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Social Security could be big chill for 50-somethings
yahoo news ^ | 11-28-05 | susan page

Posted on 11/28/2005 8:18:17 PM PST by LouAvul

.....snip.....

When President Bush proposed a Social Security overhaul this year as the top domestic priority of his second term, he promised the changes wouldn't apply to anyone 55 or older. But Bush's plan has gone nowhere, and actuaries say demographics and simple arithmetic will make it difficult to repeat that commitment in the future.

Americans who are 50-something - a point in life when many are registering peak earnings, seeing their children move into the workplace and beginning to make detailed plans for their retirement - could be in for some unwelcome surprises down the road.

"Keeping that promise this year made our job much more difficult," says Senate Finance Chairman Chuck Grassley, R-Iowa. "I don't see how you're going to be able to have that rule of thumb three years from now."

Americans moving toward retirement wouldn't lose benefits entirely. With no changes, payroll taxes would cover nearly 75% of current benefits when the trust fund is exhausted. But policymakers who want to keep the system solvent and protect low-income seniors could take steps that would affect those nearing retirement or already there: Trimming benefits, especially for the more affluent. Reducing cost-of-living adjustments. Subjecting more Social Security income to taxation.

Changes such as those become more likely for near-retirees as each year passes.

For one thing, the task of fixing Social Security gets harder as it moves closer to the time when it runs a deficit (starting in 2017, according to the Social Security Administration) or exhausts its trust fund entirely (in 2041).

For another, the number of people who are 55 and older is beginning to swell with members of the baby boom generation - the bulge in the population that helped create Social Security's predicament in the first place.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: News/Current Events
KEYWORDS: socialsecurity; thesting
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And DC is wanting to factor in immigrants (for social security benefits) who have never paid into the system? Figures.
1 posted on 11/28/2005 8:18:18 PM PST by LouAvul
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To: LouAvul

I'm 40'ish. Been paying into the system since I was a teenager. Won't see an F'ing dime. Nice to know the friggin' felonious mexican squatters will enjoy my largesse, while I work as a 75 yr old greeter at Walmart.

Slime.


2 posted on 11/28/2005 8:22:09 PM PST by msf92497 (Uh Oh)
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To: LouAvul
"Social Security benefits are not:guaranteed" - Michael Tanner, - HERE
Insane System:  "Many people are unaware that the money that is taken out of their paychecks for Social Security is not -- repeat, not -- being put aside to pay for their retirement. That money is paying for people who are retired right now, and anything that is left over is being spent by politicians in Washington for anything from farm subsidies to Congressional junkets. ... Liberals are desperate to keep Social Security the way it is, because that means they can keep spending your money as they see fit and keep you dependent on them. That's what the welfare state is all about." -- Thomas Sowell, HERE. Further, the trustees of the Social Security Administration now say the system will begin paying out more in benefits than it receives in taxes in 2017, twelve years from now.
FIX IT NOW. EVERY year we wait costs $600,000,000,000 MORE !
FACTCHECK: The Democrats' Social Security calculator is a FRAUD
The REAL deal is HERE. | Compare the NEW & OLD systems HERE.
Some Americans ALREADY ENJOY Privatized Social Security
WORTH EMULATING: THE FEDERAL THRIFT SAVINGS PLAN
Social Security: Doing Nothing Costs TRILLION$  More
Project on Social Security Choice
Questions for the AARP  Is there a CRISIS?
'Transition Costs' are a Myth
Answering Kinsley's idiocy
S.S. Litmus Test   | S.S. links
Social Security Quick-Calculator:
just plug in your age and gender

"Your estimated benefits are based on current law.  Congress has made changes to the law in the past and can do so at any time.  The law governing benefit amounts may change because, by 2042, the payroll taxes collected will be enough to pay only about 73% of the scheduled benefits."-- printed at the bottom of page 2 of your Social Security statement
"Private accounts and reduced benefits are the only way out of this one, folks. To make the program truly solvent, the government would have to confiscate so much wealth it would destroy the economy.  Maybe the Congress will make the right choice and fix the problem.    I doubt it." -- Neal Boortz, HERE
"An economy hampered by restrictive tax rates will never produce enough revenues to balance our budget --  just as it will never produce enough jobs or profits." -- John Fitzgerald Kennedy
Social Security Private Account links

 
"DON'T EVEN TOUCH SOCIAL SECURITY FOR FUTURE GENERATIONS, EVEN"
 



This Scott Stantis cartoon appeared in the March, 1996 issue of Reason magazine.


