Notices

SSI is doomed

Old 06-30-2013, 07:28 AM
  #1  
Senior MemberCaptains Club Member
Thread Starter
 
Join Date: Mar 2003
Location: United States
Posts: 10,956
Likes: 0
Received 2,751 Likes on 1,233 Posts
Default SSI is doomed

Please dont send this to the bilge. This is a real issue for anyone 40 or less.




"The Social Security Board of Trustees released its annual report Friday on the financial health of both the retirement and the disability trust funds.

The report projected that the retirement trust fund will be depleted in 2033 -- unchanged from last year's projection. It said that unless Congress acts, at that point the program will be able to pay only 77 percent of promised benefits from ongoing contributions. The disability trust fund will be depleted much sooner -- in 2016 -- when the program will be able to pay only 80 percent of promised benefits.

Other statistics from the report that you might find interesting include:

More than 57 million people were receiving Social Security by the end of 2012.
In 2012, approximately 161 million people paid payroll taxes on earnings covered by Social Security.
The total money held in reserve by the program rose by $54 billion in 2012 to $2.73 trillion.
The cost to administer the program in 2012 was 0.8 percent of total expenditures, a total of $6.3 billion.
A few days prior to this announcement, Donald Fuerst, senior pension fellow at the American Academy of Actuaries, testified before the U.S. Congress about Social Security's pending shortfalls. He said that in 1940, when the new Social Security Administration began paying monthly retired-worker benefits, the retirement age was 65. At that time, workers who survived to age 65 had a remaining life expectancy of 12.7 years for men and 14.7 years for women. By 2011, life expectancy at age 65 was 18.7 years for men and 20.7 years for women, an increase of six full years for both.

In 20 more years, life expectancy at age 65 for men is expected to be more than 20 years and more than 22 years for women, Fuerst pointed out.

The bottom line: If something doesn't change, we won't have enough money to pay the Social Security that is promised, a retirement planning disaster.

Fuerst offered Congress several suggestions for fixing this problem. His most controversial idea is probably raising the minimum age for collecting Social Security from 62 to at least 64."


http://www.bankrate.com/financing/re...ec_id=m1078090
Old 06-30-2013, 07:30 AM
  #2  
Admirals Club Admiral's Club Member
 
Join Date: Jun 2009
Location: Vero Beach, FL
Posts: 7,515
Received 1,562 Likes on 831 Posts
Default

Let's see, in 2033 I'll be 84 - still need the checks to continue.
Old 06-30-2013, 07:44 AM
  #3  
Senior Member
 
Join Date: Nov 2005
Posts: 10,224
Likes: 0
Received 4 Likes on 4 Posts
Default

If they cut out SS benefits to all those that came here and paid nothing we'd be in batter shape, if they stopped giving benefits to those that are "disabled" we'd be in fine shape.
Old 06-30-2013, 07:48 AM
  #4  
Senior MemberCaptains Club Member
Thread Starter
 
Join Date: Mar 2003
Location: United States
Posts: 10,956
Likes: 0
Received 2,751 Likes on 1,233 Posts
Default

11 miilion++++ new people will be on the system shortly having never paid that is not included in those predictions.
Old 06-30-2013, 07:51 AM
  #5  
Senior MemberCaptains Club Member
 
Join Date: Aug 2006
Location: Central Florida
Posts: 8,400
Received 1,008 Likes on 548 Posts
Default

It means that it is about time our leaders face the fact that changes must be made to the system. No one has the guts to talk about what really needs to be done.
Old 06-30-2013, 07:52 AM
  #6  
Admirals Club
 
ol guide's Avatar
 
Join Date: Mar 2012
Location: Baja Sur
Posts: 6,959
Received 1,189 Likes on 404 Posts
Default

ss was never intended to be a long term program. if they let people invest their own money instead of using ss as a slush fund for whatever the gov needs it for, youd get more than 1% return on your money. sink or swim, if you squander your own money then youd be screwed. the idea of a never ending "safety net" for the irresponsible, managed by a corrupt government, was foolish from the git-go.
Old 06-30-2013, 07:52 AM
  #7  
Senior Member
 
Join Date: Jun 2007
Posts: 7,719
Received 323 Likes on 228 Posts
Default

quick fix, terminate all state and federal retirement plans including congress and senate and POTUS, roll them into one plan for everyone" SOCIAL SECURITY-MEDICARE" watch how long it would take congress to shore it up and cut the illegals benefits off, there is also one other avenue for shoring it up, cut off all foreign aid, every little bit would help.
Old 06-30-2013, 07:57 AM
  #8  
Senior MemberCaptains Club Member
Thread Starter
 
Join Date: Mar 2003
Location: United States
Posts: 10,956
Likes: 0
Received 2,751 Likes on 1,233 Posts
Default

The sad part is that i see them raising the minimum age, increasing the tax and means testing which prevents people with assets ( 401k, pensions, savings) from claiming til they are gone. It really struck a cord with me because it reminds me of the ant and the grasshopper. I have been planning for years and it kills me that those who don't will get it first.
Old 06-30-2013, 07:59 AM
  #9  
Senior Member
 
Join Date: May 2013
Location: LA (Lower Alabama)
Posts: 443
Likes: 0
Received 0 Likes on 0 Posts
Default

Originally Posted by ZIGZAG View Post
quick fix, terminate all state and federal retirement plans including congress and senate and POTUS, roll them into one plan for everyone" SOCIAL SECURITY-MEDICARE" watch how long it would take congress to shore it up and cut the illegals benefits off, there is also one other avenue for shoring it up, cut off all foreign aid, every little bit would help.
An excellent idea, and one that has been proposed a number of times by others.
However, you will never get the elected "representatives" (yeah, SURE they are!) to let go of that enormous juicy teat.
Even an all-Republican House, Senate and White House would never go for it.
That is the problem with Welfare of any kind, (and make no mistake, that is all it is) people get used to something for nothing and will never give it up willingly.


