The Worstest Generation?
- AZGrizFan
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Re: The Worstest Generation?
I wouldn’t feel entitled to SS if it wasn’t my money in the first place. And I’d forego it ALL right now if they’d let me opt out from the entire program right now.
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Re: The Worstest Generation?
Well, I’m retired, so my perspective is a bit different. We could get along quite well without taking SS at all, but now I’m inclined to start taking it at age 66, thus maxing out my own benefits. I’ll bet you a case of your favorite beer that they put in a means test by then. The joke may be on all of us unless Congress actually addresses the issue.AZGrizFan wrote:I wouldn’t feel entitled to SS if it wasn’t my money in the first place. And I’d forego it ALL right now if they’d let me opt out from the entire program right now.
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Re: The Worstest Generation?
SS Trustee report released about a month projected said the program will spend more money on benefits in 2018 than it will generate in income and tax revenue, 1st time SS has run a deficit since 1982. Program will continue running larger and larger deficits until it too becomes fully depleted in 2034.Ivytalk wrote:Well, I’m retired, so my perspective is a bit different. We could get along quite well without taking SS at all, but now I’m inclined to start taking it at age 66, thus maxing out my own benefits. I’ll bet you a case of your favorite beer that they put in a means test by then. The joke may be on all of us unless Congress actually addresses the issue.AZGrizFan wrote:I wouldn’t feel entitled to SS if it wasn’t my money in the first place. And I’d forego it ALL right now if they’d let me opt out from the entire program right now.
After that, recipients will face a 25% cut in the bennnies
-Do nothing- 25% cut in bennies isn't the end of the world.
-Raise the full benefit retirement age from 67 to 70. Would extend the solvency date I imagine several decades-After all, when the program began with a retirement age of 65 the avg life expectancy was something like 62. Now its around 78..
The financial problem with SS is peanuts compared to the financial problem with medicare..
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Re: The Worstest Generation?
My understanding is that your money went to provide for older people. My understanding is that it has never been a program whereby you put your money up and get it later. It has always just been an income transfer from the young to the old.AZGrizFan wrote:I wouldn’t feel entitled to SS if it wasn’t my money in the first place. And I’d forego it ALL right now if they’d let me opt out from the entire program right now.
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Could I ever be a star?
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Re: The Worstest Generation?
If SS is fully depleted in 2034, how will recipients still get 75% of their benefits?BDKJMU wrote:SS Trustee report released about a month projected said the program will spend more money on benefits in 2018 than it will generate in income and tax revenue, 1st time SS has run a deficit since 1982. Program will continue running larger and larger deficits until it too becomes fully depleted in 2034.Ivytalk wrote:
Well, I’m retired, so my perspective is a bit different. We could get along quite well without taking SS at all, but now I’m inclined to start taking it at age 66, thus maxing out my own benefits. I’ll bet you a case of your favorite beer that they put in a means test by then. The joke may be on all of us unless Congress actually addresses the issue.
After that, recipients will face a 25% cut in the bennnies
-Do nothing- 25% cut in bennies isn't the end of the world.
-Raise the full benefit retirement age from 67 to 70. Would extend the solvency date I imagine several decades-After all, when the program began with a retirement age of 65 the avg life expectancy was something like 62. Now its around 78..
The financial problem with SS is peanuts compared to the financial problem with medicare..
“I’m tired and done.” — 89Hen 3/27/22.
Re: The Worstest Generation?
It was and is a glorified pyramid scheme and it is bottoming out.JohnStOnge wrote:My understanding is that your money went to provide for older people. My understanding is that it has never been a program whereby you put your money up and get it later. It has always just been an income transfer from the young to the old.AZGrizFan wrote:I wouldn’t feel entitled to SS if it wasn’t my money in the first place. And I’d forego it ALL right now if they’d let me opt out from the entire program right now.
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Re: The Worstest Generation?
I believe it will cash flow 75% and the other 25% of benefits being paid are from the surplus that has been built up. So it really is the surplus that is depleted in 2034.Ivytalk wrote:If SS is fully depleted in 2034, how will recipients still get 75% of their benefits?BDKJMU wrote: SS Trustee report released about a month projected said the program will spend more money on benefits in 2018 than it will generate in income and tax revenue, 1st time SS has run a deficit since 1982. Program will continue running larger and larger deficits until it too becomes fully depleted in 2034.
