Major Social Security trust funds could be tapped out by 2033: CBO

Yes, at a certain age you can still get benefits. Let’s say 55 and up are guaranteed ten years of benefits and that’s it. Don’t go play pitiful me cause my whole life they would be robbing from me and I wouldn’t see a damn thing in return. But at least my kids wouldn’t go through the same crap hole I would be. SS was a flawed program from the beginning. Expected Retirement is a failing idea. Retirement was an 18th century invention by the Germans back when the average lifespan was 70 years old. On top of the added burden of longer lifespans we also have a 40% increase in depression after retirement. SS should be obliterated and allow people to create their own nest egg.

 

I totally agree. I have always said that SS is a giant ponzi scheme. They want to raise the rate so that current workers will fund the inadequacies of the past. People have been warning about the shortfalls of SS for decades but people continue to do nothing to fix it because they knew the plan was to screw future generations. Now boomers want millennials, Gen Z and even Gen Xers to pay more so they get the amount they think they deserve but the system they paid into could not generate enough money for such a flawed system. Now they think OMG, what a surprise! We didn't see it coming. We didn't think to put aside more money or demand our politicians fix the system while we were still working. Instead lets put the burden on the young. Instead we vote for politicians that want to spend like crazy on every program you can imagine or others that waste their time on social justice issues like gay weddings and what colleges are teaching.

 

It is THEIR money. They paid into it their whole life. Not everyone is an investing guru. It sounds to me like you want old people to rot from poverty.
REAL NICE!

 

Tapped out typically means "out of money" aka nothing left, but what they really mean is that by 2033 they won't be able to pay 100%, but maybe 90%.

Maybe you can opt to receive only 50%. The 4.9% increase in payroll tax, would amount to 0.7%. Not the end of the world.

The reason seems obvious. Millions of Americans rely on it to survive.

Which turned out to be a conspiracy theory. It was never considered.



I have a better idea. Lets collect the $600 Billion which is owed, but not collected each year.

Yes, I have never met anyone who'd say "the hell with it. We don't need to get paid SS". Its one of the few things practically everyone agrees on (that its their money).

 

It’s not their money, if it were they would be getting it but it is adjusted for inflation which makes it highly political doesn’t it. They are stealing from me and the CBO proves that. They don’t have the money so they want to Jack my take up to pay for them. They are stealing from me to pay for them. If it were their money they wouldn’t need to take more from me.

 

SS is not the place to cut, raise the caps

 

Since you can't legislate or guarantee returns sufficient to fund privatized SS investments, a crash or fraud incident would become inevitable.

As for privatization plans, here is a decent article, from way back when. This topic is far from new.
https://www.epi.org/publication/issuebriefs_ib112/

 

Please take a few moments to read this article before you let a bunch of politicians talk you into having a heart attack:
https://www.cnbc.com/select/will-social-security-run-out-heres-what-you-need-to-know/

From this story:

"However, the recent 2022 Social Security Trustees report finds that in 2034, retirees will start receiving a reduced benefit if Congress doesn’t fix funding issues for the social program. In other words, Social Security will exist after 2034, but retirees will only receive 77% of their full benefit starting then."

OK, let's say you were born in 1954 (a fairly average 'Baby Boomer'). In 2034, you'll turn 80. Your house was paid-off long ago and you don't run out and buy new cars, new dishwashers, new refrigerators, new furniture, etc. frequently.

You DO spend a LOT of money on all the crap that Medicare doesn't pay for, but by now you've got diagnoses, doctors, and prescriptions already established for the accumulation of things that are going to kill you eventually... but you've probably already gotten your dentures, hip or knee replacements, hearing aids, had your cataracts removed, etc., so, you've got a predictable set of expenses and a "glide-path" to your final demise.

The question -- by the time you're 80 years old, then, how tough is it going to be to have a reduction of ~23% in your EARNED Social Security benefit? Indeed, if you were paying attention to things regarding your personal finances that were important when you were half that age, you'll probably be just fine!

