Social Security payments to shrink

[Wainkerr99]

Save, save, save, save every penny. $5 a day if possible even will help.

http://news.yahoo.com/s/ap/20090823/ap_on_go_ot/us_social_security_smaller_checks

 

[girk1]

Save, save, save, save every penny. $5 a day if possible even will help.

http://news.yahoo.com/s/ap/20090823/ap_on_go_ot/us_social_security_smaller_checks

Actually it only looks like they aren't getting those 'cost of living' raises that they have become accustomed to.

Although I'm not in a panic about SS I do try to save big in my 401k(although it took a HUGE hit this past FAll) & hope I can retire with dignity someday.

I believe SS will be there for me in some form ,but my pension & 401k are my main priorities & things I feel I can better control.

 

[Will E Worm]

the first time in a generation that payments would not rise.

Looks like they are making up the rules again.

W will take your money and give you what we want of it when you retire.

But, if you're a deadbeat, pregnant, or border hopper, we will give you everything on a silver platter.

Keep hope alive, keep hope alive. :1orglaugh :tongue:

Barak :thefinger

 

[Dean Wormer]

Looks like they are making up the rules again.

W will take your money and give you what we want of it when you retire.

But, if you're a deadbeat, pregnant, or border hopper, we will give you everything on a silver platter.

Keep hope alive, keep hope alive. :1orglaugh :tongue:

Barak :thefinger

Why do you say Bush will take your money etc but you bash Obama for it?

Anyways this is what happens when a Ponzi Scheme such as social security is started.

 

[Will E Worm]

Why do you say Bush will take your money etc but you bash Obama for it?

Anyways this is what happens when a Ponzi Scheme such as social security is started.

Typo * It should say we, as in WE the government.

We will take your money and give you what we want of it when you retire.

 

[Rey C.]

The title is misleading. But it is spelled out better in the article:

By law, Social Security benefits cannot go down. Nevertheless, monthly payments would drop for millions of people in the Medicare prescription drug program because the premiums, which often are deducted from Social Security payments, are scheduled to go up slightly.

Why?

Cost of living adjustments are pegged to inflation, which has been negative this year, largely because energy prices are below 2008 levels.

How much?

Average monthly premiums are set to go from $28 this year to $30 next year, though they vary by plan. About 6 million people in the program have premiums deducted from their monthly Social Security payments, according to the Social Security Administration.

From $28 to $30?! $2???!!! $2 a month for 6 million people?! WTF is this a story?! I understand the issue that seniors have with life costs in other areas, especially with falling portfolio values and home prices. But if $2 a month is going to make or break someone, they have bigger problems than just Social Security.

And anyway, Social Security was never intended to be a primary source of income for retirement.

 

[Friday on my mind]

And anyway, Social Security was never intended to be a primary source of income for retirement.

Thats very true but with less and less companies offering pensions I think you may see more and more its all a lot of people will have.401k's from employers help (as long as its not Enron lol) but are not nearly as good as pensions were.It will really get to be an issue in the future when the boomers retire and the people who follow.Bigger % of population being retired collecting social security and having a greater need for more benefits.All the govt programs related to such things are going to be in financial crisis in the coming years.Social security,medicare,health care in general will be costing a fortune,reformed or not.Maybe 2 fortunes with no reforms.:eek:

 

[Donkey Boy]

And anyway, Social Security was never intended to be a primary source of income for retirement.

Correct. And people should have the choice to pay-out and opt-out.

 

[Rey C.]

Thats very true but with less and less companies offering pensions I think you may see more and more its all a lot of people will have.401k's from employers help (as long as its not Enron lol) but are not nearly as good as pensions were.It will really get to be an issue in the future when the boomers retire and the people who follow.Bigger % of population being retired collecting social security and having a greater need for more benefits.All the govt programs related to such things are going to be in financial crisis in the coming years.Social security,medicare,health care in general will be costing a fortune,reformed or not.Maybe 2 fortunes with no reforms.:eek:

I think that's exactly what's going to happen. On the positive side, the savings rate is increasing. But the last piece I read showed that very few people max out their 401K and/or IRA contributions. So as the years go by, yeah, I think there are going to be a lot of people who would like to retire, but cannot. I think we'll see more people who are going to have to hold some kind of job until the day they die.

 

[Rey C.]

Correct. And people should have the choice to pay-out and opt-out.

I know with the market downturn, a lot of people think this was a terrible idea that Bush had. But I supported it. For personal (selfish) reasons, I felt that if I was allowed to invest a portion of what I paid in FICA taxes, I would do better over the next 25 years than the government would do for me. And if I was wrong, that would be my loss. If I was right, Yay me!

But I could also see how a lot of novice investors would have been raped and pillaged by "investment advisors". Maybe this should only apply to people with a certain number of years of investment experience? I dunno. But I still support allowing private investors to select investments for 25%-30% of their FICA withholding.

 

[Ozmanks]

If social security goes belly up, then the government should refund everyones' money who did not end up enjoying a government check for every year past 65.

 

[Facetious]

edit

 

[Rey C.]

If social security goes belly up, it will only be because the U.S. government has lost the ability to raise funds and fulfill any of its major financial obligations. So at that point, there wouldn't be any money to refund.

I don't guess I'll care - that'll finally get me to where I keep saying I want to be: off the grid. No internet, no phone, limited electricity. And I'll be hunting wild game for food and raising a garden too. I guess I'd have to join a militia to help keep the local peace, since there would be no cops. Eh, we'll call it the Legio Americus - only those of us who know a few words of Latin (and own "assault weapons" ) will have any authority. Hey, maybe I could even trade a few beef cattle for a good, young wife - who could cook!

So, yeppers, I have a plan. Maybe not a good one, but I have a plan!