And for those depending on Social Security

[lo country]

Good luck. Some pretty disturbing figures. If the trend continues, I wonder how long SS can remain solvent and viable. Personally, we need reform. I would also like to be able to get back some of the monies I have worked for.

 

http://www.weeklystandard.com/blogs/americans-joining-disability-outpaces-americans-finding-jobs_648660.html

[carlfense]

Good luck. Some pretty disturbing figures. If the trend continues, I wonder how long SS can remain solvent and viable. Personally, we need reform. I would also like to be able to get back some of the monies I have worked for.

 

http://www.weeklysta...obs_648660.html

The bolded two sentences highlight the problem. Everyone wants back the money that they paid in . . . but they want "reform" that would inevitably result in everyone (or everyone else) getting less.

 

Raise their taxes. End their tax breaks. Cut their funding. But don't cut my benefits.

[Mavric]

Not trying to put words in his mouth, but he did say "some" of the money which, to me, implies that it will be less than promised.

 

I don't see any realistic way everyone is going to get all they are "supposed" to. But we've got to start somewhere so it might as well be now.

[carlfense]

Not trying to put words in his mouth, but he did say "some" of the money which, to me, implies that it will be less than promised.

I agree but it seems indicative of the larger problem.

[Mavric]

Not trying to put words in his mouth, but he did say "some" of the money which, to me, implies that it will be less than promised.

I agree but it seems indicative of the larger problem.

I agree.

 

Basically the problem with a lot of areas: Everyone agrees that things need to change. Everyone wants the changes to affect anyone but themselves.

[krill]

All of the political grandstanding and increasingly vicious rhetoric over the past three years on issues that are small potatoes has diverted attention away from the critical issue of fixing Social Security and Medicare. Combating combat waste, fraud, and abuse is a common sense start that pretty much everyone agrees on. There's a problem though...it requires more bureaucracy, and paying salaries that attract competent administrators, investigators, case workers, lawyers, etc. That's a tough sell when smaller government is what most Americans want. Addressing the larger issue of benefits and payroll taxes is an unstable stick of dynamite few want to touch. Rain dances probably have a better proven efficacy than congress fixing entitlements.

[lo country]

Good luck. Some pretty disturbing figures. If the trend continues, I wonder how long SS can remain solvent and viable. Personally, we need reform. I would also like to be able to get back some of the monies I have worked for.

 

http://www.weeklysta...obs_648660.html

The bolded two sentences highlight the problem. Everyone wants back the money that they paid in . . . but they want "reform" that would inevitably result in everyone (or everyone else) getting less.

 

Raise their taxes. End their tax breaks. Cut their funding. But don't cut my benefits.

 

No one wants to be the sacrificial lamb. Myself included. Just scary to think that after 40+ years (when I can hopefully stop working) I really do not think that SS will even be available when I can finally stop working.

 

I also have no issue with my taxes being raised IF everyone else takes a bite of the sh$t sandwhich and the govt quits spending like they have money to blow. A flat VAT style tax comes to mind as does some of the fair tax ideas.

 

I have resigned myself to the fact that it is already going to be less than my guesstimates.

 

The newest info I could find is that 47% of those in Congress (both sides of the aisle) are MILLIONAIRES. I am not, so I have no idea how I would be, but I can only assume that these guys have no idea what it is to live pay check to pay check, how it is to tell your kids no we can't afford this, canceling plans because of unexpected expenses etc.........

 

Again, these guys are set. I am not. I, like a lot (most working Americans) are depending on something that looks like it woon't work.

[carlfense]

Good luck. Some pretty disturbing figures. If the trend continues, I wonder how long SS can remain solvent and viable. Personally, we need reform. I would also like to be able to get back some of the monies I have worked for.

 

http://www.weeklysta...obs_648660.html

The bolded two sentences highlight the problem. Everyone wants back the money that they paid in . . . but they want "reform" that would inevitably result in everyone (or everyone else) getting less.

 

Raise their taxes. End their tax breaks. Cut their funding. But don't cut my benefits.

 

No one wants to be the sacrificial lamb. Myself included. Just scary to think that after 40+ years (when I can hopefully stop working) I really do not think that SS will even be available when I can finally stop working.

 

I also have no issue with my taxes being raised IF everyone else takes a bite of the sh$t sandwhich and the govt quits spending like they have money to blow. A flat VAT style tax comes to mind as does some of the fair tax ideas.

 

I have resigned myself to the fact that it is already going to be less than my guesstimates.

 

The newest info I could find is that 47% of those in Congress (both sides of the aisle) are MILLIONAIRES. I am not, so I have no idea how I would be, but I can only assume that these guys have no idea what it is to live pay check to pay check, how it is to tell your kids no we can't afford this, canceling plans because of unexpected expenses etc.........

 

Again, these guys are set. I am not. I, like a lot (most working Americans) are depending on something that looks like it woon't work.

+1

[JJ Husker]

Our whole social security system is nothing less than the Bernie Maddoff debacle on steroids.

Basically we have all been bilked out of a good portion of our retirement funds.

As carl pointed out above, there is no easy fix now. A bunch of people are going to get screwed. It is impossible for everyone to get back what they have put in.

It needs to be reformed but structuring that will require throwing large swaths of our citizenry under the bus to get it done. So, I wouldn't hold my breath waiting for any politician to undertake it. It is a no win situation for them and us. Unless somebody developes a time travel machine and we can go back and start over....

[NUance]

The thing about social security is that it's not going to suddenly fail. It just won't keep up with inflation over time.