 

Some countries, like Finland, have private accounts, even though they are regulated by the government and managed by their insurance/pension companies to make sure they are invested in low risk investments. If you work a full career, you can expect to receive about 60-66% of your former pay until the end of your days. On top of that, they have 'national pension' which is like out SS, but the payments are much smaller than our max, and hence easier to fund. Some other countries like UK, experimented with private accounts, which were more like 401K, where people had the ability to make their own investment moves, but the only parties who benefitted from it were the banks, who raked in tons of money from transaction fees. We could consider transitioning to a Finnish style system.

401K system works for some people, but it requires discipline, and therefore does not work well for many others.

 

"I'm from the government and I am here to help"

 

So an even WORSE investment tool that is mandatory. Great.

Like most things, Social Security was instituted to cater to the lowest common denominator of society, those that need nanny government to take care of them.

Everybody else will likely get back from the program less than they contributed and FAR less than if the money was in a different investment type. But hey! At least they get 70% of what was promised!

This is precisely why the idea of a mandatory universal healthcare system administered by the government is terrifying.

 

Much of what the government does is probably not constitutionally possible, but it does things anyway.

 

The transition costs of switching programs would be in the trillions, which is why you can't really replace Social Security.

 

Raise the caps, to bolster a retirement program that is failing by government, for people that don't need the government help, to benefit people that didn't earn it.

Boo hoo.

Like every other left wing program, it serves zero purpose to anybody except those they are buying votes from.

Once again, you desire to support those that didn't support themselves, off the backs of those that did, and yet you can't seem to understand why you keep getting more and more of the unsustainable types.

 

Your desire for workers rights and environmental requirements prevent that.

 

Eliminate the caps on contributions completely and detach it from the federal budget. That way congress cannot steal from it and it will be solvent for the foreseeable future.

While we are at it, tie those contributions to be applied to income from any source, not just W2 income

I really wish they would enact a commission to study how to migrate to Canadian style system.

 

That only works by taking more money from people that don't need the shitty program and reducing their ROI in order to fund other people that do.

I don't need SS. Between my entire investment portfolio, at the age of 43, the amount I can expect to get from SS is a burden on better investments I could make now.

 

agree, import natural resources, not products if we can make them here

outsourcing IT is also a national security risk, those that control the information have the power

a single script could stop so much cloud based electronics, even vehicles

 

The only way you can collect SS without having paid into it, is if you are married to someone who did pay into it. Other that that, people who did not work, cannot collect it either.

Then you shouldn't have much to complain about, and yet that is all you ever do.

 

If they are talking about the reduction of the benefit to 70%, as was stated in this article, then the money is being re-allocated away from my SS benefit. Where is it going?

Classism at it's worse.

"If you are successful, you don't get to complain when I reach into your pocket and steal from you"

Nah, sorry bud. The world doesn't work like that. Stop tying to validate your desire to steal from me, and Ill stop complaining.

 

I don't know a damn thing about the Canadian 'social security' system, but I fully agree with everything else you posted there!

In addition to removing those "caps on contributions completely", we should get everybody OFF the role of recipients except for the surviving spouse of a worker who EARNED a Social Security benefit by WORKING for it all his life! There are WAY too many people who suck a free living off of Social Security because of 'disabilities' claims -- many of which are poorly-documented and seldom reviewed to determine if there's any continuing disability beyond a point-in-time.

 

Social Security is an insurance program, it is paid into by all to help those that need it. All first world nations on the Earth have some type of similar program so I cannot even recommend a nation that would be more appropriate for you.

Congratulations on your investments, you should be proud to help your fellow Americans as a true patriot! I will also likely not benefit from SS and have reached contribution limits for 8 of the last 10 years. While you do have about about a decade on me I am happy that people will be able to retire (at an absurdly old age) and not starve to death due to those contributions.

 

I told republicans then, if they are so sure their program is better, let people chose which they want when they retire, if gambling on the stock market was better, no one would pick the current plan

republicans refused that, why, cause they were not that SURE of their plan

 

temporily failing due to boomers, they will age out of ss with time

 

There should be no such thing as social security disability. I agree it’s an absurd system.

The Canadian version is more of a pension plan. I have seen other programs that act as a personal retirement account that belongs to the individual. The bill is funded by automatic deductions and is then invested. The individual can borrow from these accounts at low interest rates for major transactions such as the purchase of a home.