Medicare and Social Security in big trouble

#52
#52
My stepdad said his dad told him medicare and social security will both be done in the 70's. My real dad told me that when he retired, both would be bankrupt. Both were wrong.
 
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#55
#55
evillawyer said:
My understanding is that the government has essentially taken money from the tax dollars collected specifically for MC and SS and used the money for other things. Paying that money back would come from other tax sources, like corporate taxes, which were just massively cut for no good reason.
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"2 thefts don't make a right"
 
#56
#56
It's sad that workers don't have the option of putting that 12.4% into self directed accounts. Or even their 6.2% contribution. The Left will never allow earners to manage their own money because they're smarter than everybody else.
 
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#57
#57
Rasputin_Vol said:
A bird in the hand...
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That's what I say. As soon as you can get it, get it. Tomorrow isn't promised to anyone. You could plan to wait till 67 and croak at 65. Then your wife forfeits her benefits for 80% of yours. And the pyramid rolls on...
 
#58
#58
Biopsyman said:
Why do you think we have a illegals flooding in here as well,,
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They get unemployment soon as they cross the border if they sign up also. Seen that with my own eyes in Georgia. One that spoke English told the lady the other guy hadn't been in the country a couple of days. She said he'd get a check within 2 weeks.
 
#59
#59
DancingOutlaw said:
That's what I say. As soon as you can get it, get it. Tomorrow isn't promised to anyone. You could plan to wait till 67 and croak at 65. Then your wife forfeits her benefits for 80% of yours. And the pyramid rolls on...
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My brother started taking his at 62, was diagnosed with colon cancer at 65, and died at 67. The government got to keep almost all of his 12.4% that he paid for 45 years. He had no family other than me.
 
#60
#60
1972 Grad said:
My brother started taking his at 62, was diagnosed with colon cancer at 65, and died at 67. The government got to keep almost all of his 12.4% that he paid for 45 years. He had no family other than me.
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Well he didn't earn it though, did he?

Programs like this are such a waste of resources. A self directed account with almost 15% of your income could be absolutely gigantic by the time you retire. Not only would you have money to live on, you'd have plenty to donate and preserve for succession planning. Instead the high earners are ratcheted into the ground so we can promise some other dopes more money than they made working. I try not to think about it because it just makes me angry. I don't factor it into my retirement planning at all, in 30 years it will be completely consumed by MC premiums anyways.
 
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#61
#61
DancingOutlaw said:
Well he didn't earn it though, did he?

Programs like this are such a waste of resources. A self directed account with almost 15% of your income could be absolutely gigantic by the time you retire. Not only would you have money to live on, you'd have plenty to donate and preserve for succession planning. Instead the high earners are ratcheted into the ground so we can promise some other dopes more money than they made working. I try not to think about it because it just makes me angry. I don't factor it into my retirement planning at all, in 30 years it will be completely consumed by MC premiums anyways.
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All true.
 
#62
#62
So when does the govt start means testing someone's "privilege" to collect the social security they paid into their entire life. Sorry, you made too much money and have too much saved up to collect social security.

15 years? Sooner?
 
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#64
#64
TheDeeble said:
So when does the govt start means testing someone's "privilege" to collect the social security they paid into their entire life. Sorry, you made too much money and have too much saved up to collect social security.

15 years? Sooner?
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Same time that they eliminate the cap on the amount of salary that the 6.2% / 12.4% is taken from.

I'm surprised that it's taken out of the first dollar of wages earned but not the 300,000th dollar earned. If it's truly a funded account rather than a tax, let the workers have the option of managing their own accounts.
 
#65
#65
TheDeeble said:
So when does the govt start means testing someone's "privilege" to collect the social security they paid into their entire life. Sorry, you made too much money and have too much saved up to collect social security.

15 years? Sooner?
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In a way, they already are. Some of us have the pleasure of paying income taxes on SS because with other retirement plans we "make too much". And then there's the Medicare premium that maybe most - but not everybody pays; it's growing faster than SS cost of living.
 
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#66
#66
Thunder Good-Oil said:
Same time that they eliminate the cap on the amount of salary that the 6.2% / 12.4% is taken from.

