Social Security benefits expected to be cut by 2034

[VectorVictor]

IMO extending SS tax above $118k isn't asking for much. And why was it ever capped to begin with?

IIRC from my American History courses, there wasn't a cap in FDR's original plan for Social Security. The cap was added to get the opposition (the current GOP--I'm blanking on their previous party name) on board with approving it, and has remained in place as a supposed deterrent from Social Security not getting too big and offering citizens too much money/too many increases. Also, Social Security can only offer X% of someone's lifetime earnings up to a certain dollar amount.

I remember there were plans a few years ago to up the cap to something like $250k or $500k, but they went nowhere with the GOP and their overlords.

I love your avatar! I love that movie. How a movie like Airplane doesn't, at the very least, get nominated for an Oscar is a joke.

Because the Oscars didn't care for Roger Murdock--the feedback they gave was that he didn't work hard enough on defense, despite his assertion that he was dragging Graves and Nielsen up and down the cockpit for 88 minutes.

I believe it was nominated for a Writer's Guild, BAFTA, and and Golden Globe, though.

 

[teachercd]

IMO extending SS tax above $118k isn't asking for much. And why was it ever capped to begin with?

IIRC from my American History courses, there wasn't a cap in FDR's original plan for Social Security. The cap was added to get the opposition (the current GOP--I'm blanking on their previous party name) on board with approving it, and has remained in place as a supposed deterrent from Social Security not getting too big and offering citizens too much money/too many increases. Also, Social Security can only offer X% of someone's lifetime earnings up to a certain dollar amount.

I remember there were plans a few years ago to up the cap to something like $250k or $500k, but they went nowhere with the GOP and their overlords.

I love your avatar! I love that movie. How a movie like Airplane doesn't, at the very least, get nominated for an Oscar is a joke.

Because the Oscars didn't care for Roger Murdock--the feedback they gave was that he didn't work hard enough on defense, despite his assertion that he was dragging Graves and Nielsen up and down the cockpit for 88 minutes.

I believe it was nominated for a Writer's Guild, BAFTA, and and Golden Globe, though.

Well done!

 

[B.B. Hemingway]

Start it at a later age...people live so much longer now

Haven't they already done that? (I don't know much about it but I always hear the retirement age is increasing and assumed they were talking about the amount of the SS payments and not just people opting to work longer)

Also, I thought US life expectancy had started to drop slightly.

Yeah, I think they have changed it once...Thing is when SS started people worked until 60 and died at 65-70 (I am just making up that number but you know what I mean). That isn;t the case anymore. Shoot people at 65 years old are in the gym getting a workout in and then going out skydiving.

I am sure they have thought about that as an answer and I am sure the math might not work out as well as people would like and I can sure understand people that are 61 thinking "f#*k you...you are not raising the age"

What kind of 65 year old's do you live around? I live in a rural Missouri, and most 65 year old's I know have done 60 hr/weeks of hard, manual labor the last 40+ years. They can't walk without a limp, let alone go workout.

The average life expectancy has only gone up 3-4 years in the last 30 years. They've earned that money, they should get it no later than they currently are.

 

[mrandyk]

I would opt out of SS in a heartbeat. I'm going to pay in way more than they will ever pay me (or my family) back, and even that's under the naive assumption that any money will be left at all in 40 years. Let me invest the money myself.

 

[teachercd]

Start it at a later age...people live so much longer now

Haven't they already done that? (I don't know much about it but I always hear the retirement age is increasing and assumed they were talking about the amount of the SS payments and not just people opting to work longer)

Also, I thought US life expectancy had started to drop slightly.

Yeah, I think they have changed it once...Thing is when SS started people worked until 60 and died at 65-70 (I am just making up that number but you know what I mean). That isn;t the case anymore. Shoot people at 65 years old are in the gym getting a workout in and then going out skydiving.

I am sure they have thought about that as an answer and I am sure the math might not work out as well as people would like and I can sure understand people that are 61 thinking "f#*k you...you are not raising the age"

What kind of 65 year old's do you live around? I live in a rural Missouri, and most 65 year old's I know have done 60 hr/weeks of hard, manual labor the last 40+ years. They can't walk without a limp, let alone go workout.

The average life expectancy has only gone up 3-4 years in the last 30 years. They've earned that money, they should get it no later than they currently are.

