jbluhm86 Posted January 13, 2023 Report Share Posted January 13, 2023 Fox news: Republicans sound alarm on Social Security insolvency: Taxpayers 'clearly have to worry about' retirement "The SSA recently confirmed congressional predictions that funds are expected to deplete by 2035, with just enough tax money to pay 75% of scheduled benefits. Insolvency means our taxes will go up, paying to restore solvency. "Currently, the Social Security Board of Trustees projects program cost to rise by 2035 so that taxes will be enough to pay for only 75% of scheduled benefits," the Chief Actuary of the Social Security Administration wrote on its website. In September, the Congressional Research Service found that Social Security trusts could be depleted as early as 2034 "because incoming tax revenue would be sufficient to pay only about 80% of scheduled benefits." Last month, the Congressional Budget Office warned that funds will decline to zero in 2033 "and the Social Security Administration will no longer be able to pay full benefits when they are due." Quote Link to comment Share on other sites More sharing options...
FairHooker11 Posted January 13, 2023 Report Share Posted January 13, 2023 elections have consequences .. the republican house majority saying the democrats quiet part out loud from past - related posts, I know you are QUICK to blame the boomers for graft gouging out the payments etc.. I too am a boomer falling into this time frame as a loser, pending any type of clear thinking policy repair so spare the subsequent support to this post as being "our (the boomers) fault"? also - and in related fashion, can all 50+ million aborted tax payer lives before birth have a part in this? Quote Link to comment Share on other sites More sharing options...
jbluhm86 Posted January 13, 2023 Author Report Share Posted January 13, 2023 1 hour ago, FairHooker11 said: elections have consequences .. the republican house majority saying the democrats quiet part out loud At least someone is talking about it. Interesting note, 2016 was the first election in which the generation succeeding the Boomers had a larger percentage of the vote than the boomers, so it's not "if", but "when" Social Security is going to be reformed. GenX, Millennials, etc are highly unlikely to keep the status quo of dumping money into a system in which they're unlikely to see any benefits from in the future. from past - related posts, I know you are QUICK to blame the boomers for graft gouging out the payments etc.. If the shoe fits... I too am a boomer falling into this time frame as a loser, pending any type of clear thinking policy repair That's unfortunate, but welcome to cohort of GenX Millennials, GenZ, etc who are also in this predicament. We have snacks. so spare the subsequent support to this post as being "our (the boomers) fault"? No, because it is your generation's fault. I'll grant you the fact that the previous generation to yours started the ball rolling on pilfering SS to fund their pet projects, to be sure. But the Baby Boomers have had the majority in government since at least the mid 90s, so the boomers have had almost 30 years to head-off this pending disaster that's been known of since at least the late 1970s, but all they've done is kicked the can down the road, because at "least they'll get theirs". The Boomer generation arguably has been the wealthiest generation in human history, yet they have selfishly squandered that immense wealth with little forethought into preserving those same opportunities for their children and grandchildren's generations. also - and in related fashion, can all 50+ million aborted tax payer lives before birth have a part in this? I'd say no, since it's statistically unlikely that all of those 50+ million would reach working age in order to contribute to the payroll taxes. I mean, the bulk of them would, but the taxes aren't the issue. The main issue is spending. You can tax someone 100% of what they earn, but if the government spends 110% of what they take in, then there's obviously going to be a deficit that needs to be accounted for, whether through borrowing and accruing more debt, raising the retirement age and hoping that people's bodies don't give out before they can contribute more taxes, or cutting benefits paid out to below 100%. I exaggerate the percentage, but I think you get the gist of what I'm saying. Quote Link to comment Share on other sites More sharing options...
DieHardBrownsFan1 Posted January 13, 2023 Report Share Posted January 13, 2023 Easy fix, double or triple the Social Security/Medicare tax on everyone under 40. Quote Link to comment Share on other sites More sharing options...
jbluhm86 Posted January 13, 2023 Author Report Share Posted January 13, 2023 17 minutes ago, DieHardBrownsFan1 said: Easy fix, double or triple the Social Security/Medicare tax on everyone under 40. Sure. Then you'll have plenty of money to pay for full student loan debt forgiveness for everyone. Kill two birds with one stone. Quote Link to comment Share on other sites More sharing options...
