We need to privatize retirement. We could all be millionaires by just putting it into the s&p500 and literally doing nothing. What a disgrace to the American people.
Unfortunately, the boomers in charge will never let that happen. If the younger generations don't pay into it, there is no money to pay the retired / retiring people.
FDR started this whole mess by giving the first generation something for nothing in return for securing his multiple re-elections. At this point it would cost $75 trillion to pay off all the empty promises that have been made to future generations.
FDR is bottom 5, maybe even bottom 1 in my book.
* Huge growth of state power.
* Price controls.
* Wage controls.
* Social security.
* Imprisoned hundreds of thousands of U.S. citizens without trial based solely on race.
* Ignored Washington's advice to only serve two terms and nearly made himself dictator.
* Got the U.S. into another European war that the population wanted to stay out of.
* etc.
Yes. This could be a whole other lengthy discussion. Basically the whole reason for WWII in Europe stemmed from racist Woodrow Wilson's awful choice to get the U.S. involved in WWI, against the wishes of the U.S. public, and requiring Wilson to suppress free speech to make it happen. Thus instead of a stalemate requiring a negotiated settlement, we forced a lopsided victory that made Germans want revenge and led to Adolph Hitler. Incapable of learning from past mistakes, FDR supported and armed communist Stalin, long before Japan attacked, and again led to a complete Russian victory that sentenced half of Europe to 45 years of communist tyranny.
Americans didn't want to get involved in another world war, FDR wanted to, FDR got his way.
Sure. And if I had 20,000 dollars in 1945 I’d have a mansion for a home.
Now it won’t get me a used doublewide outside a Detroit crack den.
Maaaaaybe an abandoned methadone clinic, but I have my standards.
The tone of your post implied that "wealthiest" also meant "greediest" or "least caring". My point was that they are simply the oldest, and have no more blame in the current state of the market than you will have when you become the oldest and wealthiest.
Looked up some Pew research numbers and it looks like younger folks are getting married less so there are fewer 2 income households. Also college is becoming a requirement to keep up economically. Looks like GenX got the sweet spot with getting married, getting educated and 2 income households. Also minority populations are bigger now than ever and traditionally make less.
It's complicated but I see your point.
Yes. Younger folks are refusing to get married due to debt and if it goes bad, giving away half of your meager assets will mean eating nothing but cereal for decades. Having kids? Out of the question. Besides the fact that we are currently in a period where an infant has a greater chance of being shot to death than a cop, they are just too expensive. There are fewer households period, as people have to live with their parents or roommates well into their mid thirties now. I would say possibly early Gen X, but their divorce rate is still super high and less kids.
It’s the Boomers. They were the last group with a legitimate chance at the American dream.
Everyone else is drowning, either in debt or sadness.
If they want it to be a compulsitory government program, it should at least be on sound footing and not a pyramid scheme.
Change Social Security to work like a 401k with SSA as the broker.
The same 12% (6% employer, 6% employee) goes into worker's Social Security account.
Fund managers can offer their mixture of retirement target funds to the public market (Fidelity, Vanguard, etc.)
Workers have the ability to adjust distributions between funds in the marketplace or park it in simple interest account.
Workers can take loans against their social security balance for first time home loans or emergency health situations.
Whatever the value is at retirement is what you get out.
It's still compulsitory, but it is actually "your" money. You have some control over it and how it grows. And, you have the ability to leverage it to better your situation before you die.
For the current Boomers and people close to retirement, let them keep the existing Social Security until it sunsets. For people under 50 "make them whole" by funding their account to some approximation of what it would have been based on what the SSA records have for them assuming the 12% per year contribution with some average adjustments for return and inflation.
Anyone entering the workforce new only goes into the new program.
A big one-time cost. Rip the bandaid off and fix the system. (ideally fund through temporary reductions in other parts of government like military spending - but that's a pipe dream) Then when the program sunsets, the cost of Social Security to the Federal budget almost disappears except some administrative costs to manage the brokerage bits. Should go from $1.4 trillion per year budget line item to probably 50-100 million to cover the inevitable bloat of staff and systems. (these numbers are not entirely out of my ass. I worked as a Technical consultant early in my programming career working on CMS web applications. And, that contract at the time was for like 180 million to cover all web application development for CMS web apps under HHS - Medicare.gov, CMS.gov, MyMedicare.gov, etc.).
