Social Security Cuts- What do you expect?

[Texas Proud]

On the other hand, if there are fewer jobs, there are fewer people paying SS taxes. Plus, I don't think the models planned for zero or even negative wage growth for a while.

IIRC, it took that into account... the hit on peoples savings was huge... so a long time to recover... the unemployment will be a lot shorter term....

Now, my boss thinks we are about to have a lost decade like Japan (who actually have had 2).... if that happens... then we are in for a lot more troubles...

 

[freebird5825]

Age 50 yrs 10 mos here. I know I was born at the tail end of the baby boom, and never used SS as a factor in my FIRE.
I have nothing in writing guaranteeing a SS benefit. Only a statement that arrives every year, starting with the words
"If you continue...".
"If" means If.
I'd rather see someone who w*rked hard all their life, not sitting on their keister whining, and needs it more than I do,
have a full benefit.
I really mean that. I do not need SS because of my survivor benefits and my own deferred pension coming at age 56.
If I get a benefit, I will use it. If I don't, well...

 

[Telly]

Telly, the 2005 number was 74%, the same as 2006. And the number for 2000 - 72%.

Thanks for the fill-in, REW.

So the worst-case payout percentage has improved from a predicted 72% up to a predicted 78%. Wonder what this summer's will show, if it will show a decline or not.

I figure my mailman might have filched my 2005 statement, probably sold it to someone, right before he transferred down to your serving post office to try a new route method there Well, he really could have, ya know.

 

[FinanceDude]

Agreed. The last time SS reform was proposed, I recall the government saying "If you are older than X, then you won't be affected." IIRC X was 55, right?

The age was 50, not 55........as I recall.........

 

[TromboneAl]

Imagine if privatization of SS had taken place when it was last proposed.

 

[bbbamI]

Well, I guess there is one good thing about being 51...

 

[ziggy29]

Imagine if privatization of SS had taken place when it was last proposed.

I think the recent market swoon has killed that idea for a while. The last thing a lot of people want to do now is trade the last bit of pension-like retirement certainty in their arsenal for more 401K...

 

[FinanceDude]

Imagine if privatization of SS had taken place when it was last proposed.

Actually I trust the equity markets more than I trust Uncle Sam........