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connie189
04-21-2015, 08:38 PM
See where your benefits fit in with the projections:

http://www.msn.com/en-us/money/retirement/social-security-is-late-again-should-you-worry/ar-AAblTFV

coaltrain
04-21-2015, 09:17 PM
I like the part where it says you can protect yourself by investing to make up the gap.

Invest what exactly.....??

If there's a bright spot to this problem, it's this: You still have time to prepare yourself to cover for that gap. Regardless of when it gets published, the odds are that the 2015 Social Security Trustees Report will project that the Trust Funds will empty in about 18 years, plus or minus two or so. That's enough time to invest to make up the gap, but the buffer isn't what it used to be. The longer you wait -- or the closer future Trustees Reports move that date forward -- the tougher it will be for you to cover it.

connie189
04-22-2015, 01:36 AM
Some kind of stocks/bonds?

But who's making any money through investments?

Gee, if I waited until 70 to collect, they'd be almost bankrupt. Glad I put in for it now. :)

coaltrain
04-22-2015, 10:49 AM
If one had enough stocks and bonds to invest you wouldn't need Social Security.

The article is assuming that everyone has a hefty retirement portfolio I guess...what about the people who have nothing but their social security income - that has to be somewhat of a percentage of the recipients.

Setanta
04-22-2015, 12:09 PM
They make it sound like they encourage people to start putting money into private 401ks and IRAs and other stuff in the private sector. however that won't stop people from being mandated to invest/contribute to social security. so by their logic everyone should keep paying social security tax, then money into a private account. most people live paycheck by paycheck and carry too much debt to save $10 a week let alone invest.

I was ahead of the curb to an extent myself, when i got out of college and got a full time job with 401k i opted to choose how the money was invested rather than automatically trust the standard investments under the employee package, i also chose to put in 10% of every paycheck into the 401k (employer contributions+my own made it increase in size very fast). when the economy tanked everyone of my co workers left their accounts to the fudiciary to continue to manage, and kept hoping things would turn around while they watched their retirement nest eggs reduced in size by 10s of thousands. i was the only one at the office not loosing money, but my gains were only just on par with the official inflation rate. I only had the 401k for 4 years, i ended up loosing my position as a result of my employer being broke.

MissouriFree
04-22-2015, 10:54 PM
Meaningless. Article. It is based on current law . do you really believe lawmakers will not do something in the next 20 years .

connie189
04-23-2015, 12:11 PM
??????????

MissouriFree
04-23-2015, 01:09 PM
??????????

The article forecasts a social security go broke date that is based on current law. Do you thing our law makers will let that happen ? Of course not they will adjust either contributions or benefits or both to avoid go broke and thus protect thier reelections.
That's why it is meaningless.

Setanta
04-23-2015, 02:06 PM
The article forecasts a social security go broke date that is based on current law. Do you thing our law makers will let that happen ? Of course not they will adjust either contributions or benefits or both to avoid go broke and thus protect thier reelections.
That's why it is meaningless.


well said, seniors often amount to the largest portion of votors and have significant influence.

rubyyarn
04-23-2015, 04:58 PM
The suggestion that folks on Social Security invest in the stock market is just crazy! It just sounds like an even better way of losing your shirt :/

anna
04-23-2015, 06:13 PM
Quickest was to get SS fixed is to require everyone in the government to give up all their golden retirement plans (including President (and past Presidents) and Congress (current & past) and ALL government employees (past & present)) and become part of the SS program. They'd find a way to fix it PDQ.

MissouriFree
04-23-2015, 07:00 PM
Quickest was to get SS fixed is to require everyone in the government to give up all their golden retirement plans (including President (and past Presidents) and Congress (current & past) and ALL government employees (past & present)) and become part of the SS program. They'd find a way to fix it PDQ.

All govt workers are part of social security system now days. They pay in Same percentages as anyone else. Not sure what you expect retired govt workers to do ! They don't collect SS unless they paid in the required number of quarters in non govt job---just like every other American !!!! In fact even if they do they get reduced despite earning it. Really get screwed.

doc
04-23-2015, 09:00 PM
[QUOTE=coaltrain;411627

Invest what exactly.....??[/QUOTE]

Reminds me of the old Yogi Berra anecdote: Hey Yogi! What would you do if you found a bag on the sidewalk with a million dollars in it? Yogi: If someone poor lost it, I'd give it back.

connie189
04-24-2015, 01:49 AM
Let's see, there were a few no increases, then had to "argue" about it one year. (Guess who was blocking increases?) Of course, not election years...

connie189
04-24-2015, 02:24 AM
Interesting...

There's a Backwoods article dated 2/23/01 on the same topic:

"Our Bankrupt Social Security System" by Dave Duffy.

rubyyarn
04-24-2015, 12:55 PM
Our politicians have been aware of the Social Security problem since at least 1990 when I became interested in politics. They knew the Baby Boomers were coming and that the system could possibly be overwhelmed. But no one wanted to touch it. The Democrats wanted the votes. The Republicans made a few gestures but allowed themselves to be shouted down.

Well, folks, the day of reckoning is here. The Baby Boomers have arrived and expect their benefits. And...guess what? Death Panels are beginning to sound pretty good to the political class.

