Potential $17,000 Social Security cut would catch most couples by surprise, survey finds
Millions of Americans could see their Social Security benefits cut in just nine years, and according to a recent report, most people have no idea.
A new Peter G. Peterson Foundation survey found that only 30% of Americans knew that Social Security benefits would be slashed by 21% in nine years if there were no reforms.
My Social Security benefits have already been cut in half by this administration: they just keep printing money which devalues the dollar and has caused the price of the market basket to multiply by 10; soon I'll pay $100 for a pound of apples but only if we keep these geniuses in charge after 2024
If the federal government would ....Stop wasting money on Ukraine and Israel also stop giving money to and spending money on illegal invaders we could take care of our obligations to social security, infrastructure and schools easily JD
Those two, combined, represent a small fraction of what is gobbled up by the domestic welfare system. (Yes, there is an international welfare of U.S. monies given to foreign individuals.)
The welfare just within our borders is more than the DoD budget. There are more multigenerational welfare takers getting more than the uniformed members of all military services.
I get that Rick but we piss away hundreds of billions of dollars on just those 2 countries, neither of which gives a rat's ass about us.. I'm in favor of cutting out the money laundering operation we have with the UN, NATO and all the rest but we have to start somewhere and those 2 boat anchors are a good start.. JD
That is so untrue. The millions of new illegals will all be taxed on their welfare payments. That money then can be used to make up for those $17,000 (lefty math).
The Boomers fiddled while Rome burned. All my life this has been predicted but nothing was ever done except re-electing the same crooks again and again. Go team red, or team blue, whichever you preferred. Sportsball culture for the sportsball addicted generation.
Actually, this is very BAD for the Fixed Income crowd that ISN'T IN the APPROVED Demoncratic (spelling intentional) grouping.
THEY BUY VOTES. They Punish folks that are NOT Approved by their crazies.
Economic Holodomor,[a] also known as the Ukrainian Famine,[8][b] was a man-made famine in Soviet Ukraine from 1932 to 1933 that killed millions of Ukrainians
Sub in Deplorables and there you go. Pretty hard to shoot a lack of money.
I remember the Volker era recession that the sad joke was "You can buy food, medicine, pay your bill, pay your rent-taxes. PICK 2". And "What Canned Cat food goes best with white rice".
Got trusted friends, got trusted family (not all family is trustable) a decent garden and out od debt?
What a kick in the teeth it would be IF the Lefties ALLOWED Trump to "Win" and take the FALL for the smoldering house of economic cards. Why NOT? Not like they have a viable candidate, eh?
Anyone capable of doing basic arithmetic is capable of coming to the truth of the Social Security system: Since it pays each recipient more than they paid into the system during their entire lifetime, the only way for it to remain solvent is to keep growing the contributions of those who are still working, so that those who are working provide the money needed to cover the checks being sent to the recipients. That is the very definition of a Ponzi scheme. There is only one outcome of any Ponzi scheme: they always run out of sheep to fleece to provide the funds needed to keep the scheme going. It is inevitable that the money will run out and Social Security will fail. There is no other possible outcome.
That's because life expectancies have increased so much. The answer would be to raise the retirement age to match. Politicians would never get elected on that policy. The people are too addicted to other people's money to much care, they just want "theirs". Principles were traded for a price sticker long ago.
Dunno what your SSN payment schedule is, but for me: if the US had set it up to allow multiple private investment companies to have SSN accounts and compete with each other for workers' SSN money then I would be receiving more each month without draining the principle fast enough to empty it unless I live past 100. ROI for SSN under the federal system is a ripoff, at least for me. YMMV.
Nonsense, @Divemedic. If I could get back what I paid in, WITHOUT INTEREST, I'd take it in a New York millisecond. Just parking it in a money market account would pay more than SS, and that's after gov't screwed me out of the interest all these years.
HOWEVER, for decades I was FORCED to Donate to the Ponzi Scheme and frankly think I'd like to get at least what I put IN AT the Inflation Adjusted Rate over those decades.
And as an aside, even though I currently do not have children in the public school system, I *Still* willingly pay my school TAXES for the ongoing schooling of other's kids. BTW I do keep my School Officials well informed of my thoughts and needs for their services.
So far, we've kept the Drag Queen story hour and such well away from our rural schools.
Unfortunately, Congress has stolen those funds for decades and spent them on largely useless vote buying schemes. That money you paid in is gone.
Like the Ponzi scheme it is, we have all been fleeced. SS itself was a way to get generations of Americans to vote for more taxes and bigger government. That's why the AARP is the largest special interest group in DC.
Understood and agreed, @Divemedic. So why take it out on the ones who were cheated? Wouldn't justice argue that the scammers themselves pay the price? Asset stripped to the skivvies and sold into slavery, if that's what it takes?
That article is a pretty long winded way of saying "raise payroll taxes". Fuck that. As far as I'm concerned I'll never see social security, so why should I pay for anyone else's?
