Hey, were you counting on social security ?

scottm21166

Last year, we have learned, the government barely took in more than they paid out in social security benefits. They received 95% less than was predicted, expected.
SSI has always been due to become insolvent and to reach this point but it was not predicted to happen before 2017. here is an excerpt from their sight

Current Social Security system is unsustainable in the long run
Many people think that the Social Security taxes they pay are held in interest-bearing accounts earmarked for their own future retirement needs. The fact is that Social Security is a pay-as-you-go retirement system-the Social Security taxes paid by today's workers and their employers are used to pay the benefits for today's retirees and other beneficiaries.

Social Security is now taking in more money than it pays out in benefits, and the remaining money goes to the program's trust funds. There are now large "reserves" in the trust funds, but even this money is small compared to future scheduled benefit payments. In 2017 benefits owed will be more than taxes collect-ed, and Social Security will need to begin tapping the trust funds to pay benefits. The trust funds will be exhausted in 2041. At that time, Social Security will not be able to meet all of its benefit obligations if no changes are made.

those trust funds have been borrowed (mostly by other government programs) so when the US goes bankrupt there is another huge segment of americans who will be screwed. This isn't some above my paygrade kind of loss this is a loss that will leave millions of americans who CANNOT earn a living with no sourse of income (34 % of retirement aged paople rely on SSI for their sole means of support)
I know it will effect me, I have been on and off work so my 401 k account wouldn't cover me for 5 years. I have always known that, but I figured I would work (in my own business) and take My SSI to make ends meet.
DO you have a plan? I know some of you have done things exactly right but if the stock market squandered your 401 K and falling RE values took away half of your homes equity (or more)what are you doing to make up for it?
When the people in our society who prepared for retirement are taxed to death to pay for the people who don't earn a wage or pay taxes then their chasnces of self relience are really at risk too.
The whole economy is set to fail and there seems to be no solution. I think the government knows this, we are one large catastrophy away from a complete meltdown another katrina, a swine flu pandemic, a tsunami? would we survive it?

dakotashooter2

That is wht my retirement plan is to die or work till I die.

JackiePapers

+1 Dakota [:p]

Alpine

I never figured on SS for my retirement. I look at that money as "play money". Where the other sources of money are cast in stone, what I get from SS is disposable.

The real reason SS is doomed is because the * in Congress have looted it at every turn.

Rocky Raab

Collecting mine while it's still there. When it's gone, I'll revert to the investments I made for 30+ years - if THEY'RE still extant ...

mogley98

The government pulled the same accounting scandals the car companies and everyone else has pulled, they promised trillions in benefits they can not possibly honor. We the tax payer will take on the burden of GM, and Crysler retirement/healthcare. As you say eventually teh tax payer will break. Already "Civil servants" live better then teh tax payers who fund their lifestyles! Uncle has also promised full retirement benefits to military personell who retired at 40 and actually got to draw the benefits without Uncle funding them. (Most retirees have to wait until retirement age to draw, I did 4 years so with 16 more I would be entitled to free healthcare for the rest of my life, along with pay, and it is ungodly the number of very able bodied retirees who get "disability and brag about how much they take Uncle for) This is all so the rich can stay rich at the expense of everyone else, clearly the same folks knew we were borrowing verusus funding all of these entitlement programs. And who really pays, the guy making 75-150K a year that's who, everyone else gets some type of free ride in one form or another.

Old-Colts

No; other monthly retirement payments and investments are our primary source of income. I'm already drawing early Social Security and my wife will sign up next week, but SS is a nice source of extra income!

As Alpine indicated, here is our enemy!

quote:The real reason SS is doomed is because the * in Congress have looted it at every turn.

11b6r

When my lady turned 62, she started drawing her scoial security payments. Goes directly into savings account.

grumpygy

They run out 4 years before I can retire.[xx(]

robbie penny

well hey, at least the illegal aliens can get some now. who can argue with that ?

Black Lab

Just read that the revised figures indicate SS will be broke in 2037, and running in deficit in 2016. But I'm sure they've screwed up the calculations and it'll be a bust even before then. Right about the time I'm eligible to retire...

Which will likely also coincide with my pension fund going broke.

jonk

No, but I have about 35 years before I retire. I've been working about 10 years, but only 4 of those were at a real job- the rest were part time while in school.

I have about 30,000 dollars saved. I figure I'll be fine. It was 50k but then the stock market thing hit.

Warbirds

Here is an upbeat link:

http://www.ssa.gov/qa.htm

Rack Ops

I'll be 5 years from retirement when 2037 rolls around.

I'm not counting on it.

Marc1301

I don't think I will see any of the "double" amount I have paid for 17 years so far.
I am employee, as well as employer,.......I would be happy to have my money returned to me, and sign a waiver of benefits.

You figure they might do that for me?[xx(]

peon

SS is nothing but a Ponzi Scheme.

I better get back what I paid into it, or else I'm going to ...

TooBig

All the illegals are going to get our share of Medicare and SS pure Bs but that's what O wants. Open Borders, and free support for the illegals and were going to pay for them. Pure BS[:(]

ruger41

I would rather invest that money than see the Gov't abuse it. I have little faith that I will see 1 penny of it when I retire. There should just be a cutoff point-say 20 years- when there is an end to SS. Let people invest their own money and if they were dumb enough not to at least put some away then oh well thats their fault. It is not the job of the Gov't(haven't seen that clause in the Constitution either) where the Gov't becomes our retirement planner.

8000fthi

I'm not going to worry about it. I.m retirement age now and still working. Within 4 years BO will have all our money and be doling it out as he thinks we need it. He wants total control by taking all our freedoms and independence. The majority voted for this so it is what we deserve.

slinger

quote:Originally posted by peon
SS is nothing but a Ponzi Scheme.

I better get back what I paid into it, or else I'm going to ...


+1000!!!!!!!!!

Locust Fork

We get those little "update" letters saying what we will be recieving from SS.....rediculous. Both the combined payout from me and Larry wouldn't cover HALF our living expenses per month as it sits right now. I also think that when the baby boomers hit Medicare age we are seriously screwed. They think they have problems coming.....that is the tip of the iceberg!

lindalecowboy

No, figured out a long time ago it won't be around when I am ready to use it.

Now I did have my sights set on being a Wally World greeter until I saw the "DUCKMASTER" at the Peabody Hotel in Memphis/Little Rock. That's the job I want. I can do that until the ducks are walking over my dead body......... if you haven't see this little routine, you gotta stop in next time in LR or Memphis and see the duck parade. It's funny.

Check this out......

www.peabodymemphis.com/peabody_ducks/