Social Security won't be able to pay full benefits by 2034, a year earlier than expected due to the pandemic

[justinacolmena]

Social Security is a SOCIALIST PROGRAM that was always meant to buy votes and rob taxpayers.

Yes. It's part of the cradle-to-grave socialist system. It's an annuity due, payable to each recipient at the beginning of each month, but the last monthly payment is reclaimed or "clawed back" from the estate of a deceased recipient who did not live the entire month for which it was paid.

Annuity Due: Definition, Calculation, Formula, and Examples

Annuity due is an annuity with payment due at the beginning of a period instead of at the end. See how to calculate the value of an annuity due.

www.investopedia.com

If people are "living too long," then the government has a powerful financial incentive to shorten or terminate our lives to prevent us, ostensibly, from collecting more in benefits than what we have paid into the system over our working careers.

This is what happened in Nazi Germany and Poland in the 1930s at the time of the Great Depression in the United States.

 

[JustAnotherNut]

We pay a social security tax that isn't given to those that pay in necessarily....children of gang bangers killed get it, those claiming a bad back early on scam the system often, illegals get it...

If the money paid in was used only for those that paid in----there would be an excess. Time to kick the dead beats off.

You do realize there is a difference between SS/SSDI and SSI don't you???

SS/SSDI (Social Security/Social Security Disability Insurance) is that tax workers pay into from their paychecks until they are of retirement age OR become disabled before retirement age set by the Social Security Department. Most beneficiaries are those entitled to receive what they've paid into. And yes, if a worker becomes disabled before the age requirement and has minor children......not only does the disabled worker receive benefits, but also does the minor children up to a certain amount of the whole benefit......Example: Worker benefit is $1500 per month and has 2 minor children, who each receive up to half or $750 each. You have to work and pay into the system for 10 years or more, before becoming eligible for benefits
Also, any divorced couples that had been married for more than 10 years and becomes disabled, the other can be eligible to receive benefits from their ex's benefit, but the amount is only a fraction. Example: Harry & Sue had been married for 12 years then were divorced. Both had worked and paid into the system for 20 years. 2 years after the divorce, Sue becomes disabled and Harry applies for ex spouse benefits. Sue gets her full benefit amount and Harry gets $50.


SSI (Supplemental Security Income) is more like a welfare check to those who can't work and/or have not paid into the SS system for the required number of years. This program is alot more sketchy of who does and who doesn't get benefits and is widely abused. The receivers of SSI have not worked or paid into the system.....or have not worked enough years to be eligible for SSDI. SSI is paid to one individual only, any minor children would receive welfare benefits. ....... EXample: Young 25yo single mother with 2 kids and working.....contracts a crippling disease or has a life changing accident and can no longer work to support herself and kids. She's only been working and paying into the system for 7 years. She is NOT eligible for SSDI, but is for SSI and she'll get welfare benefits for the kids IF there is no child support. If she is getting child support, then that amount is deducted from any welfare benefits for the kids.


Just understand that not all disabilities are obvious and just because someone isn't hooked up to an iron lung, or uses a wheelchair doesn't mean they aren't disabled according to SSA rules with medical records and/or documentation to back it up

Understanding Supplemental Security Income (SSI)-- SSI Overview

This page provides info on how SSA pays monthly benefits to people with limited income and resources who are disabled, blind, or age 65 or older.

www.ssa.gov

 

[JustAnotherNut]

Yes. It's part of the cradle-to-grave socialist system. It's an annuity due, payable to each recipient at the beginning of each month, but the last monthly payment is reclaimed or "clawed back" from the estate of a deceased recipient who did not live the entire month for which it was paid.

Annuity Due: Definition, Calculation, Formula, and Examples

Annuity due is an annuity with payment due at the beginning of a period instead of at the end. See how to calculate the value of an annuity due.

www.investopedia.com

If people are "living too long," then the government has a powerful financial incentive to shorten or terminate our lives to prevent us, ostensibly, from collecting more in benefits than what we have paid into the system over our working careers.

