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Mandelon
01-26-2006, 08:31 PM
My wife's annual statement showed up today. If she retires at age 62, she'll get a whopping $354 a month... :rolleyes: The statement has some disturbing facts.....
Unless action is taken soon to strengthen Social Security, in just 12 years we will begin paying more in benefits than we collect in taxes. Without changes, by 2041 the Social Security Trust Fund will be exhausted. * By then, the number of Americans 65 or older is expected to have doubled. There wonÂ’t be enough younger people working to pay all of the benefits owed to those who are retiring.
Is there any money in the trust fund? I thought congress already spent that money and all the SSTF has is IOU's from the fed??
I guess we will pay in with no hope of gettting much back... no politicians will want to grab onto this hot potato...
I hope you all have retirement plans. Boats aren't much of an investment.

BigBlockBaja
01-26-2006, 08:32 PM
Thats 1 reason I contribute allot to my 401k...

OutCole'd
01-26-2006, 08:40 PM
Scary shit Mandy.
Sucks having to pay into something every month, knowing we will never really see a dime out of it.
Isn't there a law against this?

JetBoatRich
01-26-2006, 08:52 PM
Looks pretty bad for us :rolleyes: young folks :cry:

Mandelon
01-26-2006, 08:55 PM
Scary shit Mandy.
Sucks having to pay into something every month, knowing we will never really see a dime out of it.
Isn't there a law against this?
Taxation without representation... :yuk:

OutCole'd
01-26-2006, 08:56 PM
Looks pretty bad for us :rolleyes: young folks :cry:
Please, at least you will collect for 5-10 years before it goes broke. While I don't stand a chance for shit. :D

Brooski
01-26-2006, 09:45 PM
I hope you all have retirement plans. Boats aren't much of an investment.
Are you serious? Damn, and all this time I thought I would get double my money back. I should have listened to all those people who told me a boat was a hole in the water you dump your money into.... :yuk: :cry: :cry:

acatitude
01-26-2006, 09:51 PM
well lets see being an old fock and getting ss in a bout 4 years, im going to spend all the shit they give me so you young studs keep payin up, there wont be any for you guys anyways after us baby boomers spend it all....... But hey thanks bro's.

Red Horse
01-27-2006, 12:53 AM
Max into Roth, some into 403b and Military retirement plus a few little other real estate type things. SS will just be icing on the cake. I am not really counting on it!! Pay alot in, dont get much out. Where they also go wrong is giving SS to people that dont work or have something happen to them BEFORE their 40 quarters. Damn lawyers!!

2Driver
01-27-2006, 08:17 AM
It's a function of how much you put in over time. Yep it sucks. It won't pay for gas let alone a perscription.
I'd suggest saving/investing 20-30% of gross every year on your own. The problem is for those that can statistics indicate most won't tailor their lifestyle to do that. The scarifice will come when they are 68 living in a single wide eating cat food. What do I know I retired at 44 :rollside:

BarryMac
01-27-2006, 08:26 AM
We should make it a requirement that our politicians retire on SS instead of the big FAT pensions that they get, then I wonder how fast the SS plan would be fixed. :mad:
My thought at this point is that I am paying into it so my parents can collect and live comfortably, there really isn't any hope for the 30 somethings and younger ever seeing a dime that they've contributed... :220v:

Havasu_Dreamin
01-27-2006, 08:28 AM
Don't even get me started on Social Security and what gets paid and how much you get back. Fortunately I've got my own retirement accounts.

lalhc
01-27-2006, 08:33 AM
Whatever social security $ is available once I retire, the better, but I've never included SS $ part of my retirment planning.

