Social Security trust funds now projected to run out of money sooner...

theo · Post by **theo** » Tue. Aug. 31, 2021 2:54 pm

What a crock!!! https://www.cnbc.com/2021/08/31/social-security-t ... ected.html

Hoytman · Post by **Hoytman** » Tue. Aug. 31, 2021 3:02 pm

They keep spending TRILLIONS and that is the least of our worries. Not to mention plans of giving $500M to Afghanistan as Biden suggested. He already paid whoever ends up taking that country...with Billions in military gear.

They’ll give those warmongers that kind of money rather than to the American people. Talk about stimulating our economy.

Post by **Richard S.** » Tue. Aug. 31, 2021 3:58 pm

Realistically it has always been out of money. Surplus SS funds along with others like surplus pension funds are dumped into the general fund. The government writes itself an IOU to the these funds and spends it, that IOU is added to the debt. Works well to hide the true deficit during good economic times as it did during the Clinton administration but the debt continues to climb.

Now it's time to pay the piper. With a decline in SS revenues they need to reach into the "surplus" which has helped drive the increased deficit over the past few years.

There is no way to remove the SS program if they are to meet their obligations, it would take a hundred years to wind it down.

Of course if this was a private venture it would be called a Ponzi scheme and be highly illegal.

KLook · Post by **KLook** » Tue. Aug. 31, 2021 9:51 pm

And people wonder why I am drawing early at 62 next year.....I have 7 relatives that never drew a penny as they died first. I am NOT going to wait until I am 70 as an advisor wants....piss on that. The cross over age that I start losing money is 79....even Freetown Fred ain't that old yet....lol! What am I going to spend the extra money on when I am 79? A walker with wheels?

Kevin

grumpy · Post by **grumpy** » Tue. Aug. 31, 2021 10:01 pm

KLook wrote: ↑
Tue. Aug. 31, 2021 9:51 pm
And people wonder why I am drawing early at 62 next year.....I have 7 relatives that never drew a penny as they died first. I am NOT going to wait until I am 70 as an advisor wants....piss on that. The cross over age that I start losing money is 79....even Freetown Fred ain't that old yet....lol! What am I going to spend the extra money on when I am 79? A walker with wheels?

Kevin

Are you sure? I thought I read the break even point was 80 ... have to consider the 8 years you already collected. Im going to do the same..

grumpy · Post by **grumpy** » Tue. Aug. 31, 2021 10:10 pm

I looked it up, right 79, so unless you live to 90 or more your not missing out on much..

freetown fred · Post by **freetown fred** » Wed. Sep. 01, 2021 6:59 am

Cute Kevin!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! LOL I drew at 62--I totally agree with your thinkin!!!

KLook wrote: ↑
Tue. Aug. 31, 2021 9:51 pm
....even Freetown Fred ain't that old yet....lol!
Kevin

Sunny Boy · Post by **Sunny Boy** » Wed. Sep. 01, 2021 7:44 am

Interesting that for decades they've threatening that SSI is running out of money, but somehow, the welfare system never is ????

Paul

theo · Post by **theo** » Wed. Sep. 01, 2021 8:03 am

KLook wrote: ↑
Tue. Aug. 31, 2021 9:51 pm
And people wonder why I am drawing early at 62 next year.....I have 7 relatives that never drew a penny as they died first. I am NOT going to wait until I am 70 as an advisor wants....piss on that. The cross over age that I start losing money is 79....even Freetown Fred ain't that old yet....lol! What am I going to spend the extra money on when I am 79? A walker with wheels?

Kevin

100% Right on !!!!! I went at 65 and the only reason i stayed a little longer was insurance for the wife! Thats another big issue!

franpipeman · Post by **franpipeman** » Wed. Sep. 01, 2021 9:21 am

Social security is what as known as a Entitlement so when you hear folks state get rid of the entitlements thats what they are talking about .includes Medicare, and Medicaid each of which are different

KLook · Post by **KLook** » Wed. Sep. 01, 2021 5:24 pm

No, I paid into SS and am "entitled" to get some back. You are talking about taking my money and giving it to someone that has not paid in.....

Kevin

Post by **Richard S.** » Wed. Sep. 01, 2021 6:25 pm

That's only partly true where Medicare is concerned, parts B and D are primarily funded from the general revenue which accounts for 43% of the total.

https://www.kff.org/medicare/issue-brief/faqs-on- ... -solvency/

franpipeman · Post by **franpipeman** » Wed. Sep. 01, 2021 6:57 pm

the term entitlements have been used to demonize parts of our citizenry and is a misinformation campaign by certain special interest groups in our country .

johnjoseph · Post by **johnjoseph** » Wed. Sep. 01, 2021 7:09 pm

When a person is working and paying into SS, it's paying for those that are collecting it now. It's not a guarantee that anyone can collect just because they paid in. More people collecting and less paying in will contribute to SS insolvency.

Are Social Security Payments Guaranteed?

https://www.socialsecurityintelligence.com/are-so ... uaranteed/

warminmn · Post by **warminmn** » Wed. Sep. 01, 2021 8:12 pm

They will never get rid of SS unless its something similar. Old people vote and they will vote out almost anyone that votes to get rid of it. As far as govt programs go its one of the better ones but there isnt much competition for good ones, lol