And, Captbone:
I knew, years ago when they said they were raising the age from 65 to 66 and then again from 66 to 67, that I would never see a dime of what I have paid in.
Old 06-30-2013, 08:13 AM
  #10  
Admirals Club
 
Dulcecita Lures's Avatar
 
Join Date: Nov 2009
Location: Tempe, AZ
Posts: 16,777
Likes: 0
Received 1,526 Likes on 612 Posts
Default

It does bother me that something I've had no choice in, that I've paid into my entire life since I started working at 16, won't be there for me when I need it in about 10 years. I mean, for most of us at or near my age (58), SSI was an important part of our retirement planning. There's not enough years left to regroup and recover. While it sucks that those younger may never see it, they've still got options and years left to set themselves up better than those who are near retirement. While I don't expect that I'll crash and burn (I have put other money aside), it's looking like my golden years are simply going to be survival mode, not truly enjoying life.
Old 06-30-2013, 08:16 AM
  #11  
Member
 
Join Date: Mar 2013
Posts: 89
Likes: 0
Received 0 Likes on 0 Posts
Default

So you're telling me I'll continue to be forced to pay money towards things I'll never get to see or use.......?.......






What else is new?
Old 06-30-2013, 08:19 AM
  #12  
Admirals Club Admiral's Club Member
 
Join Date: Apr 2009
Location: Florida
Posts: 18,580
Received 2,999 Likes on 1,620 Posts
Default

LOL. They'll just continue to take from the hard working people and give it to the lazy. Nothing new to see here folks. I watched our government give the Earth, Moon and Stars to the people after Katrina... when Sandy hit we got a bunch of stickers that say "Jersey Strong". LOL.
Old 06-30-2013, 08:25 AM
  #13  
Senior MemberCaptains Club Member
Thread Starter
 
Join Date: Mar 2003
Location: United States
Posts: 10,956
Likes: 0
Received 2,751 Likes on 1,233 Posts
Default

Originally Posted by Seahuntjim View Post
So you're telling me I'll continue to be forced to pay money towards things I'll never get to see or use.......?.......


What else is new?

Nothing else new, my issue is that those who did not work, pay into it, or did not plan will get my money instead and are at the head of the line. That just boils my blood.
Old 06-30-2013, 08:27 AM
  #14  
Member
 
Join Date: Mar 2013
Posts: 89
Likes: 0
Received 0 Likes on 0 Posts
Default

Originally Posted by captbone View Post
Nothing else new, my issue is that those who did not work, pay into it, or did not plan will get my money instead and are at the head of the line. That just boils my blood.
You,me, and many others my friend. I just do my best to try and not think about it.
Old 06-30-2013, 08:28 AM
  #15  
Senior MemberPLEDGERPLEDGERCaptains Club Member
 
Join Date: Sep 2004
Location: ATL & SAV
Posts: 12,372
Received 2,007 Likes on 990 Posts
Default

I hate to break to y'all ....... There isn't any real trust fund.
Old 06-30-2013, 08:34 AM
  #16  
Admirals Club
 
Dulcecita Lures's Avatar
 
Join Date: Nov 2009
Location: Tempe, AZ
Posts: 16,777
Likes: 0
Received 1,526 Likes on 612 Posts
Default

Originally Posted by Tireless View Post
I hate to break to y'all ....... There isn't any real trust fund.
Well, not now there isn't. There used to be. Until Congress decided to raid it and spend it. ;?
Old 06-30-2013, 08:35 AM
  #17  
Senior MemberCaptains Club Member
 
Join Date: Aug 2006
Location: Central Florida
Posts: 8,400
Received 1,008 Likes on 548 Posts
Default

I don't know the actual rules for who qualifies for social security disability, but if you never worked or always worked "under the table", you would not qualify for social security retirement. You generally need 40 credits to qualify, and you can earn a maximum of 4 credits per year. That means you have to work 10 years to qualify.

Here are some links to documents on the SS website.

http://www.ssa.gov/pubs/EN-05-10003.pdf

http://www.ssa.gov/pubs/EN-05-10024.pdf
Old 06-30-2013, 09:00 AM
  #18  
Senior MemberPLEDGERPLEDGERCaptains Club Member
 
Join Date: Sep 2004
Location: ATL & SAV
Posts: 12,372
Received 2,007 Likes on 990 Posts
Default

Originally Posted by Dulcecita Lures View Post
Well, not now there isn't. There used to be. Until Congress decided to raid it and spend it. ;?
There never has been a real trust fund. The "trust fund" holds fed bonds. The fed will have to borrow or tax people more to satisfy those obligations. If the fed is limited on how much It can borrow in the future ( that day is rapidly approaching given our current $17 trillion of borrowing).....you, or your children, will be paying higher taxes to pay yourself a SSI benefit.
Old 06-30-2013, 09:02 AM
  #19  
Admirals Club Admiral's Club Member
 
Join Date: Nov 2008
Location: Seacoast NH
Posts: 6,938
Received 1,809 Likes on 808 Posts
Default

I am 42, I would think that anyone my age should jut consider this another tax, which you will not see a dime of benefit. Probably not he right attitude, but I have not even considered ever seeing that money at any point it's just more of m government ripping me off.
Old 06-30-2013, 09:06 AM
  #20  
Senior Member
 
oceanelectric1's Avatar
 
Join Date: Sep 2010
Location: FloriDuh
Posts: 3,425
Received 152 Likes on 80 Posts
Default

Have been paying into for 38 years and dont plan on getting a dime back

Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.