DCBob
01-27-2006, 08:38 AM
well lets see being an old fock and getting ss in a bout 4 years, im going to spend all the shit they give me so you young studs keep payin up, there wont be any for you guys anyways after us baby boomers spend it all....... But hey thanks bro's.
I second that bc :rollside: I got to wait about 7 yrs. I just hope I live long enough :skull: to take advantage of all you young folks :) Thanks for taking a hit for the team :D Oh, btw by then SS won't even pay for gas money :cry:

Havasu_Dreamin
01-27-2006, 09:28 AM
Let me give you all a litlte insight into how PHUCKED UP social security is.
My mom worked and paid into the system for 30+ years. Money that was taken out of her paycheck and held in trust in her 'account'. Well, sadly, my mom passed away prior to being able to collect any of the funds WITHELD from her paychecks and deposited into her account. One would think that her account balance would then roll over to either my dad or myself as her only heirs. Well, sort of
You see, my dad is now retired and can collect on my mom's Social Security pb]UNTIL[/b] he begins to collect his own, which he is not currently doing. However, as soon as my dad starts collecting his own Social Security he can no longer receive any payments from my mom's 'account'. Whatever money is left over in my mom's 'account' is returned back to the general Social Security fund and dispersed! How PHUCKED UP is that!?!?!?!?! My dad will not even collect one-tenth of what my mom paid into the system and the rest is just GONE! Like it never existed.

maxwedge
01-27-2006, 09:30 AM
Basically, Social Security is a big pyramid scheme. Unfortunatley, I didn't get in at the ground floor. :cry:

Mandelon
01-27-2006, 09:32 AM
Hopefully those types of situations will make up for the many who take out more than was put in. Sorry for your situation, but I think your dad will have his choice of his benefits or her benefits...
I think Social security was never meant to be anything more than a subsistence level payout for the destitute. We pay in as a service to our elders......with very little chance of ever getting anything back. Rich old folks don't need, and probably shouldn't be getting it. Many have received more out than they paid in.
I am counting on rental income and equity investments for my retirement, if there's any SS, it will be, like you said above, gas money..... :rolleyes:

Havasu_Dreamin
01-27-2006, 10:02 AM
Rich old folks don't need, and probably shouldn't be getting it.
Why? Just because someone might be considered rich or well off does not mean that they should be penalized by paying into the system and not be allowed to reap the 'rewards' of those taxes being withheld. If they paid into the system, they deserve to receive some of that back based on whatever scale the Social Security Administration uses.
Many have received more out than they paid in.
My grandfather was a perfect example of that, reitred at 65, forced retirement by Security Pacific Bank, and then live another 30 years. He blew the actuarial tables away!

DCBob
01-27-2006, 10:22 AM
[QUOTE=Havasu_Dreamin]Why? Just because someone might be considered rich or well off does not mean that they should be penalized by paying into the system and not be allowed to reap the 'rewards' of those taxes being withheld. If they paid into the system, they deserve to receive some of that back based on whatever scale the Social Security Administration uses.
Or, alternatively, privatize the system. If the Guberment was held to the same standards as private pension accts they'd all be in fockin jail :mad: and there would be money to distribute.............even to you youngins :D

Havasu_Dreamin
01-27-2006, 10:30 AM
Or, alternatively, privatize the system.
Fine with me. I'd be thrilled to direct some of my social security taxes to an investment account. I can damn sure make a higher rate of return than the government can. Make it an option so those that do not want to particiapate do not have to. They can continue to stay with the bankrupt system we currently have.

DCBob
01-27-2006, 10:31 AM
Fine with me. I'd be thrilled to direct some of my social security taxes to an investment account. I can damn sure make a higher rate of return than the government can. Make it an option so those that do not want to particiapate do not have to. They can continue to stay with the bankrupt system we currently have.
Yup

Mandelon
01-27-2006, 11:14 AM
Why? Just because someone might be considered rich or well off does not mean that they should be penalized by paying into the system and not be allowed to reap the 'rewards' of those taxes being withheld. If they paid into the system, they deserve to receive some of that back based on whatever scale the Social Security Administration uses.
My grandfather was a perfect example of that, reitred at 65, forced retirement by Security Pacific Bank, and then live another 30 years. He blew the actuarial tables away!
Because the fund will be out of money if they pay everyone. Thanks to your grandfather and the millions like him who take out more than was put in. I am not saying its wrong, so don't get offended, but the only way to fix the system is to take in more or pay out less. Someone's going to get "penalized", either way. The lucky ones were the early receivers, who got way more than they paid in. We will be the opposite, paying in more than we ever get. Either the age will need to go up before you get to receive it, and you'll have to work longer, theoretically paying more in over that time, or the amount decrease, or the amount be subject to a cutoff based on how much other income one receives from their own investments. Yeah I know its not fair.......
My mom is an example as well, she doesn't really need the money but receives a check anyway. My dad paid in since they started it.