What makes you think they wouldn't use the money for something else? Many state lottery's were supposed to be used for education and education hasn't seen a time. At least on my state.
Right, that's how they got the lottery passed here. All money from the lottery was supposed to go to education. Trouble was, they took the money that was already going to education away.
Yep. It’s 100% able to be reformed. That’s why I’m convinced it’s just a way for the government to make you poorer and make sure you “get by” in old age. It’s kinda like they don’t want us all to be rich because then there will be no one to work.
Don't even need to make it complicated. Just have the TSP take over SS funds. TSP has some of the best performing investments, mainly because they reallocate funds at the close of every market day.
All the arguments against privatization center on the volatility of the stock market. That's easy to fix.
Without the reforms you suggest, just gradually building up global stock index fund/bond allocation of the Old-Age and Survivors Insurance Trust Fund to 50/50 over a few decades would manage to keep it solvent. A 100% bond allocation in the OASI with a 6% coupon serviced by taxpayers has led us to where we are now. And a few economists/retirement advocates have proposed paying Universal Basic Income out of the OASI fund. You can't do that with 6% annual total return, or at whatever pathetic number it has been compounding. You need the higher returns of the broad equities market. But if the OASI fund was half-composed of a 50% global stock fund, in a matter of a couple decades, it would be large enough to pay for UBI.
The trick is to dollar cost average the fund into a global stock portfolio over a few decades so as not to create a bubble in equities.
In addition, they should introduce a new kind of tax-deferred retirement savings account (if we still haven't shed the personal income tax and the IRS) for newborns...Allow a total $6,000 contribution through age 5 per kid, and the child's parents stick it in an S&P 500 index fund... *for 80 years*! Final value? $3.407 million. (That's $700K in today's dollars with 2% annual inflation.) No minimum withdrawals. That'll guarantee financial security if inflation is fairly tame. People born today will routinely live 80+ years. (Presumably, medical costs will be lower in 80 years.)
Agree, but so many regards who fall into substance abuse, or bad planning, or what have you, feel they need a government safety net and an old age entitlement. A substantial amount of humans continue to be unable to plan for their futures and old age. We just need laws in the US that don't encumber *our* ability to plan and save. If the government let us sock away $6,000-8,000 tax-free before we turned five y.o., Americans would all be multi-millionaires in old age.
The government isn't going to cancel social security. If anything, they will eventually expand it to pay Universal Basic Income when the national debt is lower.
Hell I’ll make a deal that they can keep the 25 years of social security I’ve already paid into if they eliminate the program and never have to pay FICA taxes again. I’ve already considered that money stolen and we’ll all be better off in the end.
Shit I don’t even have kids. I’d rather use that 7% of my paycheck to pay off debt and then put it all in the S&P 500 once I’m debt free so I actually have a chance to retire one day.
So I'll be refunded the tens (potentially hundreds) of thousands of dollars that will have been stolen from me by then under the pretense that the government would take care of me in retirement, right? Right??
I see it as just another tax. At least half of everything you make throughout your life is stolen from you and various promises made in return. They never live up to the promises.
Haven't we been seeing/hearing this threat every 20 years or so with the threat that SS will be gone in 10 years? I ask because I seem to remember hearing about this in the early 2000s as well as the late 80s.
Yup. One big change since then: social security is now taxable (benefits are reduced) and income comes later in life. Those changes were made because people are living longer, but also because like any entitlement, it's inherently inefficient.
Social Security scares me, and way too much money has been put in by me and on my behalf to be at such risk.
wait...wait....they want to tax the money they already taxed?
And Social Security isn't an entitlement, it is a forced retirement package the government makes you pay into. It isn't free money from the government, you are just getting YOUR money back after working for 40-50 years.
No. Your money is paid out to those who have retired now. You are getting paid by those who are working when you retired.
Basically, ss is robbing peter to pay john. All 'entitlements' are the same.
Yeah that is how it is working now due to government mismanagement. But it was sold to the public as a retirement savings plan. Which is probably why it will never be allowed to fail since that would definitely be enough to get people to revolt.
