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Post by FuzzyMutt on May 7, 2024 18:15:46 GMT
75 or 80??? Who the heck wants to work that long?? That is well past the average life expectancy. I think 70 is too long to wait and I believe that full benefits should be available at 65. You can still retire earlier if you have your own retirement account. I like the idea that if you wait until 70 you get this much more. If you wait until 75 (for example) you get this much. It makes sense that if someone waits until 70 without touching “their” contributions that money should be growing with interest. I've (sadly) agreed with everything you've said, up til here. I agree if "my money" sits for an extra five years, I should reap the benefit, so it does make sense in theory. In my life and scope of observation, the people that can least financially afford to "wait" for the bigger payoff tend to be people with more physical jobs that can't work as long or modest jobs that didn't afford them great retirement savings opportunities. Literally just trying to get to the finish line on their feet. Maximizing isn't the end game for alot of people. |
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Post by 950nancy on May 7, 2024 18:18:36 GMT
When I am eligible, I'll only get a couple of hundred due to getting a pension from my career. I paid in for about 15 years though, so I should still get some.
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Post by littlemama on May 7, 2024 18:22:55 GMT
75 or 80??? Who the heck wants to work that long?? That is well past the average life expectancy. I think 70 is too long to wait and I believe that full benefits should be available at 65. You can still retire earlier if you have your own retirement account. I like the idea that if you wait until 70 you get this much more. If you wait until 75 (for example) you get this much. It makes sense that if someone waits until 70 without touching “their” contributions that money should be growing with interest. So privileged people can retire early while less fortunate people work until the grave? Hard pass. |
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Post by workingclassdog on May 7, 2024 18:24:05 GMT
I'm not reading the responses before responding.. I have been hearing this all my life. So no not going to worry about it. It is what it is. Can't control it. But I feel like it won't run out in my lifetime. But maybe I tend to think on the good side.
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Post by jill8909 on May 7, 2024 19:03:00 GMT
well it better not run out or many will be on the street. so I don't think that will happen.
I think that - eventually - they will compromise and lift the earnings cap, raise taxes on your SS, and maybe increase the retirement age. This is one reason we took our SS the day we were eligible. No waiting for the full retirement age. We live on it instead of taking money out of our 401(K). So the 401(k) grows instead of our SS. So far so good.
Good luck. It's likely we will die by the time they make changes. And don't get me wrong. They should have made the changes 20 years ago.
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Post by imkat on May 7, 2024 21:45:49 GMT
To clarify, social security will not run out completely in 2037. From the SS website:
As a result of changes to Social Security enacted in 1983, benefits are now expected to be payable in full on a timely basis until 2037, when the trust fund reserves are projected to become exhausted.1 At the point where the reserves are used up, continuing taxes are expected to be enough to pay 76 percent of scheduled benefits. Thus, the Congress will need to make changes to the scheduled benefits and revenue sources for the program in the future. The Social Security Board of Trustees project that changes equivalent to an immediate reduction in benefits of about 13 percent, or an immediate increase in the combined payroll tax rate from 12.4 percent to 14.4 percent, or some combination of these changes, would be sufficient to allow full payment of the scheduled benefits for the next 75 years.
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Post by imkat on May 7, 2024 21:51:37 GMT
I do wonder about the future of Social Security for another reason. I feel that over the past few years, young people have been pitted against older people (OK, Boomer).
Many young people are angry about their economic situation (student loan debt, lack of home ownership) compared to older people. Once the Boomers retire from Congress, will the next generation be willing to fund Social Security?