Havasu_Dreamin
01-27-2006, 11:39 AM
Because the fund will be out of money if they pay everyone. Thanks to your grandfather and the millions like him who take out more than was put in. I am not saying its wrong, so don't get offended, but the only way to fix the system is to take in more or pay out less. Someone's going to get "penalized", either way. The lucky ones were the early receivers, who got way more than they paid in. We will be the opposite, paying in more than we ever get. Either the age will need to go up before you get to receive it, and you'll have to work longer, theoretically paying more in over that time, or the amount decrease, or the amount be subject to a cutoff based on how much other income one receives from their own investments. Yeah I know its not fair.......
My mom is an example as well, she doesn't really need the money but receives a check anyway. My dad paid in since they started it.
Another problem is that I think that some people recevie payments even though they never paid into it. But that may just be a rumor.

Mandelon
01-27-2006, 11:48 AM
The disabled get payments. This includes giant fat people that smoke and get handicap placards cuz their knees hurt..... Kids with dead parents get payments, surviving spouses get payments. Lots of folks get payments.

Mrs. 4-B
01-27-2006, 12:37 PM
Or, alternatively, privatize the system.[/QUOTE]
I think this is the best idea but of course the gov't doesn't think the general population is smart enough to make wise investments. :220v:
I know I could make a much better return on my money than SS!!

Seadog
01-27-2006, 12:50 PM
The original intent of the SSA has been screwed up by the politicians. It was designed as a safety net for the destitute. It was never meant as a retirement program. Three things happened over the years: They did not tie the retirement age to the average life expectancy which in the 1930's was 67. In the sixties, with a lot of money in the fund, the fools in Congress reacted to media reports of old ladies eating cat food to live, increased the amount paid, and added SSI which handed out benefits to children and widows of those who died, including a free ride to college for kids. Finally, even though they are aware that the program is a big pyramid scheme, no one is willing to explore other ways to fund it. Look at the bashing that Bush got from both sides for even suggesting it.
One of the worse problems lies with AARP. My wife worked for the SSA and saw so much garbage put through because of AARP lobbying that is adding to the problems of SS solvency, that she will not even let me join. And I could use some of those discounts.

Red Horse
01-27-2006, 01:36 PM
The disabled get payments. This includes giant fat people that smoke and get handicap placards cuz their knees hurt..... Kids with dead parents get payments, surviving spouses get payments. Lots of folks get payments.
Prolly even more than that. These people are also part of the problem. The entire notion of "pay me cause it is owed me" sucks ass. There is no reason for some of these people to take care of themselves or be a productive member of society when the system will reward them for not doing anything. You need to earn what you get. I have no problem paying the elderly that have worked and put into the system. You earned it, it is owed to you then. This country has got too many whiny, woe is me MFers in it. Suck it up. If I could rule the USA for about 2 months I am sure I would face multiple assination attempts....

Old Texan
01-27-2006, 02:42 PM
I'm not wanting to offend anyone and especially here in the cabin fever season when everything seems to blow out of proportion. But where have some of you folks been? George Bush tried to seek a remedy for the SS catastrophe that is about to strike and was inundated by cries of foul by the media and majority of the lbieral democratic party. Teddy K and John Kerry lead the barage against SS reform. AARP has spent countless ad $$$ refuting the need for reform.
Write you congressman and demand something be done. At the present rate SS will be insolvent before anyone presently under 50 retire.