 |
|
Social Security Hits 1st Wave of Boomers
10-09-2007, 05:42 AM
|
#1
|
|
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?:confused:
|
|
|
 |
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
|
10-09-2007, 06:43 AM
|
#2
|
|
Full time employment: Posting here.
Join Date: Aug 2006
Location: athens
Posts: 802
|
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, 07:00 AM
|
#3
|
|
Dryer sheet aficionado
Join Date: Sep 2005
Posts: 42
|
Didn't the Titanic sink? 
Seriously, I agree. People are more apt to protect what concerns them.
Mudd
|
|
|
|
|
10-09-2007, 07:12 AM
|
#4
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
|
SS will go broke in September, 2016... 
__________________
Have Funds, Will Retire
...not doing anything of true substance...
|
|
|
|
|
10-09-2007, 07:58 AM
|
#5
|
|
Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,391
|
 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.
|
|
|
|
|
10-09-2007, 07:59 AM
|
#6
|
|
Thinks s/he gets paid by the post
Join Date: Feb 2006
Location: Alexandria, Va
Posts: 1,053
|
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, 08:02 AM
|
#7
|
|
Full time employment: Posting here.
Join Date: Dec 2005
Posts: 567
|
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, 08:03 AM
|
#8
|
|
Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,391
|
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, 08:05 AM
|
#9
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
|
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...
__________________
Have Funds, Will Retire
...not doing anything of true substance...
|
|
|
|
|
10-09-2007, 08:57 AM
|
#10
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
|
Quote:
Originally Posted by HFWR
September 2016 is when I'll be expecting my first check... Thus...
|
Cash is quick, before it bounces.......... 
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
|
|
|
|
|
10-09-2007, 09:03 AM
|
#11
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2003
Location: Kansas City
Posts: 7,968
|
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!
|
|
|
|
|
10-09-2007, 09:14 AM
|
#12
|
|
Recycles dryer sheets
Join Date: Jun 2002
Posts: 376
|
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 
|
|
|
|
|
10-09-2007, 10:54 AM
|
#13
|
|
Recycles dryer sheets
Join Date: Apr 2007
Posts: 275
|
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, 12:58 PM
|
#14
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
|
I see your point. Oddly enough those of us with no government pension other than SS feel the same.
Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
|
|
|
|
|
10-09-2007, 03:07 PM
|
#15
|
|
Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
|
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 !
|
|
|
|
|
10-09-2007, 11:08 PM
|
#16
|
|
Full time employment: Posting here.
Join Date: Dec 2005
Posts: 567
|
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.
|
|
|
|
|
10-10-2007, 07:42 AM
|
#17
|
|
Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
|
|
|
|
|
|
10-10-2007, 08:03 AM
|
#18
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2003
Location: Kansas City
Posts: 7,968
|
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, 09:39 AM
|
#19
|
|
Dryer sheet aficionado
Join Date: Jul 2007
Posts: 35
|
Potential SS Solution
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!
|
|
|
|
|
10-10-2007, 09:44 AM
|
#20
|
|
Thinks s/he gets paid by the post
Join Date: Dec 2005
Location: Lake Livingston, Tx
Posts: 4,204
|
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.
|
|
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
|
| Thread Tools |
|
|
| Display Modes |
 Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|
