[workquik]

It's never too late. Hopefully this term, but after reelection soon enough.

https://www.google.com/amp/s/market...ty-medicare-interview-davos-2020-1-1028837128

I vote for a retirement age of 72 and means testing for all else. People shouldn't take from the government and die with money in the bank.

 

[Jojo]

SS is NOT an entitlement it was a loan.
I want every penny of MY money back - WITH interest.

 

[FalconsBravesHawks]

It's never too late. Hopefully this term, but after reelection soon enough.

https://www.google.com/amp/s/market...ty-medicare-interview-davos-2020-1-1028837128

I vote for a retirement age of 72 and means testing for all else. People shouldn't take from the government and die with money in the bank.

when you die, the government should not be allowed/entitled to 1 cent of your money whether you have 10 dollars or 10 trillion dollars. It's your money and therefore should go 100% to who you decide.

 

[FalconsBravesHawks]

SS is NOT an entitlement it was a loan.
I want every penny of MY money back - WITH interest.

totally agree with that, and honestly I wish they would do away with the whole social security "pot" scam. Either allow us to NOT pay social security, or have everyone that does pay it, the money goes into a personalized account for that person only or who that person names as beneficiaries (NOT THE GOVERNMENT)

 

[Ghost863]

SS is NOT an entitlement it was a loan.
I want every penny of MY money back - WITH interest.

it depends Jojo, ssd is not an entitlement, it is something you paid in while you worked, but ssi is for people who have never worked and considered welfare. The same with medicare and medicaid, medicare you paid for medicaid is just giving to those who never worked

 

[JeanneLynn]

it depends Jojo, ssd is not an entitlement, it is something you paid in while you worked, but ssi is for people who have never worked and considered welfare. The same with medicare and medicaid, medicare you paid for medicaid is just giving to those who never worked

SSI is welfare. A lot of people think it is another form of Social Security, just because the program is administered through the Social Security Administration. SSI is not funded through the Social Security Trust Fund as SSDI is.

 

[AZ_HighCountry]

SS is NOT an entitlement it was a loan.
I want every penny of MY money back - WITH interest.

Depending on how long you've worked and when you retire you may not live long enough.

This is why I am very very seriously considering early retirement at 62 and drawing SS then. Our FP is working through some scenarios on what would be the best option for me.

 

[Chuckleberry]

totally agree with that, and honestly I wish they would do away with the whole social security "pot" scam. Either allow us to NOT pay social security, or have everyone that does pay it, the money goes into a personalized account for that person only or who that person names as beneficiaries (NOT THE GOVERNMENT)

They need to start allowing people who are younger to move their account to an investment account they can manage themselves (if they choose) even if it is just certain mutual funds & other indices they can invest in would be much better than the govt putting it in a so called "lock box". For retired people or those that are closer to retirement it's not feasible, but at least for the younger people it would be moving in the right direction.

 

[AZ_HighCountry]

I vote for a retirement age of 72 and means testing for all else.

Why? If someone who has worked hard and planned accordingly is in a position to retire early, why not? Those who can and do generally don't worry about Social Security anyway.

 

[AZ_HighCountry]

They need to start allowing people who are younger to move their account to an investment account they can manage themselves (if they choose) even if it is just certain mutual funds & other indices they can invest in would be much better than the govt putting it in a so called "lock box". For retired people or those that are closer to retirement it's not feasible, but at least for the younger people it would be moving in the right direction.

The original plan as envisioned by FDR was pretty much that; at least a certain percentage of it. Congress at that time saw otherwise.

 

[ajole]

Social Security is a legalized Ponzi scheme, and with the way our "representatives" have been dipping out of the pot, it's getting closer to falling apart.

My dad was really excited to turn 65 so he could keep ALL of his money even if he did some work now and then. He lived to be almost 67 years old.

So SOMEONE is getting the money he paid in. But it sure isn't his family.

 

[HomeDefense]

Boys and girls, this is a Business Insider article. Business Insider is not a fan of Trump. They are a liberal organization that borderlines on fake news when it comes to reporting on Trump.

Business Insider Media Bias

Read the original article. It doesn't say the things inferred in the Business Insider article. "Looking at it" doesn't mean cuts.

Full interview: President Trump discusses trade, impeachment, Boeing and Elon Musk with CNBC in Davos

I vote for a retirement age of 72 and means-testing for all else. People shouldn't take from the government and die with money in the bank.

I suppose you think the money would be better-spent padding retirement benefits for people who have never been productive throughout their entire lives. That's more transfer of wealth from productive people to non-productive people. In other words, communism.

So if you assume most people start working at 18 and then retire at 72, that means they've paid into the system for 54 years. With the current average life expectancy in the USA at 78.6 years, that means if someone worked until full retirement age they would collect on average for about 7 years. And then if the person did things right and retired with a pension or a nice IRA, or has saved some money, that would be used to reduce the payments.

