Originally Posted by maggie1 (Post 2083009)

Smart lady - you taught her well.

Originally Posted by MartinSE (Post 2083407)

A couple points on this thread:

SS will not suddenly run out of money. The plan is to ramp down payments as they have to dip into the trust, which is expected to start in 10 or 20 years. It is a "simple" problem to fix, but politicians don't want to fix it because it is a voting issue they can rant about. Fixing would simply require an increase in the amount of income your contribution comes from, increase the maximum contribution of each worker, or increase the percentage deducted. All have been proposed, all of any would postpone the problem indefinitely.

Second, inflation happens. It always has it aways will. It is normally blamed on the administration with it starts up - that doesn't mean they caused it. Inflation historically lags policy. In this cycle it has been predicted for years, meaning it is way over due. Some (me included) believe it is the way the inflation cycle was delayed that resulted in it being worse than "normal". I don't have a doctorate in economics, so I can't say. We just are still dealing with COVID and it's impact on society and economy. Anyway, I do believe that as long as our (the world's) economy is based on growth, there will be recessions and inflation cycles. We need a new economic model that is based on no growth.

Originally Posted by rrb48310 (Post 2083470)

There is a larger “population” than Baby Boomers, so if they ever get off the couch and get one of the plentiful jobs, S.S. should be ok. Providing the politicians keep their hands off the $$$.

Originally Posted by rrb48310 (Post 2083470)

There is a larger “population” than Baby Boomers, so if they ever get off the couch and get one of the plentiful jobs, S.S. should be ok. Providing the politicians keep their hands off the $$$.

Originally Posted by MartinSE (Post 2083483)

Baby Boomers, that would be me, I have no plans to get off my butt and get a job. Baby Boomers are pretty much the problem right now, there are so many of us retired - many that retired early because of 2008.

SS withholding has not been increased, even to adjust for inflation, since 1990. Well, not exactly, there were some changes put in place in 2021, and some more are supposed to go into place this year. But minor.

Originally Posted by MartinSE (Post 2083483)

Baby Boomers, that would be me, I have no plans to get off my butt and get a job. Baby Boomers are pretty much the problem right now, there are so many of us retired - many that retired early because of 2008.

SS withholding has not been increased, even to adjust for inflation, since 1990. Well, not exactly, there were some changes put in place in 2021, and some more are supposed to go into place this year. But minor.

Originally Posted by rrb48310 (Post 2083470)

There is a larger “population” than Baby Boomers, so if they ever get off the couch and get one of the plentiful jobs, S.S. should be ok. Providing the politicians keep their hands off the $$$.

Originally Posted by biker1 (Post 2083498)

No, that won't do it. This has been studied. The long term trend of a decreasing number of working people per retired person and people living longer has created a situation where SS taxes must increase or benefits must be reduced or the age where you can draw benefits must be pushed out, or all of the three. And, politicians have their hands on the money only to the extent that they can pass laws to change the SS tax rate and change the benefits. The politicians are the only ones who can fix this issue. Without politicians taking action, SS benefits are estimated to be reduced starting in 2033. 2033 is the estimate of when the trust fund will be exhausted and incoming SS taxes will only pay about 80% of benefits.

Originally Posted by Stu from NYC (Post 2083504)

I have read 74% of benefits will be paid. Amazing how congress is not getting any pressure to fix this problem. The people who are totally dependent upon SS for retirement should wake up.

Originally Posted by Michael G. (Post 2083512)

I'm can't say who is entitled to SS obvious the ones who paid into the program for years.
But makes me wonder about the executive jobs people held, or people that were CEO's of their own Company are collecting on SS.

Is it fair to ask, how much do those people need to live on even with inflation?

I guess it's like asking how much house, (4-5000 sq ft.) do two retired people need to live in TV.

Originally Posted by Luggage (Post 2083195)

That's an uneducated statement.

Originally Posted by Michael G. (Post 2083512)

I'm can't say who is entitled to SS obvious the ones who paid into the program for years.
But makes me wonder about the executive jobs people held, or people that were CEO's of their own Company are collecting on SS.

Is it fair to ask, how much do those people need to live on even with inflation?

I guess it's like asking how much house, (4-5000 sq ft.) do two retired people need to live in TV.

Originally Posted by MDLNB (Post 2083773)

So, the folks that pay the majority of the TAX REVENUES in America, while 50% pay NO Fed Tax, should just be exempted from getting their retirement money back from the gov? Is someone going to put a limit on how much wealth a person is allowed? Since we live in TV should we also be exempt from receiving SS? Maybe we should give our SS to the border jumpers?

Should the developers be mandated to ONLY build one bedroom homes, since a couple only NEEDS that much room?

Maybe everyone that is retired should give up their cars and just use golf carts since we don't NEED a car to go to work anymore?
In a FREE America, we enjoy the fruits of our labor, whether the labor is physical or mental. Our sharing is voluntary, NOT mandatory.....at least that is the way it is supposed to be.