3 posted on 11/28/2005 8:24:39 PM PST by FreeKeys (Social Security is a vote-buying program for politicians, not a retirement income program for anyone)
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To: msf92497
while I work as a 75 yr old greeter at Walmart.

I think you will have a lot of competition for that 'greeter' job. Sorry, this is the way we are headed. Work until you drop.

4 posted on 11/28/2005 8:27:41 PM PST by rawhide
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To: LouAvul

How much will the social security IOU be in 2017? That's the amount that the American people will have to pay back to the trust fund in order to keep it going until 2041--and that's on top of the taxes they already pay. And then in 2041, it will be bankrupt anyway.


5 posted on 11/28/2005 8:40:21 PM PST by Brilliant
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To: LouAvul

BTTT


6 posted on 11/28/2005 8:40:24 PM PST by Fiddlstix (Tagline Repair Service. Let us fix those broken Taglines. Inquire within(Presented by TagLines R US))
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To: LouAvul
Image hosted by Photobucket.com what's the big deal??? it's all fiat money anyway... just fire up a few more printing presses!!!
7 posted on 11/28/2005 8:42:07 PM PST by Chode (American Hedonist ©®)
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To: LouAvul
It's like I've been saying for a long time...


8 posted on 11/28/2005 8:44:00 PM PST by Prime Choice (Mechanical Engineers build weapons. Civil Engineers build targets.)
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To: rawhide

Yeah, there will be some competition, but I'm working on a "soup nazi" spin...kinda the somehow endearing "anti-greeter" greeter. I'll get the gig.


9 posted on 11/28/2005 8:44:11 PM PST by msf92497 (Uh Oh)
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To: rawhide

No job if you don't speak spanish.


10 posted on 11/28/2005 8:44:36 PM PST by chas1776
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To: chas1776

No. By then native english speakers will be the minority. Then we will be a protected class, right???


11 posted on 11/28/2005 8:46:49 PM PST by msf92497 (Uh Oh)
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To: LouAvul

Bush tried and no one wanted to help being cowards that didn't want to take the heat from the yapping idiots.

So...screw them. I don't want a thing done with Social Security. I don't want if reformed or fixed or tweaked or touched.

That way it will die on its own and I'll sit back and flip off the whiners wondering what happened while pointing out they didn't want anything to change. Then I'll eagerly point out I wasn't stupid enough to rely on one dime of this ponzi scheme and, unlike them, actually made other plans.

Then I'll rub it in.


12 posted on 11/28/2005 8:47:08 PM PST by Fledermaus (Don't Ever Make Our Constituents Realize Any Truth)
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To: Chode

That is exactly what will happen. Twenty, thirty years from now our gov't will be so overwhelmed by all the promises it has made over many years, it will have no other choice. It will print trillions of new dollars and so inflate our currency they will be able to wipe out their debts with worthless money. It is coming and you can thank Republicans and Democrats. Once elected they are all the same. They promise our tax dollars for whatever program they think will get them re-elected.


13 posted on 11/28/2005 8:49:07 PM PST by csmusaret (Urban Sprawl is an oxymoron)
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To: LouAvul

Social Security was always meant as a tax transfer scheme. When the tax revenues are less the transfer, the system winds down. Simple.

The problem is that politicians (Democrats for the most part, but many Republicans as well) pretend that the tax revenue < transer payments never occurs.

What will happen? A return to America prior to Roosevelt's programs. This isn't necessarily bad, but it will mean that people will have to adjust their expectations.


14 posted on 11/28/2005 8:49:35 PM PST by whitedog57 (Holland)
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To: chas1776

Me estas picando los ojos.


15 posted on 11/28/2005 8:52:48 PM PST by Liberty Valance ("Those are my principles. If you don't like them I have others." - oh, and Merry Christmas!)
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To: msf92497
Won't see an F'ing dime.

