Social Security Hits 1st Wave of Boomers

Wags · 10-09-2007, 06:42 AM

Today there's an article in USA today "Social Security Hits First Wave of Boomers."

Social Security hits first wave of boomers - USATODAY.com

I am sure that there will be many more articles on this subject matter.

Does anybody have any thoughts on the subject?

tightasadrum · 10-09-2007, 07:43 AM

I've thought for some time that the only way to clean up this problem would be to tie all federal and congressional pensions to the health of social security and medicare. If lawmakers focus on the financial soundness of SSA & Medicare, they get theirs. If they don't deal with it, nobody gets paid. Put us all on the Titantic together and a solution will miraculously appear.

Mudd · 10-09-2007, 08:00 AM

Didn't the Titanic sink?

Seriously, I agree. People are more apt to protect what concerns them.

Mudd

HFWR · 10-09-2007, 08:12 AM

SS will go broke in September, 2016...

MasterBlaster · 10-09-2007, 08:58 AM

Quote:

SS will go broke in September, 2016...

I believe the date of SS deficits has now been pushed back to 2017 ( but who's counting); Besides we can probably live off of the credit markets for a few years after that until the bond market demands some reality.

It's not that bad though, After examining the chart a 40 percent increase in SS taxes starting in say 2025 or so should do the trick.

kaudrey · 10-09-2007, 08:59 AM

Hey now! I work for the government but I work for an independent agency that doesn't use taxpayer money to run. I don't think my pension should be hurt because the lawmakers (who I have nothing to do with) can't balance budgets!

old woman · 10-09-2007, 09:02 AM

1946 babies were barely boomers since the war didn't end in time for the troops to come home get married and have babies. Most boomers I know were born 1947-1953 much after that didn't really have much to do with the war ending and families starting. My parents married in 1946 had us 1947-1948-1949 and most of the cousins were born with in 5 years but some as late as 1963 or so.

MasterBlaster · 10-09-2007, 09:03 AM

Along those lines a comprehensive overhaul of Medicare along with our medical system would go quite a ways to bring some sanity to the table.

medicare is the big problem for the budget.

HFWR · 10-09-2007, 09:05 AM

Quote:

Originally Posted by MasterBlaster

I believe the date of SS deficits has now been pushed back to 2017 ( but who's counting); Besides we can probably live off of the credit markets for a few years after that until the bond market demands some reality.

It's not that bad though, After examining the chart a 40 percent increase in SS taxes starting in say 2025 or so should do the trick.

September 2016 is when I'll be expecting my first check... Thus...

FinanceDude · 10-09-2007, 09:57 AM

Quote:

Originally Posted by HFWR

September 2016 is when I'll be expecting my first check... Thus...

Cash is quick, before it bounces..........

unclemick · 10-09-2007, 10:03 AM

Quote:

Originally Posted by FinanceDude

Cash is quick, before it bounces..........

1943 - spending now as we speak/post/er whatever.

And here until Katrina I was gonna hold off.

heh heh heh - I'll leave youse da change - if there is any!

Cb · 10-09-2007, 10:14 AM

I'm pretty sure this has been linked here before, but figured maybe some of you folks haven't seen it - The "Fix Social Security Game" web app:

American Academy of Actuaries Social Security Game

The changes required to address the SS funding shortfall don't seem all that draconian to me - as others have said, Medicare (and it's likely expansion) is the 800lb gorilla.

Cb

aenlighten · 10-09-2007, 11:54 AM

there is all this screaming about SS, is that the rate of increase in collections is decreasing which makes it more difficult for govt to keep borrowing. Govt's idea of a solution is to collect taxes and never have to return them as it makes budgeting so much simpler.

haha · 10-09-2007, 01:58 PM

Quote:

Originally Posted by kaudrey

Hey now! I work for the government but I work for an independent agency that doesn't use taxpayer money to run. I don't think my pension should be hurt because the lawmakers (who I have nothing to do with) can't balance budgets!

I see your point. Oddly enough those of us with no government pension other than SS feel the same.

Ha

Moemg · 10-09-2007, 04:07 PM

Quote:

Originally Posted by old woman

1946 babies were barely boomers since the war didn't end in time for the troops to come home get married and have babies. Most boomers I know were born 1947-1953 much after that didn't really have much to do with the war ending and families starting. My parents married in 1946 had us 1947-1948-1949 and most of the cousins were born with in 5 years but some as late as 1963 or so.

True but baby boomer widows or widowers can collect at 60 !

old woman · 10-10-2007, 12:08 AM

Quote:

True but baby boomer widows or widowers can collect at 60 !

I didn't kill my ex so he lived long enough for me to divorce him, he married two more and they divorced him then he died, am I a widow? I will be 60 in April. We were married more than 10 years now divorced for 23 widowed for 13 if I am a widow at all. I really wanted to be a widow instead of divorcing him but the law is you can't kill them even if they need killing.

Moemg · 10-10-2007, 08:42 AM

Social Security Online - Widows, Widowers & Other Survivors - Qualify and Apply

Check it out Old Woman you may be able to get widow benefits !

unclemick · 10-10-2007, 09:03 AM

A similar opinion was expressed by the SO the year we(er ahem 'I') did a 12k yearly budget in ER:

Discression being the better part of valor - the ER budget became more in the 18-24k range in subsequent years and the cast iron frying pan magically came out of hiding.

