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SocialSecurity continues to worsen w/o anyone doing anything
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Grill
Forum General
Joined: Mon Jan 28, 2008 11:01 am Posts: 8684
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 SocialSecurity continues to worsen w/o anyone doing anything
Well seems like anyone under 45 should start worrying more about this as no one seems concerned enough to make any changes, even though everyone knows about the problems....just like the last 30 years or so... ( Big problem is no politician wants to take on a voter group as powerful as the elderly???) Also as the previous estimate was 4 years off, expect this estimate to be off also. Well I guess they are doing one thing, every year they rasied what the max that we can pay into the fund.....cause they don't want to make any other short/long term changes*************************** What Social Security's Underfunding Means for Your Retirement Sponsored by by Emily Brandon http://finance.yahoo.com/focus-retireme ... dytoretireSocial Security and Medicare's annual checkup revealed that the recession and longer life expectancies are taxing the health of the entitlement system. The Social Security Board of Trustees report found that program costs will exceed tax revenues in 2016, a year sooner than predicted in last year's report. The trust fund will be exhausted in 2037, four years sooner than the 2008 estimate. Here's a look at how the projections could affect your retirement plans. Smooth sailing for the baby boomers. In 2037, the year the trust fund is currently projected to be depleted, the youngest baby boomers, currently age 45, will be 73. *****It's highly unlikely that baby boomers will face a rise in the retirement age or cuts in benefits.***** "The good news for current beneficiaries and those nearing retirement is that your benefits will remain secure and intact for the foreseeable future," says Nancy LeaMond, executive vice president of AARP, a lobbying group for older Americans. . . . . . . . . .
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Thu May 14, 2009 11:46 am |
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Jim Halpert
Stanley Cup
Joined: Sat Aug 26, 2006 1:52 pm Posts: 6981 Location: Hockey Town
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 Re: SocialSecurity continues to worsen w/o anyone doing anything
it'd be nice if we just got rid of it completely.
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Thu May 14, 2009 7:57 pm |
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Grill
Forum General
Joined: Mon Jan 28, 2008 11:01 am Posts: 8684
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 Re: SocialSecurity continues to worsen w/o anyone doing anything
Jim Halpert wrote: it'd be nice if we just got rid of it completely. that would be nice as it is broken and then we wouldn't have to keep paying into it. but the seniors who have already gotten out alot more than they ever paid, would bitch and complain. Anyway as no one else here on KJ is suggesting anything, other than the above > how about a means test! if you have gotten out more $ than you have paid in. It is a joke that people are getting excess when the system is f'ed up and broken.
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Thu May 14, 2009 8:02 pm |
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nghtvsn
Extraordinary
Joined: Fri Mar 11, 2005 7:13 pm Posts: 11016 Location: Warren Theatre Oklahoma
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 Re: SocialSecurity continues to worsen w/o anyone doing anything
Maybe they could put a limit on the amount of time one can collect SS. Say something like 10 years after you start collecting and a bonus of 5 years if you wait till max age to collect. It's either that or you raise taxes, raise the age, or overhaul the system in some way.
Whatever happens it's going to be a big fat mess on top of the mess we're already in.
_________________ 2009 World of KJ Fantasy Football World Champion Team MVP : Peyton Manning : Record 11-5 : Points 2669.00 [b]FREE KORRGAN 45TH PRESIDENT OF THE U.S.A. DONALD J. TRUMP #MAGA #KAG! 10,000 post achieved on - Posted: Wed May 16, 2018 7:49 pm
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Thu May 14, 2009 11:19 pm |
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Grill
Forum General
Joined: Mon Jan 28, 2008 11:01 am Posts: 8684
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 Re: SocialSecurity continues to worsen w/o anyone doing anything
nghtvsn wrote: Maybe they could put a limit on the amount of time one can collect SS. Say something like 10 years after you start collecting and a bonus of 5 years if you wait till max age to collect. It's either that or you raise taxes, raise the age, or overhaul the system in some way.
Whatever happens it's going to be a big fat mess on top of the mess we're already in. can't do the first one...unless they just throw the poor that run out of SS into poor houses. Other stuff is possible. But it is a joke that no one is wants to do it now, just like the last 25 years, keep putting it off.
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Thu May 14, 2009 11:26 pm |
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Tyler
Powered By Hate
Joined: Tue Oct 12, 2004 8:55 pm Posts: 7578 Location: Torrington, CT
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 Re: SocialSecurity continues to worsen w/o anyone doing anything
Raise it to 80 like now.
