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Old 08-25-2021, 04:41 PM   #21
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Old 08-25-2021, 04:57 PM   #22
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Social Security was in crisis once before during the Reagan years. It was fixed by spreading the pain around between future and current SS recipients, including raising payroll taxes, raising the filing ages, and taxing current recipient benefits. This time around discussions include raising the filing ages again, fiddling with the inflation adjustments (basically not keeping up with real inflation), means testing, removing the earnings cap, and increasing benefits subject to taxes. This is a pretty good article on the subject - https://www.forbes.com/sites/stevepa...h=6c39d6fa3b1e

Congress will likely fix SS, but fixing it doesn't mean there won't be any reduction in benefits at all for current or future recipients. They will likely just spread the pain around again like last time and give the cuts stealth names like chained CPI to make them more palatable to voters.
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Old 08-25-2021, 04:59 PM   #23
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Gov is issuing a new postage stamp soon. It will be a "forever" stamp and will have an image of the treasury's money printing press on it. Count on it.

money printer.jpeg
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Old 08-25-2021, 05:38 PM   #24
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I would love the actuaries at Social Security and Medicare to step up and tell us their projections of how Covid and especially Long Covid are going to affect their income and outgo. Millions of fully and partially disabled people will leave or reduce their participation in the work force. And, being actuaries, you know these folks have made some detailed estimates of the impact.
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Old 08-25-2021, 05:41 PM   #25
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Social Security was in crisis once before during the Reagan years. It was fixed by spreading the pain around between future and current SS recipients, including raising payroll taxes, raising the filing ages, and taxing current recipient benefits....
They (Reagan govt) also made federal contractors (and federal employees too?) pay into SS. Before then, you didn't have to. I know, because I worked for a federal contractor, starting in 1981. I didn't have to pay SS taxes. Starting in 1983 or thereabouts I did, although under the then-current new SS law we could "grandfather out" and continue to not pay SS taxes. I'm glad I decided to not opt out. I'll be getting some nice change $ when I start collecting SS benefits in a couple of years.
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Old 08-25-2021, 05:42 PM   #26
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Letís all practice some social distancing with this topic and prevent it from being infected with Covid.
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Old 08-25-2021, 05:52 PM   #27
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Letís all practice some social distancing with this topic and prevent it from being infected with Covid.


^^^^^^ Great suggestion.
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Old 08-25-2021, 06:09 PM   #28
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+1
Not something I am going to worry about. Too many other things to think about like what flavor of ice cream I'm buying next.


Cheers!
There you go.
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Old 08-25-2021, 06:15 PM   #29
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Is there also a possibility that, if there is eventually a shortfall, they simply try to make up the difference out of the general fund, or whatever they call it? Basically, just ramp up the printing presses and let the good times roll!

Of course, if you think the National Debt is bad now, this would be like a "Hold mah beer an' watch THIS!" moment. But, that doesn't seem to be bothering too many people, for the moment at least.
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Old 08-25-2021, 06:23 PM   #30
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Old 08-25-2021, 06:26 PM   #31
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Wait, I thought half of those over the age of 65 already died from COVID!!!! Aren't there fewer SS checks going out?
But, but, but the headlines also say fewer people work now. They all take ER, and don't want to pay into SS anymore.
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Old 08-25-2021, 06:32 PM   #32
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But right by whose books?

Raise tax rate - people who pay tax don't like it.

Raise retirement age - people who are relying on SS to retire don't like it.

Raise the cap - I like it because I am not working, but ask those who work. But I think this is the least painful option. However, in the current formula, if you raise the cap, it means that the total cap will have to raise to pay out more to the high income earners who contributed to the system for the full 35 years. Unless there is no change to the total cap, then they don't get more SS back despite paying more into the system.

Reduce COLA - it is already a problem for retirees because COLA is insufficient to cover their health care cost increase.

So, for me, raise the cap should be the way to go. But I am just a little person behind the screen with a keyboard here.

That's why I suggested them all, a little misery for everybody. I usually have 5 ideas, but couldn't come up with the fifth and still haven't.
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Old 08-25-2021, 06:44 PM   #33
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Looks like the general consensus here is that Ss is not going to go away or significantly reduced in the future. However, when we read about individual retirement plans, some forum members are not counting on SS being available. Are they being too conservative? Curious to know.
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Old 08-25-2021, 07:01 PM   #34
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Government will:
  • continue to pay to current payees

Government may:
  • raise the income cap
  • slowly raise the retirement age (70)? for the young wage earners
  • adjust the bend points
  • (possibly) raise the payroll tax but most likely only on the employer side

Government will not:
  • Cut benefits for recipients in pay status
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Old 08-25-2021, 07:07 PM   #35
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It would be political suicide for any politician to vote to reduce payouts to current SS recipients. Us old geezers vote big time.
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Old 08-25-2021, 07:15 PM   #36
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Looks like the general consensus here is that Ss is not going to go away or significantly reduced in the future. However, when we read about individual retirement plans, some forum members are not counting on SS being available. Are they being too conservative? Curious to know.
Great point. I'm one who never included SS in my retirement planning until the past year (I just turned 57). It was too much of an unknown earlier on. And far better to over-save than under-save. If we could manage fine without SS, than we'd be in extra good shape with SS. Now that retirement is close (within a year or so), I've started including SS in my projections.
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Old 08-25-2021, 07:26 PM   #37
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It would be political suicide for any politician to vote to reduce payouts to current SS recipients. Us old geezers vote big time.
That is why they use terms like chained CPI instead of benefit cuts. Benefits have been tweaked, including cuts, in many ways over the years, like raising taxes on benefits and then putting the tax money back into the SS trust fund. The taxable thresholds set up in 1984 aren't indexed to inflation, so that is another subtle way benefits are cut each year for many retirees.
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Old 08-25-2021, 07:42 PM   #38
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Yes! Many people have told me that SS would soon be insolvent. Only a few years left.

Oh wait! That was 56 years ago when I first entered the workforce.

Never mind.
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Old 08-25-2021, 08:30 PM   #39
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marketwatch sucks. click bait central
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Old 08-25-2021, 08:44 PM   #40
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I'm often camfused myself, seems you are also.

These SS insolvencies happen often. I hope you recall, if not, i'd see a Dr. hoping my memories fine.
Im not kidding.
This is a repetitive topic, akin to focused inflationary discussions.

Kick the can!

Good luck & Best wishes...
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