Social Insecurity - now increased with Trump in office

[Concerned American]

Same idea proposed in Bush II a couple of decades ago, but the problem is there were no details to how to fund it and continute pay benefits to those that were already in the system and what kind of "grandfathering" schedule would exist for those with few and few years to retirement and unable tgo make signficant contributions to private lockbox account.

IRAs and 401Ks have been around for decades now. As for the transition---have you ever heard of the 'notch' or 'notch babies.' It ain't rocket science and after a mistake has been made, there will be suffering---careful who you vote for.

 

[Hafar1014]

Dishonesty at its finest! The article says nothing about Trump and it says it has gotten worse every year and even if a Democrat wins it will get worse under them unless something changes and we all know it won’t. More scaring people, nore doom and gloom, this seems to be all Luckyone has. Stock market crashing, how many times since Trump was voted in, 6 or 7times now?

The last crash was under Obama

 

[Concerned American]

Who is the stupid one here?

Do you really want an answer to that ^^? I don't think you'd like it.

 

[late]

He has no idea what he is talking about. He forget we all age and as boomers die they are replaced by an even larger population that drains SS which has no way to offset the increased costs

1) You can fold SS into the general budget.

2) You can change the cap to have the rich pay their fair share (and not just for SS).

3) Eventually, we'll have to change the retirement age.

Those are THREE ways, and a combination of the three will allow SS to keep going.

When I was a kid, gramps would take me with him sometimes to see his old friends. You don't want to go back to that, seriously.

This isn't about SS, it's about the rich taking all the cookies.

 

[HeyNorm]

This is truly scary for all, but more so for us who are now over 65. Social security is heading into bankruptcy within 4 years and there is little that can be done, especially with Trump being in office and caring so little for Welfare (and Americans in general) and not likely to do "anything" about it.

https://images.mauldineconomics.com/uploads/TFTF_Jun_20_2026a.pdf

after you read the pdf on what is happening, you will see that in order to even keep the cut to Social Security benefits for the next 4 years to ONLY 22%, taxes have to be raised 5%. Trump is looking to lower taxes.

This will affect all Americans at some point, even if you are not yet on Social Security (under 65 years of age).

One point made in the study that personally affects me is that life expectancy in the U.S. is now 83 years of age. I turn 81 in a few weeks, suggesting that I may only have 2 more years to live.

Having said all of the above.................we are on the road to being totally scr**ed

Gee, if they can steal what they promised to the elderly, the Vets better be damn worried what they will do to their benefits

 

[Hafar1014]

1) You can fold SS into the general budget.

2) You can change the cap to have the rich pay their fair share (and not just for SS).

3) Eventually, we'll have to change the retirement age.

Those are THREE ways, and a combination of the three will allow SS to keep going.

When I was a kid, gramps would take me with him sometimes to see his old friends. You don't want to go back to that, seriously.

This isn't about SS, it's about the rich taking all the cookies.

THe only solution is to let people choose not to participate. There is n o way to keep SS solvent its a ponzi. As long as the older population grows SS will go broke.
The tax is too high, the benefits too low and you dont own any equity. A private retirement plan is many times better and better for the economy. SS keeps us poor and dependent on the government. Phase it out

 

[late]

THe only solution is to let people choose not to participate. There is n o way to keep SS solvent its a ponzi. As long as the older population grows SS will go broke.
The tax is too high, the benefits too low and you dont own any equity. A private retirement plan is many times better and better for the economy. SS keeps us poor and dependent on the government. Phase it out

And we watch common sense fade in the distance, as the sun sinks below the horizon...

 

[WorldWatcher]

IRAs and 401Ks have been around for decades now.

So? That isn't what the issue is. Wage earners paying into IRA's and 401K's are paying FICA.

As for the transition---have you ever heard of the 'notch' or 'notch babies.' It ain't rocket science and after a mistake has been made, there will be suffering---careful who you vote for.

The proposal is eliminate SS and replace it with private accounts. Which I'm fine with.