DieHardBrownsFan1 Posted January 13, 2023 Report Share Posted January 13, 2023 35 minutes ago, jbluhm86 said: Sure. Then you'll have plenty of money to pay for full student loan debt forgiveness for everyone. Kill two birds with one stone. No debt forgiveness. Pay you debts and don't be a whiner. 2 Quote Link to comment Share on other sites More sharing options...
Axe Posted January 13, 2023 Report Share Posted January 13, 2023 I never expected SS to be around when it became time for me and I structured things moving towards retirement so as not to be dependent on it. Quote Link to comment Share on other sites More sharing options...
Canton Dawg Posted January 14, 2023 Report Share Posted January 14, 2023 6 hours ago, jbluhm86 said: The main issue is spending. I think you just figured it out. 1 Quote Link to comment Share on other sites More sharing options...
Canton Dawg Posted January 14, 2023 Report Share Posted January 14, 2023 4 hours ago, Axe said: I never expected SS to be around when it became time for me and I structured things moving towards retirement so as not to be dependent on it. Same here. The old saying “Social Security won’t be around when I’m eligible” mantra has been around for decades. I retired at age 59 with NO Social Security benefits, and I’ve been working part time to give me something to do since the wife died. Quote Link to comment Share on other sites More sharing options...
Westside Steve Posted January 14, 2023 Report Share Posted January 14, 2023 Oh well it's a ponzi scheme at a way. Seniors are pulling the money out of their investments because they've retired at the youngergenerations are sitting on their ass. I'm personally hoping mine lasts for the next 10 years if I even have that long. As for the younger members especially those in the free shit brigade..... WSS Quote Link to comment Share on other sites More sharing options...
Westside Steve Posted January 14, 2023 Report Share Posted January 14, 2023 https://www.facebook.com/reel/551447943674588?mibextid=9drbnH&s=yWDuG2&fs=e Quote Link to comment Share on other sites More sharing options...
MLD Woody Posted January 14, 2023 Report Share Posted January 14, 2023 8 hours ago, Westside Steve said: Oh well it's a ponzi scheme at a way. Seniors are pulling the money out of their investments because they've retired at the youngergenerations are sitting on their ass. I'm personally hoping mine lasts for the next 10 years if I even have that long. As for the younger members especially those in the free shit brigade..... WSS Hilarious and sad how you could take our social security situation, something that literally can't be affected by the younger generations, and then blame the younger generations for it. Congrats on a terrible and ignorant take Quote Link to comment Share on other sites More sharing options...
hoorta Posted January 14, 2023 Report Share Posted January 14, 2023 22 hours ago, DieHardBrownsFan1 said: Easy fix, double or triple the Social Security/Medicare tax on everyone under 40. Har, har, that will fly like a lead balloon, I hope you were joking. More rationally, in no particular order... 1) Increase the Social security tax a few percent.. 2) For sure, at least double the amount of income subject to SS tax- (It's currently $147,000) that's pocket change to our millionaire star athletes. FWW, there's already NO tax cap on income designated to Medicare, 1.45%, double if you're self employed. 3) Your under 40, it does make sense to gradually raise full retirement to age 70, it's soon going to go up to 67 for those born 1960 or later. 65 was initially picked for the age to start receiving benefits because that was the life expectancy circa 1935, what is it now mid 80s? 8 hours ago, Westside Steve said: Oh well it's a ponzi scheme at a way. Seniors are pulling the money out of their investments because they've retired at the younger generations are sitting on their ass. I'm personally hoping mine lasts for the next 10 years if I even have that long. As for the younger members especially those in the free shit brigade..... WSS LOL Steve I'm not expecting to be around in 2035, last year I passed the oldest known male relative I could track down, I'm in my early 70s. If it wasn't for blood pressure medications that are available to me, I'm certain I would have been dead decades ago, those guys all croaked from strokes (probably caused by inherited high blood pressure) at an early age. If you're curious- Social Security has a calculator on their website, just plug in your month and year of birth, and it will spit out your projected life expectancy. Quote Link to comment Share on other sites More sharing options...