You'll see it. It just won't be worth anything due to currency depreciation.

16 posted on 11/28/2005 8:54:04 PM PST by Mulder (“The spirit of resistance is so valuable, that I wish it to be always kept alive" Thomas Jefferson)
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To: LouAvul
55 and older ... - the bulge in the population that helped create Social Security's predicament in the first place.

When I read this today I about blew up - BS - the predicament was made by Congress that threw away the money in SS ...

17 posted on 11/28/2005 8:54:21 PM PST by 11th_VA (Geezee Freepin Peezee ...)
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Comment #18 Removed by Moderator

To: whitedog57
A return to America prior to Roosevelt's programs. This isn't necessarily bad, but it will mean that people will have to adjust their expectations

This is a radically different country today.

This time around, there will either be a push for a strongman to fix everything; or a push to join with other countries (Mexico) to "share the burden".

19 posted on 11/28/2005 8:56:05 PM PST by Mulder (“The spirit of resistance is so valuable, that I wish it to be always kept alive" Thomas Jefferson)
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To: rawhide
. Work until you drop.

I was prepared to.  But age discrimination coupled with low unemployment meant there were no jobs.  I wonder how they will fix that?  As for me, I just pole-vaulted into retirement.  Those without strong IRAs may not have that option.
20 posted on 11/28/2005 8:57:12 PM PST by gcruse (http://gcruse.typepad.com)
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To: LouAvul
Americans who are 50-something - a point in life when many are registering peak earnings, seeing their children move into the workplace and beginning to make detailed plans for their retirement - could be in for some unwelcome surprises down the road.

I am not going to be in for any "unwelcome suprises" - My wife and I made the decision long ago to consider the SS we recieve to be simply spending money, and not something to depend upon.

My best advice for a kid coming out of high school or college - forget about SS, don't even think about how much you put in versus how much you think you'll get out, and don't even assume you'll get any out.
21 posted on 11/28/2005 8:57:18 PM PST by af_vet_rr
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To: whitedog57

I am in my 20's and i have accepted the fact that i will not see social security. It annoys me that i will have to keep paying into this system and in 20 yrs from now the feds are going to turn around and say 'oh holy $hit we cant do this anymore'. I have already begun to save and i have a pretty healthy sum of $ stocked away for when the SHTF.. I am not putting one bit of trust in our govt to take care of and neither should any of us. Start a business and dont rely on any coorperation or union to take care of you because in the end we will get the royal shaft.

I might sound negative and all, but its the stone cold truth.. To all these kids getting degrees in sociology and psychology.. you are wasting your time and you parents money.. go learn a trade or a marketable skill thats usefull.. Stop complaining that you cant find jobs out of college.. i wouldnt want to hire you either if all you had was a degree in karl marx and that BS..


22 posted on 11/28/2005 8:59:27 PM PST by BigTom85 (Proud Gun Owner and Member of NRA)
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To: Certain_Doom; All

Does this mean I better smoke like a chimney, and drink like a fish, get fat, and have dangerous sex?

Just wondering, you know!


23 posted on 11/28/2005 9:00:19 PM PST by jacquej
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Comment #24 Removed by Moderator

To: jacquej
Does this mean I better smoke like a chimney, and drink like a fish, get fat, and have dangerous sex?

 

I've been working studiously all my life on all four and have mastered only two. So much for my 401k...


25 posted on 11/28/2005 9:03:54 PM PST by Fintan (My problem lies in reconciling my gross habits with my net income.)
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To: msf92497

It won't be hard to gather enough like minded people like you and do what our Founding Fathers did 200 years ago.


26 posted on 11/28/2005 9:07:27 PM PST by Dont_Tread_On_Me_888 (Bush's #1 priority Africa. #2 priority appease Fox and Mexico . . . USA priority #64.)
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To: Certain_Doom

Unfortunately, it'll take an "accident". Damn genetics are strong on maternal and paternal side.

I don't mind working at 75. It'll be fun to be a grumpy old sh*t. Especially if I can get paid while doing it.


