Posted on 10/19/2016 11:09:59 AM PDT by MaxistheBest
you take o.3% x your amount you are now receiving then add that to what you are receiving...each one is different...mine for example is 6.71 more a month...
I don’t expect to ever see a check from thst scam.
So what do I care?
“around 2034. That’s when the Trust Fund is expected to be exhausted”
True, but there’s a serious immediate problem: the government will start selling bonds to ‘pay back’ the SS fund much sooner- maybe this year, not sure.
Those bond sales will be in addition to the bonds the government sells for it’s usual reasons and will increase the government’s interest costs because of the increased supply.
I just don’t believe the actuarials have accounted for the effect of this.
Then don’t apply for yours when you become eligible...
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Bullshit!
If I had the money that was contributed in my name, I could have over $2,000,000 in principle built up at this point.
.
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The governments of this world will no longer exist after 2024.
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All those senior citizens who vote RAT, I hope you appreciate what filth you've wrought while you're trying to decide whether to eat or pay the heat bill for the month.
Not all disability claims are by welfare bums. I’ve been unable to work full-time for three years and have been living totally off my own savings and what work I can do. I applied for SSI but was denied because I have an education and am a professional, never mind that I can’t sit very long and can barely pick up a piece of paper. I am hardly a welfare bum, and I paid more in FICA than a lot of people earned. I will just write off your insult as the rant of an inconsiderate uninformed person.
How come Social Security can run out of money, and welfare can’t?
How come Social Security can run out of money, and welfare can’t?
Revenue from the general fund comes from corporate and individual income taxes, and excise taxes.
So, by reducing the payroll tax for Social Security, that portion of the obligation was shifted to the people that pay income taxes. The IRS provides that information, if you want to know how income tax obligations are distributed.
Social Security is how much in debt?
Social Security has no "debt", as it cannot borrow money. It currently has Trust Fund assets of about $2.8 trillion, from which withdrawals have been made for about 5 years -- since payroll tax revenue (and the contribution we discussed above) has been less than benefits paid.
Looking forward 75 years to 2090, Social Security has a $12.1 trillion unfunded liability, meaning that after adding the Trust Fund, payroll tax revenue, and interest for that period, then subtracting benefits expected to be due during that period, there is a $12.1T shortage.
You can find the details on page 75 of the Social Security Trustees Report (page 83 of the PDF), in Table IV.B6.
https://www.ssa.gov/oact/tr/2016/tr2016.pdf
However, Social Security cannot borrow money. So by law, benefits must be reduced to what can be sustained by incoming revenue. Current forecast is about a 20% reduction in 2034, if no changes are made by then.
At the moment, Social Security is making withdrawals from the Trust Fund (and has been doing so for about 5 years), but the Fund is earning enough "interest" from the special-obligation government bonds to avoid drawing from the "principal".
But, that interest is being paid from the general fund, and of course -- they are selling US Treasury Bonds to pay it. So, it's already started.
Around 2020, Social Security will start withdrawing from the principal in the Trust Fund, and the US Treasury Bond sales will accelerate.
Social Security cannot, by law, borrow money.
However, most other entitlements are paid from the general fund. Without a balanced budget amendment, the government is free to borrow all they want.
So this is no problem, right?
I mean, you planned for social security to be a supplement to your overall retirement plans, right? Or did you spend all of your money, ignore your future, and now rely on social security exclusively, making basic things like your rent unaffordable?
Sounds like you need a job or a room mate so you can afford your lifestyle.
This is your fault, my friend, nobody else is responsible for you. A lot more Americans need to hear this news. A lot more will hear it because we cannot afford to pay you what you want, just because you want it.
Not picking on you, but all the people on this thread with their hand out waiting for more more more from their fellow citizens.
You aren’t getting any more. You will be getting a lot less. You have to decide if you are a socialist or not. I’m not. You shouldn’t be one either.
It's like I stumbled into a Bernie Sanders rally.
I’ll have to remind myself not to spend it all in one place.
You have never heard more of a squeal than from a “conservative” whose government check doesn’t reflect “what government owes him”
If your comment was directed at me, I AM NOT COMPLAINING ABOUT IT. I’m merely saying others should NOT complain about getting a few hundred bucks every month for doing nothing, either.
Not even two 20’s because Medicare deduction will increase the same amount, eating up the piddly raise. Thank goodness the existing law limits Medicare increase to any social security increase.
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