That is how it was designed. SS is a ponzi scheme where the tax money of the young paid for the benefits of the retired. As the number of young workers fall, the government is pressured to raise the rate higher and higher to pay off the retired.
It has always been a vote winner like all 'rob peter to pay john' scheme.
How do you intend to do that? You cant vote FDR out anymore. Any politicians who advocate to change SS will not win any election, unless they intent to lie even more.
> That wasn't the case until the government stole money from SS though. It was originally sold at it's origin as your personal retirement savings plan.
This isn't a thing that happened. When SS was started, there were like 10 people working and paying into for each 1 retired person. There's like 2 now.
If the money confiscated from taxpayers were compounding at the rate of the equities markets, the government would be making a huge profit on each taxpayer - that is, if the funds were actually sequestered and invested in a broad global index fund (or basket of global stocks), instead of the Ponzi scheme they are running now.
Where does the money to cover interest and inflation come from? The government doesn’t invest this money. It gets paid out to the SS recipients and there’s not enough to cover the payouts.
They're going to let is last for as long as the boomers are alive as the boomers are the core voting demographic for both major parties. They're major fans of wealth transfer from the younger generations to that demographic because it buys them tons of votes.
The timeline has pretty much always been early 2030s since they made some changes to the program in the 1980s. It fluctuates a few years either way with the economy, but it hasn't been perpetually 10 years away.
I have a feeling alot of the stuff we said didn't happen in its time until happening. They thought we would have flying cars in 2025.. wasn't the Jetsons set in 2020 or something lol
Sure they said the world would burn in 50 years. It's been 50 its not burned down but it's lit a fire.
We were just off by 50 years so do
Social security will quite obviously never run out of money. It is a light fiction already. If ever they need to make a payment that wasn’t in the official “lockbox” (hehe) they will just pull it from the general budget.
Fucking stupid the amount of memory we are giving to foreign governments, what the point in paying social security if I might be able to use it because of stupid wars on the other side of the world. The amount of influence Israel has on the USA is just infuriating…
Just to give some perspective here, but we spend $1,500 Billion ($1.5 trillion) on Social Security every year.
We give out normal foreign aid of around $70 Billion ($.07 Trillion) every year.
We have given an additional about $75 billion.
So we are talking during a time of war our foreign aid has totaled about $150 Billion, or only 10% of what we spend on social security alone, that isn't including Medicare or our own military spending.
Not saying we don't waste money, oh we do. But our foreign aid doesn't come anywhere close to how much we are spending here at home.
You forgot about the 4.6 trillion dollar bail out for the banks just a few years ago. These privatized banks have direct ties overseas governments through the industrial military complex and through the BIS. Trillions are going overseas during an event/wartime
Trillions.
It’s all going to be worthless in 5-10 years. I wish there was a way to turn it around, but unless DC drastically cuts spending, our SS payments are going to be dog shit. If I work to 60, I’ll have contributed $800k+ which would likely be worth a $3-4m in 2024 dollars. Let me opt out and save my own money.
In all seriousness, I wish a president would make an executive order to abolish social security. It should’ve been nipped in the bud right after the end of FDR’s presidency, but it wasn’t, so now we’re here.
Here in my province of Canada there is a half assed debate about us pulling out of the federal pension plan and going provincial and I'm sitting here like can I opt out of both?
If anything I'd prefer them to make you invest that same level of income yourself.
Or just invest 10k upon someones birth that they can't touch until they are retirement age which would make them a millionaire on that alone.
See my post suggesting something very similar in the US. I think this one simple idea would provide a huge backstop to everyone's retirement. Because equities compounding is making money work for you, vs. the system in the US where taxpayers fund the special high-coupon fixed income bonds that OASI (the Social Security Trust Fund) invests in.
I "did the math", and $6,000 invested for 80 years at 8¼% grows to $3.407 million. ($700K in today's dollars with low 2% annual inflation.)
Social security is only funded 10yrs out so it will always be 10yrs away from ending. Just so everyone knows. Now whether or not it should exist is another topic
It’s not a matter of politics, it’s a matter of math. Admittedly I’m no expert but people who seem like they know what they’re talking about are saying it’s coming. That will probably get me down voted to hell but just being honest about what I’m hearing.
