Posted on 12/16/2023 6:35:50 PM PST by Libloather
Up to a year, if kept frozen.
Actually here is the worse case scenario (unlikely to happen):
If we do absolutely nothing about the current system, the reserve funds will run out by around 2035. What that means is that payments must be funded directly from revenues and so benefits will be cut about 20% across the board. That's not exactly pleasant news but you would still be getting about 80% of your full benefit and that percentage will slowly decline, projected to be around 74% by 2095 - by which time nobody reading this will be around.
That's worse case scenario.
What will likely happen between now and 2035 is that either the taxable FICA limit will be raised significantly (currently wage earners only pay FICA tax on the first $160,200 of annual income) or the retirement ages themselves will be raised.
Remember that Social Security is considered the third rail of politics. Both Democrats and Republicans know full well that the citizenry will come after them with pitchforks if Social Security benefits are not around for them.
So something will eventually get done to keep the system going.
Those that do the actual work are tired of being vilified as “oppressors”, being passed over for promotions in favor of the recently hired young college grad, and required to do the work of two or more people while the new hire texts on their phone and asks where the mediation room is located. Of course they are retiring as soon as they possibly can.
Well, yes,,,stuff like salt sugar rice pasta...
I was referencing filling a freezer as the original poster mentioned..
Food is just one piece of the puzzle.
In the old prep groups we advised people to look at any product they are using every day, every week, every month—literally retracing their steps.
If you are touching it and it is nonperishable then you should be stocking up....
Thanks 👍
They are rapidly raising the cap on wages by about 8-9% per year. Much faster than any other cap. I never hear anything about that. I know some want the cap removed while holding the benefit cap held steady. I assume that’s the point of rapidly raising the SS wage tax cap. It only feeds the 15% part of the formula. If you make low 6 figures (168K in 2024) then your benefit to cost return is about 24% vs half income returns 40%. Same percentage paid in but benefits calculated sucks.
SS/OASDI is a racket. Boomers were in the 3% to 4% to 6% tax burden but the future payers will get 10% to 14% to fix. The math is the math. Generational theft needs to end. Only demonRats could create this abomination that conservatives demand gets inherited. I know many here will shout/stomp/threaten that they got screwed so the future needs to be screwed.
I would be more than happy to work out my own deal between my children and myself if they let us all out of the current 12.4% trap. Medicare is even worse. It should be 10% on its own. Oh yeah that would require you were a breeder, on good terms with your children … can’t have that.
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