So who will pay our SS?

[Cut-Throat]

Inability to form reasonable and coherent thoughts is often a failure of the educational system.

Yes, I was wondering what educational system has failed you?

 

[moghopper]

Yes, I was wondering what educational system has failed you?

Apparently the one from 1946 to 1964.

 

[ProfHaroldHill]

Inability to form reasonable and coherent thoughts is often a failure of the educational system.

Mog, old boy, I don't understand your logic here. The comment is quite clear, fully coherent, and spot on.



HH

 

[riskadverse]

I have to admit being a baby boomer has always seemed like I was in the "sweet spot".   It's only natural for other generations to have some animosity towards us.   When the bulk of us retire (voluntarily or otherwise), it should be interesting to see if we will come together again to wield political clout to achieve our (possibly under-funded) needs.

 

[Marshac]

it should be interesting to see if we will come together again to wield political clout to achieve our (possibly under-funded) needs.

The AARP is standing by to accept your donations to make all your underfunded dreams come true.

This has been rehashed many times before on this board, but as a group, boomers' needs are already underfunded. The typical boomer has an average 401k balance of only around $50k if I remember correctly. Using the hotly debated 4.5% SWR, that's only ~$2k/year. As Mog stated earlier, it's evidence that (on average) boomers' didn't care to save for their own retirement, nor do they seem to have any desire to make any serious sacrifices to pay for their future. Every single person here is an exception to these blanket statements of course, and you shouldn't resent the data pertaining to your cohorts... be happy that you're not with them.

I believe that everyone should be entitled to the Social Security benefits we have all paid for- it's NOT welfare, it's a government sponsored pension plan. Unfortunately, the plan is underfunded any way you choose to look at it, and until we can all finally decide to discuss the problem like grown ups, it's not going to be fixed.

 

[Michael]

...it's a government sponsored pension plan. Unfortunately, the plan is underfunded any way you choose to look at it...

Just like most corporate plans, state and local government pension plans, and 401k/IRAs. There seems to be a pattern emerging here.

 

[Gone4Good]

I have to admit being a baby boomer has always seemed like I was in the "sweet spot".   

That's funny.  In some respects I feel like I'm in the "sweet spot" having benefited from the lessons my baby boomer father learned the hard way.  He grew up thinking he'd spend his life working at a single large company and in exchange for his loyalty that company would take care of him in retirement just as they did for his father.  What he got instead was forced early retirement at substantially reduced benefits.  From his experience I learned early what he could not have known before it was too late - that neither a company nor the government can be trusted to provide for your financial security.

As to the original question "who will pay our social security?" - the answer of course is "I" will.  Just as "I" will pay for everyone else's between now and then.  

 

[haha]

As to the original question "who will pay our social security?" - the answer of course is "I" will.  Just as "I" will pay for everyone else's between now and then.  

We should all get together and thank this guy "I", whoever he is. We need him! 

Ha

 

[Gone4Good]

We should all get together and thank this guy "I", whoever he is. We need him! 
Ha

Well then feel free to thank any working person under the age of 35-40. That person will spend a lifetime paying into the system to cover current and future retirees but, as a matter of necessity, will likely see very little or no benefits themselves. That person will, therefore, have to save more during their lifetime to make up for the social security benefits they are supposed to get today, but probably will not. So feel free to thank the working young for funding both their own, and their parent's, social security.

 

[SteveR]

Well then feel free to thank any working person under the age of 35-40.  That person will spend a lifetime paying into the system to cover current and future retirees but, as a matter of necessity, will likely see very little or no benefits themselves.  That person will, therefore, have to save more during their lifetime to make up for the social security benefits they are supposed to get today, but probably will not.  So feel free to thank the working young for funding both their own, and their parent's, social security. 

They will also be paying for their grandparents benefits too.

My mother, my brother my wife and I would like to thank you all. Keep working and paying into the system. Us old farts want to cruise the Riveria on our huge SS checks.

I intend to get all my money back and more from the system before I croak. I have been paying in for over 35 years and I am looking forward to getting at least some of it back.

Actually, most of us with decent retirement incomes will most likely be scaled back on benefits in the future. I will take mine as soon as I can to at least get some of it back.

 

[Gone4Good]

My mother, my brother my wife and I would like to thank you all. Keep working and paying into the system.  Us old farts want to cruise the Riveria on our huge SS checks.   

You're welcome.   

The least you can do, though, is post some photos so we can see that our tax dollars are being well spent. 

 

[REWahoo]

Actually, most of us with decent retirement incomes will most likely be scaled back on benefits in the future. I will take mine as soon as I can to at least get some of it back.

I seriously doubt means testing will be applied to those already receiving benefits or even those of us close to receiving them. The political consequences would be severe, and our esteemed elected officials in our nations capital will not risk being voted out of office, which would certainly happen.

"Hell hath no fury like a boomer 'cheated' out of their SS."