Alas - it was the cigarettes that got her in the end(2005) - emphysema.

heh heh heh

maxer · 10-10-2007, 10:39 AM

Quote:

Originally Posted by Cb

I'm pretty sure this has been linked here before, but figured maybe some of you folks haven't seen it - The "Fix Social Security Game" web app:

American Academy of Actuaries Social Security Game

The changes required to address the SS funding shortfall don't seem all that draconian to me - as others have said, Medicare (and it's likely expansion) is the 800lb gorilla.

Cb

From the above calculator/game?
1. Removing the cap on SS taxable income solves 93% of the problem. Hopefully, it will reduce the income gaps and ridiculously high salaries.
2. Investing in private sector with the above will solve the whole problem and some. Perhaps Mr. Bogle of Vanguard can offer some suggestions!

Rustic23 · 10-10-2007, 10:44 AM

Judging from what is coming from politicians, fixing SS is not on their minds. They appear very busy with new programs to buy votes. i.e. free health care; $5k per child; Government 401k's. You name it they got it.

10-09-2007, 06:42 AM	#1
Wags Full time employment: Posting here. Join Date: Aug 2007 Posts: 961	Social Security Hits 1st Wave of Boomers Today there's an article in USA today "Social Security Hits First Wave of Boomers." Social Security hits first wave of boomers - USATODAY.com I am sure that there will be many more articles on this subject matter. Does anybody have any thoughts on the subject?

10-09-2007, 07:43 AM	#2
tightasadrum Recycles dryer sheets Join Date: Aug 2006 Location: athens Posts: 495	I've thought for some time that the only way to clean up this problem would be to tie all federal and congressional pensions to the health of social security and medicare. If lawmakers focus on the financial soundness of SSA & Medicare, they get theirs. If they don't deal with it, nobody gets paid. Put us all on the Titantic together and a solution will miraculously appear. __________________ Can't you see yourself in the nursing home saying, " Darn! Wish I'd spent more time at the office instead of wasting time with family and friends."

10-09-2007, 08:12 AM	#4
HFWR Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: May 2005 Location: DFW Posts: 5,438	SS will go broke in September, 2016... __________________ Have Fun When Retired Never mind the furthermore, the plea is self defense...

10-09-2007, 11:54 AM	#13
aenlighten Recycles dryer sheets Join Date: Apr 2007 Posts: 270	The only reason there is all this screaming about SS, is that the rate of increase in collections is decreasing which makes it more difficult for govt to keep borrowing. Govt's idea of a solution is to collect taxes and never have to return them as it makes budgeting so much simpler.

10-09-2007, 08:00 AM	#3
Mudd Dryer sheet aficionado Join Date: Sep 2005 Posts: 36	Didn't the Titanic sink? Seriously, I agree. People are more apt to protect what concerns them. Mudd

10-09-2007, 08:59 AM	#6
kaudrey Full time employment: Posting here. Join Date: Feb 2006 Location: Alexandria, Va Posts: 504	Hey now! I work for the government but I work for an independent agency that doesn't use taxpayer money to run. I don't think my pension should be hurt because the lawmakers (who I have nothing to do with) can't balance budgets!

10-09-2007, 09:02 AM	#7
old woman Recycles dryer sheets Join Date: Dec 2005 Posts: 262	1946 babies were barely boomers since the war didn't end in time for the troops to come home get married and have babies. Most boomers I know were born 1947-1953 much after that didn't really have much to do with the war ending and families starting. My parents married in 1946 had us 1947-1948-1949 and most of the cousins were born with in 5 years but some as late as 1963 or so.

10-09-2007, 09:03 AM	#8
MasterBlaster Thinks s/he gets paid by the post Join Date: Jun 2005 Posts: 1,777	Along those lines a comprehensive overhaul of Medicare along with our medical system would go quite a ways to bring some sanity to the table. medicare is the big problem for the budget.

10-09-2007, 10:14 AM	#12
Cb Recycles dryer sheets Join Date: Jun 2002 Posts: 318	I'm pretty sure this has been linked here before, but figured maybe some of you folks haven't seen it - The "Fix Social Security Game" web app: American Academy of Actuaries Social Security Game The changes required to address the SS funding shortfall don't seem all that draconian to me - as others have said, Medicare (and it's likely expansion) is the 800lb gorilla. Cb

10-10-2007, 08:42 AM	#17
Moemg Thinks s/he gets paid by the post Join Date: Jan 2007 Location: Sarasota,fl. Posts: 3,096	Social Security Online - Widows, Widowers & Other Survivors - Qualify and Apply Check it out Old Woman you may be able to get widow benefits !

10-10-2007, 09:03 AM	#18
unclemick Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Jul 2003 Location: north of Kansas City Posts: 5,560	A similar opinion was expressed by the SO the year we(er ahem 'I') did a 12k yearly budget in ER: Discression being the better part of valor - the ER budget became more in the 18-24k range in subsequent years and the cast iron frying pan magically came out of hiding. Alas - it was the cigarettes that got her in the end(2005) - emphysema. heh heh heh

10-10-2007, 10:44 AM	#20
Rustic23 Thinks s/he gets paid by the post Join Date: Dec 2005 Location: Lake Livingston, Tx Posts: 1,030	Judging from what is coming from politicians, fixing SS is not on their minds. They appear very busy with new programs to buy votes. i.e. free health care; $5k per child; Government 401k's. You name it they got it.

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