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About that Social Security trust fund running out...The clock is still ticking and taxpayers who paid in are going to have to decide what to do
American Thinker ^ | 06/14/2020 | By Michael Muldowney

Posted on 06/14/2020 6:46:14 AM PDT by SeekAndFind

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To: Tell It Right

Same with 401 K. Hubby had to start drawing at 72.5 we pay off a bill with it. I just stated, and use the lesser amount for a needed repair. We are debt free except the usual car, house ins, utilities, property taxes. Instead of separate BD, ANV presents we do 1 combined 1 as they are July, August, September in a row.

If WU-FLU doesn’t sink our kids we will be fine. MEDICARE/TRICARE LIFE he is a career 20 yr SCPO. Which keeps shrinking coverage.


21 posted on 06/14/2020 7:22:37 AM PDT by GailA ( I AM A TRUMP GIRL)
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To: Tell It Right

I agree 100%. There are two really good reasons to take SSI at age 62: (1) You need the money right away; or (2) you don’t. We fall into the second category. Based upon my most recent projected SSI payout ( I am 61), I will have to live to 76 to break even — that being the age when the total SSI benefits that I receive from age 66 to 76 will surpass the total benefits that will receive from age 62 to 76. This assumes, however, that I spend the SSI as received, rather than investing the SSI through dollar cost averaging each month. Even if I invest the money in low risk bonds and securities with a return of 3% to 4% per year, the break even point is pushed out to my mid 80s, and unlike SSI, I can pass the money to my heirs when God calls me home.


22 posted on 06/14/2020 7:24:30 AM PDT by Labyrinthos
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To: super7man

I just turned 65 and
Think it best to retire
Now, 8% less seems a
Slight cut,
all things
considered.


23 posted on 06/14/2020 7:25:58 AM PDT by Big Red Badger (He Hath Not Given Us A Spirit Of Fear)
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To: WildHighlander57

Health care at 65 ,,,
Medicaid kicks in
Totally,,,
I’m thinking.


24 posted on 06/14/2020 7:31:20 AM PDT by Big Red Badger (He Hath Not Given Us A Spirit Of Fear)
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To: SeekAndFind

Mine’s in a lock box. No worries!


25 posted on 06/14/2020 7:36:39 AM PDT by Rio
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To: JPJones

“I identify as disabled. Will that work?”

LOL!


26 posted on 06/14/2020 7:46:54 AM PDT by 1FreeAmerican
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To: SeekAndFind

If Trump isn’t re-elected the new Commies taking over may declare SS was part of the Confederacy. And we have all witnessed what they do then.


27 posted on 06/14/2020 7:54:28 AM PDT by Hattie
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To: SanchoP

A Ponzi scheme is entered into voluntarily. SS is taken right from the payroll window. Great little scam they got going there.


28 posted on 06/14/2020 7:55:36 AM PDT by unixfox (Abolish Slavery, Repeal the 16th Amendment)
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To: SeekAndFind

Defund illegal care problem solved.


29 posted on 06/14/2020 7:59:05 AM PDT by Vaduz (women and children to be impacIQ of chimpsted the most.)
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To: SeekAndFind
My dad started at 62. Got one payment, then died. My mom has been getting the lower payments ever since. Not even close to covering her monthly expenses (about a tenth).
30 posted on 06/14/2020 8:05:33 AM PDT by palmer (Democracy Dies Six Ways from Sunday)
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To: SeekAndFind
Yeh wait til 66 because the govt knows the actuarial tables show how many people die before age 66-70. 😆
31 posted on 06/14/2020 8:22:56 AM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight neiyour way back to the rifle you should never have dropped)
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To: unixfox

and the DC bureaucrats are walking away with millions.


32 posted on 06/14/2020 8:38:24 AM PDT by SanchoP (We're passed the biological softening up and beginning the open warfare strategy. WAKE UP!!)
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To: JPJones

“Is there any way to get SS before age 62?”

If you are a widow or widower and your spouse was collecting Social Security, you are eligible to receive the (reduced) spousal benefit as early as age 60.


