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Social Security Changes

Social Security Changes

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by: MarT Active Indicator LED Icon 9 OP 
~ 8 years ago   Oct 29, '15 9:25pm  
If you are of that age and thinking about the different ways to structure your Social Security, you may need to rethink it. The budget bill going through Congress eliminates almost all file and suspend scenarios.
 
Reading the comments on Forbes, lots of **** off older folks. I'd post a link but I'm on my phone and lazy Emoticon 4951
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PedroDePacas Active Indicator LED Icon 16
~ 8 years ago   Oct 29, '15 9:37pm  
They need to do away with ss.
 
Give tax breaks to those that save and tax the hell out of the people when they are young who will depend on the government later in life. 4951
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Stealth83 Active Indicator LED Icon 16
~ 8 years ago   Oct 29, '15 10:10pm  
Removed By Request 4951
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Ebola Active Indicator LED Icon 9
~ 8 years ago   Oct 30, '15 4:04am  
I think it's time we have honest discussions about the ponzi scheme that is social security.
 
It's broke. There is no money.
 
@Stealth83:
 
Old people don't care because they don't pay into it. WHERE'S MY MONEY. 4951
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Stealth83 Active Indicator LED Icon 16
~ 8 years ago   Oct 30, '15 6:07am  
Removed By Request 4951
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Chrisinkingwood Active Indicator LED Icon 8
~ 8 years ago   Oct 30, '15 7:02am  
"I think it's time we have honest discussions about the ponzi scheme that is social security.
"Those that claim SS is a Ponzi Scheme (like our former Governor) only show ignorance as to what one actually is. A true Ponzi Scheme operates in secrecy and keeping investors in the dark on where their returns are coming from and not really investing in anything. SS operates in the open and is transparent and those who pay in receive regular notice of their accounts and what they will be receiving in the future. Every year, Social Security’s actuaries release an insanely detailed
report on the system’s finances, its balance of payments, the potential
problems it could face, and so on. One can argue that the fact that future payouts depend on the base of those paying into the system which is true of most private investment accounts as well. However private investments carry a much higher risk. When the stock market drops dramatically a retired person depending on their nest egg for monthly income suffers whereas SS keeps paying what was promised. SS is more of a payment transfer system. "Old people don't care because they don't pay into it. WHERE'S MY MONEY."Tell me how that works? I am 59 and have been paying into the system for all my working life?  My dad who died at age 92 in 2009 and had a good job and didn't retire until he was 70 paid into the system since he came from England in 1946 to work here and became a US citizen. "It's broke. There is no money."Total rubbish. SS has it's own dedicated funding source, it is running a surplus and will not be on a pay as you go until 2030 and that is if nothing is done as far as adjusting the cap or anything else. Everything else in government is funded on yearly or biannual budgets but not SS. And the SS surplus is invested in US Treasuries which are considered one of the world's safest investments.  Those treasuries are routinely purchased by other nations as good investments.   4951
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Stealth83 Active Indicator LED Icon 16
~ 8 years ago   Oct 30, '15 7:07am  
Removed By Request 4951
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donnatella Active Indicator LED Icon 13 Forum Moderator
~ 8 years ago   Oct 30, '15 7:23am  
It's time to means test it and turn it into an "as needed" system instead of automatic. People, like a lot of our parents, still have income, plus SS, so they are making more after 65 than while working. It's just an extra bonus paycheck. It wasn't too long ago where earnings were limited in order to still collect SS. It's time to go back to that. 4951
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Chrisinkingwood Active Indicator LED Icon 8
~ 8 years ago   Oct 30, '15 8:19am  
Again, there is no money. Too many drawing out, too few paying in.
 
@Stealth83:
 
Wrong. SS has a surplus which is invested in US Treasury bonds. It will have a surplus for at least another 15 years. It will only be a pay as you go if Congress does nothing. Simple changes like increasing the cap would change that.
 
Plenty of credible sources back this up. Look it up. 4951
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amym Active Indicator LED Icon
~ 8 years ago   Oct 30, '15 8:41am  
Considering your age it is no surprise that you have strong support in the current SS program.  To say that SS is safe for at least another 15 years is not reassuring one bit for those of us in our 40's.  Everyone's answer is to raise the age, well yippie, its already 70 for me so if it is raised again or multiple times I'll be so old I won't even enjoy the benefit for any length of time even though I too have paid into it my entire working life.Government needs to get out of the retirement industry and abolish the fraud abuse for SS Disability, give me back my money and let me use it to invest in my own retirement.  The seniors that are lower income will continue to have support from Medicaid, Medicare and every other "program" but at some point we have to change the mindset of relying on the government to provide for us and that goes for individuals of all ages. 4951
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beastmode Active Indicator LED Icon 12
~ 8 years ago   Oct 30, '15 8:50am  
The government writes IOU's into SS and never pays it back. Some people put nothing into it yet still get a SS check. I would like to see both these situations eliminated or at least give me an option out of it. It would be better to put it into a life cycle fund where the government can't touch it and if I die I can will it to whoever I want.     4951
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MarT Active Indicator LED Icon 9 OP 
~ 8 years ago   Oct 30, '15 9:09am  
@beastmode   Yes, from my understanding all prior surpluses to the tune of 2.X Trillion dollars have been spent.  The only way for the Federal Government to repay it is from general funds or to borrow it.  Since we do not have a balanced budget, we know what that means.  What a mess.  4951
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Chrisinkingwood Active Indicator LED Icon 8
~ 8 years ago   Oct 30, '15 9:16am  
The budget bill going through Congress eliminates almost all file and suspend scenarios.
 
@MarT: 2 thoughts on this statement. 1. Why is it included in this budget bill? Social Security, by law, does not add to the deficit. It is not a driver of long-term debt. Social Security needs to be addressed but adding cuts to the budget doesn't really help the budget, it is 2. The House is writing the bill and the Senate will either agree with it or make some changes and it will go back to committee to get those things either worked in or out. At some point they will come to an agreement. Which party holds the majority in both houses???? The GOP.So if you don't like the proposed changes to Social Security that the House is needlessly putting into the budget then you know whom to blame and it sure isn't the Democrats.
4951
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MarT Active Indicator LED Icon 9 OP 
~ 8 years ago   Oct 30, '15 9:23am  
@ChrisinkingwoodI don't really have an opinion about the action at this time, we are not near SS age and have only starting looking into it.  I posted it for those that might be in a position where they will be affected.  The article actually presented it as a positive move towards saving SS.  The comments section was highly entertaining.  I think the whole budget bill is a boondoggle and am pretty disgusted with both parties, but that's nothing new. 4951
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Chrisinkingwood Active Indicator LED Icon 8
~ 8 years ago   Oct 30, '15 9:23am  
Some people put nothing into it yet still get a SS check
 
@beastmode: My best friend died of a sudden heart attack at age 55  leaving a wife and 2 young children. He paid into SS and due to his death did not collect.  The family  received a SS payment afterwards which is one of the original planks of the program. So you would have preferred they got nothing and suffered? Nice!
4951
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MarT Active Indicator LED Icon 9 OP 
~ 8 years ago   Oct 30, '15 9:28am  
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