Cinco Ranch Aggie said:

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I am targeting retirement in 4 years. The projected SS amount is the lowest number in my collection of data points. If I get it, okay, but for most of my career I have never expected to see a dime of this money the government helped itself to from my earnings. Thankfully I am doing very well with my other investments.

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When I get to 62, I'm going to apply for early payments if they're available.

They are NOT part of my retirement portfolio, however.

Instead, they're going into a hookers and blow account. Every January after that first year, I'll check the account and see how much money we have to piss away on useless *****

Rocky Rider said:

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YouBet said:

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SS payments are already means tested.

Not that they won't get means tested even harder going forward.

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The fact that SS payments are already means tested is not widely known. The framework is already in place to modify for deeper cuts; which are sure to come.

edit: and the CBO statement is part of the socialization process so there's a little less shock when the cuts do happen. They didn't make a public statement like that without coordinating with Congress.

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I've always expected they'd put means testing in place and **** all of us who maxed out for decades...

Because, why would WE need it even though we paid in the max every year.

Great article on the state of SS

It may be from 2008, but everything in it still holds...

Quote:

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The real problem starts only a decade or so from now, when Social Security begins to take in less cash than it spends.

How can I say that, given Social Security's $2.3 trillion (and growing) trust fund? It's because the fund owns nothing but Treasury securities. Normally, of course, Treasury securities are the safest thing you can hold in a retirement account. But Social Security's Treasurys won't help cover the program's cash shortfall because Social Security is part of the federal government. Having one arm of the government (Social Security) own IOUs from another arm (the Treasury) doesn't help the government as a whole cover its bills.

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And then this...

Quote:

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Here's why the trust fund has no financial value. Say that Social Security calls the Treasury sometime in 2017 and says it needs to cash in $20 billion of securities to cover benefit checks. The only way for the Treasury to get that money is for the rest of the government to spend $20 billion less than it otherwise would (fat chance!), collect more in taxes (ditto), or borrow $20 billion more (which is what would happen). The spend-less, collect-more, and borrow-more options are exactly what they would be if there were no trust fund. Thus, the trust fund doesn't make it any easier for the government to cover Social Security's cash shortfalls than if there were no trust fund.

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LOL at everyone thinking benefits will actually be reduced. A supermajority of folks are relying on SS. Only politically acceptable options are increasing the contribution ceiling, increasing taxes, bumping up retirement age a year or 2.

Yukon Cornelius said:

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Where the disconnect is boomers could buy homes for their families on a single income. Those you're criticizing for complaining can't afford homes. Look at the avg age of first time home buyers.



The older generations can't appreciate the economic oppression felt by the younger generations.

Society collapses and turns violent when young me don't have the economic opportunity to provide for and raise a family.

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There are several problems with house prices right now...

First, when people 20-30-50 years ago were buying houses in cities, there weren't that many people in those cities, and there was plenty of space to build new homes. Now, instead of getting houses in the suburbs or the city, you need to move to the exurbs, but many people still demand to live in the suburbs or the city. Guess what, high demand, low supply - go find the price on the chart...


Next, houses 20-30-50 years ago were MUCH smaller and MUCH less luxurious than the standard homes nowadays. Very few builders construct "starter homes" anymore. Everything is 2500 sqft or more with all sorts of luxury **** in it.

The house I moved into in 1978 in N San Antonio (right across from my HS and right at the city limits) was 1100 sqft. And it was a great neighborhood with a good school. And it didn't have **** for any kind of luxury stuff in it...

Hell, my dad grew up in inner SA in the West Ave/Hildebrand area and lived in one of those tiny 850 sqft houses...with 5 siblings...

Heck, the roof pitch alone adds a lot of material and labor. Back in the 70s, pitch was around 4:12. Now its 6/8:12. That's a lot more lumber and tiles and labor, just for a roof.

LMCane said:

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rocky the dog said:

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this is literally idiotic.

In 2025, the Social Security Administration (SSA) estimates it will pay out approximately $1.6 TRILLION in total benefits

In fiscal year 2025, total American foreign aid disbursements were approximately $32.5 billion.

This represents a significant decreaseroughly 52%from the $68 billion spent in 2024.

how many times does 32.5 billion go into 1.6 TRILLION?

that's the number of DAYS that Social security would be floated.

and the VAST amount of foreign aid GOES TO US WEAPONS MANUFACTURERS

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49 days...