27 posted on 11/28/2005 9:09:22 PM PST by msf92497 (Uh Oh)
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To: BigTom85

I sometimes feel that if we didn't have to pay for an undercalss that breeds like bunnies it wouldn't be so darn bad. But unfortunately the irresponsible get to have kids at their convenience while the responsible have to wait until their thirties to have kids, if they can be afforded at all.


28 posted on 11/28/2005 9:11:49 PM PST by Niuhuru
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To: BigTom85

Just watch you money does not lose its value by inflation.


29 posted on 11/28/2005 9:11:54 PM PST by chas1776
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To: msf92497
No. By then native english speakers will be the minority. Then we will be a protected class, right???

English speaking native born Americans will never be a protected class. Never.

30 posted on 11/28/2005 9:15:11 PM PST by Euro-American Scum (A poverty-stricken middle class must be a disarmed middle class)
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To: Euro-American Scum

Hey, that's not fair.

"Do over!"


31 posted on 11/28/2005 9:16:09 PM PST by msf92497 (Uh Oh)
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To: BigTom85
Well I am 55 and not counting on anything from the government. Anyone who has not saved, invested, worked 2-3 jobs to do so, had better plan on working until 70-75.

we however, as good boot strap conservatives, have always lived BELOW our means....heaven forbid!, worked many hours in our own business AFTER working for our employers, and are now retired from our employers and working...a few hours a week in our own business and enjoying life.

I am amazed at all the bellyaching on a conservative website about social security. Conservatives DO NOT depend on govt. for their future!
32 posted on 11/28/2005 9:22:50 PM PST by Bekki4Bush (Proud to be a Bush Zonie!)
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To: LouAvul

I've been forced to pay into that mindless Ponzi scheme known as Social Security my whole life. And when I hit 65 (or whatever the earliest possible retirement age for benefits is) the scumbag politicians better make sure my checks aren't late.

The politicians love to give Social Security money away to illegals and to young bums who claim back pain and to single welfare mothers who get their kids to act "crazy", and so when I finally decide to take a break after a lifetime of working my behind off, those scumbag politicians BETTER come through with mine.


33 posted on 11/28/2005 9:29:46 PM PST by Lancey Howard
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To: Bekki4Bush

Yeah. My wife and I work two jobs. We work 6-7 days/week. With four kids, it's hard to afford anything, especially when homes are selling for $180/ft2.

I'm just damn sick of having my earnings being confiscated by stupid beaurocats.


34 posted on 11/28/2005 9:30:05 PM PST by msf92497 (Uh Oh)
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To: LouAvul

I assume that if they cut social security they will also cut congressional and other government pensions, in the spirit of fairness.


35 posted on 11/28/2005 9:31:54 PM PST by henderson field
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To: henderson field

I want some of what you are smoking!


36 posted on 11/28/2005 9:32:54 PM PST by jacquej
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To: Lancey Howard
And when I hit 65 (or whatever the earliest possible retirement age for benefits is) the scumbag politicians better make sure my checks aren't late.

I hear you. But if the checks are on time, I'd bet dollars to donuts that the payouts will be means tested.
37 posted on 11/28/2005 9:38:06 PM PST by PerConPat (A politician is an animal which can sit on a fence and yet keep both ears to the ground.-- Mencken)
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To: Fledermaus

"Then I'll rub it in."

LOL, kinda like in the movies when an unarmed person tells the bad guy that they are gonna turn him in.


38 posted on 11/28/2005 9:40:09 PM PST by gas0linealley
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To: LouAvul

Social Security is the new welfare. The folks breaking the bank start collecting when their 30...


39 posted on 11/28/2005 9:40:48 PM PST by GOPJ (The cost of launching an attack on America is high in spite of Dems trying to undermine defense)
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To: LouAvul
For one thing, the task of fixing Social Security gets harder as it moves closer to the time when it runs a deficit (starting in 2017, according to the Social Security Administration) or exhausts its trust fund entirely (in 2041).

The SS Trust Fund has no money, just IOUs in the form of non-marketable T-Bills, which can only be redeemed by the US Treasury. The SS "surplus" starts declining in 2008. SS is a pay as you go system. In 2017, we will have to cut benefits and/or increase taxes to keep the system afloat.

