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Posted on 10/10/24 at 7:19 am to RoyalWe
quote:
The Republic will fall before this. Massively increasing taxes will just kill people's motivation to work.
"Massively" is in the eye of the beholder I guess. Look for payroll contributions to increase from 6.2% to 7.5%. Sucks, but that is what's coming.
Posted on 10/10/24 at 7:22 am to FATBOY TIGER
Of course the company wants it, but if one opts out one has to calculate how much they may be leaving on the table long term.
Posted on 10/10/24 at 7:29 am to LSUbacchus81
quote:
your thoughts on the long-term sustainability of social security
Remigrate 100M people
Remove 30M undeserving leeches
Reinvest the money for SS into the S&P 500
Problem solved.
Posted on 10/10/24 at 7:36 am to LSUbacchus81
quote:Major changes are obviously needed but the more imminent threat in my mind is the $36T debt.
your thoughts on the long-term sustainability of social security
Posted on 10/10/24 at 7:36 am to mauser
quote:
Of course the company wants it, but if one opts out one has to calculate how much they may be leaving on the table long term.
Absolutely. If you're not putting a lot of thought into your financial future, you ain't worth your salt.
Most companies with a 401k match dollar for dollar up to 6% invested by the employee. pretty sure that's the better choice.
I'd take that any day over monies going into one big bucket that some will never see the payoff.
Posted on 10/10/24 at 7:50 am to ItNeverRains
quote:Would be great.
Reinvest the money for SS into the S&P 500
Will not happen.
S&P investment would defeat SS purpose and design to support the gov't.
Posted on 10/10/24 at 7:52 am to NC_Tigah
It would also cause a massive inflation spike when we inject that money into the normal economy. In time it would level out but I can see lots of short-term instability.
Posted on 10/10/24 at 8:11 am to Tantal
quote:
They'll MASSIVELY raise taxes before they'll let Social Security die. Anything less would ensure losses in every election.
This.^^^
They’ll never get rid of it because they can’t.
People always talk about Social Security “running out”…as if our government only spends money that it has.
Posted on 10/10/24 at 8:17 am to LSUbacchus81
Any financial advisor with half a brain could take the funds pumped into SS and turn it into a gold mine for everyone who’s contributed.
But the government is just laundering that money to their pet projects and personal pockets.
But the government is just laundering that money to their pet projects and personal pockets.
Posted on 10/10/24 at 8:23 am to AndyJ
quote:
I am 45 and would leave the money I put in behind if I could stop paying into it now
This is the problem. You are paying for the people in retirement now. That's where those checks come from, along with a small amount from the dwindling trust fund. This will never be an option.
Posted on 10/10/24 at 9:26 am to FATBOY TIGER
Our 401K was 50 cents on the dollar up to 6%. A company increase of the 401K contribution limit could encourage more to opt out of SS.
Posted on 10/10/24 at 9:38 am to armtackledawg
quote:Negative.
You are paying for the people in retirement now.
Posted on 10/10/24 at 9:40 am to SlowFlowPro
You missed the point, again.
Posted on 10/10/24 at 9:40 am to LSUbacchus81
If you were born after 1972/1973 it will be around but at a greatly reduced amount than the Boomers are currently getting. I'd plan not to have it to be safe. Max all retirement vehicles avail to you.
Posted on 10/10/24 at 9:46 am to LSUbacchus81
I invest as if there will be no SS
Posted on 10/10/24 at 9:50 am to mauser
quote:
What about the company match if one opts out? I think it's 7.5 %. Does that go to the employee?
The employer wouldn't be required to match anything; however, much like health insurance was added as a sweetener to attract talent, retirement funds would be the same. "Oh, you don't offer a pension or 401K match? I'm sorry, I think I'll take my talents to your competitor."
Posted on 10/10/24 at 9:56 am to armtackledawg
Definitely not. My point is that I am putting money into a program that is being sold to me as money coming back to me one day. I know I will be means tested out of it. :(
Posted on 10/10/24 at 9:57 am to ronricks
quote:The government is not going to reduce the requisite lending amount or size of the Trust Fund. It is simply too valuable a tool.
If you were born after 1972/1973 it will be around but at a greatly reduced amount than the Boomers are currently getting.
Unfortunately, if you were born after 1972/1973, you and your employer are going to get hosed with a higher SS tax. (12.4% => 15% in total; 6.2% => 7.5% employee contribution)
Uncle Sam needs to finance his debt.
Posted on 10/10/24 at 9:59 am to LSUbacchus81
social security will always be here but there will be cuts. im turning 65 in 2034. my latest projection said i was getting a 20% cut. my total should be $2400 but im actually projected to get $1920.
thats why im in a business that has residual income.
thats why im in a business that has residual income.
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