Sid Farkas said:

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Americans only pay Social Security taxes on the first $176,100 they earn...raising that cap would cut the shortfall by nearly half...couple that with modest reductions in COLA and overall benefits would give the politicians time to fix it with privatization, etc.

I'm a current recipient and am happy to reduce bennie's if there was a solid plan to right the ship. There are millions of other folks who have planned their lives around a certain effective benefit value (contrary to what's been posted here, not all boomers are eating shrimp cocktails on the beach while the poor little Xer's, Z's and wtf they call themselves work and complain like they're rowing a goddam slave ship).

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Raising it HOW MUCH would cut the shortfall that much?

I do agree that there needs to be a reduction in the COLA. I think it's been proposed to tie it to the wage index rather than CPI...

BTW, don't say that we Gen X are *****ing...we've already gotten resigned to the fact we're gonna get ****ed. We just think that the whole SS system is bull*****..and we've also paid in for at least 40 years and would like to get at LEAST a little bit of our money back since the politicians ****ed us.

Ag with kids said:

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Yukon Cornelius said:

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We are bankrupt. Needs to end immediately. Sucks for those that paid into it but that's what happen when you don't vote against forced retirement plans managed by the government.

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Translation...


I haven't paid into it for that long, and I want it to end so my paycheck increases until I retire, since I wouldn't pay into it anymore.


So **** all you people that have paid into it for 40+ years and are getting it or about to get it, even though you had no ****ing choice...



How very Gen Z of you...

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You get what you've voted for all these years.

" Ag with kids said:
Translation...
I haven't paid into it for that long, and I want it to end so my paycheck increases until I retire, since I wouldn't pay into it anymore."

Sooo grasshopper, do you really believe the government is going to take action such that your paycheck goes up 12.4%? Or even 6.2%???

That will never happen. They will find a way to increase your income tax at least 6.2% and raise corporate taxes 6.2% of payroll.

I don't think you understand how time system works.

[Do not bypass obscenity filters -- Staff]

As a small business owner I chuckle every time someone says "my money" because the business puts in half of the Medicare and social security on top of earning of the employee mandated by the government. I send in money each month to the treasury for the people that say "my money".

It reminds me of this classic - yes I changed the words

Muy said:

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Which is why I'm taking SS benefits as soon as I hit 62 in 3 years.

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I was going to do the same, but since I took the DOGE buyout and did the deferred retirement from the VA, I was actually 63 and 2 months when I took it. ~$1250 a month baby!
It all goes into my Fidelity account.

Forget to add this was last fall, 2025.

Logos Stick said:

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Heck, the roof pitch alone adds a lot of material and labor. Back in the 70s, pitch was around 4:12. Now it's 6/8:12. That's a lot more lumber and tiles and labor, just for a roof.

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Simmer down, Pythagoras.

one safe place said:

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Ol_Ag_02 said:

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The first monthly Social Security retirement check was issued on January 31, 1940, for $22.54 to Ida May Fuller of Vermont. She had paid only $24.75 into the system over three years,

Recipient: Ida May Fuller, a retired legal secretary.
Contribution: She contributed $24.75 in payroll taxes between 1937 and 1939.

Total Benefits: Over her lifetime, she collected $22,888.92 in benefits, living to age 100.

We've been ****ed over.

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Today it takes from 5 to 7 years to get back what you contributed (double that if self-employed or work for your own company).

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My LLM says you're incorrect. A rough estimate of a lifetime contribution from working 40-45 years is $250-400k in Social Security taxes. That sounds about right because last time I checked I had paid in $343k. The average annual Social Security pension is ~$24k.

So let's just assume that I started drawing Social Security pension of $30k annually, it would take between 11-12 years to get back what I paid in but, that overlooks the impact of inflation. The dollar I paid into Social Security taxes from my first job in 1984 is worth $3.13 in 2026 dollars. So in reality, it takes far longer than 12 years to "get back" what was paid into Social Security.

sellthefarm said:

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Ag with kids said:

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Yukon Cornelius said:

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We are bankrupt. Needs to end immediately. Sucks for those that paid into it but that's what happen when you don't vote against forced retirement plans managed by the government.

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Translation...


I haven't paid into it for that long, and I want it to end so my paycheck increases until I retire, since I wouldn't pay into it anymore.


So **** all you people that have paid into it for 40+ years and are getting it or about to get it, even though you had no ****ing choice...



How very Gen Z of you...

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You get what you've voted for all these years.

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I didn't vote for that.