_________________ It's my lucky crack pipe.
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Fri May 15, 2009 8:59 pm |
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Grill
Forum General
Joined: Mon Jan 28, 2008 11:01 am Posts: 8684
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 Re: SocialSecurity continues to worsen w/o anyone doing anything
Tyler wrote: Raise it to 80 like now. sounds like a decent idea.
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Fri May 15, 2009 9:11 pm |
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nghtvsn
Extraordinary
Joined: Fri Mar 11, 2005 7:13 pm Posts: 11016 Location: Warren Theatre Oklahoma
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 Re: SocialSecurity continues to worsen w/o anyone doing anything
Grill wrote: Tyler wrote: Raise it to 80 like now. sounds like a decent idea. How is that a decent idea? There'd be a ton of people who wouldn't even be living long enough to use. People should see right through that easily and block it vigorously. 80 is just too high. I like my limited withdrawal time idea. It never was meant for people to actually be surviving on indefinitely anyway. I think it'd be good for the current generation of people to know they'd only have a limited time participation in SS, so maybe they'd plan their lives out better and be more prepared economically down the road.
_________________ 2009 World of KJ Fantasy Football World Champion Team MVP : Peyton Manning : Record 11-5 : Points 2669.00 [b]FREE KORRGAN 45TH PRESIDENT OF THE U.S.A. DONALD J. TRUMP #MAGA #KAG! 10,000 post achieved on - Posted: Wed May 16, 2018 7:49 pm
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Sat May 16, 2009 1:46 am |
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Grill
Forum General
Joined: Mon Jan 28, 2008 11:01 am Posts: 8684
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 Re: SocialSecurity continues to worsen w/o anyone doing anything
nghtvsn wrote: Grill wrote: Tyler wrote: Raise it to 80 like now. sounds like a decent idea. How is that a decent idea? There'd be a ton of people who wouldn't even be living long enough to use. People should see right through that easily and block it vigorously. 80 is just too high. I like my limited withdrawal time idea. It never was meant for people to actually be surviving on indefinitely anyway. I think it'd be good for the current generation of people to know they'd only have a limited time participation in SS, so maybe they'd plan their lives out better and be more prepared economically down the road. * well how about someone who is 50 and has been paying into it for 30 years but is 25 years away from using it....is it fair that they won't get their fair share * so as to the above, when is your cut-off for the changes that you suggest? * and what about someone who has been on it for 10 years and then losses it at 80, well they are screwed and will have to be helped out by society in some other way. * and lastly, based on your people weren't suppose to live forever on SS, what do we do to the people who are 65, 75, 85 now and are drawing SS for the rest of their lives ********* see to me, the only dramatic changes we can make are Increase the age when you start to collect Increase the amounts that you can pay in each year Increase the % of what you pay in...as it is now 8.65 %, make it a flat 10 % cause unfortunately the money is needed. and no one will do anything right now to stop the seniors from collecting their current SS $
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Sat May 16, 2009 10:46 am |
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nghtvsn
Extraordinary
Joined: Fri Mar 11, 2005 7:13 pm Posts: 11016 Location: Warren Theatre Oklahoma
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 Re: SocialSecurity continues to worsen w/o anyone doing anything
Grill wrote: * well how about someone who is 50 and has been paying into it for 30 years but is 25 years away from using it....is it fair that they won't get their fair share
* so as to the above, when is your cut-off for the changes that you suggest?
* and what about someone who has been on it for 10 years and then losses it at 80, well they are screwed and will have to be helped out by society in some other way.
* and lastly, based on your people weren't suppose to live forever on SS, what do we do to the people who are 65, 75, 85 now and are drawing SS for the rest of their lives
*********
see to me, the only dramatic changes we can make are
Increase the age when you start to collect Increase the amounts that you can pay in each year Increase the % of what you pay in...as it is now 8.65 %, make it a flat 10 % cause unfortunately the money is needed.
and no one will do anything right now to stop the seniors from collecting their current SS $
No, it's not fair if people 50+ who had been paying into the system don't get their full benefit. My suggested cut off would be 50 I guess. Everyone after that age is grandfathered in so they can still collect whatever they are collecting till death. Those that are 50 and below would be subject to the new rules which would genereally include the max 10 year time limit to access SS once they reach retirement age. The min/max retirement age could also be extended but I think 80 is extreme and just wouldn't happen. Maybe my simplistic idea wouldn't do much but I think we need to start weaning people off of SS and the only way to do that without eliminating the program is by limiting it's usage.