After that, recipients will face a 25% cut in the bennnies
-Do nothing- 25% cut in bennies isn't the end of the world.
-Raise the full benefit retirement age from 67 to 70. Would extend the solvency date I imagine several decades-After all, when the program began with a retirement age of 65 the avg life expectancy was something like 62. Now its around 78..
The financial problem with SS is peanuts compared to the financial problem with medicare..
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Re: The Worstest Generation?
Correct. I worded it wrong. Fund surplus that was built up in prior decades will hit zero. By law fund can't run a deficit. So bennies will have to entirely be funded by incoming taxes. 2034 incoming taxes estimated will only cover 75% of benefits.HI54UNI wrote:I believe it will cash flow 75% and the other 25% of benefits being paid are from the surplus that has been built up. So it really is the surplus that is depleted in 2034.Ivytalk wrote:
If SS is fully depleted in 2034, how will recipients still get 75% of their benefits?
Just looked up avg life expectancy US now about 79. So about 16 years higher than when SS started.
https://www.mercatus.org/publication/ho ... ty-retiree
Its headed to 2 to 1. There's no way around it. Will have to raise the age to draw full SS bennies to at least 70. Its going to be that, or the benefit cuts..
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Re: The Worstest Generation?
Yes, thanks Captain Obvious. I’d still forego EVERY DIME I’ve put in if they’d let me opt out right now and stop contributing.JohnStOnge wrote:My understanding is that your money went to provide for older people. My understanding is that it has never been a program whereby you put your money up and get it later. It has always just been an income transfer from the young to the old.AZGrizFan wrote:I wouldn’t feel entitled to SS if it wasn’t my money in the first place. And I’d forego it ALL right now if they’d let me opt out from the entire program right now.
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"The future must not belong to those who slander the prophet of Islam." Barack Obama, 9/25/12
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Re: The Worstest Generation?
thisGil Dobie wrote:On the other hand, I've had millennials as supervisors and had not problem with that. I'm still going against the grain, and stating it's not generational, there are many, many exceptions to the rules and the research on how people from each generation acts in the work place. I don't look at what 1 millennial says as being the norm for all, same with Gen x and Boomers. I've seen hard workers, people open to change, and good leaders at every level and job I've been associated with. I've also see normal workers and crappy workers from each of these so called generations.Ibanez wrote: I’ve noticed this as well. I’ve learned a lot from the old GenXers and am fortunate that I’m an older millennial and have grown up with Gen Xers. I’ve noticed the younger millennial at work are too immature and idealistic. I’m not sure if it’s ignorance or what but the younger ones seem to hand no concept about how the world actually works. They can’t reconcile idealism with reality.
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Re: The Worstest Generation?
Of course there’s exceptions to the rule. But it IS, for the most part, a rule. Otherwise, we wouldn’t worry about or discuss the “exceptions”.
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Re: The Worstest Generation?
Good ol' BD, ever the drama-queen ......there is nothing wrong with SS that Congress keeping their hands out of it wouldn't solve.BDKJMU wrote:SS Trustee report released about a month projected said the program will spend more money on benefits in 2018 than it will generate in income and tax revenue, 1st time SS has run a deficit since 1982. Program will continue running larger and larger deficits until it too becomes fully depleted in 2034.Ivytalk wrote:
Well, I’m retired, so my perspective is a bit different. We could get along quite well without taking SS at all, but now I’m inclined to start taking it at age 66, thus maxing out my own benefits. I’ll bet you a case of your favorite beer that they put in a means test by then. The joke may be on all of us unless Congress actually addresses the issue.
After that, recipients will face a 25% cut in the bennnies
-Do nothing- 25% cut in bennies isn't the end of the world.
-Raise the full benefit retirement age from 67 to 70. Would extend the solvency date I imagine several decades-After all, when the program began with a retirement age of 65 the avg life expectancy was something like 62. Now its around 78..
