A short news story I saw on FOX News that Socail Secutity will run out by 2032. Reporting said they might try to save Socail Secutity by cutting payments by approximately $500 per month. If I can remember, I’ve been hearing about Socail Secutity ending for years now. (Scratching my head).
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I believe, and I was talking about this yesterday after hearing the same “news”, that the wrong words are being used. I think that there will be more money going out than coming in. Plenty of reasons for this. Young people don’t work/contribute at all or enough. There are more old people, living longer than planned. Waste/fraud/abuse. It doesn’t sound complicated to fix, if they do that last part first.
Still, I don’t believe it anyway. And that the people who seem to rely on it as 100% of their income always seem to be able to afford pets, cigarettes/vape, and beer…so yeah, I’m not biting.
What AI thinks:
The U.S. Social Security retirement trust fund is projected to be depleted in late 2032, slightly earlier than previously forecast. If Congress takes no legislative action before this deadline, the system will only have enough incoming tax revenue to pay 78% of scheduled benefits, meaning retirees could face an automatic cut of roughly 22%.
SSA could also invest in things that make money. Not too complicated.
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Make all government employees contribute to Social Security and Medicare and cancel all other retirement and medical benefits. Make them live like us and add several million more contributing to the system. If SS went broke, their retirement system should also cease. I’m sick and tired of government thinking they are better than the rest of us. They push equality, let’s start here.
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They better hope there is a Democrat in office in 2032. Retirees, yeah, old people are the largest voting block and will never again vote for a party that takes their money. To which they spent a lifetime working for and paid into.
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The first thing that will happen is the $185k cap on SS taxes will be removed and also the monthly cap. High earners will continue to pay in. That will be an easy bipartisan vote IMHO. Reducing benefits will be very hard to pass, as will pushing out the retirement age. Increasing the 6.2% employee/employer tax will be next, again probably tied to high income individuals first, but eventually everyone.
- people are living much longer now
- healthcare costs are increasing far faster than inflation
- inflation is also increasing faster than it should (4.2% currently)
Don’t fall for the lie that this is a savings account for people. It is not “your” money that you are getting back. Current workers are paying for current retirees. The congressmen comparing the investment reurns of the SS fund to stock market returns are trying to mislead you. Don’t believe them. This is not an investment fund.
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In other news Elon Musk just became the worlds first Trillionaire. If you want to know why Social Security is running out of money, look into the reasons why. And it’s not because you are not paying enough into it.
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At least jealous people can stop saying they hate him because he’s a billionaire.
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Maybe you should have built that rocket company, then you could have been a trillionaire. Other leftist could then complain about you, Salty Tears.
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Or…anything.
Musk’s companies and their suppliers employ many people allowing them to feed their families, be philanthropic, and ensure their kids have a useful place in the world…something that can’t be said for team blue building people who steal, lie, scream, and always have their hands out.
I suppose this guy is the devil too?
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Some how they forget that point. Does the term “Lock Box” ring a bell, back in the Reagan administration? Well they locked the box but opened the hidden doors and still took all of the money. I propose this, give me, in cash, every cent of social security that was taken from me over the last 45 years, hell I’d take it interest free. I and I’m pretty sure most of us would be just fine. But, Of Course, that would be met with all kinds of “Keep the money in Government hands” crap…
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SS was never meant to live on, but when you’re used to handouts…you carry that into retirement. So glad that we’re getting back to reality.
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If you work in a way to retire, SS is just frosting on the cake…not the only way you might eat every day.
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If you do not have at least millions by retirement now-a-days, retirement will be very difficult and problematic.
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Ok now let’s look at Disabilities. A person works for 30 years and all of a sudden becomes disabled. This person applies for S. S. Disability. After being denied by S. S. The person gets an attorney to fight for them and finally gets their S. S. Disability payments.
Now when said person turns 65 years old the S. S. payments are identified as normal retirement payments. Why is this? Did this person miraculously become healed and healthy?
I seen how these people have been treated over the years. The cuts to the finances and medical care they need. Yes,I’ve seen personally disabled persons PASS AWAY earlier than they should have because of the S. S. cuts that happened.
For some of those out there, tell me again that S. S. payments are just a coating on the cake.
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For many years now finance advice has been $3MM. That assumes a life in retirement of ~30 years and $100k/year. It doesn’t take into account having that money invested, so it is a very high mark for most people to meet. That $100k earned/saved also gets lower if you wait on SS…but that 30 years gets smaller too!
Best to plan $ save when you’re young. One of the great things about having Bessent on screen every week or three. That dude is awesome.
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Sometimes unexpected, unplanned financially disasterous things really do happen, and SS is the only safety net. I’ve worked non stop for more than 40 years, paying into the system hundreds of thousands of dollars. There hasn’t been a day since I was 16 that I’ve not had a job.
Circumstances beyond my control have devistated my savings, including my retirement. If I ever want to stop working as an old man, I need that SS. It’s not my icing anymore, it’s all I’ve got, and it’s not because I was irresponsible with my money, didn’t plan ahead and save, etc. etc. I pray to God there’s something left, and it’s not just for beer and potato chips for me. I’m still working, and don’t know if and when I’ll ever be able to retire now, but hopefully someday I’ll get the break from work that I’ve earned.
The government took that money from me, then promised me a certain amount back. It’s in writing there on my account page on the SSA website, plain as day. I sure hope they don’t go back on that promise now. It’s all just funny money anyway, if they can run YOY billions and billions in deficit spending of funny money, they dammed well better give me my share in the few years I have left to collect it.
Have a plan B, everyone. You may think you’re all set, and saved well, but s#it happens, and all your plans get turned upside down, and you may find yourself facing old age with nothing much in hand. It’s a scary prospect.
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I hear you, Joseph. I suspect that we’ve all been in that lost everything, eating Cheerios and that’s it once a day time in our lives. I’ve been there a few times too.
I hope that you get a chance to retire and enjoy yourself. I hope that I do too…
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Thanks Brad. Me too!
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Y’all got Cheerios?
All I got is some bagged maruchan noodles!
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I had plenty of both, but those noodles don’t help one’s health.
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