hoorta Posted January 14, 2023 Report Share Posted January 14, 2023 21 minutes ago, MLD Woody said: Hilarious and sad how you could take our social security situation, something that literally can't be affected by the younger generations, and then blame the younger generations for it. Congrats on a terrible and ignorant take I feel for your younger guys Woody... Unless you live to a ripe old age, you're never going to get back what you're paying in taxes. Even in my situation, it won't happen if I ever bothered to account for accrued interest if I had been able to deposit that money in CDs or the stock market. Quote Link to comment Share on other sites More sharing options...
hoorta Posted January 14, 2023 Report Share Posted January 14, 2023 On 1/13/2023 at 12:40 PM, jbluhm86 said: Fox news: Republicans sound alarm on Social Security insolvency: Taxpayers 'clearly have to worry about' retirement "The SSA recently confirmed congressional predictions that funds are expected to deplete by 2035, with just enough tax money to pay 75% of scheduled benefits. Insolvency means our taxes will go up, paying to restore solvency. "Currently, the Social Security Board of Trustees projects program cost to rise by 2035 so that taxes will be enough to pay for only 75% of scheduled benefits," the Chief Actuary of the Social Security Administration wrote on its website. In September, the Congressional Research Service found that Social Security trusts could be depleted as early as 2034 "because incoming tax revenue would be sufficient to pay only about 80% of scheduled benefits." Last month, the Congressional Budget Office warned that funds will decline to zero in 2033 "and the Social Security Administration will no longer be able to pay full benefits when they are due." Don't get me started on those Social Security "Trusts".... What's really going on is SS hands those funds over to the Treasury Department, and the Treasury Department writes SS IOUs to be redeemed at a later date. Quote Link to comment Share on other sites More sharing options...
MLD Woody Posted January 14, 2023 Report Share Posted January 14, 2023 6 minutes ago, hoorta said: I feel for your younger guys Woody... Unless you live to a ripe old age, you're never going to get back what you're paying in taxes. Even in my situation, it won't happen if I ever bothered to account for accrued interest if I had been able to deposit that money in CDs or the stock market. Luckily I'm doing pretty well for myself, but yeah, I'm not expecting to ever see a cent of that Then again I'll probably spend most of my life voting to increase taxes that will probably affect me too, so, whatever... Quote Link to comment Share on other sites More sharing options...
Westside Steve Posted January 14, 2023 Report Share Posted January 14, 2023 47 minutes ago, MLD Woody said: Hilarious and sad how you could take our social security situation, something that literally can't be affected by the younger generations, and then blame the younger generations for it. Congrats on a terrible and ignorant take Man woodpecker I realize you are blinded by ideology but can't you figure any of this out can you? More people taking money out of social security, (the fund which has been already looted by democrats and republicans) less people bothering to enter the work force thereby putting money in doesn't turn on a light in your head? Part of the less money that people are putting in is from the free shit generation not earning a living and not paying into social security. That's why I called it a ponzi scheme. It takes money from those who contribute and doles it out to those who no longer contribute. When less comes in you're headed for a financial disaster. Simple as that. So tell me what's wrong in any of those statements? WSS Quote Link to comment Share on other sites More sharing options...
Westside Steve Posted January 14, 2023 Report Share Posted January 14, 2023 47 minutes ago, hoorta said: Har, har, that will fly like a lead balloon, I hope you were joking. More rationally, in no particular order... 1) Increase the Social security tax a few percent.. 2) For sure, at least double the amount of income subject to SS tax- (It's currently $147,000) that's pocket change to our millionaire star athletes. FWW, there's already NO tax cap on income designated to Medicare, 1.45%, double if you're self employed. 3) Your under 40, it does make sense to gradually raise full retirement to age 70, it's soon going to go up to 67 for those born 1960 or later. 65 was initially picked for the age to start receiving benefits because that was the life expectancy circa 1935, what is it now mid 80s? LOL Steve I'm not expecting to be around in 2035, last year I passed the oldest known male relative I could track down, I'm in my early 70s. If it wasn't for blood pressure medications that are available to me, I'm certain I would have been dead decades ago, those guys all croaked from strokes (probably caused by inherited high blood pressure) at an early age. If you're curious- Social Security has a calculator on their website, just plug in your month and year of birth, and it will spit out your projected life expectancy. You can read my last response to the woodpecker. I paid into this shit my whole life self employed right out of my pocket. Let me ask you had you been given the opportunity to invest that amount of money from your pay into any Financial product of your choice within reason where would you be right now? WSS Quote Link to comment Share on other sites More sharing options...
