Current Events > Do you believe many major changes will be made to the social security

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system in the next 15 yrs or so? Reportedly many big changes do need to be made to it like reduce benefits, but neither party wants to do it now cause it will cost them a lot of votes. What do you predict will be done?

Yeah. Theyll stop paying it.

You think it will?

Not sure

*finally hit retirement age*

*letter in the mail*

"To the BITCH it may concern,

It has come to our attention that you hit retirement age, and after paying into social security your entire working life, you believe this entitles you to some type of handout. Unfortunately, it seems you're just going to have to pull yourself up by your bootstraps. If you need money so bad, why did you "retire"? Answer: Because nobody wants to work anymore. We have submitted an application to Wal-Mart to be a Door Greeter until you die on your behalf. Be sure to check those receipts.

Without regard,
The Social Security Administration"

I am almost 40.

I remember being taught as a teen it was likely going to not exist by the time people my age would qualify. I don't expect to collect it. I have no idea how it will be kept solvent.

It won't exist in the form it does now if it will exist at all in the future.

I cant pay into social security anyway so idc lol. I gotta figure out other retirement options

Nothing major. Doing so would be political suicide.

Probably raise or eliminate the cap on Social Security tax. Cutting benefits is practically asking to be voted out so the only way left to keep Social Security from running out of money is to raise more tax revenue.

NeonOPPAl posted...

I cant pay into social security anyway so idc lol. I gotta figure out other retirement options

Why can't you though?

UnsteadyOwl posted...

Probably raise or eliminate the cap on Social Security tax. Cutting benefits is practically asking to be voted out so the only way left to keep Social Security from running out of money is to raise more tax revenue.

What exactly is that cap on social sec tax? Have heard of it vaguely

I would say they will likely end or drastically change Medicare for non-disabled people born after 1984 and replace it with a voucher program or a public/private option like Obama tried to do before Obamacare. Private companies didn't want it then but since COVID I think they'll be singing a different tune. They can pass the risk to the government and make a ton of money after the Baby Boomers die out.

GranTurismo posted...

What exactly is that cap on social sec tax? Have heard of it vaguely

There's a limit to how much of your income is subject to Social Security tax. Right now the limit is set at $168,600. That means anyone who makes more than that in a year is only taxed on the first $168,600 of income and any income above that there's no Social Security tax.

GranTurismo posted...

Why can't you though?

I work for the govt but they dont pay into social security. idgi but I get a pension so I guess that's supposed to be a replacement?

Jaguar34 posted...

I would say they will likely end or drastically change Medicare for non-disabled people born after 1984 and replace it with a voucher program or a public/private option like Obama tried to do before Obamacare. Private companies didn't want it then but since COVID I think they'll be singing a different tune. They can pass the risk to the government and make a ton of money after the Baby Boomers die out.

Medicare is a huge part of the soc security deficit . Etc.... ? Just doing this would be enough?

NeonOPPAl posted...

I work for the govt but they dont pay into social security. idgi but I get a pension so I guess that's supposed to be a replacement?

The u s. Govt? Never heard that

GranTurismo posted...

system in the next 15 yrs or so? Reportedly many big changes do need to be made to it like reduce benefits, but neither party wants to do it now cause it will cost them a lot of votes. What do you predict will be done?

If Republicans take the House, Senate and White House.

LightningThief posted...

If Republicans take the House, Senate and White House.

What do you think they would do?

UnsteadyOwl posted...

There's a limit to how much of your income is subject to Social Security tax. Right now the limit is set at $168,600. That means anyone who makes more than that in a year is only taxed on the first $168,600 of income and any income above that there's no Social Security tax.

This alone won't solve it

GranTurismo posted...

What do you think they would do?

They have already promised to gut it.

So what I think they are going to do is what they have openly declared they are going to do, cut and eventually get rid of it.

The benefit will be incredibly small, the payouts will be low and inflation by the time we retire will be high, so if youre relying on SS for retirement youre going to be screwed

Got to love the U.S. government. If I don't pay what I owe to the IRS, I face legal consequences. The government owes me? Here's the finger.

NeonOPPAl posted...

I work for the govt but they dont pay into social security. idgi but I get a pension so I guess that's supposed to be a replacement?

Are you a US federal employee, and if so, which pay schedule are you on? My wife is a Fed on GS pay (the most common one), and she definitely has SS withheld. Only very old US feds have pensions. Most have a TSP, which is like a 401(k).

I believe I will never see a fucking dime of it

Something will have to be done cause the math aint mathin. That said I dont trust the gov to do whats best for the people. Theyll avoid touching the extremely wealthy. At the same time the economy could crash when millions of people dont keep receiving amount they used to and drastically raising age requirements could lead to protests? Kinda scared for the future and most people dont have enough in their 401k or one at all.

Smallville posted...

This alone won't solve it

That's true. I seem to remember the projections I've seen have said eliminating the cap would extend the solvency of Social Security for a few decades, but not forever.

Of course it'll be gone in a few years and old people who can't work to pay their bills put in concentration camps to starve to death.

LinkDaLunatic posted...

*finally hit retirement age*

*letter in the mail*

"To the BITCH it may concern,

It has come to our attention that you hit retirement age, and after paying into social security your entire working life, you believe this entitles you to some type of handout. Unfortunately, it seems you're just going to have to pull yourself up by your bootstraps. If you need money so bad, why did you "retire"? Answer: Because nobody wants to work anymore. We have submitted an application to Wal-Mart to be a Door Greeter until you die on your behalf. Be sure to check those receipts.

Without regard,
The Social Security Administration"

Wow great one

tankboy posted...

Are you a US federal employee, and if so, which pay schedule are you on? My wife is a Fed on GS pay (the most common one), and she definitely has SS withheld. Only very old US feds have pensions. Most have a TSP, which is like a 401(k).

https://www.federalregister.gov/documents/2011/02/14/2011-3094/ science-and-technology-reinvention-laboratory-strl- personnel-management-demonstration-project

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