Board index › Topical Discussion › Politics, Philosophy, and Religion

Retire in 5 years?

Page 4 of 4 [ 61 posts ]  Go to page Previous  1, 2, 3, 4

Previous topic | Next topic

auntblabby
Veteran
Veteran

User avatar

Joined: 12 Feb 2010
Gender: Male
Posts: 115,266
Location: the island of defective toy santas

28 Jan 2019, 2:37 am

what source tells you this? faux news is full of lies.



Heat8444
Butterfly
Butterfly

User avatar

Joined: 28 Jan 2019
Age: 49
Gender: Male
Posts: 9

28 Jan 2019, 2:37 am

auntblabby wrote:
no it will NOT be "bankrupt" but it WILL have to reduce its payments to retirees by about 25%.
How often? Every year? Do that math and see how it works. LOL That's liberal logic for you.



Heat8444
Butterfly
Butterfly

User avatar

Joined: 28 Jan 2019
Age: 49
Gender: Male
Posts: 9

28 Jan 2019, 2:38 am

auntblabby wrote:
what source tells you this? faux news is full of lies.

Simple math. Alot more money is coming out than going in.



auntblabby
Veteran
Veteran

User avatar

Joined: 12 Feb 2010
Gender: Male
Posts: 115,266
Location: the island of defective toy santas

28 Jan 2019, 2:46 am

that is assuming the crookedassed GOP stays in power after all this mess, and fails to shore it up. 25% less every year is still a helluva lot better than 100% less [IOW NPD], and if you "do the math" you will see that it is NOT bankrupt or anything near bankrupt.



Heat8444
Butterfly
Butterfly

User avatar

Joined: 28 Jan 2019
Age: 49
Gender: Male
Posts: 9

28 Jan 2019, 3:07 am

auntblabby wrote:
that is assuming the crookedassed GOP stays in power after all this mess, and fails to shore it up. 25% less every year is still a helluva lot better than 100% less [IOW NPD], and if you "do the math" you will see that it is NOT bankrupt or anything near bankrupt.

$2000-25%=1500-25%=1125-25%=843.25-25%=632.81-25%=474.61-25%=355.96-25%=266.97-25%=200.23

In 2 years everyone's social security check would be cut in half and within 10 years cut by 90%. What a brilliant plan.



auntblabby
Veteran
Veteran

User avatar

Joined: 12 Feb 2010
Gender: Male
Posts: 115,266
Location: the island of defective toy santas

28 Jan 2019, 3:11 am

that is incorrect, the 25% reduction is a one-time deal, for the projected lifetime of then [2033]-retirees. if you are a young person, though, if the present crooks do nothing to shore it up, you may be out of luck.



kokopelli
Veteran
Veteran

User avatar

Joined: 27 Nov 2017
Gender: Male
Posts: 6,406
Location: amid the sunlight and the dust and the wind

28 Jan 2019, 4:32 am

Heat8444 wrote:
Social security will be bankrupt in ~15 years due to all the retiring baby boomers. Yet another liberal creation will fail.


If the money had actually been invested instead of turned over to the government to spend, it would be quite solid with much higher benefits.

The failure is in borrowing against it to spend on consumption.



sly279
Veteran
Veteran

User avatar

Joined: 11 Dec 2013
Age: 38
Gender: Male
Posts: 16,181
Location: US

28 Jan 2019, 5:13 am

So I only have few more years to live?
Once social security is gone I’ll be dead :(



kraftiekortie
Veteran
Veteran

Joined: 4 Feb 2014
Gender: Male
Posts: 87,510
Location: Queens, NYC

28 Jan 2019, 9:31 am

Stop with the Doomsday thinking!

This 2033 scenario will only happen if we do nothing about it.

Guarantee it, we will do something about it.

I would say it's pretty likely that the retirement age will be raised to 70, eventually.



kokopelli
Veteran
Veteran

User avatar

Joined: 27 Nov 2017
Gender: Male
Posts: 6,406
Location: amid the sunlight and the dust and the wind

28 Jan 2019, 11:43 am

sly279 wrote:
So I only have few more years to live?
Once social security is gone I’ll be dead :(


If you are on the social security disability, the funds do not come from the so-called social security trust fund as I understand it. That funding is dependent on Congress and comes from taxes and borrowing.



LoveNotHate
Veteran
Veteran

User avatar

Joined: 12 Oct 2013
Gender: Female
Posts: 6,195
Location: USA

28 Jan 2019, 12:04 pm

What they will likely do is reduce the SS COLA (Cost of living adjustment) to .5% to 1% per year below the actual inflation rate.

That way they're are slowly cutting it every year, but don't have to formally announce cuts.


_________________
After a failure, the easiest thing to do is to blame someone else.


sly279
Veteran
Veteran

User avatar

Joined: 11 Dec 2013
Age: 38
Gender: Male
Posts: 16,181
Location: US

28 Jan 2019, 2:07 pm

LoveNotHate wrote:
What they will likely do is reduce the SS COLA (Cost of living adjustment) to .5% to 1% per year below the actual inflation rate.

That way they're are slowly cutting it every year, but don't have to formally announce cuts.


They already do that.
That’s why social security isn’t wnough to live on alone.



sly279
Veteran
Veteran

User avatar

Joined: 11 Dec 2013
Age: 38
Gender: Male
Posts: 16,181
Location: US

28 Jan 2019, 2:38 pm

kokopelli wrote:
sly279 wrote:
So I only have few more years to live?
Once social security is gone I’ll be dead :(


If you are on the social security disability, the funds do not come from the so-called social security trust fund as I understand it. That funding is dependent on Congress and comes from taxes and borrowing.

It comes from work credits just like retirement:(