Do You? Will you? Rely on Social Security during Retirement?

[What'sThat?]

Millions of Americans rely on Social Security for their retirement.


Not good what Janet "transitory" Yellen shared


In case you were thinking of retiring some day, bad news from Janet Yellen:

Social Security and Medicare are now underfunded by $175 trillion.

That comes to roughly $1.4 million per American household.

There are only 3 solutions:
- slash beneficiaries
- massively hike taxes, or
- cut everybody’s benefit to poverty level.


(20) Peter St Onge, Ph.D. on X: "In case you were thinking of retiring some day, bad news from Janet Yellen: Social Security and Medicare are now underfunded by $175 trillion. That comes to roughly $1.4 million per American household. There are only 3 solutions: - slash beneficiaries - massively hike taxes,… https://t.co/mp9DK2dctn" / X (twitter.com)



Oh....and dont expect $1400 debit cards....your rent paid....and free healthcare. Thats only for illegals

[dinosaur]

If all the money both I and my company put into social security went into a personal 401K, I would be worth a small fortune! One of my goals is to live long enough to at least get back what I paid in.

I figure, if the government had actually done some conservative investing with all that money, they could pay everyone a little bit more and still have a huge surplus!

SS is a bonus for me. I expected SS to cover me for inflation. Bidenomics has about blown thru all that. FJB.

Inflation is the big killer of SS. All those dollars, put into the system 30 years ago, are now worth pennies. No growth, and shrinkage too? Recipe for disaster.

And we won't even talk about our government "borrowing" the entire $2.7T SS trust fund. The vault is empty already.

https://thehill.com/opinion/finance/...already-broke/

[patrickt]

I'm 82 and chronically unemployed. I don't get Social Security or Medicare and I'm happy.



There is another option for the future of the Ponzi Scheme. Go total socialist and pay social security based on your other sources of income. If you have zero other sources of income you become a ward of the state. If you have a reasonable income you get nothing from the government.


Personally, I think the same government that pays you Social Security and covers your healthcare with Medicare has a serious conflict of interest. If they create a virus in a Chinese lab that targets the elderly they save a fortune.

[Fall River]

To the OP: This calls for a massive change in the American Lifestyle. For example: Eat a healthy diet and save for retirement.

[What'sThat?]

In the meantime......


We are

in the midst of an ongoing banking crisis


in the midst of double-digit inflation


both the Stock Market and housing valuations are WAY over inflated



and we just imported 10 million illegals that are mostly....either uneducated...unskilled...or criminals dependent on Govt handouts



What could go wrong?

[Freewill]

Another option is means testing. The government will tell you how much you need to live on. If fortunate enough to have company retirement plan, they too will be factored in. Everyone will become old and universally poor. Unless you were also able to save a really large amount. Even if you did save a lot, RMDs could also be factored in.

As for SS trust fund earning interest:

Social Security tax payments do earn interest collectively: They are invested in special Treasury bonds that are guaranteed by the federal government and pay a market-rate interest, which goes back into the pool that pays out benefits. But your contributions don’t go into a personal account that earns interest for you.

Remember back when GWB even mentioned making SS private? He was vilified and now we got what we got.

[Freewill]

In the meantime......


We are

in the midst of an ongoing banking crisis


in the midst of double-digit inflation


both the Stock Market and housing valuations are WAY over inflated



and we just imported 10 million illegals that are mostly....either uneducated...unskilled...or criminals dependent on Govt handouts



What could go wrong?

The DMV will have a windfall of new employees.

[Freewill]

I question the 175 Trillion dollar underfunded.

As we sit here the SS trust fund is not zero:

$2.908 trillionThe Social Security Administration collects payroll taxes and uses the money collected to pay Old-Age, Survivors, and Disability Insurance benefits by way of trust funds. When the program runs a surplus, the excess funds increase the value of the Trust Fund. As of 2021, the Trust Fund contained (or alternatively, was owed) $2.908 trillion.

Can we remember a time when 2 trillion was a lot of money?

The problem is, we are spending too much money on Biden foreign wars and other BS. Yeah there is 2 trillion in the SS trust fund, ON PAPER. In a spreadsheet. It's not like there is a stack of money, it's money guaranteed by the federal government, which has no money to support payments.

[ruthless terrier]

just give me a bag of government dog food and a cardboard box to live in. i'll be fine.

[Dr. Felix Birdbiter]

I depend on Social Security but I also have substantial savings and I still run a small business. As long as the business survives and they don't confiscate my savings I will be fine.

If I had to depend entirely on Social Security I would be living next door to Ruthless Terrier in a tent made of old newspapers. I would be fed by licking the remains of Burger King wrappers.