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re: your thoughts on the long-term sustainability of social security
Posted on 10/9/24 at 2:38 pm to LSUbacchus81
Posted on 10/9/24 at 2:38 pm to LSUbacchus81
At some point they will add a rule that states anyone with a net worth of X isn’t eligible. Doesn’t matter that I paid into it. I’ve got a pension and 401k worth $1 million, giving you a SS check every month just isn’t equitable, so says the socialists.
0
Posted on 10/9/24 at 2:43 pm to LSUbacchus81
I’m retiring next year, and I’m not factoring SS into my retirement income.
If I get any, that’s a bonus.
Posted on 10/9/24 at 3:00 pm to Wally Sparks
quote:
Can I do that in my 30s?
If I were in charge, yes. You could either leave the money with the government and get a very small amount in retirement, or cash out and move it to a private account.
Posted on 10/9/24 at 3:04 pm to LSUbacchus81
I started grabbing what I could get at 62. That works better for me anyway. It has only been a year and a half. I am I hoping I get most of what I put in before it crashes or gets turned into "needs based" (i.e. welfare).
Posted on 10/9/24 at 3:09 pm to LSUbacchus81
I didn’t expect to get anything despite nearly 50 years of paying into it.
Got my first check in August, as soon as I could start drawing it.
Might as well get something back, and it’s paying for golf.
Got my first check in August, as soon as I could start drawing it.
Might as well get something back, and it’s paying for golf.
Posted on 10/9/24 at 3:17 pm to LSUbacchus81
If Trump and any of his successors can succeed in repairing the damage done to the free market by Government intervention and end the massive government spending at home and especially abroad then we will see exponential growth in our economy and we won’t have to raise taxes to pay off our debt and fund Social Security because revenue to the government will soar.
Posted on 10/9/24 at 3:27 pm to LSUbacchus81
quote:
What are your thoughts on Social Security? Do you anticipate it will continue to be a reliable source of retirement income in the future? And how is it affected under this current administration?
I will be retiring somewhere between four and six years from now. Personally, my budget shows me relying too much on social security (55% of my projected income).
That said, I believe that they will have to do a fix, but they will be very careful with old people, because they will always be one of the more powerful group of voters and any fix will have to take that into consideration.
So, while I don't like relying that much on SS, I am not going to sweat it too much, because God is in control.
Posted on 10/10/24 at 6:22 am to AUauditor
quote:
That said, I believe that they will have to do a fix, but they will be very careful with old people, because they will always be one of the more powerful group of voters and any fix will have to take that into consideration.
Grandfather them in and anyone under 50 has the option to leave. Cheaper in the long run I would imagine.
Posted on 10/10/24 at 6:38 am to LSUbacchus81
quote:Social Security is a program everyone knows of, yet painfully few actually know about.
What are your thoughts on Social Security?
It is billed as a retirement program.
Yet it is actually a mandatory lending program where individual employed Americans are required by law to lend the Federal Government money at terms the Government sets. Government, not the retiree, is the beneficiary.
The Government eventually (if you're lucky) gives you your money back at a paltry ROI, and labels that payback as a "retirement benefit."
Think of it this way. You stroll into a Bank in need of a car loan. Only in this case, you set the terms .... e.g., 2% x 72 mos., and the bank must abide them. That is how SS works for the government.
Now then, knowing that, do you think SS is going anywhere?
This post was edited on 10/10/24 at 6:44 am
Posted on 10/10/24 at 6:40 am to LSUbacchus81
Are you writing a high school paper?
Do you even AI,bro?
Do you even AI,bro?
Posted on 10/10/24 at 6:44 am to SlowFlowPro
quote:
Literal drop in the bucket compared to SS spending/issues.
Is what he said wrong, though?
Posted on 10/10/24 at 6:46 am to Wally Sparks
I am 45 and would leave the money I put in behind if I could stop paying into it now
Posted on 10/10/24 at 6:53 am to NC_Tigah
quote:
Government, not the retiree, is the beneficiary.
Correct. It isnt going anywhere. If anything, we'll all just have to start paying more.
I hate social security more than any other tax, and that's damn impressive considering all the different ways the government taxes money that's already been taxed a dozen times over
Posted on 10/10/24 at 6:55 am to AndyJ
quote:That would be wise, but there is not a chance in hell the government would allow it. It benefits far too much from SS to let it go.
I am 45 and would leave the money I put in behind if I could stop paying into it now
Posted on 10/10/24 at 6:57 am to DownshiftAndFloorIt
quote:
and that's damn impressive considering all the different ways the government taxes money that's already been taxed a dozen times over
Such as, your SS check being taxed, thanks to Reagan.
fricking thieves.
Posted on 10/10/24 at 6:57 am to Tantal
One should be able to not participate. However, we have to look out for the stupid. I think if one has a certain amount of assets or a good credit score, then one should be able to opt out.
What about the company match if one opts out? I think it's 7.5 %. Does that go to the employee?
What about the company match if one opts out? I think it's 7.5 %. Does that go to the employee?
Posted on 10/10/24 at 7:00 am to LSUbacchus81
Congress will raise the minimum retirement age from 62 to, say 75. That way, more people will die before reaching minimum retirement age and not be able to collect on their 'investment'.
Posted on 10/10/24 at 7:02 am to mauser
quote:
I think it's 7.5 %. Does that go to the employee?
Can you give a reason why the company shouldn't keep that?
Posted on 10/10/24 at 7:03 am to Tantal
quote:Correct. As long as Government can borrow cheaply though SS, it will expand the program given any excuse. SS is currently in surplus. The Feds will keep it in surplus.
They'll MASSIVELY raise taxes before they'll let Social Security die.
Posted on 10/10/24 at 7:06 am to NC_Tigah
The Republic will fall before this. Massively increasing taxes will just kill people's motivation to work. The middle class will do just enough to survive as the quality of life continues to fall. I fricking hate Socialists and am angry that they have gained so much influence among the illiterate, regarded masses.
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