O.T. - You won't have social security to kick around in the future

Wesley · 09-24-2007, 05:59 PM

Administration Urges Social Security Fix

Administration Urges Social Security Fix

Sep 24 12:41 PM US/Eastern
By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON (AP) - The Bush administration said Monday the only way to permanently fix Social Security is through some combination of benefit cuts and tax increases. That was one of the key findings in a new paper on Social Security released by the Treasury Department in an effort to achieve common ground on the politically explosive issue. "Social Security can be made permanently solvent only by reducing the present value of scheduled benefits and/or increasing the present value of scheduled tax increases," the paper said. The Treasury paper said that while other changes to the

alaskaguy · 09-24-2007, 06:02 PM

This news could have been issued ten years ago. The question is whether there is the political will to address the issue. The answer to the question appears to be no.

alaskaguy · 09-24-2007, 06:04 PM

Older Americans vote in overwhelming numbers. The lobbying groups that represent them are adamantly opposed to any benefit reduction. Younger Americans do not want their taxes raised. We have a standoff that politicians want no part of.

Broodwich · 09-24-2007, 06:08 PM

And Obama wants to eliminate taxes for seniors making $50,000 or less. Not only will I never see any return on my FICA contributions, I'll have to pay more taxes to offset the AARP crowd.

If you're in your 30's this kind of thinking should make you sick.

CyinCo · 09-24-2007, 06:20 PM

Everyone should be planning a future without SS. If you are not, you will have financial troubles come retirement time.

alaskaguy · 09-24-2007, 06:27 PM

Originally Posted by Broodwich

And Obama wants to eliminate taxes for seniors making $50,000 or less. Not only will I never see any return on my FICA contributions, I'll have to pay more taxes to offset the AARP crowd.

If you're in your 30's this kind of thinking should make you sick.

You will see a return but unfortunately the return will be negative unless you live to be 100 plus years of age.

Cyclonepride · 09-24-2007, 06:37 PM

Where's that Mr. Obvious photo from the other thread? Of course this needs to be done. But, yeah, not very many politicians have the will to do it. So we will just continue our plummet until there's no other choice.

brianhos · 09-24-2007, 08:19 PM

This is why I want out! quit your socialization of america, and let me plan for my own retirement.

So I ran some quick numbers, assuming you make $50k, that is about $3500 a year in SS. Your employer also puts in $3500. $7k per year at 5% for 35 years (65-30). That is $528k. Now take that entire lump sum when you retire, and buy a 30 year annuity.

Your yearly retirement benefit from that alone is $32,000. That is $2666 a month for 30 years.

Now according to the SS.gov retirement calculator, using those same figures, your monthly SS check would be.....$1438. About $1200 a month this ponzi scheme just cost you. Pretty substantial amount of money for letting the gov steal from you.

JHudd · 09-24-2007, 08:25 PM

But us USAMERICANS are just too dumb to take care of ourselves and we would spend that money on frivolous things. I mean we need this government program to help us take care of ourselves otherwise we would just waste away and never prosper. I mean really how can you expect the public to take care of themselves without someone to do it for us?

dmclone · 09-25-2007, 07:10 AM

Originally Posted by brianhos

This is why I want out! quit your socialization of america, and let me plan for my own retirement.

So I ran some quick numbers, assuming you make $50k, that is about $3500 a year in SS. Your employer also puts in $3500. $7k per year at 5% for 35 years (65-30). That is $528k. Now take that entire lump sum when you retire, and buy a 30 year annuity.

Your yearly retirement benefit from that alone is $32,000. That is $2666 a month for 30 years.

Now according to the SS.gov retirement calculator, using those same figures, your monthly SS check would be.....$1438. About $1200 a month this ponzi scheme just cost you. Pretty substantial amount of money for letting the gov steal from you.

Quit using logic.

erikbj · 09-25-2007, 07:24 AM

Originally Posted by brianhos

This is why I want out! quit your socialization of america, and let me plan for my own retirement.

So I ran some quick numbers, assuming you make $50k, that is about $3500 a year in SS. Your employer also puts in $3500. $7k per year at 5% for 35 years (65-30). That is $528k. Now take that entire lump sum when you retire, and buy a 30 year annuity.

Your yearly retirement benefit from that alone is $32,000. That is $2666 a month for 30 years.

Now according to the SS.gov retirement calculator, using those same figures, your monthly SS check would be.....$1438. About $1200 a month this ponzi scheme just cost you. Pretty substantial amount of money for letting the gov steal from you.

that's crazy talk, you are probably a freedom hater too.

That does make a lot of sense. But what is the solution??? Maybe everyone under the age of 35 or 40 has the option of getting out and the money that would have gone to FICA goes to your 401K or you have to set up a IRA if you do not qualify for a 401K. I wouldn't mind another 10-15K/year going into my 401K.

The problem may come about, what about those you rely on S.S. when they become disabled? If they opt out of S.S. and then 10 years something happens to them and they are unable to work? S.S. does do more than just help people out when they retire.

Cyclonepride · 09-25-2007, 07:34 AM

Originally Posted by erikbj

that's crazy talk, you are probably a freedom hater too.

That does make a lot of sense. But what is the solution??? Maybe everyone under the age of 35 or 40 has the option of getting out and the money that would have gone to FICA goes to your 401K or you have to set up a IRA if you do not qualify for a 401K. I wouldn't mind another 10-15K/year going into my 401K.

The problem may come about, what about those you rely on S.S. when they become disabled? If they opt out of S.S. and then 10 years something happens to them and they are unable to work? S.S. does do more than just help people out when they retire.

Disability insurance. Going about this whole thing privately is way more efficient than through the government, with the added bonus that the government doesn't go bankrupt.

erikbj · 09-25-2007, 07:41 AM

How come a group of 100+ guys/gals on a cyclone website can come up with better solutions to fix our problems than our "elected officials?"

Maybe CF needs to run a coup of our government and get the ship sailing straight again.

cytech · 09-25-2007, 08:02 AM

where do I sign up?

bawbie · 09-25-2007, 08:03 AM

Originally Posted by erikbj

How come a group of 100+ guys/gals on a cyclone website can come up with better solutions to fix our problems than our "elected officials?"

Maybe CF needs to run a coup of our government and get the ship sailing straight again.

Because no one has actually come up with a solution that pays current and near future retirees their benefits and allows people to "invest their own money".

Personally I believe this country owes our retirees and disabled a safety net in case they get screwed by the insurance companies or their retirement plan holders (Enron, anyone?). That is all SS is, a safety net to provide the bare minimum needed.