I think the bigger crime is giving money to the government that you have no hope of getting back. Politicians have a way of ****ing away money even faster when they see a fat honeypot. Or perhaps you'd rather start giving Social Security and Medicare to illegals, as several Democrats have proposed.

 

[Ready?mom]

it depends Jojo, ssd is not an entitlement, it is something you paid in while you worked, but ssi is for people who have never worked and considered welfare. The same with medicare and medicaid, medicare you paid for medicaid is just giving to those who never worked

We also pay monthly for Medicare. It goes up almost every year. As do the deductibles for medical and hospitalization. Hospitalization deductible is more than 1300$ per quarter. This is why I get a little ticked off when someone complains about Medicare being an entitlement.

 

[AZ_HighCountry]

Looking back, some of these posts would qualify for this:

 

[bonegunner]

It's never too late. Hopefully this term, but after reelection soon enough.

https://www.google.com/amp/s/market...ty-medicare-interview-davos-2020-1-1028837128

I vote for a retirement age of 72 and means testing for all else. People shouldn't take from the government and die with money in the bank.

I have been on SS now for just over 2.5 years, and paid into SS for 42 years.

I calculated the SS "tax" I paid for each of my 35 highest years in earnings.

I then took those annual amounts and calculated based on an average of 7% return on the money.

If I had the money in a retirement account over those 35 years at a 7%
avg. return compounded annually; and withdrew 4% annually today, I would be drawing about $800 more per month than my monthly SS benefit.

The way I see it, the govt. owes me.

If I die early, I could leave the balance in the account to my heirs.

We have lived well below our means, have had side jobs, do not drive new vehicles, nor own the latest gizmos.

Our goal of $1 million in retirement accounts is probably not going to happen, but we will be good.

We worked, saved, and did without to have a retirement fund.

Your idea, that one should not "take" from the govt. and die with money sounds like a commie idea.

 

[ActionJackson]

It's never too late. Hopefully this term, but after reelection soon enough.

https://www.google.com/amp/s/market...ty-medicare-interview-davos-2020-1-1028837128

I vote for a retirement age of 72 and means testing for all else. People shouldn't take from the government and die with money in the bank.

I can't read "the news" from a Fake News source. You can NEVER trust anything they say.

"Reforming" those two Socialist programs may not require a cut in funding. Perhaps we can cut other "entitlement" programs to better fund the teets of Social Security & Medicare. Americans have become so dependent on the free milk of Socialism that it's too late to cut funding. The money that I've put into those programs over the years has been spent by the Dems and RINOs a looooong time ago. So the only way I may see a "piece of that pie" is if future generations work hard to give me some of their hard earned cash.

Now if we cut the free handouts going towards illegal aliens ... then we'd have enough to easily fund some of America's other Socialist programs.

 

[sonya1]

it would be very unfair to the people close to retirement that planned on getting their money at 62-65
the way it should be done is start with young people and by giving them a choice to either pay into it or not
I want the money back I paid into it

 

[sonya1]

SS is NOT an entitlement it was a loan.
I want every penny of MY money back - WITH interest.

Agree with you on this!

Problem is people are getting money out they did NOT pay in

 

[Ghost863]

I have been on SS now for just over 2.5 years, and paid into SS for 42 years.

I calculated the SS "tax" I paid for each of my 35 highest years in earnings.

I then took those annual amounts and calculated based on an average of 7% return on the money.

If I had the money in a retirement account over those 35 years at a 7%
avg. return compounded annually; and withdrew 4% annually today, I would be drawing about $800 more per month than my monthly SS benefit.

The way I see it, the govt. owes me.

If I die early, I could leave the balance in the account to my heirs.

We have lived well below our means, have had side jobs, do not drive new vehicles, nor own the latest gizmos.

Our goal of $1 million in retirement accounts is probably not going to happen, but we will be good.

We worked, saved, and did without to have a retirement fund.

Your idea, that one should not "take" from the govt. and die with money sounds like a commie idea.

The way it works is when they give you SSDI, you only receive 33% of what you paid in. Then another 33% is used for SSI (the entitlement program) and the last 33% is used to buy U.S. Treasury Bonds so that SS will never go broke. The problem is that in the past, and I will not just single out Obama, certain administrations paid out more than they were taking in, now whether that payout was to SSI or whether it was Treasury Bonds, I don't know. but when I did my book report on it in Macroeconomics in 2008, SS was not due to run out of money until the year 2065. Now they are saying that it will go belly up in 2033

 

[bonegunner]

Now they are saying that it will go belly up in 2033

Hopefully with the economy continues to do well, and the unemployment rate
stays low i.e. more SS contributions/contributors.

If that happens, a revision will soon be in order.