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re: What are people living on?
Posted on 4/4/22 at 12:04 pm to Odysseus32
Posted on 4/4/22 at 12:04 pm to Odysseus32
America is going to go broke just in medical funding due to the Diabesity crisis. On top of that, is Social Security capable of funding everyone born a decade before me?
This two things are real issues, but I’m admittedly paranoid that the trend toward socialism, economic equity, and everything the WEF espouses (like Universal Basic Income) pave the way for a disaster.
Hopefully I’m just paranoid - I keep contributing and investing
This two things are real issues, but I’m admittedly paranoid that the trend toward socialism, economic equity, and everything the WEF espouses (like Universal Basic Income) pave the way for a disaster.
Hopefully I’m just paranoid - I keep contributing and investing
0
Posted on 4/4/22 at 12:10 pm to doya2
Gig work and WFH platforms like Arise. The others are still milking the fact that they were able to pocket $30k from no rent and student loan payments.
Posted on 4/4/22 at 12:11 pm to Centinel
quote:
They won't come after 401ks anytime soon, but I certainly expect Social Security to be means-tested in the next few years
I expect them to just keep increasing the retirement age. It might be 75 in 20 years
Posted on 4/4/22 at 12:13 pm to Centinel
quote:
They won't come after 401ks anytime soon, but I certainly expect Social Security to be means-tested in the next few years
100% agree with you. They’ll uncap contributions and phase out payments at some level on income. The tricky thing is how do you means test SS? The whole point is for it to kick in after your income goes to 0 in retirement.
Come to think of it maybe that’s how they back door eliminate 401k’s - Change SS to a guarantee of a certain monthly income including your own. Cashing in a 401k shows “income” since you haven’t paid tax on it, so they could use that income to pay you less SS. This would mean people would stop saving in tax deferred accounts.
Posted on 4/4/22 at 12:15 pm to NOLAVOL16
They'll remove the wage cap on social security before too long.
Posted on 4/4/22 at 12:17 pm to fallguy_1978
quote:
expect them to just keep increasing the retirement age. It might be 75 in 20 years
They should have done this years ago. SS eligibility was set at the normal life expectancy when the program started. It was supposed to keep elderly people off the streets for a couple years if they outlived their savings. It was never intended to be a 30 year retirement fund. Average expectancy is 78 now.
Posted on 4/4/22 at 12:18 pm to Centinel
Whatever party is dumb enough to try to remove social security will lose a large amount of voters. The highest voting age range is 60+ in America. Imagine the campaign ads running non stop against Democrats/Republicans for robbing little old grandma of her money she paid into by working her whole life, only to have been lied to and money she desperately needs be taken away at an age she can no longer work.
They’ll take from pretty much every program to prop it up. I think social security will be the last to go.
They’ll take from pretty much every program to prop it up. I think social security will be the last to go.
Posted on 4/4/22 at 12:19 pm to Centinel
quote:
It's why the wife and I do all our retirement planning under the assumption we won't see a single penny that we put in to SS.
Yep. Rely on yourself or be destined for a ton of disappointment.
My wife and I will both draw SS and my FIL is set to leave us a sizeable amount in the next few decades.
None of that is factored into what we will live off later in life. It may as well not exist. I don't plan on seeing a cent of any money that we don't earn ourselves.
This post was edited on 4/4/22 at 12:20 pm
Posted on 4/4/22 at 12:20 pm to fallguy_1978
quote:
I expect them to just keep increasing the retirement age. It might be 75 in 20 years
Christ I hope u r wrong.. im reeeaaallly hoping to take early SS at 62 (as it is set up now) in order to help fund my early retirement in Thailand .. but the realist in me says youre probably right .
Posted on 4/4/22 at 12:21 pm to Zapps
quote:
Whatever party is dumb enough to try to remove social security will lose a large amount of voters.
They won't try to remove it, they'll means-test it, like I said.
That way poor little granny that didn't bother to save will get her money, but little granny who worked her whole life to set up a nest egg will have it taken from her. After all, frugal granny has money so she doesn't need SS. Poor little granny that was a leech all her life needs it! Think of poor little granny!
Posted on 4/4/22 at 12:23 pm to Zapps
quote:
Whatever party is dumb enough to try to remove social security will lose a large amount of voters.
I am in my 40s, and in my lifetime there is only one party that has ever talked about “privatizing” SS (which for all intents and purposes would do away w/SS and make it like a 401k).. and they have talked about it for decades .
Posted on 4/4/22 at 12:24 pm to fallguy_1978
quote:
They'll remove the wage cap on social security before too long.
Explain this to me plz
Posted on 4/4/22 at 12:25 pm to BK Lounge
quote:
I am in my 40s, and in my lifetime there is only one party that has ever talked about “privatizing” SS (which for all intents and purposes would do away w/SS and make it like a 401k).. and they have talked about it for decades .
The difference is that would actually make people end up with more money in retirement. But only for those who actually work. Which is why the Democrats fight tooth and nail against it, or any changes that would adversely affect their voter base who primarily lives off the taxpayer.
Posted on 4/4/22 at 12:25 pm to BK Lounge
quote:
Christ I hope u r wrong.. im reeeaaallly hoping to take early SS at 62 (as it is set up now) in order to help fund my early retirement in Thailand .. but the realist in me says youre probably right .
I'm 44 so not super close to retirement but not 30 years away either. I'd like to hang it up around 62 as well if possible but health insurance is going to be the real kicker.
Posted on 4/4/22 at 12:26 pm to BK Lounge
quote:
there is only one party that has ever talked about “privatizing” SS
Should have been done long ago. Will never happen now.
Posted on 4/4/22 at 12:27 pm to fallguy_1978
quote:
I'm 44 so not super close to retirement but not 30 years away either. I'd like to hang it up around 62 as well if possible but health insurance is going to be the real kicker.
I'm at 30% disability with the VA, so I have that to fall back on if I want to go that route.
But do I really want to rely on the VA as my primary health care provider until Medicare kicks in?
Posted on 4/4/22 at 12:27 pm to BK Lounge
quote:
Explain this to me plz
Social security tax is only paid on the first $147k of income. I think they'll remove that cap or change it to a much higher amount so that high earners pay their "fair share" and the government can collect more funding
Posted on 4/4/22 at 12:27 pm to BK Lounge
quote:
Explain this to me plz
You only pay SS contributions up to $147,000 in income. Anything above that isn’t taxed - because - you get no additional benefit payment above that point. Dems want to remove this cap to collect the 12.4 percent on all income.
Posted on 4/4/22 at 12:30 pm to BK Lounge
quote:
am in my 40s, and in my lifetime there is only one party that has ever talked about “privatizing” SS (which for all intents and purposes would do away w/SS and make it like a 401k).. and they have talked about it for decades .
Anyone who makes above probably 50k a year would come out WAY ahead in this scenario and be able to pass it to their family upon death.
Posted on 4/4/22 at 12:31 pm to Centinel
quote:
The difference is that would actually make people end up with more money in retirement. But only for those who actually work.
Im no expert, but my understanding of SS is that it was meant to be a safety net..no one would ever live extravagantly off of SS (with the exception of certain other countries where you could live well off ur SS, but not extravagantly )… so yeah any system will always have some abuse- but ultimately having a solvent SS program helps ensure fewer people starving or on the streets in their later years… Surely this board can sympathize with say, a guy who worked hard all his life, but had a business fail at some point.. or maybe he lost it all in a divorce (or two).. many, many people dont end up with millions or even hundreds of thousands, in retirement - even though they worked hard .
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