Social security

"projects" in Hamilton Alabama..with plenty of people drawing SSI...you know this personally or just wearing Karen panties

And* basic social security income is available to anyone with little to no income or who are disabled from birth. I know plenty of people living in the projects who've never worked a day in their life, and are drawing SSI income.

Social security benefits accrue to persons who work and, as a consequence, deposit contributions into the fund. Those who do not contribute are not eligible, with some exceptions. For example, there are spousal benefits for spouses who did not work outside the home and whose marriages ended in death of the primary beneficiary.

I think Fun was looking for suggestions from people who had a clue as to what they were talking about.

Completely eliminating SSI to people who have never paid a dime into it would also rapidly solve the problem... But that's not going to happen either, because it would defund the D voter plantation.

@GGMM, yes one would imagine that. But it hasn't happened. And we are not sure why.

Eliminating the income cap for Social Security taxes would eliminate between 80 and 90% of the deficit. You would think Congress would go there immediately instead of contemplating raising the age for full eligibility or imposing more roadblocks for those who most need Social Security, but so far that is a dream.

What, precisely, will Congress do? Move general funds to Social Security? Raise taxes? Delay the full benefit year? Means-test the payments? What is your perception of "the right thing" that Congress will do?

As an aside, Medicare will eventually face similar issues. But Social Security will come first.

I think Congress will do the right thing at the last possible moment.

The party that blocks retirees from getting their full Social Security will pay the price.

You think the abortion decision affected elections, just wait...

Bumping this back up.
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It's increasingly clear that the failure of the executive and legislative branches to deal with the social security trust fund is going result in a reduction in benefits in the foreseeable future.

As a reminder, Social Security is a 'pay as you go' program. The social security tax that I and my employer pay today goes to support those who are already receiving benefits. Congress can't access it. For every dollar we pay in, 85 cents goes to a retiree and 15 cents goes to someone disabled. We now have fewer people employed paying those social security taxes. The demographers and actuaries tell us that we are on track to start payout reductions in a decade.

The problem has been known for some time. Proposals to raise the social security tax to bring it more in line with contemporary wages has fallen on deaf ears. The nation has limited immigration and thus the flow of new workers to pay new social security taxes. Nor is there money in general funds to shore up Social Security: too many politicians are letting off billionaires from paying their fair share, and further sidestepping the real need to look at generational wealth transfer.

Understanding that Social Security is an entitlement, and understanding that many Americans are dependent on Social Security to make even basic ends meet, what do you think should be done to shore up the system? Increase the tax? Delay full retirement age? Allow more immigration so that we have more workers doing more jobs and paying more payroll tax?

Please do not rant about "Congress spending our money"--that's not how it works. The reserves are dwindling because there are more people taking more benefits than are paying into the program, and they will run out unless (a) more money gets put in by each worker (b) payouts are delayed or (c) more workers are contributing.

No , I will pray for you living in NYC , hopefully nobody shoves you off a subway station or pisses o; you while you are riding the subway. . Be careful wear your mask … crime is really bad there. Loooo

ah..good luck with that...and with the SS..lol

Rather live in a mobile home park then a rat infested drug infested or illegal alien apartment in NY.

the red state mobile park population however will be trilled...

"When I argued that we should freeze federal spending, I meant Social Security, as well. I meant Medicare and Medicaid. I meant veterans’ benefits. I meant every single solitary thing in the government."

— Joe Biden (January 31, 1995)

I've done a bunch of those life expectancy calculators. I clock in about the mid 80s.

The males on my dads side die young. The males on my moms side live a long time.

So I've got a 50-50 chance...

I'm pretty sure with my lifestyle. My ss will just be donated. Unless of course they lower the age to 55.

average life expectancy is 77..so you got 7 years to get your SS checks..

TBR, if you have all the bases covered, go for it.

One of the things we have been fortunate with is that because the Mrs has 35 years she will receive a pretty sizable medical annuity to use for Medicare payments, prescriptions, out of pocket.

The ROI for her SS didn’t make sense to wait until FRA to collect. I did only to make sure I would get out as much as I can. We both have maxed on SS for her 65 and me 67.

I’m actually using mine for college funds for my grandkids. Still have 5 of the 11 who haven’t started college. I had the teenage ones that work for the company during breaks and during the summer commit 30% of their pay to Roths.

I’m hoping that the majority of the grands will consider spots in one of the two company’s. We have had the talk with all of them about how quickly retirement sneaks up on you and that if done right, they could all retire by the time they are 50. Who in the heck knows what this country will look like in 2055..

I can choose to have Mrs. TBR recieve none, 50%, or 100% of my pension amount when she retires. Seeing as she doesn't have a pension, and she will probably still be working when I die, it's probably a good idea.

I will take a hit on my pension if I leave her some, but it is not too much...

I'm retiring in 2030 at the age of 56, social security or not. We have worked hard to build this for ourselves and plan to enjoy it.

in 20 years it might be 70if we contimue to age gracefully..might not be an issue...examble In 1935, when the social security pension system was implemented, significant differences in life expectancy ex- isted. Life expectancy at birth was 61.0 for white males and 65.0 for white females. For blacks and other minori- ties, life expectancy at birth for males was 51.3 and 55.2 for females

Ok, something is in the air.

@One is seeing things similar to me.

The republicans like to run on issues that are akin to the dog chasing the car. They never expect to catch it, but some lunatic hellbent on WINNING instead of using FUD to get power messes it up for them when they do catch that damn car. I.E. Abortion.

“I am almost 50. I think the chances of the age being 70 - or more - by the time I'm 70 are pretty good.”

IMO. Seeing as the last change occurred 40 years ago and it took 39 years to implement. You’re probably safe.

I think a fringe of the GOP likes to talk about these cuts. It plays well to trying to own a Liberal. But once their constituents think about it for a few minutes. Taking money from old people does not sit well with old people. And that is a major demographic of the GOP.

But, I don’t disagree with being prepared if it’s not there.

Re: moving goalposts.

I am almost 50. I think the chances of the age being 70 - or more - by the time I'm 70 are pretty good.

Also, unlike any personal retirement assets, my SSI dies with me. At least if I die prematurely I can leave what I've worked for to people I care about.

My point is that I can see a number of ways that my ability to ever collect it could be impacted, some more realistic than others. So, I don't figure it into my plan.