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Social Security deficits

  1. tjmatel3 profile image78
    tjmatel3posted 5 years ago via iphone

    I saw a headline today that said Social Security to run Permanent Deficits. How will retirement be funded for the majority of Americans who have no savings - nothing? It's ridiculous to think that we continue to support something that has already failed.

    1. couturepopcafe profile image60
      couturepopcafeposted 5 years ago in reply to this

      They've been saying that for years.  I'd like them to give back to me all the money they took for my SOCIAL Security and do away with the entire program.  Let me do what I want with my own money.  Yeah...here comes the argument about "who's taxes are going to support me when I run out of money?"  Don't worry about it.

      1. 60
        moneytalks 11posted 5 years ago in reply to this

        This may be the the solution for real Social Security Reform.

        Eliminate benefits for those not in need.
        Give option of ...

        (A) - refund of FICA taxes paid
        (B) - Reinvestment of FICA taxes, give individual an annual dividend, tax
                 free..reinvestment is inheritable and tax free.

        BENEFITS;---SSA would save by making less monthly payments -SS
                                  Trust Fund would incur less debits & as a result of
                                   reinvestments  have more contributions.

    2. Cagsil profile image84
      Cagsilposted 5 years ago

      Social Security hasn't failed. It's the idiots handling it on a massive scale that has made it virtually impossible for it to continue on as it is presently. smile

      1. dutchman1951 profile image60
        dutchman1951posted 5 years ago in reply to this

        Its the idiots that have raided it and not told us the truth about that. Now it has been borrowed from so much it is near ruin.

        Make the thieves put the monies back, and fix that part first, then come up a sustainable investment polocy that citizens can live with and support the program so everyone, young and old can have retirment income.

        its lies, from thieves who have stole from the fund for a long time now.

    3. Hugh Williamson profile image89
      Hugh Williamsonposted 5 years ago

      Social Security fund has a surplus reserve of 2.5 trillion dollars. The problem is that it exists in the form of IOU's from the federal government which has raided it for that amount...now, obviously, it can't repay that debt.

      The shortfall of SS reserve fund income would be relatively minuscule if the fund were left untapped. But, it wasn't.

      The money mostly went for "feel good" pork barrel projects. It was a another case of voters being bribed with their own money while thinking that they were getting something for nothing. Now the bill is due.

      1. dutchman1951 profile image60
        dutchman1951posted 5 years ago in reply to this

        tell them Hugh, the truth nees to be heard now.

    4. wilderness profile image95
      wildernessposted 5 years ago

      A little off subject, but has anyone figured what they would have for a nest egg if all the payments (employee and employer) had been invested at, say, the 10% or so the stock market averages over the long term?

      This is something I want to do when I get my next statement from them.

      1. Jed Fisher profile image88
        Jed Fisherposted 5 years ago in reply to this

        Index fund ETFs didn't exist when I first started paying onto FICA. Also, it took 10K just to open an account and the commision on every trade was 1%.  If someone followed the advice of brokers at the time, they would have invested in Dot-Bom stocks and Enron. Worthless. Even today, the market is one big slot machine, made worse by globalization. Trying to trade against something as huge as China's Soverign Wealth Fund is a sucker bet.

    5. Eaglekiwi profile image74
      Eaglekiwiposted 5 years ago

      Warning..warning ..Never disclose your SSN.

      ..But if you want to apply for a job ,or complete many forms (unsecured) and reputable departments then you MUST fill out all lines


      New Item

      SSN on the increase. No shit.

      1. Hugh Williamson profile image89
        Hugh Williamsonposted 5 years ago in reply to this

        A lot of forms require a SS# for legit reasons -- tax reporting, background checking etc. Some places, like your Dr.'s office or the dentist only ask for your SSN to make it easier to track you down in case you don't pay their bill.

        When filling out forms, if you don't think your SSN is relevant to the service being offered, transpose two numbers of the last four. If they do legitimately need the SSN, they'll get back to you. If they don't, it won't be sitting around in their files for the next 50 yrs.

        1. Eaglekiwi profile image74
          Eaglekiwiposted 5 years ago in reply to this

          Thanks for the tip.

          I agree reasons may be legit ,but just doesnt make sense re fraud vulneribilty.

    6. BobbiRant profile image78
      BobbiRantposted 5 years ago

      It's no more crazy then to support politicians who screw up our economy.  Maybe the politicians should ditch their benefits in favor of us, the people they claim to care about.  LOL Caring politicians, what a concept!

    7. Flightkeeper profile image79
      Flightkeeperposted 5 years ago

      Social Security will have to go through major changes.  Any surpluses from the past has already been spent by the fed govt, retirees are collecting for longer periods and the number of workers to collect social security taxes from cannot really support the boomer generation.

      1. 0
        ryankettposted 5 years ago

        I think that its always wise to focus on providing as much for yourself when retirement planning.

        The retirement age for males in the UK could rise from 65 to 68. I'm not working until I die.

        Instead, most of my money is to be spent on an investment property and private pension funds. My sole life ambition is to retire at 55, if not that then there is no way I am working past 60.

        And, as such, I can't rely on state handouts. I met somebody the other day who was 46 and said "I have to start saving for retirement soon".

        Nope, he missed that boat. I am 25, I already invest 10% of my earnings into pension funds, and the next step for me is to invest in a second home.

        Whilst I largely sympathise with the plight of those who rely on state pensions, I know plenty of people my age who are happy to spend all of their money on iPhones, iPads and MacBooks, but turn their nose up at the prospect of saving a single penny for their future.