Social Security strained by early retirements

Yahoo ^ | 9/27/09 | STEPHEN OHLEMACHER,

[Nachum]

WASHINGTON – Big job losses and a spike in early retirement claims from laid-off seniors will force Social Security to pay out more in benefits than it collects in taxes the next two years, the first time that's happened since the 1980s.

The deficits — $10 billion in 2010 and $9 billion in 2011 — won't affect payments to retirees because Social Security has accumulated surpluses from previous years totaling $2.5 trillion. But they will add to the overall federal deficit.

[Nachum]

The List, ping

[Sacajaweau]

They add to the deficient ONLY because the SS kitty is “completely emptied” every year to pay for other things.

[freebilly]

Social Security has accumulated surpluses from previous years totaling $2.5 trillion

The money's already been spent....

[EGPWS]

Gosh, the only thing left to do is raise taxes then.

Thank God for this one "cure all" to all financial issues.

[mountainlion]

We get robbed each year and not we lose our retirements.

[liberateUS]

"Gosh, the only thing left to do is raise taxes then. Thank God for this one "cure all" to all financial issues."

Hey, I know, we can raise taxes on the rich!

[dr_who]

The deficits — $10 billion in 2010 and $9 billion in 2011 — won't affect payments to retirees because Social Security has accumulated surpluses from previous years totaling $2.5 trillion. But they will add to the overall federal deficit.

Would someone explain this to me? The federal government's accounting system is FUBAR.

[barker]

In May I reached official retirement age. Social Security is screwing with me. It looks like I will have to keep working and use most of my savings (for taxes etc) until sometime next year.Am getting a lawyer involved.

They say they overpaid me and now want the money back. They haven’t shown me how, why or even if it was an overpayment. It’s just “trust me, we made a mistake and you have to pay for it”

[FormerACLUmember]

Boomers say “Who is John Galt,” sort of.

Also, when you are 62, unable to find work, and living in an Obamaville van down by the river, you sign up for early Social Security.

[EGPWS]

Hey, I know, we can raise taxes on the rich!

It's only fair. /s

[TribalPrincess2U]

Zero will see to it there won’t be anyone to collect SS.
Those who need health care the most will get painkillers.
They will still be made to pay hefty fines but benefits will decrease.

Medicare Advantage insurers
will raise their premiums sky high with less benefits
until Zero gets his government health rationing going,
then from what I gather, they won’t be around at all.

[FormerACLUmember]

In May I reached official retirement age. Social Security is screwing with me. It looks like I will have to keep working and use most of my savings (for taxes etc) until sometime next year.Am getting a lawyer involved. They say they overpaid me and now want the money back. They haven’t shown me how, why or even if it was an overpayment. It’s just “trust me, we made a mistake and you have to pay for it”

I am repeatedly hearing this exact same "overpayment" story.

[Glenn]

A graduated tax ought to fix it.

[EGPWS]

We get robbed each year and [now] we lose our retirements.

Stop with the glass half empty attitude.

When they take it all then they won't be able to take any more from you.

You'll be free at last. ; )

[FormerACLUmember]

We will all be living in Obamaville, soon.

[TribalPrincess2U]

Yes, our government has used SS money for other things.

Isn’t that illegal?

[tubebender]

"If they were younger, we would call them unemployed." Is he saying the unemployment rate is higher then reported?

[justlurking]

They say they overpaid me and now want the money back. They haven’t shown me how, why or even if it was an overpayment.

How have you been overpaid? Did you take early retirement benefits?

[qam1]

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