Social Security Hits 1st Wave of Boomers

[Wags]

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]

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]

Didn't the Titanic sink?

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

Mudd

 

[HFWR]

SS will go broke in September, 2016...

 

[MasterBlaster]

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]

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]

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]

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]

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]

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

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

 

[unclemick]

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]

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 O0

 

[aenlighten]

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.

 

[haha]

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]

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]

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]

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

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

 

[unclemick]

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]

Potential SS Solution

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 O0

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]

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.

 

[Zoocat]

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.

LOL! You're divorced, old woman. Can't be a widow unless you were married at the time of his death. Too bad. I feel for ya!

 

[Wags]

In the Christian Science Monitor there is an article "Social Security in Crisis? Hardly?", from 3 Dec 2007 that sees the Social Security issue from a different viewpoint.

Social Security in crisis? Hardly. | csmonitor.com

It is an interesting read.

GOD BLESS

 

[Moemg]

LOL! You're divorced, old woman. Can't be a widow unless you were married at the time of his death. Too bad. I feel for ya!

I'm not so sure about this . You may not be a widow but you are a surviving divorced spouse and may be eligible for survivor benefit thru social security at 60 .It only takes a phone call to find out .

 

[TickTock]

Social Security Online has a bunch of resources as well.

 

[two4theroad]

Old woman,
My mother is in almost the same situation. Married 16 years then divorced. The SS office told her that when my father dies she can collect either his SS or hers. His is larger so she is hoping he kicks it soon. (It was not a friendly parting)
2fer