Now, under a private lockbox account (going to an IRA or 401K), FICA taxes would not be paid and those funds used to fund the lockbx account instead. However since SS is pay/go, with no FICA taxes coming in - how are current benefits going to be paid?

THen you have those in their 30s, 40s, and 50s who have different time horizons for retirement, even if they take FICA and contribute it to lockbox accounts they have vastly different results based on retirement time horizons. 20, 30, 40 years of investments with returns are widley different.

"notch babies" from the period prior to SS have nothing to do with this.

Do you really think that old people are going to vote to cut off SS retirement? Those in their 50s? Those in their 40s? The numbers will get worse the younger your demographic age sampling.

WW

 

[WorldWatcher]

IRAs and 401Ks have been around for decades now.

So? That isn't what the issue is. Wage earners paying into IRA's and 401K's are paying FICA.

As for the transition---have you ever heard of the 'notch' or 'notch babies.' It ain't rocket science and after a mistake has been made, there will be suffering---careful who you vote for.

The proposal is eliminate SS and replace it with private accounts. Which I'm fine with.

Now, under a private lockbox account (going to an IRA or 401K), FICA taxes would not be paid and those funds used to fund the lockbx account instead. However since SS is pay/go, with no FICA taxes coming in - how are current benefits going to be paid?

THen you have those in their 30s, 40s, and 50s who have different time horizons for retirement, even if they take FICA and contribute it to lockbox accounts they have vastly different results based on retirement time horizons. 20, 30, 40 years of investments with returns are widley different.

"notch babies" from the period prior to SS have nothing to do with this.

Do you really think that old people are going to vote to cut off SS retirement? Those in their 50s? Those in their 40s? The numbers will get worse the younger your demographic age sampling.

WW

 

[Luckyone]

I'm a Boomer, I am 74.

We're on the way out, not exactly my choice.

Death and taxes..

Yeah, but we should let God (or our own bodies) decide that, not Trump, right?

 

[Winco]

Btw, learn what a ponzi is..

A ponzi is an intentional attempt to steal peoples money.
SS is not

I’m sorry you are confused.

Then people will pay more in SS taxes then they will get back. It isn't the responsibility of the rich to support everyone. Support your own damn self

I support my family quite well
I care about the elderly
If not for SS, there would be a lot more elderly dying earlier or living in poverty

Is that ^^^^^ what you want.


I don’t buy the argument that people were forced (which is true) into SS when they could have invested all that SS money into their own investments

This is true for the rich, which is what I have done with great investments beyond my SS contributions but a person living paycheck to paycheck most likely would have spent that money rather than investing and have way less today

SS has saved millions from poverty.

 

[Concerned American]

So? That isn't what the issue is. Wage earners paying into IRA's and 401K's are paying FICA.

Phase SS out in favor of 401-Ks. Did you research the notch? This isn't anything new and wringing of hands isn't going to make it better. It is a mismanaged ponzi scheme and the only way out involves pain. I've heard about these problems my entire career and the whining and hand wringing haven't changed. I made the statement over 50 years ago that if they let me out of SS they could keep everything that I had contributed--just let me out and let me manage my own.

 

[WorldWatcher]

Phase SS out in favor of 401-Ks.

Which I've agreed would be a good thing. The problem is how to fund the transition over 50-80 years.

Did you research the notch?

Yes. There was a flaw in the calculcation and for "notice babies" they received the HIGHER result.

Which is why the notch is not analogous as the plan would CUT or ELIMINATE benefits.

This isn't anything new and wringing of hands isn't going to make it better. It is a mismanaged ponzi scheme and the only way out involves pain. I've heard about these problems my entire career and the whining and hand wringing haven't changed. I made the statement over 50 years ago that if they let me out of SS they could keep everything that I had contributed--just let me out and let me manage my own.

Not wringing hands, I'm asking for details on how you move FICA taxes to private lockbox accounts while still paying current benefits and how the transition would work for mid career people. If you take revenue currently funding SS but don't provide for alternative revenue, how do you pay for the transition?

"Bumper Stickers" are not an answer. They are the problem.

Tell voters who are currently receiving SS benefits or are in their 30s, 40s, 50s and early 60s that they are cut off and see the reaction of voters.