I'm surprised that it's taken out of the first dollar of wages earned but not the 300,000th dollar earned. If it's truly a funded account rather than a tax, let the workers have the option of managing their own accounts.
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Most people aren't up to managing their own accounts. That 6.2% would be spent like the rest of the paycheck, and then the taxpayer would be on the hook for the financial security of those who would have been receiving SS because libs can't let anyone exist without some kind of safety net.

At one time I thought like you; then I realized how poorly so many people plan for anything. They have it; they spend it. Period.
 
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#67
#67
AM64 said:
Most people aren't up to managing their own accounts. That 6.2% would be spent like the rest of the paycheck, and then the taxpayer would be on the hook for the financial security of those who would have been receiving SS because libs can't let anyone exist without some kind of safety net.

At one time I thought like you; then I realized how poorly so many people plan for anything. They have it; they spend it. Period.
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Yes. But that's why I said have the "option" to self manage. There's no reason that accounts can't be set up with limits on withdrawals. But it's really a tax. A regressive one like sales taxes. But the government and Democrats won't admit that it's really a tax instead of an "account". It's worse than a variable annuity without a guaranteed, minimum 10 year pay out period.
 
#68
#68
Thunder Good-Oil said:
Yes. But that's why I said have the "option" to self manage. There's no reason that accounts can't be set up with limits on withdrawals. But it's really a tax. A regressive one like sales taxes. But the government and Democrats won't admit that it's really a tax instead of an "account". It's worse than a variable annuity without a guaranteed, minimum 10 year pay out period.
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I missed that you meant it had to be invested someplace rather than just more money in the paycheck with hopes it might be invested/saved for retirement - sorry.

The biggest problems with SS and MC funds is that they aren't in a trust and safe from congressional theft, and that the funds aren't used as an investment, if nothing more than as a hedge against inflation.
 
#69
#69
TheDeeble said:
So when does the govt start means testing someone's "privilege" to collect the social security they paid into their entire life. Sorry, you made too much money and have too much saved up to collect social security.

15 years? Sooner?
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Play with a SS calculator. A man who averages $20k in wages and a man who averages $100k in wages get the same benefit. Derp.
 
#70
#70
AM64 said:
I missed that you meant it had to be invested someplace rather than just more money in the paycheck with hopes it might be invested/saved for retirement - sorry.

The biggest problems with SS and MC funds is that they aren't in a trust and safe from congressional theft, and that the funds aren't used as an investment, if nothing more than as a hedge against inflation.
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Seems like the Republicans were pushing for privatizing or arranging for self management a few years ago and the Dems went ape **** over the possibility. The Dems don't want to let go of control over the funds (or give up the votes that net-negative entitlement recipients cast). IMO private insurance and financial institutions could do a far better job at managing those bloated, inefficient entitlement programs. The returns on the trust funds would blow away what they get now if the money was moved to the private sector.
 
#71
#71
BigOrangeTrain said:
Liberals love their big government. The more government the better for them.
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And isn't it amazing that they say, and feel, and openly admit that more should be taxed, yet, they do not and will not voluntarily pay more. Like most beliefs held by them, there's no conviction, juts lip service.
 
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#72
#72
Thunder Good-Oil said:
Seems like the Republicans were pushing for privatizing or arranging for self management a few years ago and the Dems went ape **** over the possibility. The Dems don't want to let go of control over the funds (or give up the votes that net-negative entitlement recipients cast). IMO private insurance and financial institutions could do a far better job at managing those bloated, inefficient entitlement programs. The returns on the trust funds would blow away what they get now if the money was moved to the private sector.
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Remember that SS was set up because the average citizen was incapable of doing for themselves. Government, on behalf of those who were too dumb and unable to prioritize, basically said we have to do something because they are incapable of doing so.

Look around today, there are plenty of people living above their means, and have no excuse for not having savings. They would rather spend and live paycheck to paycheck than plan and forgo these things they feel they can't live without.

But, this doesn't excuse the government from robbing the American people, and justly, the money should be paid back by the government.
 
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