_________________ 2009 World of KJ Fantasy Football World Champion Team MVP : Peyton Manning : Record 11-5 : Points 2669.00 [b]FREE KORRGAN 45TH PRESIDENT OF THE U.S.A. DONALD J. TRUMP #MAGA #KAG! 10,000 post achieved on - Posted: Wed May 16, 2018 7:49 pm
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Sat May 16, 2009 12:34 pm |
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Tyler
Powered By Hate
Joined: Tue Oct 12, 2004 8:55 pm Posts: 7578 Location: Torrington, CT
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 Re: SocialSecurity continues to worsen w/o anyone doing anything
Well, 65 was beyond the life expectancy when SS was enacted.
_________________ It's my lucky crack pipe.
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Sun May 17, 2009 11:29 am |
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mdana
Veteran
Joined: Wed Apr 27, 2005 11:07 pm Posts: 3004
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 Re: SocialSecurity continues to worsen w/o anyone doing anything
Quote: NEW YORK (CNNfn) - That's the thinking behind one of the most radical ideas to overhaul the nation's struggling Social Security system, which will run out of money sometime around the year 2020 by some estimates. http://money.cnn.com/1999/01/11/life/q_socialsecurity/Social Security will not run out of money in 2020 or 2036. The Surplus is projected to be exhausted so benefits will be paid out at a smaller percentage than currently, but they are still projected to be 80% of current standards. Secondly, the SS projections have always been extremely conservative or pessimistic. When Greenspan pushed the last tax hike on SS back in the early 80s, the projection was that SS would begin running a deficit in 2006 and the surplus would be exhausted by 2015. These articles are written purposely to deceive and confuse people into thinking the system is in much worse shape than it actually is, so that people will overeact and crave a solution (higher taxes, limited benefits, opting out of SS) that would be much worse than the potential problem. Quote: Reports that the Social Security system will soon run out of money have been greatly exaggerated.
As surely as day follows night, the annual report from the board of trustees of the OASDI fund (Old Age Survivors and Disability Insurance, otherwise known as Social Security) has brought forth alarms that the fund will run out of money in the not-too-distant future.
Although flush with cash now and over at least the next 10 years, the Social Security system is expected to gradually begin paying out more in benefits than it takes in from payroll taxes with the result that by 2041 its assets, in the words of the trustees, will be exhausted.
For those who look at only the summary page, this conclusion is nothing new. Indeed, the trustees have come to the same conclusion every year, the only exception being the year the fund is expected to run dry.
In 2000, the system's actuaries thought the assets of this fund would be exhausted by 2032. Two years later it was 2037. Now the projected exhaustion date is 2041.
Meanwhile, the Congressional Budget Office, which makes these projections as well, recently thought the system will remain solvent until at least 2052.
I don't make these projections personally, but I would like to point out that this year, as has been the case every year in the past, the actuaries have made and released not one but three projections. They call them low cost, intermediate and high cost.
The projection that has provoked these alarms is the intermediate projection. This reflects the trustees' consensus views regarding such inputs as economic growth, productivity, inflation, earnings, employment and interest rates.
Judging by past history, assumptions underlying the intermediate projection are very conservative, especially when it comes to economic growth. And as you might imagine, the speed at which the economy grows has a lot to do with the other variables, including the interest the fund earns from investing its surplus in Treasuries.
The intermediate projection assumes that the economy will grow by an annual rate of 2.3% per year between now and 2085. This may be higher than the 1.9% per year that was projected as recently as three years ago, but it is still well below the 3.4% that the economy grew on average between 1960 and 2005.
The actuaries' own low cost projection assumes an average annual growth rate of 2.9% between now and 2085. This is higher than the 2.3% pace embodied in the intermediate projection, but it is still well below the 3.4% average of the past.
Guess what? Under the actuaries' low cost projection, the Social Security system never runs out of money.
...
In other words: If it ain't broke, don't fix it.
Dr. Irwin Kellner is the chief economist for MarketWatch and for Capital One Bank. http://finance.yahoo.com/focus-retireme ... reparation
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Sun May 24, 2009 4:01 am |
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Grill
Forum General
Joined: Mon Jan 28, 2008 11:01 am Posts: 8684
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 Re: SocialSecurity continues to worsen w/o anyone doing anything
Of course they will never run out of money as they hopefully will always be taking in money.
But as the article says, @ 80 %!!!!!! So already we are down.
and as the article states, as long as things continue like the period from 1960 to 2005, well...sure not like that right now, and until they figure out how to deal with alot of current problems, I say we will be under those numbers.
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Sun May 24, 2009 8:57 am |
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snack
Extraordinary
Joined: Mon Oct 18, 2004 9:18 pm Posts: 12159
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 Re: SocialSecurity continues to worsen w/o anyone doing anything
I still don't see why we don't hand in all our money to SS.
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Sun May 24, 2009 1:56 pm |
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