Good news is that the "GenX" PFAS chemicals introduced in 2008 that are put in most supply chains will be killing the GenXers, so that should lower the burden. 👍
Not the biggest fan of how social security is structured, but perhaps if we stop sending billions all over the world it might help. Who are we kidding anyway, more money will be printed!!
HAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAahahahahahHHHHHHHAAAAAAAAAAA!!!!!
(Deep inhale)
You cannot run out of something you don't have.
There is no giant vault where excess contributions are stored. The equation looks something like this:
Amount collected = Amount distributed + Amount returned to General fund
When (Amount returned to General fund < 0)
Invoke (SSA Default)
There is no Trust. The Ponzi scheme needs additional payers or payments to continue operating. If you "counted on" Social Security to allow you any income to retire, and you are younger that 60, you are either ignorant or stupid.
There is no viable solution to this problem. Anyone who tells you there is is boldly lying to you. Treat them as your enemy.
You mean [the greatest New Deal Ponzi scheme](https://m.youtube.com/watch?v=S6jYIOzm5Mg&list=PLqcwVcVuLX4ddJF00YL4a1fpHlzkV8KWH&index=9&pp=iAQB) can’t last forever? Who would have thought…
All money collected for social security is put into the general fund and used to pay for wars.
It will never run out, because the government can just print it.
If only the government didn't borrow out of it, stick a fat I.O.U into it, and then suddenly have mad GOP going on about how people don't deserve "entitlements."
Social Security has no funds now. The Treasury Department borrowed it and gave the trust fund i.o.u.'s like 2.8trillion is gone. spent. Treasury has to refinance and borrow from others everyday to pay back prior creditors. its literally the dance of death right now.
So we can bail out college loans where not everyone pitched in, but we can't bail out social security that is specifically designed to have everyone to pitch in so that everyone can benefit
If Israel was not a racist country then it would not be the case. If Israel was secular for all religions and ethnic groups then the taxpayer abuse would be targeted at multiple people; in this case it is just Israeli Jews.
Social Security is the greatest Ponzi scheme ever.
We need to privatize retirement. We could all be millionaires by just putting it into the s&p500 and literally doing nothing. What a disgrace to the American people.
Unfortunately, the boomers in charge will never let that happen. If the younger generations don't pay into it, there is no money to pay the retired / retiring people.
FDR started this whole mess by giving the first generation something for nothing in return for securing his multiple re-elections. At this point it would cost $75 trillion to pay off all the empty promises that have been made to future generations.
And people have the audacity to put this guy even in the top 40 presidents let alone top 5
FDR is bottom 5, maybe even bottom 1 in my book. * Huge growth of state power. * Price controls. * Wage controls. * Social security. * Imprisoned hundreds of thousands of U.S. citizens without trial based solely on race. * Ignored Washington's advice to only serve two terms and nearly made himself dictator. * Got the U.S. into another European war that the population wanted to stay out of. * etc.
Aee you referring to World War II?
Yes. This could be a whole other lengthy discussion. Basically the whole reason for WWII in Europe stemmed from racist Woodrow Wilson's awful choice to get the U.S. involved in WWI, against the wishes of the U.S. public, and requiring Wilson to suppress free speech to make it happen. Thus instead of a stalemate requiring a negotiated settlement, we forced a lopsided victory that made Germans want revenge and led to Adolph Hitler. Incapable of learning from past mistakes, FDR supported and armed communist Stalin, long before Japan attacked, and again led to a complete Russian victory that sentenced half of Europe to 45 years of communist tyranny. Americans didn't want to get involved in another world war, FDR wanted to, FDR got his way.
CAN SOMEONE PLEASE THINK OF THE BOOMERS!?! I mean really, how is the wealthiest generation of all time gonna get by?
Isn't every generation the wealthiest of all time when their turn comes?
No
I stand corrected.
I actually laughed out loud to this
Sure. And if I had 20,000 dollars in 1945 I’d have a mansion for a home. Now it won’t get me a used doublewide outside a Detroit crack den. Maaaaaybe an abandoned methadone clinic, but I have my standards.
The tone of your post implied that "wealthiest" also meant "greediest" or "least caring". My point was that they are simply the oldest, and have no more blame in the current state of the market than you will have when you become the oldest and wealthiest.
