Don't Count on Social Security to Fund Your Retirement!

[Parsad]

Americans already knew they have to save more...looks like they are going to have to increase the amount they save if they want to retire with some dignity!  Cheers!

 

https://www.cnn.com/2021/08/31/politics/social-security-medicare-report/index.html

[adesigar]

At 80% of benefits won’t US Social security still pay out more than Canada’s CPP?

 

What’s better in Canada is healthcare costs. 

[AzCactus]

I don't think any responsible adult is counting on social security.  It's a bonus but shouldn't be that's all.   

Edited September 1, 2021 by AzCactus

[Gregmal]

People rely on that?

[wabuffo]

Oh no - the dreaded lockbox is going to be empty!   

 

 

There is no lockbox!   

 

1) Social Security payroll taxes are just Federal tax receipts by another name. 

2) Social Security checks are just another form of Federal government spending by another name. 

3) The US government will never run out of its currency.  It can fund social security checks forever if it chooses to.  

 

The real question is whether the private sector of the US economy will continue to be productive well into the future so as to produce the resources that society will need.  I think so.  In fact, I wouldn't bet against it.

 

wabuffo

Edited September 1, 2021 by wabuffo

[Spekulatius]

4 minutes ago, wabuffo said:

Oh no - the dreaded lockbox is going to be empty!   

 

Here's the deal (as the current sleepy Prez says).   There is no lockbox!   

 

1) Social Security payroll taxes are just Federal tax receipts by another name. 

2) Social Security checks are just another form of Federal government spending by another name. 

3) The US government will never run out of its currency.  It can fund social security checks forever if it chooses to.  

 

The real question is whether the private sector of the US economy will continue to be productive well into the future so as to produce the resources that society will need.  I think so.  In fact, I wouldn't bet against it.

 

wabuffo

I think you can rely on SS, it is just a matter on if these payments are going to be curtailed in some way, but I am pretty sure that all of us will get SS payments upon retirement. 

[rkbabang]

29 minutes ago, Spekulatius said:

I think you can rely on SS, it is just a matter on if these payments are going to be curtailed in some way, but I am pretty sure that all of us will get SS payments upon retirement. 

 

 

Yes, but whether or not those payments amount to any more than about enough to buy your morning coffee is the question.   The current plan seems to be to massively devalue the dollar so that it will be able to make those payments.  Unfortunately you won't be able to live on them.

 

Edited September 1, 2021 by rkbabang

[flesh]

They'll just raise the age a few years for the different brackets. Inevitable and should have been done already. When ss was initiated the average age of death was three years hence, now it's what 15-20? 

 

There will be a lot of broke people. My dad complains about his 7k/month railroad retirement, he only worked there for 22 years... from 27-49 years old lol wtf. After getting 

his one year MBA that cost 1200 which he paid for buy selling pots and pans door to door for one summer. In reponse to how easy he had it he'd probably complain about  the theft of his retirement savings not being able to earn anything in money markets cd's savings etc. He won't invest in stocks.