From the guy that had an ineffectual response to the corona virus, now this;
The negative economic impact of coronavirus on the U.S. economy is bad news for Social Security's more than 64 million beneficiaries.
www.fool.com
Which that alone should tell you something.
You should be able to learn from this.
Why would an economic down turn, have any effect on retirement?
For example, my parents have a net worth over a million dollars.
Yes, the stock market dropping has reduced their net worth by a few thousand. But has that prevented them from collecting on the investments that they own? No.
Why? Because they own those investments. Dividends are still being paid.
Nothing the economy, or Donald Trump, nor Obama before him, can do stops them from having their retirement.
But social security is different. Social Security like any socialized, ponzi scheme, only works if people are working to pay into the system. The system itself has no money, and no assets. If no one pays in, it is instantly broke.
My parents bank accounts that have hundreds of thousands.... no one needs to pay in. My parents retirement isn't dependent on anyone, or government. They purchased assets, they get returns, and they own it.
Social Security is a horrible system, and even while you complain about Trump, you are merely proving how bad Social Security is.
If your parents are collecting Social Security, they are collecting at minimum $2,500.00 per month from the "horrible system."
My former father in law who has moderate investments in the market lost $59,000.00 since my all-out call right here on the USMB in February, so your "couple thousand" for your parents loss may be well off, which is the shame called asswipe.
My parents own free and clear, about $1.2 Million dollars worth of property. This includes their primary residence, and their Lake House on lake Erie, and some land.
Additionally, my father spent his entire life investing carefully, not in Social Security, but into a 401K in good stock mutual funds. Even now, with the market down, his investments are just under a million.
Additionally, my parents were public school teachers, and as a result they had access to something better than Social Security, namely the state teachers retirement system of Ohio. I worked at STRS.
State Teachers Retirement System of Ohio is one of the largest public pension funds in the United States, serving active, inactive and retired Ohio public educators.
www.strsoh.org
As an employee, I saw exactly what STRS invested into.... growth stock mutual funds.
That's why every time you have said in this thread or others, something complaining about shareholders, I have said "we are the shareholders".... because... we are the shareholders.
As it relates to Social Security, a minimum of $2,500 per month? Where are you getting that?
The program's annual cost-of-living raise is on the teensy side for 2020 — just 1.6% — and it will leave seniors with an average benefit of $1,503 per month, or $18,036 for the full year.
See what retirees can expect to receive from the government in the new year.
moneywise.com
The average check for SS, is just $1,500. That is the "average". Meaning 50% of those on Social Security, are collecting less than that.
The only "Minimum" I know of, is really low.
While Social Security offers a minimum benefit, understanding how to maximize your payments is the key, whether it's through earning more credits, delaying your claim or understanding spousal benefits.
finance.zacks.com
Those who worked at very low-wage jobs all of their lives were the recipients of the Special Minimum Benefit, which capped at $848.80 per month, or $10,185.60 annually, in 2018 for someone who worked 30 years.
There are people on Social Security that are collecting under $900 a month.
In comparison, the minimum wage here in Ohio, is $8.70. Working at Wendy's, you can make $18,000 a year..... to start. If you actually work full time, and longer than 6 months, you'll get a raise.
Which means that nearly every single full time employee at Wendy's, is earning more money than 50% of all the people on Social Security.
Social Security sucks. It is the worst, most terrible system of government imposed impoverishment to have ever been created in the history of mankind. And anyone who supports this poverty creating system, is simply a person who enjoys abusing their fellow man. Terrible, and immoral, in every way.
And if all this wasn't enough to prove how much Social Security sucks, let's add in the fact, that despite getting massive amounts of money, and paying out diddly crap.... it's also going broke. Even with how tiny the payments from Social Security are, it's going broke. Even though 50% of the people on Social Security are collecting less than a full time Wendy's employee... it's going broke.
There is nothing good about Social Security. Nothing. Terrible program.
