re: your thoughts on the long-term sustainability of social security

quote:

---

my total should be $2400 but im actually projected to get $1920

---

Probably good to plan that way. But in truth, even if they decided to cut SS rather than force higher contributions, for those 55 and older, there would be Constitutional impediments for the Feds trying to administer those cuts.

quote:

---

I encourage you to read up on it.

---

Exit the projection room. Then read about SS inception/structure dating back to the 1930's.

Every 1¢ contributed is immediately converted to a US debt obligation ... an IOU, not a You Owe Him.

Just as is the case if you invest in Savings Bonds, T-Bills, T-Bonds, etc.

The current Social Security system works like this: when
you work, you pay taxes into Social Security. We use the
tax money to pay benefits to:
• People who have already retired.
• People with qualifying disabilities.
• Survivors of workers who have died.
• Dependents of beneficiaries.

The money you pay in taxes isn’t held in a personal
account for you to use when you get benefits. We use
your taxes to pay people who are getting benefits right
now. Any unused money goes to the Social Security trust
funds, not a personal account with your name on it.

Its gone. Younger generations need to realize that they will be taxed and never get it back.

The average pensioner cashes out everything they contributed in the first 5 years. After that it is pure welfare supported by current workers.

There is no BANK filled with money, it was invested in Gov't bonds and spent the second it came through the door. It was looted back in the 1960's

When implemented it was the case that older people were not able to work and lived on a shoe string budget and productive citizens could afford to supplement them a bit. Now, it is upside down. The older generations have amassed wealth that the younger will NEVER be able to accumulate because of stagnant wages, rising debt and increasing costs in education, healthcare, and housing. We are asking the younger generations to supplement the retirement of pensioners who have more in savings and assets (and government sponsored healthcare) than they themselves do.

It needs to be progressively phased out. First by means testing. Then slowly by generation. Messaging needs to start now. Its like the Titanic hitting the ice berg. You can't make one big turn at the end. You have to do it slowly over a long period of time.

I say this as I approach retirement age as well. But I was educated to never count on social security and to plan for retirement assuming I will see none of it.

Abolish it, give me a one time subsidiary check for what I've paid into it for the last 20 years, and make it so that I never have to contribute another penny to that bullshite program and begin an extrapolated plan to phase out completely by the time my generation gets to retirement age in 2050.

The Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay 100 percent of total scheduled benefits until 2033, one year earlier than reported last year. At that time, the fund's reserves will become depleted and continuing program income will be sufficient to pay 77 percent of scheduled benefits.


Looks like I will be getting 77% of scheduled benefits.

It’s a political football that neither party wants to really deal with. Just constant accusations of “those Dems/Repubs are trying to steal it/take it away.”

When was the last time someone talked about privatizing? Bush II?

For all the technocrats running around in DC, it’s a 1930s social program that I don’t know I’ll ever see a penny from.

quote:

---

What are your thoughts on Social Security?

---

it’s an unsustainable ponzi scheme

quote:

---

Do you anticipate it will continue to be a reliable source of retirement income in the future?

---

Nope. And it never was. It was never intended to replace personal fiscal responsibility. If you’re fully depending on a government with $35 trillion in debt with no sign of change anywhere on the horizon… you’re a fool.

quote:

---

And how is it affected under this current administration?

---

Makes no difference.No administration is going to make any serious cuts until it becomes a crisis.

Voters still want “their money” back, so won’t tolerate any cuts. Its one of the only ways to lose your seat in congress as an incumbent.