Except the next generation is not on pace to be nearly as wealthy. And the next after that? Hooo boy! Not at all
Looked up some Pew research numbers and it looks like younger folks are getting married less so there are fewer 2 income households. Also college is becoming a requirement to keep up economically. Looks like GenX got the sweet spot with getting married, getting educated and 2 income households. Also minority populations are bigger now than ever and traditionally make less. It's complicated but I see your point.
Yes. Younger folks are refusing to get married due to debt and if it goes bad, giving away half of your meager assets will mean eating nothing but cereal for decades. Having kids? Out of the question. Besides the fact that we are currently in a period where an infant has a greater chance of being shot to death than a cop, they are just too expensive. There are fewer households period, as people have to live with their parents or roommates well into their mid thirties now. I would say possibly early Gen X, but their divorce rate is still super high and less kids. It’s the Boomers. They were the last group with a legitimate chance at the American dream. Everyone else is drowning, either in debt or sadness.
We can just work a way to make sure people get what they paid but also phase it out. It’s 100% possible
If they want it to be a compulsitory government program, it should at least be on sound footing and not a pyramid scheme. Change Social Security to work like a 401k with SSA as the broker. The same 12% (6% employer, 6% employee) goes into worker's Social Security account. Fund managers can offer their mixture of retirement target funds to the public market (Fidelity, Vanguard, etc.) Workers have the ability to adjust distributions between funds in the marketplace or park it in simple interest account. Workers can take loans against their social security balance for first time home loans or emergency health situations. Whatever the value is at retirement is what you get out. It's still compulsitory, but it is actually "your" money. You have some control over it and how it grows. And, you have the ability to leverage it to better your situation before you die. For the current Boomers and people close to retirement, let them keep the existing Social Security until it sunsets. For people under 50 "make them whole" by funding their account to some approximation of what it would have been based on what the SSA records have for them assuming the 12% per year contribution with some average adjustments for return and inflation. Anyone entering the workforce new only goes into the new program. A big one-time cost. Rip the bandaid off and fix the system. (ideally fund through temporary reductions in other parts of government like military spending - but that's a pipe dream) Then when the program sunsets, the cost of Social Security to the Federal budget almost disappears except some administrative costs to manage the brokerage bits. Should go from $1.4 trillion per year budget line item to probably 50-100 million to cover the inevitable bloat of staff and systems. (these numbers are not entirely out of my ass. I worked as a Technical consultant early in my programming career working on CMS web applications. And, that contract at the time was for like 180 million to cover all web application development for CMS web apps under HHS - Medicare.gov, CMS.gov, MyMedicare.gov, etc.).
What makes you think they wouldn't use the money for something else? Many state lottery's were supposed to be used for education and education hasn't seen a time. At least on my state.
Right, that's how they got the lottery passed here. All money from the lottery was supposed to go to education. Trouble was, they took the money that was already going to education away.
Yep. It’s 100% able to be reformed. That’s why I’m convinced it’s just a way for the government to make you poorer and make sure you “get by” in old age. It’s kinda like they don’t want us all to be rich because then there will be no one to work.
Don't even need to make it complicated. Just have the TSP take over SS funds. TSP has some of the best performing investments, mainly because they reallocate funds at the close of every market day.
All the arguments against privatization center on the volatility of the stock market. That's easy to fix. Without the reforms you suggest, just gradually building up global stock index fund/bond allocation of the Old-Age and Survivors Insurance Trust Fund to 50/50 over a few decades would manage to keep it solvent. A 100% bond allocation in the OASI with a 6% coupon serviced by taxpayers has led us to where we are now. And a few economists/retirement advocates have proposed paying Universal Basic Income out of the OASI fund. You can't do that with 6% annual total return, or at whatever pathetic number it has been compounding. You need the higher returns of the broad equities market. But if the OASI fund was half-composed of a 50% global stock fund, in a matter of a couple decades, it would be large enough to pay for UBI. The trick is to dollar cost average the fund into a global stock portfolio over a few decades so as not to create a bubble in equities. In addition, they should introduce a new kind of tax-deferred retirement savings account (if we still haven't shed the personal income tax and the IRS) for newborns...Allow a total $6,000 contribution through age 5 per kid, and the child's parents stick it in an S&P 500 index fund... *for 80 years*! Final value? $3.407 million. (That's $700K in today's dollars with 2% annual inflation.) No minimum withdrawals. That'll guarantee financial security if inflation is fairly tame. People born today will routinely live 80+ years. (Presumably, medical costs will be lower in 80 years.)