In fact, GWB tried to change it.

The ****ing Dems used their lackeys in the media to crucify the GOP for trying to kill grandma...

Who didn't see this coming (as of thirty years ago)?

Hungry said:

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ttu_85 said:

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Yukon Cornelius said:

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Where the disconnect is boomers could buy homes for their families on a single income. Those you're criticizing for complaining can't afford homes. Look at the avg age of first time home buyers.



The older generations can't appreciate the economic oppression felt by the younger generations.

Society collapses and turns violent when young me don't have the economic opportunity to provide for and raise a family.

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Yep, no question this is a real problem. Many young people are being deprived of opportunities. Yet the Democrats want to allow unfettered immigration to drive up housing and medical pricing and demand even further. Never mind their spend spend spend attitudes regarding the $39 Trillion Deficit.

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The national debt exploded under Trump and continued to rapidly grow under Biden, and has since gotten larger under Trump's second term. Neither party is serious about reducing it. It's completely unsustainable as is.

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Depends on how far back you want to go and how you want to look at the spending:

- Reagan had to fight off Carter's inflation and the USSR.

- Bush got us into Desert Wars.

- Obama's fundamental transformation of America with welfare and bureaucracy spending really f'ed us, so I would actually start the explosion with him. At least Reagan and Bush were reacting to external forces while Obama's was a planned and deliberate f'ing of America.

- Trump got to deal with COVID so I give him a pass early on with that because no one knew WTF was going on, but he's obviously no spend thrift anyway.

- Biden took it to the next level with continued, unnecessary COVID spending and Green New Deal Marxism and spent more than Trump.

Yukon Cornelius said:

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We are bankrupt. Needs to end immediately. Sucks for those that paid into it but that's what happen when you don't vote against forced retirement plans managed by the government.

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That's literally when I am hitting retirement age and "sucks" is kind of a mild way of putting it when 15% of my income and my wife's income for 50 years just gets taken and now it's "yeah, sorry we don't have any money and don't want to pay you going forward". How about no.

It was the prior generations that did this and not the Gen Xers (that are the only generation that votes solidly Republican and has never had power) that did this so screwing us after we paid more than anyone is awesome.

whoop1995 said:

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As a small business owner I chuckle every time someone says "my money" because the business puts in half of the Medicare and social security on top of earning of the employee mandated by the government. I send in money each month to the treasury for the people that say "my money".

It reminds me of this classic - yes I changed the words

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It's a cost of employment thus money that is designated for the employee similar to other benefits. It's part of your agreement to hire someone. Oh, and I have had small businesses as well.

A lot of Boomers will be off the books by 2032

Ol_Ag_02 said:

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Ag with kids said:

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Yukon Cornelius said:

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We are bankrupt. Needs to end immediately. Sucks for those that paid into it but that's what happen when you don't vote against forced retirement plans managed by the government.

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Translation...


I haven't paid into it for that long, and I want it to end so my paycheck increases until I retire, since I wouldn't pay into it anymore.


So **** all you people that have paid into it for 40+ years and are getting it or about to get it, even though you had no ****ing choice...



How very Gen Z of you...

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I've been paying for 25 years. Guess I'm just more willing to save this country.

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So you would get 20 or so years of being able to not pay 15% of your income (in your peak earning years) into SS and invest it where you wanted. Those on the edge of retirement don't have that option.

I voted for every candidate that even hinted at reform my entire life but nothing happened. I was paying in the max much of my career and had every tax code working against me. Even if I got paid out fully I would have to live to be old as hell to just get back my money with no interest.

So no I am not interested in living my final years scraping by so younger generations don't have to pay in anything and most will not save that money anyway but are more likely to blow it on stupid crap.

Again, the logical and sane way to fix this is to phase it out. It's not even a hard solution to determine.

A tax accountant can correct me on this but …

Income taxes are not reduced because Social Security is withheld from a paycheck, yet they are taxed as income again when one starts receiving Social Security benefits.

What a scam.

That being said, if the US Government eliminates Social Security without paying everyone back that which has been taken, copious tax payers will be screwed again.

IIIHorn said:

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A tax accountant can correct me on this but …

Income taxes are not reduced because Social Security is withheld from a paycheck, yet they are taxed as income again when one starts receiving Social Security benefits.

What a scam.

That being said, if the US Government eliminates Social Security without paying everyone back that which has been taken, copious tax payers will be screwed again.

