"According to the Social Security trustees' report, if we did absolutely nothing the program could pay every penny of scheduled benefits through the year 2036." “The trust fund is held in the form of U.S. government bonds, which are indeed sheets of paper. However, investors everywhere eagerly seek out these 'sheets of paper' as the safest asset in the world." I visited the social security site. Yes, we have sufficient monies to keep Social Security as is.
Even if no changes were made to Social Security, the trust fund could always pay close to 80 percent of scheduled benefits, says Economist Dean Baker, and while it would be unacceptable to pay people a smaller benefit than had been promised, the scheduled benefits for new retirees are projected to rise by 1 percent a year in excess of prices.
"So in 2036, the average scheduled benefit for a new retiree will be more than 25 percent higher than it is today,” Baker says. Even if no changes are made to the system, new retirees in 2036 receiving just 80 percent of their scheduled benefit would still be receiving a benefit that is larger than what retirees get today.
Politicians aren’t likely to include Social Security changes in any agreement, with Democrats opposed to them. 2036 is speculation as we don't know how many more people will be working compared to today's high unemployment. Just wanted to set your minds at ease.
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Comments: 51
When my parents retired in the 80s, I was able to show my father that everything he paid in would be eaten up in 3 years. He lived to be 78.
It's easy for anyone to figure out what you paid in. SS gives everyone a yearly report of income. And you can go back on the SS site to see what the percentages were each year. For instance, when I started working, the tax rate chart shows that my employer and I each paid 4.8% in 1970. But then you have to look at a second chart. You paid the 4.8% on incomes up to $7800. One person here claims he contributed millions to SS, but even today, the most one contributes is 7.65% on the first $106,800 as an employed person and 15.3% on the first $106,800 as a self-employed person.)
It was and is a Ponzi scheme.
Today, most people use up everything they've put in within 3 years. You can do the math yourself. I've proved he links to the charts that show what percentages were taken out each year and what the caps were each year.
If it was to be a retiment fund then it would have been set as an annuity when you retired WITH YOUR NAME ON IT. You would have your own personal account. Good grief folks - THINK!
Election day is ahead and I, for one, will not forget the utter disregard these people have for those on fixed incomes.
Thank-You!
Hubby talked me into taking early SS, which I did......then, a couple months later, SS contacted me, telling that I will get significantly more, because of the fact that hubby made such good wages as a trucker...... never knew that, so was thrilled! I shoud be finding out, and getting, my first "bigger" check in a week or so.......hubby should be getting his first SS check in a week or two.......but he still hasn't gotten his union pension started yet.
Man alive, it takes FOREVER to get these programs started!!!!!!
PIF/July
Thank you for sharing :-)