WW

 

[Concerned American]

Which I've agreed would be a good thing. The problem is how to fund the transition over 50-80 years.



Yes. There was a flaw in the calculcation and for "notice babies" they received the HIGHER result.

Which is why the notch is not analogous as the plan would CUT or ELIMINATE benefits.

View attachment 1272478



Not wringing hands, I'm asking for details on how you move FICA taxes to private lockbox accounts while still paying current benefits and how the transition would work for mid career people. If you take revenue currently funding SS but don't provide for alternative revenue, how do you pay for the transition?

"Bumper Stickers" are not an answer. They are the problem.

Tell voters who are currently receiving SS benefits or are in their 30s, 40s, 50s and early 60s that they are cut off and see the reaction of voters.

WW

We've had portable retirement funds since the 70s. Everyone talks about the demise of SS and the fact of the matter is--everyone wants out but isn't willing to absorb the pain of killing a poorly thought out program.

 

[JohnDB]

What does this have anything to do with the fact that Trump is not addressing the running out of money issue to give to our elderly and retiring Americans and is actually making worse?

Because of the ROI of Taxes....

Taxes have a dampening (cooling effect) effect on the economy.
Meaning that some taxes are necessary to have a government...and there exists a "sweet zone" of taxes that will have almost no effect on the economy and a Level where every one percent of taxes raised drops tax receipts by 10%.

As Mamdami in NY and California and Virginia are finding out rather rudely...freedom of travel exists in the USA.

And as Carter largely encouraged....the businesses can even move out of the country.

If they raise taxes....the economy will die. Which would make democrats happy. Because Democrats would rather all of America become a shithole than allow the people to be ruled by the Republicans they voted for.

But you aren't in charge are you....and you have lost everything but still want the whole world to revolve around you. Your narcissistic lifestyle is destroying the whole world but you don't care. It's all about you.

Guess what?
I'd watch carefully about what they put in your food, water, IV bags and etc....

 

[WorldWatcher]

We've had portable retirement funds since the 70s. Everyone talks about the demise of SS and the fact of the matter is--everyone wants out but isn't willing to absorb the pain of killing a poorly thought out program.

I haven't disagreed that we've had voluntary portable funds since the 70's.

That however is not the question.

The question is how do we allow individuals now to DIVERT funds currently paid via FICA that funds current social security benefits into those portable lockbox accounts?

If we allow people to divert current funds from SS to lockbox accounts:

• How do we pay current benefits with no revenue?
• How do we create a sliding scale of decreasing benefits based on age demographics for people that have already paid into SS for decades? (Basically a decreasing "grandfather" system that balances working years left to retirement with projected growth balanced against paying into a system for decades.)

If you/we can't answer those questions then the "portable private accounts to replace SS" is a bumper sticker not a solution.

Because once those answers determine whether you/we get voter buy-in, and yes you/we will need votes from those in their 30s, 40s, 50s, 60s, and beyond.

WW

 

[late]

Yeah, but we should let God (or our own bodies) decide that, not Trump, right?

While I didn't understand that, I have the impression I don't agree.

 

[WorldWatcher]

While I didn't understand that, I have the impression I don't agree.

If I understand correctly he means the passing of old people should be up to God and their own physical health.

Not determined by a society willing to throw them away after their working years making them live in poverty with little to no health care.
.
.
.
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But I could be wrong.

WW

 

[late]

A itsybitsy teeny weeny fly in the ointment..

The market is bubbling, going to pop, and it's going to take down the economy with it.

I think we have enough people dying in the street, as it is, particularly since some are children...

Even if the crash gets postponed, this is the year we hit a million homeless. I'm seeing reports of food banks and soup kitchens seeing a 50% increase in demand. Bit of history, the depression turned into the Great Depression after charitable efforts got swamped by millions trying to get food.

Do I need to mention all the farmers close to going out of business?

Wonderful timing, and you want to make it even better...

 

[Luckyone]

While I didn't understand that, I have the impression I don't agree.

You didn't understand that?