Taxes are money taken from me by the barrel of a gun, for the crime of being productive. I will continue to minimize my taxable income. There is a number, that after that number my taxes go up. I stop working for the year before I hit that number. I live debt free, on property paid for in cash and I am working to grow as much food as possible on the property. This society needs me way more than I need it.
If $17,000 is a 21% cut, that comes out to "the average couple" receiving $80,952 per year. I made about that much per year just before I retired about 5 years ago. At a very good job. The numbers in the article seem a little suspect. Uncle Dave
Sounds a little fishy. The "standard" payout, which is if you made more than the maximum ($168k in 2022, I think) for at least 20 years, is somewhere over $45k per year. So the average recipient is a married couple who made around $100k EACH every year since 2000 or so?
Such a couple would have paid in roughly $24k per year, plus whatever they paid the 20 years before that, and expect to draw benefits maybe half as long as they paid in?
The major crippling factor in the balance sheet is somewhere around 20% of the recipients are minor survivors (who get benefits until they turn 18) and disability, which absolutely exploded over the last 5 years.
The disability…..defined as just about anything. “Anxiety” is the biggest growth market there. Get that signed off by a “doctor” and it’s lifetime benefits even if you have not paid in a dime.
It's not even close to being that easy. My wife has severe physical disabilities that started when she was in her late 40s, and she was denied 2 times by the SS administration which is typical according to the attorney she eventually hired. Her third attempt, she had to go before a judge who finally granted it. Her lawyer said being denied at least twice is very typical, and that was in California. The process took about 2 years. Also, her SSI check is a little more than half of my regular SS check even though she worked 2 jobs most of her life supporting 2 kids that she never collected child support or any government aid for.
So they're going to crank up the pressure on the generations who never got to benefit from SS, then it's going to disappear, and we'll return to the norm (work until you die) before that evil program was instituted in 1935. How shocking. Fuck my grandsons (and granddaughter) up the ass, then leave em bleeding in the corner. God damn the American government, the Fed, and the people who let and made this happen over the past 80 years. Vengeance is the Lord's, and I hope it's agonizing.
...But WELFARE is NEVER on the chopping block...
ReplyDeleteThe left is very very very good at creating new words for existing things, but they'll NEVER change the word 'welfare' to 'BUYING VOTES'.
DeleteNor are government pensions.
DeleteWould I owe them the difference between what I now get? sheesh...
ReplyDeleteMy Social Security benefits have already been cut in half by this administration:
ReplyDeletethey just keep printing money which devalues the dollar and has caused the price of the market basket to multiply by 10; soon I'll pay $100 for a pound of apples
but only if we keep these geniuses in charge after 2024
Maybe it's time to audit who is receiving benefits.
ReplyDeleteIf the federal government would ....Stop wasting money on Ukraine and Israel also stop giving money to and spending money on illegal invaders we could take care of our obligations to social security, infrastructure and schools easily
ReplyDeleteJD
Those two, combined, represent a small fraction of what is gobbled up by the domestic welfare system. (Yes, there is an international welfare of U.S. monies given to foreign individuals.)
DeleteThe welfare just within our borders is more than the DoD budget. There are more multigenerational welfare takers getting more than the uniformed members of all military services.
I get that Rick but we piss away hundreds of billions of dollars on just those 2 countries, neither of which gives a rat's ass about us.. I'm in favor of cutting out the money laundering operation we have with the UN, NATO and all the rest but we have to start somewhere and those 2 boat anchors are a good start..
DeleteJD
What would be better is if no money at all was spent on giving anything to illegal aliens. Think how much money we'd save.
DeleteThat is so untrue.
ReplyDeleteThe millions of new illegals will all be taxed on their welfare payments.
That money then can be used to make up for those $17,000
(lefty math).
At my age I don'r give a shit since in less than 9 years I'll be residing in an urn.
ReplyDeleteYou have a schedule to keep? I'm 72, and expect to get another 30.
DeleteThe Boomers fiddled while Rome burned. All my life this has been predicted but nothing was ever done except re-electing the same crooks again and again. Go team red, or team blue, whichever you preferred. Sportsball culture for the sportsball addicted generation.
ReplyDeleteActually, this is very BAD for the Fixed Income crowd that ISN'T IN the APPROVED Demoncratic (spelling intentional) grouping.
ReplyDeleteTHEY BUY VOTES. They Punish folks that are NOT Approved by their crazies.
Economic Holodomor,[a] also known as the Ukrainian Famine,[8][b] was a man-made famine in Soviet Ukraine from 1932 to 1933 that killed millions of Ukrainians
Sub in Deplorables and there you go. Pretty hard to shoot a lack of money.
I remember the Volker era recession that the sad joke was "You can buy food, medicine, pay your bill, pay your rent-taxes. PICK 2". And "What Canned Cat food goes best with white rice".
Got trusted friends, got trusted family (not all family is trustable) a decent garden and out od debt?
What a kick in the teeth it would be IF the Lefties ALLOWED Trump to "Win" and take the FALL for the smoldering house of economic cards. Why NOT? Not like they have a viable candidate, eh?
