Planning on social security?

[greedy4chips]

Re: Planning on social security?

I think the only ones who will get it are the poorest people. I think they will find a way to reduce payments to those who earn X amount and no payment to those who earn XX amount.

There seems to be no mathematical way to overcome the baby boomers at current projections. So either raising the age at which you can begin to receive payments or by reducing the amount you can collect are the only real viable options.

Increasing contributions is not an option either.

[disneysteve]

Re: Planning on social security?

So either raising the age at which you can begin to receive payments or by reducing the amount you can collect are the only real viable options.

I think we will see a combination of these two changes. The age for full benefits has already risen. It is 67 for me, not 65. And I expect it will rise farther. With people living longer and longer, they either need to raise the age, limit the benefits or cap the benefits somehow.

[scrava]

Re: Planning on social security?

I'm not counting on it.
But, I agree with the posted above.... I want them to stop sucking SS out of our paychecks.
It sux! Don't expect me to spend 47 years contributing to something that I'm not
going to get.

[k-man]

Re: Planning on social security?

I think we will see a combination of these two changes. The age for full benefits has already risen. It is 67 for me, not 65. And I expect it will rise farther. With people living longer and longer, they either need to raise the age, limit the benefits or cap the benefits somehow.

The other possibility besides raising the age limit (which they'll likely do again soon), and decreasing benefits (again, likely for higher wage earners), is raise our taxes.....

The system is just so incredibly flawed. SS was designed in the 1935 to get older working men to retire so that hoardes of unemployed younger men would have jobs. And so they retired at 62.....and guess how long the average man lived back then? 62 years old. Nearly everyone smoked...and so the government picked up the tab for retirees for a *very* short period of time. Now, men live 17 years longer than they did back then on average. The system was never designed to handle that. And yet, not only do most Americans fully expect to be retired by age 65, many expect to retire *early*. This represents a huge disconnect between the fantasy of early retirement and what lies ahead for most Boomers and Gen Xers. Most will be forced to work into their 70s...no doubt about it.

Three legs held up the Retirement Stool in years past. Company pension plans were one leg.....we know what's happening there. Social Security is another leg.....again, facing major trouble. And finally, personal savings is the third. Again, since we actually spend more than we earn as a nation, we can't depend on that either. People in this country need the mother of all wake-up calls....because they clearly don't understand what will happen to them in the future.

[creditcardfree]

Re: Planning on social security?

"People in this country need the mother of all wake-up calls....because they clearly don't understand what will happen to them in the future."

Oh, I agree. I started the thread to get people thinking. In general, many of us have the thought that there is always social security, so why save and invest, lets spend our money!! Hmm...what if it isn't there? Or what if it is, but it isn't enough? These are real possibilities as it stands now.

If we could all save more now, the less likely they might increase the taxes later. Wishful thinking I know.

Is anyone thinking that they won't claim social security if their nest egg is large enough without it? I know some want what they put in back, but doesn't that get greedy. Why not leave it there...for those that really do need it to live on. I know this won't be the majority, but it's something I've thought about. As of now, I'm undecided anyway...since I don't know what the future holds.

[k-man]

Re: Planning on social security?

"People in this country need the mother of all wake-up calls....because they clearly don't understand what will happen to them in the future."



Is anyone thinking that they won't claim social security if their nest egg is large enough without it? I know some want what they put in back, but doesn't that get greedy. Why not leave it there...for those that really do need it to live on. I know this won't be the majority, but it's something I've thought about. As of now, I'm undecided anyway...since I don't know what the future holds.

Our nest egg will be large enough that we won't need SS, but there's no way that I'll not take whatever they decide to give me. I will not throw my portion of money into the pool because most of my peers decided that they'd spend every cent they make and my government mismanaged the system....sorry. I'll get much less than I've been told I'm getting all along....that's my contribution to the pot. I'll gift what I get to my younger family members before telling Uncle Sam that he can keep my share.

[creditcardfree]

Re: Planning on social security?

Our nest egg will be large enough that we won't need SS, but there's no way that I'll not take whatever they decide to give me. I will not throw my portion of money into the pool because most of my peers decided that they'd spend every cent they make and my government mismanaged the system....sorry. I'll get much less than I've been told I'm getting all along....that's my contribution to the pot. I'll gift what I get to my younger family members before telling Uncle Sam that he can keep my share.

I like that you would give it away. That isn't greedy at all. Thanks for a different view point.

[tabbycat31]

Re: Planning on social security?

I am 26 and I don't plan on it being there at all.

I think this solution can be fixed by changing the cap (around 90K) to make it 90K or 50% of your paycheck, whatever is higher.

[sakigt]

Re: Planning on social security?

23 here, not counting on anything.

Would be happy to take whatever they give me

[Ima saver]

Re: Planning on social security?

Well if anyone thinks they can live on social security, they have another think coming. I have heard of people that said they did not need the social security money, but they get it anyway. I guess I will take my $400 a month and be thankful!

[tabbycat31]

Re: Planning on social security?

I will also have a large enough nest egg that I won't need any SS payments that come my way. I however will either give them to family members or nonprofits.