40 posted on 11/28/2005 9:42:58 PM PST by kabar
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To: Fledermaus
That way it will die on its own and I'll sit back and flip off the whiners wondering what happened while pointing out they didn't want anything to change. Then I'll eagerly point out I wasn't stupid enough to rely on one dime of this ponzi scheme and, unlike them, actually made other plans.

Then I'll rub it in.

You seem to be under the false impression that the government is not going to sieze you savings to fund this ponzi scheme.

If you have read present day laws and regulations of the U.S. federal government, you would know that all it takes is a single phonecall from a federal bureaucrat to the bank(s) you use for your savings to become the government's savings. And you only recourse to this theft is the firearms you have in your possession.

It's probably safer to bury cash in the backyard than to put it in the bank.

41 posted on 11/28/2005 9:46:28 PM PST by Paul C. Jesup
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To: Paul C. Jesup

I could begin collecting Social Security in a couple of years. My question is this:

If I renounce my "right" to ever collect anything from Social Security right now, will I be allowed to live till I die from natural causes?


42 posted on 11/28/2005 9:53:30 PM PST by gas0linealley
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To: LouAvul
And DC is wanting to factor in immigrants (for social security benefits) who have never paid into the system?

This is already happening in Calif. There are numerous immigrants collecting SS benefits without paying a dime into the system. My Mom and I have discuss this at length as to how it is possible for them to collect on SS without having ever worked in this country. We can't figure how they are eligible.

I have been hearing that the SS system was going to crash for years and years. Because of this, my hubby and I have planned our retirement as if we won't be getting a dime out of the system. If SS happen to be solvent for us to collect on it then it will be gravy money for us. That is the only reasonable way to plan for a retirement these days.

43 posted on 11/28/2005 9:56:30 PM PST by notpoliticallycorewrecked
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To: gas0linealley; pigdog
If I renounce my "right" to ever collect anything from Social Security right now, will I be allowed to live till I die from natural causes?

It doesn't work that way. Government wants to tax us into homeless and starvation and give all the money to those who are destroying the U.S.

If anyone doesn't believe me, just ask yourself why the IRS income tax is so complex. The answer is simple, it is complex so it can be used to hurt (non-limo-liberal) U.S. citizens, I.E. us.

44 posted on 11/28/2005 10:06:47 PM PST by Paul C. Jesup
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To: msf92497

I am mid 40s and am tired of paying into this scheme. I would be willing to let them keep everything they have taken towards SS so far without giving me a dime if they would just leave me alone and let me keep my money from now on. Too bad I won't get that option.


45 posted on 11/28/2005 10:28:09 PM PST by jospehm20
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To: Niuhuru
I sometimes feel that if we didn't have to pay for an undercalss that breeds like bunnies it wouldn't be so darn bad. But unfortunately the irresponsible get to have kids at their convenience while the responsible have to wait until their thirties to have kids, if they can be afforded at all.

Ding, ding, ding, we have a winnah!

46 posted on 11/29/2005 5:57:19 AM PST by austinite
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To: jospehm20

Same here. And what really frosts me is that while SS is going down the tubes, gubbermint workers are guaranteed generous retirement benefits. In Cali and other states, many public workers can now retire at 50 or 55 with large pensions and lifetime medical coverage.


47 posted on 11/29/2005 7:32:18 AM PST by jrp
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To: Paul C. Jesup

Or buy more firearms!


48 posted on 12/01/2005 8:54:11 PM PST by Fledermaus (Don't Ever Make Our Constituents Realize Any Truth)
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To: Fledermaus
Or buy more firearms!

Having your investments/savings in firearms and ammo maybe a sane idea along as you do it and store your firearms in a very progun/pro 2nd Amendment State/Town.

49 posted on 12/01/2005 11:05:57 PM PST by Paul C. Jesup
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To: Paul C. Jesup

Franklin, TN.

We're safe! lol


50 posted on 12/02/2005 7:39:26 PM PST by Fledermaus (Don't Ever Make Our Constituents Realize Any Truth)
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