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Powderfinger
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Discussion Starter · #1 ·
I'm sure we will all now go and view our last ss statement. I read this and found it quite troubling and extremely frustrating. This should bring alarm to all.

http://www.nationalr...nt-baby-boomers
 

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Premium Member
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My prediction is that the benefit will be means tested one day. In other words if you prudently saved money you will be penalized and some or all of your benefit will be diverted to those who did not prudently save.
I assume no benefit for all of my planning purposes, I hope I'm wrong.
I am applying at 62 to make sure I'm in before I'm out.

For me, it would take $1.71 in today's inflated dollars to equal every $1 in taxes I paid in.
If I take the benefit at normal retirement age (67 years old) and die when I am supposed to based on mortality tables (82 yrs old), I will get $1.67 back.
However, since I am getting the $1.67 back over 15 years, I assume it is only worth (its present value) approximately $1.04 when I am 62 (early retirement age). (if I put $1.04 in an investment at age 62 and earned my target return (assumed for present value purposes) and withdrew it over 22 years, I could withdraw $1.67)
YMMV
 

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Borders, Language, Culture
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The day after they pay me back every dime compounded with interest it is socialism, until then it was and is a loan that is coming due in 4 short years.
If you're looking for a guaranteed payout with no risk, that is socialism. It fails because you run out of sacrificial lambs.

I believe it should be phased out although it would be cruel to take away the 'entitlement' of recent retirees or soon-to-be retirees.
 

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If you're looking for a guaranteed payout with no risk, that is socialism. It fails because you run out of sacrificial lambs.

I believe it should be phased out although it would be cruel to take away the 'entitlement' of recent retirees or soon-to-be retirees.
How is it an entitlement when I've paid into it for 30 years.?

Sent from my LG G3 using Tapatalk
 

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Triple Distilled Unfiltered Truth
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How is it an entitlement when I've paid into it for 30 years?
"An entitlement is a government program guaranteeing access to some benefit by members of a specific group and based on established rights or by legislation."

Just because you paid into it for 30 years doesn't make it not an enetitlement, in fact, you're more entitled to it than many collecting from it.

It also doesn't mean it isn't socialism. Don't try the whole "well I never had a choice, it's forced" argument either - I know that, neither did I, and that's how socialism always works.

You pay into the welfare system too. Are we not going to call that entitelments/socialism now as well?
 
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Grand Poobah
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I'm sure we will all now go and view our last ss statement. I read this and found it quite troubling and extremely frustrating. This should bring alarm to all.

http://www.nationalr...nt-baby-boomers
Fascinating how social security and medicare may "run out of money"
But welfare is NEVER said to run out of money
Medicaid, has no fear of running out of money.

Fear mongering?
Naaaaaa.
 

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Triple Distilled Unfiltered Truth
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Fascinating how social security and medicare may "run out of money"
But welfare is NEVER said to run out of money
Medicaid, has no fear of running out of money.

Fear mongering?
Naaaaaa.
They claim those run out of money all the time as well. It's all the left talks about. Why do you think NASA was gutted?
 

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Triple Distilled Unfiltered Truth
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I originally liked the idea of privatizing SS, but I've come around to realizing its cheaper for me this way.
There is privatized SS. They're called IRAs and 401(k). You get a far better return from those than the government run SS you're forced to participate in. If that money was available to you to be refocused how you'd like, you might be doing even better.
 

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There is privatized SS. They're called IRAs and 401(k). You get a far better return from those than the government run SS you're forced to participate in. If that money was available to you to be refocused how you'd like, you'd might be doing even better.
Except - you would also be paying for all the people that spent their privatized SS on vacations when they run out of their money.
Ya?
 

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Triple Distilled Unfiltered Truth
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Except - you would also be paying for all the people that spend their privatized SS on vacations when they run out of money.
Ya?
Common misconception based on fear mongering. When you look at the data from the early/mid 1900s when SS was formed it was an extremely small percentage of people - namely the poor and working poor - who did not save for the future. The need for SS was greatly overinflated then, and is even more so now.

And if there was no SS funds to pull from - remember they're specifically allocated - and people could opt out, how would I be paying for them?
 

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And if there was no SS funds to pull from - remember they're specifically allocated - and people could opt out, how would I be paying for them?
Some other way, by us prudent folk. I envision the extra return evaporating in additional taxes to feed the needy.
I'm okay if you don't see it happening that way. We don't have to convince each other.
 
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