The financial problem with SS is peanuts compared to the financial problem with medicare..
The best way to keep people passive and obedient is to strictly limit the spectrum of opinion but allow very lively debate within that spectrum - Noam Chomsky
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Re: The Worstest Generation?
I would love the choice to not ever have to pay into it again and would happily pay a reasonable fee to get out of it permanently. It is just another tax towards something I will never be able to use, as it will be insolvent long before I reach retirement age. All my retirement planning that I am doing is taking into account zero befits from SS or Medicare. Not sure how anybody of the younger generations can think that they will get something out of it when they retire.AZGrizFan wrote: I’d still forego EVERY DIME I’ve put in if they’d let me opt out right now and stop contributing.
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Re: The Worstest Generation?
Not me. I'd be satisfied if they gave me back what I've put in without adjusting for inflation though.AZGrizFan wrote:Yes, thanks Captain Obvious. I’d still forego EVERY DIME I’ve put in if they’d let me opt out right now and stop contributing.JohnStOnge wrote:
My understanding is that your money went to provide for older people. My understanding is that it has never been a program whereby you put your money up and get it later. It has always just been an income transfer from the young to the old.
Some generation is going to have to take the hit.
Well, I believe that I must tell the truth
And say things as they really are
But if I told the truth and nothing but the truth
Could I ever be a star?
Deep Purple: No One Came
And say things as they really are
But if I told the truth and nothing but the truth
Could I ever be a star?
Deep Purple: No One Came
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Re: The Worstest Generation?
Less than 3 workers per retiree, headed to 2...houndawg wrote:Good ol' BD, ever the drama-queen ......there is nothing wrong with SS that Congress keeping their hands out of it wouldn't solve.BDKJMU wrote: SS Trustee report released about a month projected said the program will spend more money on benefits in 2018 than it will generate in income and tax revenue, 1st time SS has run a deficit since 1982. Program will continue running larger and larger deficits until it too becomes fully depleted in 2034.
After that, recipients will face a 25% cut in the bennnies
-Do nothing- 25% cut in bennies isn't the end of the world.
-Raise the full benefit retirement age from 67 to 70. Would extend the solvency date I imagine several decades-After all, when the program began with a retirement age of 65 the avg life expectancy was something like 62. Now its around 78..
The financial problem with SS is peanuts compared to the financial problem with medicare..
..peacefully and patriotically make your voices heard..
JMU Football: 2022 & 2023 Sun Belt East Champions...But you have to go home now. We have to have peace…
..I know how you feel, but go home, and go home in peace.
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Re: The Worstest Generation?
remove the salary cap.BDKJMU wrote:Less than 3 workers per retiree, headed to 2...houndawg wrote:
Good ol' BD, ever the drama-queen ......there is nothing wrong with SS that Congress keeping their hands out of it wouldn't solve.
The best way to keep people passive and obedient is to strictly limit the spectrum of opinion but allow very lively debate within that spectrum - Noam Chomsky
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Re: The Worstest Generation?
Would solve nothing. What you are paid in bennies in based off what you paid in.houndawg wrote:remove the salary cap.BDKJMU wrote: Less than 3 workers per retiree, headed to 2...
..peacefully and patriotically make your voices heard..
JMU Football: 2022 & 2023 Sun Belt East Champions...But you have to go home now. We have to have peace…
..I know how you feel, but go home, and go home in peace.
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Re: The Worstest Generation?
The solution always put forth by those who don’t make shit.houndawg wrote:remove the salary cap.BDKJMU wrote: Less than 3 workers per retiree, headed to 2...
"Ah fuck. You are right." KYJelly, 11/6/12
"The future must not belong to those who slander the prophet of Islam." Barack Obama, 9/25/12
"The future must not belong to those who slander the prophet of Islam." Barack Obama, 9/25/12
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Re: The Worstest Generation?
Commingle funds with the lawmakers system.BDKJMU wrote:Would solve nothing. What you are paid in bennies in based off what you paid in.houndawg wrote:
remove the salary cap.
The best way to keep people passive and obedient is to strictly limit the spectrum of opinion but allow very lively debate within that spectrum - Noam Chomsky