[sd'sker]

first, if you are relying on social security, you are screwed. second, they need to raise the maximum rate on taxable earnings. third, (everyone is going to hate this) people should have to qualify for social security (basically, you should not be receiving social security if you are a millionaire), or opt-out if they do not need it. fourth, they may have to raise the age, which would be horrible and we should be working to lower the age to withdraw. finally, the problem is that the gov't borrowed to much from social security without ever paying it back and there are not nearly enough workers contributing to it. the person who called it a ponzi scheme was right. the principal is that you get what you pay in with interest; but in practice, someone has already taken what you put in so you will need to take what someone else (x15, or something exorbitant) puts in.

[JJ Husker]

Raising the earnings threshold is pretty much a catch 22. I guess it depends if your idea of social security is having everyone else take care of your retirement or if you want to be able to take care of yourself. I have been paying in the max. for some time now. Problem is I won't be getting it back. Seems a little inhumane to increase the amount I have to pay in even further. The idea I like much better is being able to opt out of it all together. I am pushing 50 and I would still elect to opt out if it meant they would quit taxing me for it. Let's give a lot more people some incentive to earn and leave their golden years security up to them. I could have one hell of a retirement package if I had all the SS taxes back that the government bilked me out of and pilfered.

 

The scary thing is the amount of money most everyone has paid in and the way they trickle it back to you. When you die, you're done. Seems the reserve fund should be growing exponentially simply from the difference of the large amount you have paid in and the small amount most people get back. They should probably think about capping a persons lifetime benefit at the amount they have paid in. I guess there is no easy answer when the desire is to redistribute income in a free society. I don't think you can do both without being unfair to one group or the other.

[Yossarian]

first, if you are relying on social security, you are screwed. second, they need to raise the maximum rate on taxable earnings. third, (everyone is going to hate this) people should have to qualify for social security (basically, you should not be receiving social security if you are a millionaire), or opt-out if they do not need it. fourth, they may have to raise the age, which would be horrible and we should be working to lower the age to withdraw. finally, the problem is that the gov't borrowed to much from social security without ever paying it back and there are not nearly enough workers contributing to it. the person who called it a ponzi scheme was right. the principal is that you get what you pay in with interest; but in practice, someone has already taken what you put in so you will need to take what someone else (x15, or something exorbitant) puts in.

 

The problem is that people have been led to believe that SS was some sort of savings account and that they were going to get it back. Then there was the myth of an actual pool of money - that could somehow be put in a "lock-box."

 

There has to be some means testing and the "retirement" age will have to be raised. Under Obamacare, the mythical death panels might just have to be instituted after all.

 

Bottom line: those people who truly need it will be provided for. No millionaires or anyone else who does not need it. That pool of people who will truly need it are a powerful voting bloc and will increase dramatically when those people who have been on the dole all their lives reach retirement age.

[sd'sker]

Raising the earnings threshold is pretty much a catch 22. I guess it depends if your idea of social security is having everyone else take care of your retirement or if you want to be able to take care of yourself. I have been paying in the max. for some time now. Problem is I won't be getting it back. Seems a little inhumane to increase the amount I have to pay in even further. The idea I like much better is being able to opt out of it all together. I am pushing 50 and I would still elect to opt out if it meant they would quit taxing me for it. Let's give a lot more people some incentive to earn and leave their golden years security up to them. I could have one hell of a retirement package if I had all the SS taxes back that the government bilked me out of and pilfered.

 

The scary thing is the amount of money most everyone has paid in and the way they trickle it back to you. When you die, you're done. Seems the reserve fund should be growing exponentially simply from the difference of the large amount you have paid in and the small amount most people get back. They should probably think about capping a persons lifetime benefit at the amount they have paid in. I guess there is no easy answer when the desire is to redistribute income in a free society. I don't think you can do both without being unfair to one group or the other.

the bold part is true, but they turned a person's forced savings account into a well of funds to borrow from, they have to pay it back somehow. so, theoretically, raising taxes could technically be construed as paying back the borrowed funds from past projects. also, i do not think taxes should just be raised, but the maximum rate on taxable earnings should (it maxes out at just over $100,000 right now. that means a person making $105,000 and $750,000 are in the same social security tax bracket).

[sd'sker]

Raising the earnings threshold is pretty much a catch 22. I guess it depends if your idea of social security is having everyone else take care of your retirement or if you want to be able to take care of yourself. I have been paying in the max. for some time now. Problem is I won't be getting it back. Seems a little inhumane to increase the amount I have to pay in even further. The idea I like much better is being able to opt out of it all together. I am pushing 50 and I would still elect to opt out if it meant they would quit taxing me for it. Let's give a lot more people some incentive to earn and leave their golden years security up to them. I could have one hell of a retirement package if I had all the SS taxes back that the government bilked me out of and pilfered.

 

The scary thing is the amount of money most everyone has paid in and the way they trickle it back to you. When you die, you're done. Seems the reserve fund should be growing exponentially simply from the difference of the large amount you have paid in and the small amount most people get back. They should probably think about capping a persons lifetime benefit at the amount they have paid in. I guess there is no easy answer when the desire is to redistribute income in a free society. I don't think you can do both without being unfair to one group or the other.

the bold part is true and interesting. either way, you would be a fool to depend on social security, which is tragic. however, the government turned a person's forced savings account (you get out what you put in) into a well of funds to borrow from (you put in, they take out, subsequently forget to replace), they have to pay it back somehow. so, theoretically, raising taxes could technically be construed as paying back the borrowed funds from past projects. also, i do not think taxes should just be raised, but the maximum rate on taxable earnings should (it maxes out at just over $100,000 right now. that means a person making $105,000 and $750,000 are in the same social security tax bracket).