Social Security - your thoughts?

#776
#776
hog88 said:
When this was killed I was probably younger than you are now.

ND40, yeah he was already an old fart but still.....
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lol I remember it. I was in my 30’s. And yeah I wanted to see reform at that time. We’ve kicked the can so far down the road that now I think the final result of fund insolvency is unavoidable
 
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#777
#777
hog88 said:
When this was killed I was probably younger than you are now.

ND40, yeah he was already an old fart but still.....
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Correction I’d just entered my 40’s. It was in his second term.

www.brookings.edu

Why the 2005 Social Security Initiative Failed, and What it Means for the Future | Brookings

President Bush made Social Security reform his top domestic priority in 2004. In this paper, Brookings's William Galston examines why the president's proposal failed and the politics of Social Security reform.
www.brookings.edu www.brookings.edu
 
#778
#778
NorthDallas40 said:
Correction I’d just entered my 40’s. It was in his second term.

www.brookings.edu

Why the 2005 Social Security Initiative Failed, and What it Means for the Future | Brookings

President Bush made Social Security reform his top domestic priority in 2004. In this paper, Brookings's William Galston examines why the president's proposal failed and the politics of Social Security reform.
www.brookings.edu www.brookings.edu
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Remember it well, and it’s still a clusterf*** that needs to be dealt with in a serious and well meaning manner. Fkg government can’t do anything right!
 
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#779
#779
NorthDallas40 said:
lol I remember it. I was in my 30’s. And yeah I wanted to see reform at that time. We’ve kicked the can so far down the road that now I think the final result of fund insolvency is unavoidable
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Its potential outcome of insolvency is the primary reason I invested in land. Acreage is my one true friend in this environment.
 
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#781
#781
hog88 said:
Nah, they'll just keep manufacturing funny money to keep it going.
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You’re likely right. Once they are at the point where they can’t fund all of the fixed obligations without also servicing their special interests we’re gonna start hearing about AOC’s $10T(?) coin being minted again. This time coming from the GOP. Good times.
 
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#782
#782
NorthDallas40 said:
You’re likely right. Once they are at the point where they can’t fund all of the fixed obligations without also servicing their special interests we’re gonna start hearing about AOC’s $10T(?) coin being minted again. This time coming from the GOP. Good times.
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I cant wait to have a $1M coin in my pocket.
 
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#785
#785
marcusluvsvols said:
This is true and criminal. My Dad made good money and retired a full bird Colonel after 26 years, then made more per year in the private sector by far than USAF. Paid into SS his entire life. Drew from it and pension for about 2 years before he died. All his siblings have died in their 60s and there were 11 counting him. I have also paid in for my entire life and will likely never draw a dime. I would have to live about 18years after this heart attack AND be retired which I will never have enough money to do. SS is a terrible ponzi scheme and a POS.

What's worse to me and most people dont realize is that by constantly printing more and more money, the government has eroded away the value of every dollar we have all saved for retirement or any other purpose. Between printing dollars until they have probably half the purchasing power of the 80s or 90s, and yearly inflation devaluing our currency even more, it's become very hard to actually build wealth. Especially during the Biden administration when the real undoctored inflation rate probably outpaced my 401ks growth year over year all by itself.

Until I start this new job next month I am living off of my former 401k which is now an IRA...and having to pay 34% to the government on my own money before I see it. 30% fed and 4% to NC. I have never hated the government as much as I do now.
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IRMAA is even worse. It is insidious, it is theft and eventually it will get everyone.
 
#788
#788
LouderVol said:
where in my post do I say you "owe me" anything? is asking not to be screwed a favor? Do we need justification to end something that never worked? just because people believed the lies about a Ponzi scheme is not reason to keep it going.

I have posted my stance multiple times. SS needs to offer an opt out. It would be a win for 90% of contributors even if they just split the difference. government takes the 6.2% from the employer, let those who opt out keep the 6.2% employee contribution.

another option would be to transition to a publicly mandated, but privately owned, 401k. some percentage of the SS tax is socialised for everyone under some pay bracket, and directly contribute over the percentage back into accounts that pay more than the socialized requirement. at least then the money has a chance to grow and congress can't get their hands into it.

heck, rewrite the SS laws so that it is an actual trust fund, instead of a bunch of IOUs the government can never pay.

I know its not an issue for you, being without children; but at some point someone is going to contribute for 40 years and not get anything. my generation is going to contribute for 40 years, and AT BEST get 60% what you will get. and it will only get worse. better option than doing nothing would be to start the transition, and the only way to do that is to get your generation from flipping their lids anytime SS gets brought up as anything beyond a perfect system.
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Agree with this. Just to be sure, I would not be willing to kick those are retired/near retirements to the side and break a social contract with them. Part of that is self interest, I'm within sight of it and I've been paying for over 40 years for the previous generations. With all due respect, by gosh I'm owed something.

So, I think getting the government out of it period is a great idea. It will have to be transitioned and that is going to be very expensive. We're going to print a lot of money.

Just curious, were you old enough to recall when Bush proposed pretty much what you have suggested and got excoriated for it by the "other side?" Pretty much along the lines of 'how dare anyone suggest any changes to Social Security!'

PS - I tried to opt out when I was in my early 20s and found out there were only a couple of exceptions that allowed that, none of which I was eligible for.
 
#789
#789
NorthDallas40 said:
lol I remember it. I was in my 30’s. And yeah I wanted to see reform at that time. We’ve kicked the can so far down the road that now I think the final result of fund insolvency is unavoidable
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You're a few years younger than me, I was in my 40s and thought it was a phenomenal idea. Probably the best idea he had.
 
#790
#790
I've read some studies in years past that in terms of wealth transference, Social Security transfers money from blacks and white men to white women because of the average life expectancy.
 
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