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Post by Laurie on May 7, 2024 22:21:43 GMT
You can still retire earlier if you have your own retirement account. I like the idea that if you wait until 70 you get this much more. If you wait until 75 (for example) you get this much. It makes sense that if someone waits until 70 without touching “their” contributions that money should be growing with interest. So privileged people can retire early while less fortunate people work until the grave? Hard pass. Their money isn’t being drawn out in the full amount so it should be sitting there earning interest. However this is the government so it won’t. It will help fund others that are collecting from it. There should be some sort of incentive to encourage people to not draw from it earlier. |
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Post by Laurie on May 7, 2024 22:26:31 GMT
I do wonder about the future of Social Security for another reason. I feel that over the past few years, young people have been pitted against older people (OK, Boomer). Many young people are angry about their economic situation (student loan debt, lack of home ownership) compared to older people. Once the Boomers retire from Congress, will the next generation be willing to fund Social Security? In fairness to the younger generation they are being dealt a crap hand. When the Baby Boomer generation was their age they were told that social security would help take care of them in retirement so they didn’t have to be aggressive with their retirement planning in terms of 401k, etc. The younger generation is now contributing to social security but being told they won’t get anything from it so start your retire planning as soon as you start making income. So from their paychecks they have fica coming out plus having to contribute to 401k or else they are screwed when it comes time to retire. |
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Post by peasapie on May 8, 2024 21:49:42 GMT
well it better not run out or many will be on the street. so I don't think that will happen. I think that - eventually - they will compromise and lift the earnings cap, raise taxes on your SS, and maybe increase the retirement age. This is one reason we took our SS the day we were eligible. No waiting for the full retirement age. We live on it instead of taking money out of our 401(K). So the 401(k) grows instead of our SS. So far so good. Good luck. It's likely we will die by the time they make changes. And don't get me wrong. They should have made the changes 20 years ago. This is us as well and it’s what I think will happen. There is 0% chance SS will go away. Too many old folks on the street! |
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Post by nightnurse on May 8, 2024 23:00:01 GMT
It boggles my mind that so many people think social security won’t go away. The republicans call it socialism, and an entitlement. They actively and openly campaign to raise the retirement age and phase out social security. Why does anyone believe SS can outlast the attacks? Is that just wishful thinking?
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Post by coaliesquirrel on May 8, 2024 23:04:15 GMT
I don't think it'll entirely go away anytime soon because it's still too hot politically. What I do think will happen if the Republicans/MAGA types are elected in numbers giving them control of any branch is that it will be killed by a thousand cuts. First, it'll be "Government BAD! We need to privatize it (so that our cronies can take their cuts for managing things)." Next, it'll be "YOU know better what to do with your money than us, so we'll let YOU just keep it and invest how you want." Then "Hey, it's your money - you know whether you'll need it more now or later, so we'll let you decide if you want to save anything or not."
The consequence will be that we have the same situation that prompted the establishment of Social Security in the first place: a lot of destitute people who are elderly and/or infirm. The whole "fuck you, I got mine" attitude truly makes me ill.
I would remove the earnings cap on the tax collection AND means-test recipients (even knowing that that may end up with me not getting any) because it really is meant to be like insurance. Oversimplifying, but if you don't get sick, you don't get any medical bills paid. Same thing - if you don't get poor, you don't get this little stipend to pay for very basic needs. Because in both cases, you didn't need it.
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Post by imkat on May 9, 2024 18:58:51 GMT
I don't think it'll entirely go away anytime soon because it's still too hot politically. What I do think will happen if the Republicans/MAGA types are elected in numbers giving them control of any branch is that it will be killed by a thousand cuts. First, it'll be "Government BAD! We need to privatize it (so that our cronies can take their cuts for managing things)." Next, it'll be "YOU know better what to do with your money than us, so we'll let YOU just keep it and invest how you want." Then "Hey, it's your money - you know whether you'll need it more now or later, so we'll let you decide if you want to save anything or not." The consequence will be that we have the same situation that prompted the establishment of Social Security in the first place: a lot of destitute people who are elderly and/or infirm. The whole "fuck you, I got mine" attitude truly makes me ill. I would remove the earnings cap on the tax collection AND means-test recipients (even knowing that that may end up with me not getting any) because it really is meant to be like insurance. Oversimplifying, but if you don't get sick, you don't get any medical bills paid. Same thing - if you don't get poor, you don't get this little stipend to pay for very basic needs. Because in both cases, you didn't need it. Agree 100 percent about removing the earnings cap. Currently it is set at $168,000. I do somewhat agree about means testing. But I think even people with higher incomes should still get something given they paid into it for 30-40 years. I’d prefer to see the Ss tax increased and budget cut from other areas first. |
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