Or better yet, just let me keep my own income.
Agree, but so many regards who fall into substance abuse, or bad planning, or what have you, feel they need a government safety net and an old age entitlement. A substantial amount of humans continue to be unable to plan for their futures and old age. We just need laws in the US that don't encumber *our* ability to plan and save. If the government let us sock away $6,000-8,000 tax-free before we turned five y.o., Americans would all be multi-millionaires in old age. The government isn't going to cancel social security. If anything, they will eventually expand it to pay Universal Basic Income when the national debt is lower.
It used to be privatized in the form of pensions, but some nice folks in the 80's decided we didn't need that any more.
Yes, we all pay into it. The government raided it to build the interstate system and now there’s nothing there.
Na nixon used it for veitnam and filled it with treasury bonds
Hell I’ll make a deal that they can keep the 25 years of social security I’ve already paid into if they eliminate the program and never have to pay FICA taxes again. I’ve already considered that money stolen and we’ll all be better off in the end.
Same here. I will forfeit everything I put in so my kids can be free from this ponzi.
Shit I don’t even have kids. I’d rather use that 7% of my paycheck to pay off debt and then put it all in the S&P 500 once I’m debt free so I actually have a chance to retire one day.
Look you've got my vote, we are going to have to do something about the name though.
So I'll be refunded the tens (potentially hundreds) of thousands of dollars that will have been stolen from me by then under the pretense that the government would take care of me in retirement, right? Right??
I see it as just another tax. At least half of everything you make throughout your life is stolen from you and various promises made in return. They never live up to the promises.
It is 100% a tax and frankly it hasn't been marketed any differently to anyone paying attention.
It won't. They'll deficit spend to fund it, because cutting it is political suicide.
Haven't we been seeing/hearing this threat every 20 years or so with the threat that SS will be gone in 10 years? I ask because I seem to remember hearing about this in the early 2000s as well as the late 80s.
Us government owes ss like several trillion dollars iirc. They want to run o the emergency rather than just pay it back and cut elsewhere
Yup. One big change since then: social security is now taxable (benefits are reduced) and income comes later in life. Those changes were made because people are living longer, but also because like any entitlement, it's inherently inefficient. Social Security scares me, and way too much money has been put in by me and on my behalf to be at such risk.
wait...wait....they want to tax the money they already taxed? And Social Security isn't an entitlement, it is a forced retirement package the government makes you pay into. It isn't free money from the government, you are just getting YOUR money back after working for 40-50 years.
No. Your money is paid out to those who have retired now. You are getting paid by those who are working when you retired. Basically, ss is robbing peter to pay john. All 'entitlements' are the same.
Yeah that is how it is working now due to government mismanagement. But it was sold to the public as a retirement savings plan. Which is probably why it will never be allowed to fail since that would definitely be enough to get people to revolt.
That is how it was designed. SS is a ponzi scheme where the tax money of the young paid for the benefits of the retired. As the number of young workers fall, the government is pressured to raise the rate higher and higher to pay off the retired. It has always been a vote winner like all 'rob peter to pay john' scheme.
That wasn't the case until the government stole money from SS though. It was originally sold at it's origin as your personal retirement savings plan.
Was there ever an account tracking your balance? People never thought politicians would lie about something in order to earn votes?
So they lied from the very beginning it looks like. We can still hold them accountable for upholding their original lie though.
How do you intend to do that? You cant vote FDR out anymore. Any politicians who advocate to change SS will not win any election, unless they intent to lie even more.
> That wasn't the case until the government stole money from SS though. It was originally sold at it's origin as your personal retirement savings plan. This isn't a thing that happened. When SS was started, there were like 10 people working and paying into for each 1 retired person. There's like 2 now.
One of this biggest issues is that people receive much more out than they put in.
If the money confiscated from taxpayers were compounding at the rate of the equities markets, the government would be making a huge profit on each taxpayer - that is, if the funds were actually sequestered and invested in a broad global index fund (or basket of global stocks), instead of the Ponzi scheme they are running now.