It will be interesting to see what happens. Cut benefits and many retirees will re-join the work force. The youngsters are already complaining about the seniors who refuse to retire, what will they think when a good chunk of us return to the work force? We know how to work, we are reliable, and we don't freak when the electronics crash.

Interesting.

SKB
04-24-2015, 02:26 PM
What angers me is that some people work and get paid well but by receiving cash, do not pay taxes of any kind. There's a creepy 40-ish man who attaches himself to any old timer he can. He had a job at Wal-Mart but quit because he says they wanted him to work too much. He hung around next door, "caring" for my elderly male neighbor who referred to him as a nuisance and a mooch. The old man died, and the new neighbor is blind. Rather than get help from a home health care agency, she allows this guy to move in and care for her. He cooks, cleans and now drives a new truck. He tried to attach himself to me but I made it clear he needed to back off and leave me alone. If/when I need help I will get it from an agency, not some guy who is not held to any standards, with no training or insurance.

connie189
04-25-2015, 01:41 AM
This is a strange question, but have you noticed there are less really older people out there (on the streets everyday).

I even quizzed hubby about it; he said he noticed it, too.

When I say "older" like 80-

SKB
04-25-2015, 01:54 AM
Now that you mention it, yes. It could be that they have no need, meals and meds are delivered and home health aides can do errands.

connie189
04-25-2015, 02:11 AM
My MIL here is held up in a retirement home...hardly ever ventures out.

Which is kinda bad...(exercise).

Txanne
04-25-2015, 04:28 AM
Meaningless. Article. It is based on current law . do you really believe lawmakers will not do something in the next 20 years .

They didnt do anything the last 20 years----I doubt it'll be a priority except to scare folks to death by threatening us with CUTS.

SKB
04-25-2015, 12:35 PM
The weather may also keep people inside. I notice that on what I consider a nice day, one of my elderly neighbors will comment that it's too hot, cold, breezy or humid. She goes outside to water her plants, but since her dog died, she doesn't go for walks like she used to.

MissouriFree
04-25-2015, 01:04 PM
They didnt do anything the last 20 years----I doubt it'll be a priority except to scare folks to death by threatening us with CUTS.

Actuall there have been lots of changes . For example 20 years ago FICA was only withheld from the first $55,000 now that number is 115,000 or or. That changes the money collected enormously. That limit chages regularly .

Txanne
04-25-2015, 05:36 PM
Actuall there have been lots of changes . For example 20 years ago FICA was only withheld from the first $55,000 now that number is 115,000 or or. That changes the money collected enormously. That limit chages regularly .

Well I ere then--I should be getting more not less.

MissouriFree
04-25-2015, 05:49 PM
Well I ere then--I should be getting more not less.

It may if the number of seniors that get it hadn't grown so much. i don't think the benifits have gone down any have they ? Some years it did not go up but it never went down. Many think the benifits went down but they didn't- the Medicare cost deducted from the benifits went up some. That is what most think of. Of course that is voluntary - One doesn't have to take part b or d if they don't want .

swampcedars
04-25-2015, 06:58 PM
I would think most people here know enough to not rely on the government to provide them with anything.

Yes, we pay into the system for decades, but with the way things are...we all know there are no grantees.

We both work and both save and plan for our own retirement without the need for Soc Sec. It is not easy and we are not rich...so I know it can be done.

We get up at 0430 5 to 6 days a week, go to work and don't call in sick or go out on comp...we pay plenty of federal, state and local taxes...Hell, the government needs more people like us...the thing that get's me is that I can't pack my family in the car and go to a local state park without paying $10 to get in the gate...really?!?!

All I really get for my taxes are some roads with pot holes to go to work on.

Simple home, little mortgage left, old cars to drive and save like the dickens...no gold bars in the floor of my barn.

Bones
04-25-2015, 07:03 PM
It may if the number of seniors that get it . hadn't grown so much. i don't think the benifits has gone down any has they. Some years it did not go up but it never went down. Many think the benifits went down but it didn't- the Medicare cost deducted from the benifits went up some. That is what most think of. Of course that is voluntary - I've doesn't have to take part b or d if they don't want .

Technically you are correct they have not been reduced. But are the increases the same as true inflation? My MIL was getting $850 a month in 2005 today she is getting $940. Based on inflation it should be $1,028. Now you may think $88 is not much, try telling that to my MIL.

otobesane1
04-26-2015, 12:09 AM
As MoFree wrote, "...the government will do SOMETHING...." What will that something be? Print more money? Raise the retirement age to 75? Take more out of our checks? I'm 61 and own my own business. I served for 23 years (1976-1999) in the USAF and retired as an 0-5 so I'm not too worried about my retirement, but I worry about my siblings (all younger) and whether they will have enough to retire on. I may actually have to support one of my brothers because he's been an "independent contractor" all of his life and I'd bet that he has only paid taxes for half of his working life. I fear that the fix, if there is one, will not be pleasant. I would suggest that we NOT give another penny to the deadbeats, welfare leaches and illegal invaders who are now sucking the life out of our system, but that's another subject altogether.