This is what happened in Nazi Germany and Poland in the 1930s at the time of the Great Depression in the United States.

Kinda sorta.......SS pays for the month behind (the check received in August, was for July) and are now paid on a set date that can be any time during the month. Some are paid on the 3rd of each month, others are paid in the second week, others in the 3rd week and so on.

But yes, if someone dies before the last day of the month, the check that's already in motion must be paid back. If they die in the first week or so and SS is notified before that months check is cut, then that check won't go out. There is a $255 death benefit that can be applied for, but there are certain rules and requirements to receive it.

 

[Mr Natural]

SS will be fine as long as we keep republicans far away from congress and the White House.

 

[kyzr]

Social Security is a SOCIALIST PROGRAM that was always meant to buy votes and rob taxpayers.

We PAID into SS all our working lives. DUH.

 

[kyzr]

Once they passed SS and saw the money that was in it they shortly after made all of that income part of the general fund. There is no such thing as a SS lock box. It’s spent many times over.

SS has a trust fund and "trustees". They issue annual reports. Its fairly easy to "fix" SS if the DC coxuckers would just pass a fix or two:
1. Lift the cap (GOP hates this fix)
2. Raise the retirement age slightly (Dems hate this fix)
3. Increase the tax slightly (both parties hate this fix)
4. Add in ALL new Federal, State, and local government workers, eliminating other "cushy" pension plans.
5. Do all 4.

https://www.fool.com/retirement/2018/05/21/how-warren-buffett-thinks-we-should-fix-social-sec.aspx

https://money.usnews.com/money/blogs/planning-to-retire/2014/11/14/5-potential-social-security-fixes

https://www.aarp.org/work/social-security/info-05-2012/future-of-social-security-proposals.html

 

[kyzr]

SS will be fine as long as we keep republicans far away from congress and the White House.

Democrats are in power 7-months and I haven't heard ONE FUCKING THING about fixing SS & Medicare. You were saying.

 

[Admiral Rockwell Tory]

What......no mention of a 'ponzi scheme' yet?

If SS didn't exist, the elderly would be screwed EVEN more than how (R) have already screwed them.

(R) have screwed them? You really should NOT do drugs and post!

 

[Winco]

(R) have screwed them? You really should NOT do drugs and post!

STFU you pompous ass.

A person who seems full of themselves and who grabs every opportunity to let others know of their feelings of superiority.

 

[Admiral Rockwell Tory]

SS has a trust fund and "trustees". They issue annual reports. Its fairly easy to "fix" SS if the DC coxuckers would just pass a fix or two:
1. Lift the cap (GOP hates this fix)
2. Raise the retirement age slightly (Dems hate this fix)
3. Increase the tax slightly (both parties hate this fix)
4. Add in ALL new Federal, State, and local government workers, eliminating other "cushy" pension plans.
5. Do all 4.

https://www.fool.com/retirement/2018/05/21/how-warren-buffett-thinks-we-should-fix-social-sec.aspx

https://money.usnews.com/money/blogs/planning-to-retire/2014/11/14/5-potential-social-security-fixes

https://www.aarp.org/work/social-security/info-05-2012/future-of-social-security-proposals.html

1. Lift the cap - Tax people for SS and then do not return the funds to the retiree.
2. Raise the retirement age - What the f- do you think they did already? I can't retire until I am 67 and probably will not live that long due to health issues.
3. Increase the tax slightly - Yes, raising taxes has always been good for the economy.
4.) Add in all new federal, state and local government workers - Most of them already contribute to SS. If you don't contribute to SS, you don't get any benefits. I worked for the federal government and contributed SS just like I do now. When I was working for my last state, I became disqualified for SS disability and would pay a penalty for having a state retirement and SS.

I'm sorry, but there are many things you apparently do not know about SS.

 

[Admiral Rockwell Tory]

STFU you pompous ass.