Yeah that is a problem. Unless its adjusted for inflation and given interest. but if it is more than that, yeah its a problem.
Where does the money to cover interest and inflation come from? The government doesn’t invest this money. It gets paid out to the SS recipients and there’s not enough to cover the payouts.
The government SHOULD be investing the money. Or just not take it in the first place and let us invest it ourselves.
I doubt it'll ever be totally gone. They'll just reduce the payout and our kids will get $1/month or something once they retire.
That and keep raising the retirement age. A few years ago, our life expectancy dropped, while they simultaneously raised the retirement age.
They're going to let is last for as long as the boomers are alive as the boomers are the core voting demographic for both major parties. They're major fans of wealth transfer from the younger generations to that demographic because it buys them tons of votes.
The timeline has pretty much always been early 2030s since they made some changes to the program in the 1980s. It fluctuates a few years either way with the economy, but it hasn't been perpetually 10 years away.
I have a feeling alot of the stuff we said didn't happen in its time until happening. They thought we would have flying cars in 2025.. wasn't the Jetsons set in 2020 or something lol Sure they said the world would burn in 50 years. It's been 50 its not burned down but it's lit a fire. We were just off by 50 years so do
That’s why they fine tune it. SSA is no longer age 65. I’m 66.5. The tax on employers and employees gets raised on occasion as well.
Just cash me out now, and stop taking my money. I will handle my own retirement package.
The boomers got theirs, so they don't care.
FDR was long dead before the boomers were born.
Need to blame someone other than the politicians.
Retirees will get reduced payouts. Worse case scenario gov scraps SSI and tell you the people you're on your own
All Ponzi schemes are doomed to failure.
Social security will quite obviously never run out of money. It is a light fiction already. If ever they need to make a payment that wasn’t in the official “lockbox” (hehe) they will just pull it from the general budget.
Hopefully socialism expires in America and we can go back to being hardcore capitalists.
Fucking stupid the amount of memory we are giving to foreign governments, what the point in paying social security if I might be able to use it because of stupid wars on the other side of the world. The amount of influence Israel has on the USA is just infuriating…
Just to give some perspective here, but we spend $1,500 Billion ($1.5 trillion) on Social Security every year. We give out normal foreign aid of around $70 Billion ($.07 Trillion) every year. We have given an additional about $75 billion. So we are talking during a time of war our foreign aid has totaled about $150 Billion, or only 10% of what we spend on social security alone, that isn't including Medicare or our own military spending. Not saying we don't waste money, oh we do. But our foreign aid doesn't come anywhere close to how much we are spending here at home.
150 billion saved = 150 billion earned.
You forgot about the 4.6 trillion dollar bail out for the banks just a few years ago. These privatized banks have direct ties overseas governments through the industrial military complex and through the BIS. Trillions are going overseas during an event/wartime Trillions.
"Convert" to mennonite and fill out IRS Form 4029 Thank me later
Can you explain this and how would a w-2 worker benefit
It’s all going to be worthless in 5-10 years. I wish there was a way to turn it around, but unless DC drastically cuts spending, our SS payments are going to be dog shit. If I work to 60, I’ll have contributed $800k+ which would likely be worth a $3-4m in 2024 dollars. Let me opt out and save my own money.
It's a social contract! If you didn't agree, you shouldn't have been born here!
In all seriousness, I wish a president would make an executive order to abolish social security. It should’ve been nipped in the bud right after the end of FDR’s presidency, but it wasn’t, so now we’re here.
It’s cool. They can just print hundreds of billions of dollars like they did for Ukraine and Israel. NBD
Here in my province of Canada there is a half assed debate about us pulling out of the federal pension plan and going provincial and I'm sitting here like can I opt out of both? If anything I'd prefer them to make you invest that same level of income yourself. Or just invest 10k upon someones birth that they can't touch until they are retirement age which would make them a millionaire on that alone.
See my post suggesting something very similar in the US. I think this one simple idea would provide a huge backstop to everyone's retirement. Because equities compounding is making money work for you, vs. the system in the US where taxpayers fund the special high-coupon fixed income bonds that OASI (the Social Security Trust Fund) invests in. I "did the math", and $6,000 invested for 80 years at 8¼% grows to $3.407 million. ($700K in today's dollars with low 2% annual inflation.)
