fewer monopolies and costs go down.
We need to make Americans share more of the expense so they put pressure on drug companies and doctors to not charge so dam much. And stop limiting the number of medical schools and drug sources so there is more competition and options and fewer monopolies and costs go down.
Posted on 1/8/24 at 5:30 pm to dgnx6
a. 50 years ago , my salary was deducted for a future retirement benefit, which I built my retirement based upon. And it worked.
b If young folks want to make changes to their retirement program, do it!
c. At my age half of all boomers have died, and as a group are fading fast. The perceived boomer problem will go away faster than the young folks try to make changes
Posted on 1/8/24 at 5:31 pm to dgnx6
quote:
I don’t personally know a single millennial that doesn’t work.
I know 50. If you add underemployed, double it.
Posted on 1/8/24 at 5:41 pm to David_DJS
quote:Well David, #1) I'm going to have to ask for a link to that jewel, and #2) Redoing the SSA would ABSOLUTELY require Congress, and probably SCOTUS
Trump's plan for social security is to get rid of FICA and pay benefits from the general fund
Posted on 1/8/24 at 6:01 pm to ronricks
quote:
You seem to be having a very difficult time understand this:
Goodness RR, you are a fool
Posted on 1/8/24 at 6:12 pm to TrueTiger
quote:
Millennials (those aged between 27 and 42), Gen Zers (those aged between 18 and 26), and Gen Xers (those aged between 43 and 58) were more likely than boomers (those older than 59 years old) to think that Social Security should be reformed.
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