hoorta Posted January 14, 2023 Report Share Posted January 14, 2023 30 minutes ago, Westside Steve said: You can read my last response to the woodpecker. I paid into this shit my whole life self employed right out of my pocket. Let me ask you had you been given the opportunity to invest that amount of money from your pay into any Financial product of your choice within reason where would you be right now? WSS Steve I know as a travelling minstrel, you got hit up double... My sympathy. To answer your question, if I had been able to invest those Social Security taxes instead of forking them over to Uncle Sam, I'd probably have a summer condo in Anchorage, and a winter timeshare somewhere in Arizona (preferably in a location with a nice dark sky site). The problem is the government thought people would just spend that extra money instead of saving it. And as an aside to Woody, since me and the wife dutifully socked away around 15% of our income into IRAs in our working years... Now that I'm drawing Social Security, I'm in a tax bracket where 85% of my Social Security payment is taxable. Yup, a tax on top of a tax. and to your point- if your 'po folk, none of your SS check is taxable. 1 Quote Link to comment Share on other sites More sharing options...
Axe Posted January 14, 2023 Report Share Posted January 14, 2023 1 hour ago, Westside Steve said: Let me ask you had you been given the opportunity to invest that amount of money from your pay into any Financial product of your choice within reason where would you be right now? WSS McDonalds Microsoft Amazon I used to smoke many years ago. If I had taken the money I paid for cigarettes and invested that same money into RJ Reynolds....... 70s and 80s Steve, I understand.. I was self employed and paid SS tax for the last 30 yrs of my working time 1 Quote Link to comment Share on other sites More sharing options...
Axe Posted January 14, 2023 Report Share Posted January 14, 2023 1 hour ago, hoorta said: Steve I know as a travelling minstrel, you got hit up double... My sympathy. To answer your question, if I had been able to invest those Social Security taxes instead of forking them over to Uncle Sam, I'd probably have a summer condo in Anchorage, and a winter timeshare somewhere in Arizona (preferably in a location with a nice dark sky site). The problem is the government thought people would just spend that extra money instead of saving it. And as an aside to Woody, since me and the wife dutifully socked away around 15% of our income into IRAs in our working years... Now that I'm drawing Social Security, I'm in a tax bracket where 85% of my Social Security payment is taxable. Yup, a tax on top of a tax. and to your point- if your 'po folk, none of your SS check is taxable. Yep, a tax on a tax.. Oh, and just outside of Sedona Quote Link to comment Share on other sites More sharing options...
Westside Steve Posted January 14, 2023 Report Share Posted January 14, 2023 1 hour ago, Axe said: McDonalds Microsoft Amazon I used to smoke many years ago. If I had taken the money I paid for cigarettes and invested that same money into RJ Reynolds....... 70s and 80s Steve, I understand.. I was self employed and paid SS tax for the last 30 yrs of my working time Fucking a on the Cigarettes. It's probably been 33 or 4 years ago I quit those bastards. WSS Quote Link to comment Share on other sites More sharing options...
hoorta Posted January 18, 2023 Report Share Posted January 18, 2023 On 1/14/2023 at 6:15 PM, Westside Steve said: Fucking a on the Cigarettes. It's probably been 33 or 4 years ago I quit those bastards. WSS LOL, the government found out there's gold to be made sin taxing the hell out of cigarettes. (booze for that matter too) I well remember back in the early 60s sneaking into a bowling alley and popping a quarter into a machine to buy a pack.. OK, I had to check the inflation calculator... In today's $$$ that's around $2.50 today's average Ohio price for a pack is $6.65.. Glad I quit decades ago... I noticed in California, a carton smokes will set you back $100. Quote Link to comment Share on other sites More sharing options...
Browns149 Posted January 18, 2023 Report Share Posted January 18, 2023 On 1/14/2023 at 5:05 AM, Westside Steve said: Oh well it's a ponzi scheme at a way. Seniors are pulling the money out of their investments because they've retired at the youngergenerations are sitting on their ass. I'm personally hoping mine lasts for the next 10 years if I even have that long. As for the younger members especially those in the free shit brigade..... WSS You could always go on tour Quote Link to comment Share on other sites More sharing options...
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