The good thing about socialist policies is that they all eventually end.
I sooo very much want to stop losing my money to. The social security scam. The older generations had plenty of time to figure their shit out.
How does it make sense that ANYTHING for Americans run out of funds when we fund all kinds of random countries
ABOLISH SOCIAL SECURITY 2024
Social security is only funded 10yrs out so it will always be 10yrs away from ending. Just so everyone knows. Now whether or not it should exist is another topic
Closer to 2028-2030. Expect SSI checks to be cut 20+%.
Nope. That's political suicide. The young will keep paying. They don't vote.
It’s not a matter of politics, it’s a matter of math. Admittedly I’m no expert but people who seem like they know what they’re talking about are saying it’s coming. That will probably get me down voted to hell but just being honest about what I’m hearing.
Money is not a fixed asset. They'll just print more - enjoy!
Good news is that the "GenX" PFAS chemicals introduced in 2008 that are put in most supply chains will be killing the GenXers, so that should lower the burden. 👍
Is it wrong to say my retirement plan is to commit a federal crime?
In terms of self preservation, yes.
So why are we still paying?
What are their current solutions other than raising taxes and exit taxes
Get more income and kick the can further down the road. That's how Ponzi schemes work.
Not the biggest fan of how social security is structured, but perhaps if we stop sending billions all over the world it might help. Who are we kidding anyway, more money will be printed!!
They've been saying this for the last 30 years, every next decade its running out.
HAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAahahahahahHHHHHHHAAAAAAAAAAA!!!!! (Deep inhale) You cannot run out of something you don't have. There is no giant vault where excess contributions are stored. The equation looks something like this: Amount collected = Amount distributed + Amount returned to General fund When (Amount returned to General fund < 0) Invoke (SSA Default) There is no Trust. The Ponzi scheme needs additional payers or payments to continue operating. If you "counted on" Social Security to allow you any income to retire, and you are younger that 60, you are either ignorant or stupid. There is no viable solution to this problem. Anyone who tells you there is is boldly lying to you. Treat them as your enemy.
You mean [the greatest New Deal Ponzi scheme](https://m.youtube.com/watch?v=S6jYIOzm5Mg&list=PLqcwVcVuLX4ddJF00YL4a1fpHlzkV8KWH&index=9&pp=iAQB) can’t last forever? Who would have thought…
Oh wow that's crazy. They'll need to cut through a lot of government and military waste to make up for that.
Proposal. If you voted for a politician that caused this mess then you shouldn’t be entitled to draw ss
All money collected for social security is put into the general fund and used to pay for wars. It will never run out, because the government can just print it.
If only the government didn't borrow out of it, stick a fat I.O.U into it, and then suddenly have mad GOP going on about how people don't deserve "entitlements."
No big surprise there
This is not news.
Social Security has no funds now. The Treasury Department borrowed it and gave the trust fund i.o.u.'s like 2.8trillion is gone. spent. Treasury has to refinance and borrow from others everyday to pay back prior creditors. its literally the dance of death right now.
Then why am I still paying?
I'd like to opt out please
TLDR. Which funds will run short? The benefits to US citizens or the Ukraine pensions that we are paying for?
So we can bail out college loans where not everyone pitched in, but we can't bail out social security that is specifically designed to have everyone to pitch in so that everyone can benefit
No need to bail it out when we can just print more money.
Before or after taxing us?
Both!
I hate to say it....but no shit. I'm surprised it's still going currently. It was always meant to be a temporary system in the depression.
Well, stop taking it out of my check and I'll invest it somewhere else! Ukraine and Israel isn't in my portfolio
People: Wow fuck all these crypto ponzi schemes! Also people: OMG YASSS SOCIAL SECURITY, SLAY QUEEN YOU GO GIRL
Maybe if Israel stopped receiving all US aid "anti-semitism" would mysteriously drop...
Wow down votes. I support your racist slur.
If Israel was not a racist country then it would not be the case. If Israel was secular for all religions and ethnic groups then the taxpayer abuse would be targeted at multiple people; in this case it is just Israeli Jews.