Good idea? Or not?
Would YOU want $5000 now as a future debit from Social Security income sometime in the future?
Discuss...
I would take it.
Depends on your confidence in the future of Social Security based on how long until you would be eligible for benefits.
You know, there is a saying, “a bird in the hand...”
Feral gubmint now get’s in the business of easy credit loan sharking.
Sounds like a sneaky first step to permenantly shut down ssa to me. But I’m prolly just paranoid.
Depends what the interest rate is, vs any current debt.
Almost always take the money now instead of later.
Current crossover point for taking SS early vs late is around 80yo, so a lot is dependent on current health and life expectancy. Many seniors are very afraid of outliving their resources and income, others... not so much.
“...individuals who opted to receive the loan would have the balance carried forward at a “specified and favorable government interest rate until the time they choose to claim Social Security...”
I earned a grand total of $10 interest last month on a fair amount of cash in the bank. In other words, interest rates for the Little People are nil — but I’m guessing the interest rate the government imposes on this $5,000 will be far greater.
I like the idea that at least the takers will be on the hook to pay it back but I’ll pass.
Bad idea. Reopen the economy. The original purpose of the shutdown was to flatten the curve in order to keep hospitals from being overwhelmed. After laying off 30% of the workforce, there is almost no reporting on the current impacts on hospitals, either individually, by city. Where are the reports about the shortages or sufficiency of masks? Are hospitals now equipped for more case?
Where are the overwhelmed hospitals to justify continued shutdown?
Is the $5,000 taxable, federal,state or local?
Well, since I could draw $2,000 a month now if I went on SS getting a $5,000 loan for three months don’t make much sense.
For anyone 30-35 and younger who will probably never get SS anyway, despite paying into it, it would probably make sense to take the money now, even if it is just a fraction of what they pay in.
I’m 51. It might be advantageous for younger to take now as 5,000 in 15 years will be much less in spending. But maybe if I was 40. Lol. Not sure I’d do it now. Although it’d go towards a new air conditioning that will cost close to 7 grand.
Nope nope nope nope nope.
And Hell No!
Hasn’t the gubbermint established enough scary-ass precedents for one fiscal year?
ALL of this stuff is gonna come back to bite us in the butt, big time.
I have zero faith that Social Security will exist by the time I qualify for it, so yes, I will be happy to sell pretend future payments for actual present money.
There’s been more than enough stimulus.
Just allow normal commercial operations and let nature take its course.
The oncoming depression is now a greater threat to the health and welfare of the American people.
I was always an advocate for “flattening the curve”, but never for flattening the nation.
The survival of this nation is a higher priority than any individual or some segment of individuals.
The US lost .32% of it’s entire population in WWII, all young, fit and strong men. England lost a full 1% of the same category. Many countries of the world lost far more.
And if this country goes down, which it will if we do not return to work, the fate that awaits mankind is far, far worse than the nightmare of WWII.
time to quit being pussies and buck up
What percentage of US earners DIE before they collect a single $$$ of Social Security & get only a $255 funeral payment???
How about this. In exchange for NO Socialist Security benefits, I never pay Socialist Security taxes again, ever?