A person who seems full of themselves and who grabs every opportunity to let others know of their feelings of superiority.

See! I knew you couldn't answer the question because of the drugs.

 

[SassyIrishLass]

If you believe everything CNN predicts you must be a Canadian who relies on government sponsored media.

SS has always been going broke...they just keep advancing the date it will

 

[Lesh]

Then we better get that big infrastructure bill passed to raise GDP and revenue

 

[Ray From Cleveland]

Then we better get that big infrastructure bill passed to raise GDP and revenue

Correct. Why waste it on securing the SS program when we can waste it on green energy bullshit. I mean........what's more important?

 

[Lesh]

1. Lift the cap - Tax people for SS and then do not return the funds to the retiree.
2. Raise the retirement age - What the f- do you think they did already? I can't retire until I am 67 and probably will not live that long due to health issues.
3. Increase the tax slightly - Yes, raising taxes has always been good for the economy.
4.) Add in all new federal, state and local government workers - Most of them already contribute to SS. If you don't contribute to SS, you don't get any benefits. I worked for the federal government and contributed SS just like I do now. When I was working for my last state, I became disqualified for SS disability and would pay a penalty for having a state retirement and SS.

I'm sorry, but there are many things you apparently do not know about SS.

Simple fix. Remove the cap (no one making over $120K pays SSI tax on the dollars above that) and it's fixed forever

 

[Ray From Cleveland]

SS has a trust fund and "trustees". They issue annual reports. Its fairly easy to "fix" SS if the DC coxuckers would just pass a fix or two:
1. Lift the cap (GOP hates this fix)
2. Raise the retirement age slightly (Dems hate this fix)
3. Increase the tax slightly (both parties hate this fix)
4. Add in ALL new Federal, State, and local government workers, eliminating other "cushy" pension plans.
5. Do all 4.

I think what we need is to get rid of passing your SS to your spouse upon death. Most couples today work and the wife has her own SS account. It's fine if your spouse doesn't work and has no SS savings, but for those that do, we should eliminate that benefit.

 

[Ray From Cleveland]

SS will be fine as long as we keep republicans far away from congress and the White House.

Did you ever think that part of this covid problem is the commies paying people more to stay home than work and not contributing to the program any longer? Nah, that can't be it.

 

[Ray From Cleveland]

What......no mention of a 'ponzi scheme' yet?

If SS didn't exist, the elderly would be screwed EVEN more than how (R) have already screwed them.

Is that what you think...... You do know that your employer matches your payroll contributions, don't you? That being said, SS sends out pamphlets ever couple of years or so posting what you paid into the system each and every working year, and an estimated payout when you retire. If you are an older person (let's say 60) next time they send it out, take that pamphlet to any reputable investment company, and ask them to calculate what you would be worth today if you didn't contribute to SS, and had all that money invested in a conservative growth plan instead. I think you'd shit yourself on what you'd be worth today.

George Bush realized this. So he wanted to allow us to take a very small portion (I believe it was like 2%) out of our SS contributions and put it into our own IRA. The program would be voluntary so it was your option if you wanted to participate in it or not. The Democrats had a shit fit. They fought against it tooth and nail as did a few Republicans.

 

[Ray From Cleveland]

..in before "trump tax cuts robbed social security of billions!"

A leftist lie. One had nothing to do with the other. Nor did he fund the Iraq war with SS money. Another leftist bullshit story they try to pass around.

 

[Lesh]

I think what we need is to get rid of passing your SS to your spouse upon death. Most couples today work and the wife has her own SS account. It's fine if your spouse doesn't work and has no SS savings, but for those that do, we should eliminate that benefit.

You piece of shit.

Your spous's SSI benefits don't get added to yours. You pick one or the other.

My wife and i get along OK between her SSI , my SSI and with our 401s in reserve. If I pass since i made a lot more money and make more than double the SSI benefit, if she has to make due on hers alone she's screwed.

She'll get by...on mine