Posted on 10/28/2015 3:35:55 PM PDT by taildragger
A budget agreement reached by congressional leaders and the White House would kill popular Social Security claiming strategies shortly after the measure becomes law, cutting off payments in midstream for beneficiaries, according to experts.
(Excerpt) Read more at investmentnews.com ...
They’d be piled up waiting for the ‘dead carts’ like during the Plague.
>>Clearly anyone under 50 relying on SS is a fool... over 50 too?<<
We can chalk this up to “I screwed up.”
I meant younger.
I said when they are ALL due. That’s is when the full weight of it hits.
Sorry, no dice on saying borrowing is not a tax. Borrowing is repaid via taxes or a slow write off via inflation or a debasing of the currency. Doesn’t matter it’s all taxes which is the government taking wealth.
But you have described a Ponzi scheme.
They don't all become due at the same time. They will gradually be redeemed over the next 19 years or so.
But you have described a Ponzi scheme.
Oh, it's definitely that. But, not for the reason you claim.
I’d just remove the reference to 50 yo...
Anybody relying on SS is a fool.
This has nothing to do with SSI.
*************************************************************************
I know that, that’s why I asked the question to #2.
changes hammered out in weeks..?
and politicos drunk for years.. on power.. and OPM.
“Republicans are pulling out all the stops so they can go back to Minority”
They can `whip snakes’ when it comes to social security reform. But border security, tax/budget reform, cutting government agencies & waste: glacial speed.
Yeah, they’re going down. Possibly for good.
An ‘entitlement’ is an illegal govt program where they steal property from one, likely requiring property from other Citizens, to ‘pay-back’ what was ‘promised’.
These programs are usually named and sold to the public with D.C. speak, such as including ‘insurance’ in their names or promising to return more than what was taken; as if govt has any track record of ‘making $$’ or ‘investing’...let alone ‘wisely’.
Though unconstitutional, these programs are passed and signed into ‘law’, with the help of the judiciary turning a blind eye, with nary a hint of any authority; though many Amendments can be sighted for their direct abolition (IE: 5th, 9th, 10th).
Most of these programs are used to pit the productive vs. the leeches, as most are sold as being ‘paid for’ by the users or arbitrary constraints removed upon those groups govt deems ‘of need’ (IE: the ‘poor’, ‘retired’, ‘needy’). The latter which, majorly, vote for those that promise to increase these programs outlays by (illegally) enslaving, economically, future generations.
This concludes today’s lesson on our current Banana Republic/Democracy.
>>Anybody relying on SS is a fool.<<
Game, set and match.
My thinking was too constrained. I guess I can’t help but suggest hope for the early Boomers.
When we get there — the vault will be empty.
I cant believe you used the phrase Banana Republic. I used it on another thread several posts back.
I guess it must fit!!
needs to change badly.
“One of them would end the ability of a Social Security claimant to file for his or her benefits and then suspend
receiving them while he or she collects benefits for a spouse. Such an approach can generate a more generous payout”
I was a stay at home mom of 3 it was more important we did with out things so I’d be there to take care of them and make sure husband was fed, had clean clothes, washed many times in the bathtub as we had no extra money for a laundry mat, worked less than 8 years I’d draw about $370 per month. HOW can you live on that?
Women do not draw the same pay as men. You’d condemn me to living in poverty, worse than we lived in when he was alive. I’m disabled due to several health conditions, not capable of working. At least then we could afford a roof over our heads, food, and clothes bought at rummage sales. On the PITTANCE they would doom me to I’d have to go on government assistance, BUT I’m a US Citizen and the wrong color so I’d not qualify for it.
notice how govt does everything in its power to protect their govt workers yet we slobs out here in rabble land just have to get hit a little harder every year...
how about cutting govt pensions to start....I know...heresy.
I am still working...just turned 62 a couple of weeks ago...
can I still work and collect on the spousal SS?....and defer my SS until a later time?
I just started collecting SS at age 62. Got my second payment today as a matter of fact.
I have been fighting Leukemia for nearly ten years and my prospects to make it to my so called SS “full retirement” age are 50/50 at best.
I just watched my Best Childhood Friend Die at age 61. He has been working since he was 16 years old and he made a pretty good clip for most of his working career.
Like me, I would guess he was robbed by the SS system of at least $200,000 plus during his working career.
Not only does SS take it off the top, they Tax you on your gross income, not the net income after SS gets paid.
Then they Tax you again when you dare to take it out if you continue to work and make any other Income. What a racket, but we here on FR already know it.
My Buddie’s Family ended up with $255 to bury him and his Wife probably got a $100 bump in her SS payment as the surviving spouse. She had also worked most of her life and she is four years older than her Late Husband so she was already collecting. She also continues to work now that their Retirement Dream was dashed by her Husband’s Death.
For yucks, we had our Financial guy run some numbers. He said that if all the money we “invested” in SS was actually invested, we would have been Multi Millionaires by now.
Somewhere, an old white Liberal Democrat woman on SS who can’t wait to Vote for Hillary is spending my Buddies money and she’ll probably live to be 100.
Yes, I made other Investments outside of SS, but it does help getting my SS Payment considering our Health Insurance Premium is nearly $1,900 a Month thanks to Obamacare.
Hold out hope my FRiend that you’ll at least get something “back”. They will never let SS fail completely.
I know, never say never.
Do you mean under the age of 50?
oh ... you’ll see your dime. It will just be worth a penny then!
This is an excellent idea!
benefits will never be reduced. They might push back the retirement age or stop adjusting it for inflation, but it will never go down.
Unfortunately, even the combination of those two won't fix it at this point.
The Social Security Administration website has an entire section for proposals they have evaluated.
Individual Changes Modifying Social Security
I don't think most people realize the seriousness of this problem. We are well past the point of being able to do small "tweaks" that avoid the exhaustion of the Trust Fund. Even if something were done RIGHT NOW, it would stil have to be pretty drastic. From page 5 of the Social Security trustees report:
For the combined OASI and DI Trust Funds to remain solvent throughout the 75-year projection period:
Go back and read those alternatives, and remember that's what has to be done RIGHT NOW: either a 21% percent increase in taxes, or a 16.4% decrease in benefits (or some combination).
You can't do one or the other with small tweaks to the COLA or the retirement age.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.