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Posted on 6/18/25 at 12:54 pm to RLDSC FAN
I say we end it altogether.
Posted on 6/18/25 at 12:54 pm to RLDSC FAN
I haven't gotten the whole story but apparently Biden signed some new law. A lady I know worked for the federal government under their old retirement system and paid zero into social security. She gets a strait government pension.
She recently started collecting about $1400 a month from social security based on her husbands earning/contributions. Here is the kicker, the husband is still alive and collecting his social security. No wonder the system is going broke.
She recently started collecting about $1400 a month from social security based on her husbands earning/contributions. Here is the kicker, the husband is still alive and collecting his social security. No wonder the system is going broke.
Posted on 6/18/25 at 1:01 pm to DownshiftAndFloorIt
I'd like an opt-out option as well, but I'm probably too old for that to be the correct decision at this point. I've been paying in for 31 years and can collect in 15.
It sucks because I'd have been so much better off with that money in the market over 31 years.
It sucks because I'd have been so much better off with that money in the market over 31 years.
Posted on 6/18/25 at 1:02 pm to sledgehammer
quote:
It sure would be nice if I could opt of SS and let me save and manage my money instead of the government.
At its core it's actually laughable..."we're going to take and save your money and then you'll get it back in retirement". Because government is so good with money.
Posted on 6/18/25 at 1:08 pm to RLDSC FAN
Should be privatized your money goes to your account with a few options to balance your portfolio tied to index funds.
Posted on 6/18/25 at 1:10 pm to Chucktown_Badger
quote:
At its core it's actually laughable..."we're going to take and save your money and then you'll get it back in retirement". Because government is so good with money.
The structure of it is absolutely very similar to a Ponzi scheme. The only people that made out like bandits were the first ones to collect it and not pay into it their whole working lives.
Posted on 6/18/25 at 1:11 pm to RLDSC FAN
Good
The sooner social security is over the better
Boomers got free college and 20k houses and 600 dollar muscle cars and they get a welfare check too?
Millenials really got screwed on this one
The sooner social security is over the better
Boomers got free college and 20k houses and 600 dollar muscle cars and they get a welfare check too?
Millenials really got screwed on this one
Posted on 6/18/25 at 1:14 pm to RLDSC FAN
In SS, 40 years ago, the first $1000 put into it would compound at 2% to produce about $2000 that are worth about about 2/3rds of the value of the original "investment." That would be about $660 in constant dollars.
The same $1000 put in a stock index, would produce around $31,000 to $35,000 across 40 years. With inflation, its constant dollar value would be around $10,000 to $12,000.
The same $1000 put in a stock index, would produce around $31,000 to $35,000 across 40 years. With inflation, its constant dollar value would be around $10,000 to $12,000.
This post was edited on 6/19/25 at 8:25 am
Posted on 6/18/25 at 1:16 pm to RLDSC FAN
quote:
Social Security is on track to deplete its trust fund by 2034,
Sounds like we need another pandemic to kill off a bunch of old (or old-ish) people.
Posted on 6/18/25 at 1:16 pm to el Gaucho
quote:
The sooner social security is over the better
It needs to be dragged outside and shot.
I keep hearing everyone who's old enough saying they weren't counting on it, didn't think it'd still be there, didn't think theyd get anything out of it, etc etc.
So why are they so pissed off that we want it gone? Their property value inflation in the last 6 years alone should be enough to die on.
Posted on 6/18/25 at 1:18 pm to RLDSC FAN
Easy fix. Give the people getting fricked a combination of tax credits, property tax credits or something else.
Posted on 6/18/25 at 1:18 pm to RLDSC FAN
What was retirement like for middle and lower class people prior to social security?
Posted on 6/18/25 at 1:26 pm to sledgehammer
quote:
It sure would be nice if I could opt of SS and let me save and manage my money instead of the government.
It would be indeed. Unfortunately that is and never was what Social Security does and was meant to do. While that would be great for those of us who are fortunate and work until we are too old to do so it is not great for orphans, the disabled (truly disabled, the number of people pretending to be disabled is another can of worms) and the widowed. Its also not good for those among us who are irresponsible and history and current data suggests that most Americans would not save for retirement even if they had the means to do so. While it is all fine and well to say "well frick them stupid bastards, they made their choice, they can live with it" - and I agree completely, I also live in reality where people simply won't stand for old people living on the streets in huge numbers....we won't stand for medical providers not caring for those who won't or can't pay, every doctor in the country has a pile of uncollected debt that some collection agency or lawyer is trying to collect. Given that we won't stand for it some one has to pay the bill, there ain't no free lunch. The only people in a position to pay the bill are those of us to stupid not to work and who go out of our way to earn as much money as possible. When someone who is not among our number is too old or simply too sorry to work that person is either going to turn to crime, which is more expensive in the long run to those who pay the bills or be on the dole because we are too kind, as a society, to just let them kill over (I know some of you will claim you would let them but you don't make the decisions on your own, you abide by the decisions of the majority).
Anyone with the means to do so who is not saving as much as they can afford against old age or misfortune is playing a fools game.
Posted on 6/18/25 at 1:28 pm to RLDSC FAN
Class action suit coming?
Posted on 6/18/25 at 1:28 pm to Ingeniero
quote:
We'll just keep pushing our retirement age to keep it afloat. We can be like Denmark and retire at 72 so you can enjoy a year or two of retired life before you die
It is certainly going to be something that has to happen, and it should given that life expectancy is about 20% higher than it was prior to social security.
There is NOTHING saying one can't retire earlier than their social security full retirement age though...if it means that much to an individual they have the ability and opportunity to retire well ahead of their FRA no matter what that number is.
Posted on 6/18/25 at 1:34 pm to RLDSC FAN
Why is it they always say SS is running out of money but welfare always has plenty?
If push comes to shove the people who paid into SS should get money before some lazy parasite.
If push comes to shove the people who paid into SS should get money before some lazy parasite.
Posted on 6/18/25 at 1:35 pm to Auburn1968
quote:
In SS, 40 years ago, the first $1000 put into it would compound at 2% to produce about $2000 that are worth about about 1/3rd of the value of the original "investment." That would be about $660 in constant dollars.
Forget zip codes, This isn’t even in the same continent on how benefits and the value of them are calculated.
It’s a poor investment, but misinformation like this is of no value to anyone.
It’s insurance. The value of what you pay in is most heavily determined by how long you live and if you have a spouse. Every day past 78 you make it, you get a little more ahead.
Posted on 6/18/25 at 1:42 pm to RLDSC FAN
I never understood how this is even possible without there being a significant uproar from the people who actually work and pay into SS.
Why does more $$ come out of SS than what goes in?
Why does more $$ come out of SS than what goes in?
Posted on 6/18/25 at 1:48 pm to BigPerm30
quote:
Just keep giving out benefits to abusers including illegals. That’ll fix it. Our government is stupid. Legalized theft at this point.
Their answer is to raise taxes. I have zero illusions there will be money available in 10 years. I have planned accordingly.
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