Anyone capable of doing basic arithmetic is capable of coming to the truth of the Social Security system: Since it pays each recipient more than they paid into the system during their entire lifetime, the only way for it to remain solvent is to keep growing the contributions of those who are still working, so that those who are working provide the money needed to cover the checks being sent to the recipients.
ReplyDeleteThat is the very definition of a Ponzi scheme. There is only one outcome of any Ponzi scheme: they always run out of sheep to fleece to provide the funds needed to keep the scheme going.
It is inevitable that the money will run out and Social Security will fail. There is no other possible outcome.
Yes.
DeleteThat's because life expectancies have increased so much. The answer would be to raise the retirement age to match. Politicians would never get elected on that policy. The people are too addicted to other people's money to much care, they just want "theirs". Principles were traded for a price sticker long ago.
DeleteDunno what your SSN payment schedule is, but for me: if the US had set it up to allow multiple private investment companies to have SSN accounts and compete with each other for workers' SSN money then I would be receiving more each month without draining the principle fast enough to empty it unless I live past 100. ROI for SSN under the federal system is a ripoff, at least for me. YMMV.
DeleteNonsense, @Divemedic. If I could get back what I paid in, WITHOUT INTEREST, I'd take it in a New York millisecond. Just parking it in a money market account would pay more than SS, and that's after gov't screwed me out of the interest all these years.
DeleteCannot disagree with your math Divemedic.
ReplyDeleteHOWEVER, for decades I was FORCED to Donate to the Ponzi Scheme and frankly think I'd like to get at least what I put IN AT the Inflation Adjusted Rate over those decades.
And as an aside, even though I currently do not have children in the public school system, I *Still* willingly pay my school TAXES for the ongoing schooling of other's kids. BTW I do keep my School Officials well informed of my thoughts and needs for their services.
So far, we've kept the Drag Queen story hour and such well away from our rural schools.
Unfortunately, Congress has stolen those funds for decades and spent them on largely useless vote buying schemes. That money you paid in is gone.
DeleteLike the Ponzi scheme it is, we have all been fleeced. SS itself was a way to get generations of Americans to vote for more taxes and bigger government. That's why the AARP is the largest special interest group in DC.
Understood and agreed, @Divemedic. So why take it out on the ones who were cheated? Wouldn't justice argue that the scammers themselves pay the price? Asset stripped to the skivvies and sold into slavery, if that's what it takes?
DeleteSlashing payments would be political suicide for many congress critters. Don't know what they'll do to prevent it but they will do something.
ReplyDeleteThey'll do something all right; they'll kick that can further down the road.
DeleteThat article is a pretty long winded way of saying "raise payroll taxes". Fuck that. As far as I'm concerned I'll never see social security, so why should I pay for anyone else's?
ReplyDeleteTaxes are money taken from me by the barrel of a gun, for the crime of being productive. I will continue to minimize my taxable income. There is a number, that after that number my taxes go up. I stop working for the year before I hit that number. I live debt free, on property paid for in cash and I am working to grow as much food as possible on the property. This society needs me way more than I need it.
I am John Galt.
If $17,000 is a 21% cut, that comes out to "the average couple" receiving $80,952 per year. I made about that much per year just before I retired about 5 years ago. At a very good job. The numbers in the article seem a little suspect.
ReplyDeleteUncle Dave
Sounds a little fishy. The "standard" payout, which is if you made more than the maximum ($168k in 2022, I think) for at least 20 years, is somewhere over $45k per year. So the average recipient is a married couple who made around $100k EACH every year since 2000 or so?
DeleteSuch a couple would have paid in roughly $24k per year, plus whatever they paid the 20 years before that, and expect to draw benefits maybe half as long as they paid in?
The major crippling factor in the balance sheet is somewhere around 20% of the recipients are minor survivors (who get benefits until they turn 18) and disability, which absolutely exploded over the last 5 years.
The disability…..defined as just about anything. “Anxiety” is the biggest growth market there. Get that signed off by a “doctor” and it’s lifetime benefits even if you have not paid in a dime.
DeleteIt's not even close to being that easy. My wife has severe physical disabilities that started when she was in her late 40s, and she was denied 2 times by the SS administration which is typical according to the attorney she eventually hired. Her third attempt, she had to go before a judge who finally granted it. Her lawyer said being denied at least twice is very typical, and that was in California. The process took about 2 years. Also, her SSI check is a little more than half of my regular SS check even though she worked 2 jobs most of her life supporting 2 kids that she never collected child support or any government aid for.
DeleteLOL We will soon be back to the historical retirement plan, the one most X'ers figured would be made for them:
ReplyDeleteWork until you die, unless you saved something on your own.
It better be a savings in tangibles, because the FRN system is also a Ponzi scheme.
So they're going to crank up the pressure on the generations who never got to benefit from SS, then it's going to disappear, and we'll return to the norm (work until you die) before that evil program was instituted in 1935. How shocking. Fuck my grandsons (and granddaughter) up the ass, then leave em bleeding in the corner. God damn the American government, the Fed, and the people who let and made this happen over the past 80 years. Vengeance is the Lord's, and I hope it's agonizing.
ReplyDelete