I agree, they have earned it and they paid in and they should get it.

But the age will probably change and some people will get screwed.

And I know lots of 65 year olds and older that are very very young. But I don't live in rural Missouri so I would imagine you know a lot that are beat up.

 

[Mierin]

I would opt out of SS in a heartbeat. I'm going to pay in way more than they will ever pay me (or my family) back, and even that's under the naive assumption that any money will be left at all in 40 years. Let me invest the money myself.

When I come up with my opinion on stuff like this, one of the first things I think of is what kind of country I want to live in. And I don't want to live in one with a bunch more poverty and lower life expectancy than what we have now. I'm fine not getting back all I pay into SS if it helps prevent that.

 

[teachercd]

I would opt out of SS in a heartbeat. I'm going to pay in way more than they will ever pay me (or my family) back, and even that's under the naive assumption that any money will be left at all in 40 years. Let me invest the money myself.

When I come up with my opinion on stuff like this, one of the first things I think of is what kind of country I want to live in. And I don't want to live in one with a bunch more poverty and lower life expectancy than what we have now. I'm fine not getting back all I pay into SS if it helps prevent that.

Maybe make it an option type of deal?

 

[funhusker]

I would opt out of SS in a heartbeat. I'm going to pay in way more than they will ever pay me (or my family) back, and even that's under the naive assumption that any money will be left at all in 40 years. Let me invest the money myself.

When I come up with my opinion on stuff like this, one of the first things I think of is what kind of country I want to live in. And I don't want to live in one with a bunch more poverty and lower life expectancy than what we have now. I'm fine not getting back all I pay into SS if it helps prevent that.

Maybe make it an option type of deal?

We pay taxes. We elect a government. Government decides how taxes are spent.

I fear if we make it an "individualized" issue it will get worse. It sounds kind of heartless, but it's a fact of math: we need people who overpay to make up or people that don't pay enough. If it were "optional", the situation would be worse....

 

[teachercd]

I would opt out of SS in a heartbeat. I'm going to pay in way more than they will ever pay me (or my family) back, and even that's under the naive assumption that any money will be left at all in 40 years. Let me invest the money myself.

When I come up with my opinion on stuff like this, one of the first things I think of is what kind of country I want to live in. And I don't want to live in one with a bunch more poverty and lower life expectancy than what we have now. I'm fine not getting back all I pay into SS if it helps prevent that.

Maybe make it an option type of deal?

We pay taxes. We elect a government. Government decides how taxes are spent.

I fear if we make it an "individualized" issue it will get worse. It sounds kind of heartless, but it's a fact of math: we need people who overpay to make up or people that don't pay enough. If it were "optional", the situation would be worse....

That is probably pretty true.

 

[mrandyk]

I would opt out of SS in a heartbeat. I'm going to pay in way more than they will ever pay me (or my family) back, and even that's under the naive assumption that any money will be left at all in 40 years. Let me invest the money myself.

When I come up with my opinion on stuff like this, one of the first things I think of is what kind of country I want to live in. And I don't want to live in one with a bunch more poverty and lower life expectancy than what we have now. I'm fine not getting back all I pay into SS if it helps prevent that.

No, I get it. Far too many rely on SS for their retirement income. Mandatory contributions for those later stages in life certainly improve the quality of life in our nation as a whole. Give me some options or something though. I can't help but feel I am getting scammed here.

 

[RedDenver]

I would opt out of SS in a heartbeat. I'm going to pay in way more than they will ever pay me (or my family) back, and even that's under the naive assumption that any money will be left at all in 40 years. Let me invest the money myself.

When I come up with my opinion on stuff like this, one of the first things I think of is what kind of country I want to live in. And I don't want to live in one with a bunch more poverty and lower life expectancy than what we have now. I'm fine not getting back all I pay into SS if it helps prevent that.

No, I get it. Far too many rely on SS for their retirement income. Mandatory contributions for those later stages in life certainly improve the quality of life in our nation as a whole. Give me some options or something though. I can't help but feel I am getting scammed here.

Saving up the money yourself isn't a guarantee either. Market crashes have happened and will happen again. Banks and hucksters have defrauded retirees many times over.

While the government SS isn't a guarantee, it's far more likely to be there when you need it than any savings you may have. After all, if the government collapses, what are the chances your savings will still be there?