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They are taxed again by the state after the federal government taxes you again depending on the state you live in. Thus, you can get taxed on them up to 3 different times, at least.

One HUGE problem with SS is the SS Disability payments. I prosecuted in a rural jurisdiction in west Texas and when a defendant would get probation, the judge would ask the defendant if he had the financial means to make payments on his fine, probation fees, etc.

The answer was always yes and when ask how the answer a lot of the time was he was on SS Disability. When ask what his disabilty was, hundreds of times the answer would be "I'm a crack addict (or pick whatever drug you want). YES, becoming addicted to an illegal substance one took voluntarily makes one eligible for SSI.

YouBet said:

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Again, the logical and sane way to fix this is to phase it out. It's not even a hard solution to determine.

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Pulling the ladder up from behind them. It's what boomers do best.

txwxman said:

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YouBet said:

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Again, the logical and sane way to fix this is to phase it out. It's not even a hard solution to determine.

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Pulling the ladder up from behind them. It's what boomers do best.

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Well, I'm Gen X and from a principle standpoint do not believe in SS at all. Phasing it out is the most logical, least impactful way to get rid of it. You simply let younger people keep their money instead of going to the government and you have a win-win. There will still be some pain somewhere in the process but a phase out mitigates the vast majority of it vs just stopping the program outright, or continuing to tax us even harder for it.

Knowing that my retirement will likely be garnished going forward to continue to pay for welfare such as SS I'm wholly in favor of phasing it out. If I have to take a haircut (and I would considering I'm 52), then so be it.

Rockdoc said:

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Waffledynamics said:

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Psycho Bunny said:

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SS is theft and should die a painful death.

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I agree, and the Boomers should feel the pain.

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So this is all the boomers fault?

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Are you new here? This is F16 where everything is the Boomers' fault.

B-1 83 said:

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Rockdoc said:

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Waffledynamics said:

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Psycho Bunny said:

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SS is theft and should die a painful death.

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I agree, and the Boomers should feel the pain.

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So this is all the boomers fault?

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This is F16 where everything is the Boomersfault.

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Pretty much the Literal Hitler generation, if we are being honest.

Ag with kids said:

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Yukon Cornelius said:

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We are bankrupt. Needs to end immediately. Sucks for those that paid into it but that's what happen when you don't vote against forced retirement plans managed by the government.

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Translation...


I haven't paid into it for that long, and I want it to end so my paycheck increases until I retire, since I wouldn't pay into it anymore.


So **** all you people that have paid into it for 40+ years and are getting it or about to get it, even though you had no ****ing choice...



How very Gen Z of you...

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Gen X and old millennials dont want to hear it. We're going to pay into it our entire careers and not get a ******* thing from it. At some point it will be cut off and Gen Z or alpha wont pay in any more.

Tex100 said:

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A lot of Boomers will be off the books by 2032

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At a death rate that is presently 3500-4000 per day and accelerating, the population of the Boomer generation will decrease from 67 million today to between 57-59 million Boomers ranging in age from 62 to 86.

this thread right here is yet another example of why SS is such a sticky political issue.

Of course the same thing comes up 3-4 times per year, with the same talking points and same ending

Ulysses90 said:

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Tex100 said:

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A lot of Boomers will be off the books by 2032

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At a death rate that is presently 3500-4000 per day and accelerating, the population of the Boomer generation will decrease from 67 million today to between 57-59 million Boomers ranging in age from 62 to 86.

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And then at some point GenX will be the hated old folks that the youngsters want to impale with pitch forks. Eventually the millennials will get their turn too.

lol.

txwxman said:

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YouBet said:

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Again, the logical and sane way to fix this is to phase it out. It's not even a hard solution to determine.

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Pulling the ladder up from behind them. It's what boomers do best.

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Actually the Generation who gets the biggest pass is WWII. SS was about to go bankrupt in the '80s when they were starting to retire and so they jacked up the tax rates on the younger folks to keep paying them with no cuts even though they were at the end of their working life so they got the benefits and left us with the taxes.

Gen X is already getting our age raised to 67 just as we are retiring but basically all the Boomers got to retire at 65. Reminds me of how they raised the drinking age from 18 to 21 and grandfathered in the Boomers so they got to enjoy college without having to deal with the nuisance of that law.

Gen X has gotten screwed over our entire lives and will continue to. We are between +10-+14 Republican as well so without us the Left would have total control yet we never have had real power, our choices have always been picking between different Boomers.