 

[Jay_Gatsby]

I haven't read the entire thread, but I've never been a big fan of Ponzi schemes. You should get out of Social Security what you put in, along with a conservative amount of interest compounded over the years. Since it's your money, when you can start receiving it should be irrelevant, although I understand that the purpose of SS is to ensure that our nation's elderly are not destitute in their remaining years.

Unfortunately, SS isn't run this way, and never will be...

 

[Cut-Throat]

I haven't read the entire thread, but I've never been a big fan of Ponzi schemes.  You should get out of Social Security what you put in, along with a conservative amount of interest compounded over the years. 

Social Security was set up as a retirement insurance program. It does not mean you should get out of it what you paid into it! - It was never set up that way! Any more than you should expect to get the money you paid into Auto Insurance if you never had an accident or Home Insurance if you never had a fire etc.

There are plenty of companies defaulting on their promises to employees, that gave their lives to these businesses. Social Security may be their only salvation.

So it is not a Ponzi Scheme, anymore than any other Insurance business.

 

[Jarhead*]

Social Security was set up as a retirement insurance program. It does not mean you should get out of it what you paid into it! - It was never set up that way! Any more than you should expect to get the money you paid into Auto Insurance if you never had an accident or Home Insurance if you never had a fire etc.

There are plenty of companies defaulting on their promises to employees, that gave their lives to these businesses. Social Security may be their only salvation.

So it is not a Ponzi Scheme, anymore than any other Insurance business.

Listen to Cut-Throat. He doesn't let the tying of flies, and all his elaborate trips interfere with his thought process.

In addition to the analogy about Soc. Sec. being like an ins. product, (I've personally paid over $75,000 in ins. products, Auto, Ho's, etc.) and
doubt if the ins. co. would entertain the thought of a refund for the unused portion. Soc. Sec.
also covers the family in the event that the breadwinner is taken early, and there are children involved. (Up to age 18). Also for the blind, etc. etc.

Not getting political here, as I am a big fan of the "good lord helps those who helps themselves" school of thought, the old boy (FDR)
came up with a good plan to force individuals that would otherwise not (or could not) save anything to have some kind of a safety-net when they need it the most.

IMHO, Soc. Sec. is solidly woven into the fabric of our country, and I'm personally confident that it will be there for my adult children. (Along the way, there will be a few ox being gored, ceiling raised, mean tested, etc. but for the rank and file, it has been too good of an idea to abandon.

 

[Gone4Good]

So it is not a Ponzi Scheme, anymore than any other Insurance business.

The difference is that if I knew my insurance company was bankrupt, I'd stop paying the premiums. With SS, I don't have that choice.

 

[Cut-Throat]

The difference is that if I knew my insurance company was bankrupt, I'd stop paying the premiums.  With SS, I don't have that choice.

Sure you do! - A couple of choices

1.) Quit working

2.) Leave the Country

 

[Gone4Good]

Sure you do! - A couple of choices

1.) Quit working

2.) Leave the Country

No chance I can just get another insurance company??

 

[JPatrick]

I have to take issue with you on this one jarhead. 
While it's true you may not feel like you are getting anything for your insurance dollars, I consider that quite different from money spent for Ho's.  With Ho's, you should be getting instant gratification for your expenditures.  If not, maybe it's time to get some quotes elsewhere. 
Just my two cents.

 

[Jarhead*]

I have to take issue with you on this one jarhead. 
While it's true you may not feel like you are getting anything for your insurance dollars, I consider that quite different from money spent for Ho's.  With Ho's, you should be getting instant gratification for your expenditures.  If not, maybe it's time to get some quotes elsewhere. 
Just my two cents.

JPatrick: Are we talking somethink kinky here?

How could I get instant gratification from a ho's policy?

Please let me know, hell I may enjoy it.

 

[REWahoo]

JPatrick: Are we talking somethink kinky here?

How could I get instant gratification from a ho's policy?

Please let me know, hell I may enjoy it.

Jarhead: Is she, you know, a "ho"? (Ho, Ho, Ho!)

 

[Jarhead*]

Jarhead:  Is she, you know, a "ho"?  (Ho, Ho, Ho!)

Yep, I think I just got "blind-sided" from our friend JPatrick.

JPatrick: Good one, but no fair masking by using a frown instead of a smiley. (Did Cube-Rat put you up to this?)

 

[cube_rat]

Yep, I think I just got "blind-sided" from our friend JPatrick.

JPatrick: Good one, but no fair masking by using a frown instead of a smiley. (Did Cube-Rat put you up to this?)

Hey, I mean Ho! I'm innocent

 

[Jarhead*]

Hey, I mean Ho!  I'm innocent 

Cube: What are you doing up so early?

I've got an 8:00 Tee-off is my excuse.

 

[cube_rat]

Cube: What are you doing up so early?

I've got an 8:00 Tee-off is my excuse.

I'm waiting for the gym to open so I could do my 90 minutes of cardio...