33 posted on 06/14/2020 8:43:30 AM PDT by riverdawg
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To: SeekAndFind
The trust fund is an accounting trick. There is no real trust fund.

Imagine you have a new child. You realize in 18 years you will have to pay for college for her so you get a big cookie jar to save in. You start off dropping a $20 bill in every week. But after a few weeks you want to go out to eat and have a few drinks so you raid the cookie jar for cash and leave an IOU to yourself. You then get into the habit of doing that. Eventually you don't even bother to put in the money. Instead you just put in the IOU directly every week and spend the cash.

Fast forward 18 years and now you have a cookie jar full of IOUs to yourself to pay for college. After being laughed out of the first couple bursars offices trying to convince them that the IOUs are just as good as money you realize that you need to come up with a solution. You can cut you other spending and pay for college with your current income. You can borrow real money from the bank to "pay off" those IOUs because you have no other money. Or you could convince your daughter to go to community college or even just get a job instead.

These three are analogous to what can be done with Social Security. We could cut other spending to afford to pay for it. We could borrow money from the real bond market to pay for Social Security. We could just cut or eliminate Social Security. We could also print new money which wasn't an option for the college cookie jar.

Now here's the real secret. If we never had a "lockbox" we would be in exactly the same position right down to the dollar: cut other spending, borrow or cut Social Security. The lockbox (or cookie jar full of IOUs) meant nothing. It was an accounting lie from its inception.

34 posted on 06/14/2020 8:44:52 AM PDT by KarlInOhio (In 2016 Obama ended America's 220 year tradition of peaceful transfer of power after an election.)
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To: SeekAndFind

“Putting aside inflation adjustments and time value of money considerations ...”

Why would you want to do either, but especially the latter? The break-even time is typically 11-13 years from when you start collecting.


35 posted on 06/14/2020 8:47:39 AM PDT by riverdawg
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To: JPJones
Is there any way to get SS before age 62?

Well you could go my route, destroy your body over 45 years of hard work and two major spinal surgeries, one knee replacement and carpal tunnel damage to both wrists and you get to have your S.S early by way of being disabled................but I wouldn't advise it, plus by not working and contributing all the years your benefits are lower. Of course you could always go the shyster route, I hear mental disability is still quite popular.

36 posted on 06/14/2020 9:14:22 AM PDT by Mastador1 (I'll take a bad dog over a good politician any day!)
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To: Georgia Girl 2
Yeh wait til 66 because the govt knows the actuarial tables show how many people die before age 66-70.

Actually, for anyone that reaches age 65, your life expectancy is 84.

37 posted on 06/14/2020 9:27:51 AM PDT by Go Gordon (I gave my dog Grady a last name - Trump - because he loves tweets.)
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To: SeekAndFind

What a great idea.

I should delay taking social security until I’m 70, 14 years from now, when social security will be out of money, 14 years from now.


38 posted on 06/14/2020 9:30:16 AM PDT by seowulf
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To: DEPcom

One downside of taking SS early is the impact on married couples where one spouse makes a lot more money than the other spouse.

It is complicated, but the bottom line is that in that scenario the way to maximize benefits for the couple is for the high income spouse to wait until 70 to collect, while the lower income spouse waits until 66 (or if they are a little younger, 67).

I am less worried about social security paying out than I am about inflation (with cooked COLAs to minimize the adjustment). The primary risk is that waiting gets you paid in dollars that are worth a lot less than today’s dollars.

The other factor is life expectancy. If your family tends to live into their 90s, it makes sense to wait. But if they have tended to die in their 70s, then you probably should collect as soon as possible.


39 posted on 06/14/2020 9:30:54 AM PDT by cgbg (Kneeling is a half measure--lefties need to dig a six foot hole and bury themselves in it.)
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To: JPJones

Get it as soon as you can brother. I did at 62 and I’ve already been collecting for 8 years with no regrets. My dad took it at 66 and then only collected for a year before dying. It was a lesson to me.


40 posted on 06/14/2020 9:42:38 AM PDT by Clarancebeaks
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