Do you think there will be any money left in the Social Security account by the time your retire?

[Daniela1982]

Looks like some of you will be working for Walmart forever. 😯😫😔

[WindAtMyBack]

It makes no difference whatsoever. It's just accounting. If I have 2-3 savings accounts, and one of therm runs out of money, I just take money from another one.

The SS fund doesn't need any money at all, and never has needed it. If it runs out, the money will come out of the general fund. In the end, it doesn't matter. Ultimately it all comes from the same place, the taxpayers.

The way the math/accounting works, the SS fund could easily have stayed solvent. BUT, in order to do that, it means the general fund for the rest of the government would have less money.

They could have done it so the SS fund has a few trillion more, but the general fund has a few trillion less.

If someone wants to see the math, here is a made-up example to make the point. I'll use small numbers to make it easier.

The SS fund has $1000 in it
They lend that money out.
They get the money paid back with interest.

This is the same thing that happens when you open a savings account at a bank. You lend the bank money, and get it back with interest.

SS lends that money to the government.
SS charges a crappy interest rate. Let's say 1% per year interest.
Over time, let's say they get $1200 back.

The gov got a good deal with only paying 1% interest.

Now scenario 2

SS lends the money to the government at 5% interest instead of 1%.
Over time, let's say they get $2000 back instead of $1200 like before.
SS can now remain solvent.
BUT, the government has to pay more for that loan.

SS has $800 more than before, but the government has $800 less.So, yes, the SS fund could have remained solvent. They didn't need to have that SS fund at all. It's nothing but accounting.

[lightbulb27]

haha... there already is not enough $ in it. I will get a check... even Whermacht Germany sent out required payments... but it won't buy much of anything... certainly not security, probably not even food security let alone a roof. We're screwed, enjoy the good days while they last. Rome was awsome for a while as well... til the dinar wasn't worth a dinar.

I also don't count on my wifes pension holding value, that will be inflated and diminished. people don't understand debt, theft, inflation, money printing. Sadly, most of us on this site will live long enough to learn the hard lesson that was repeated in the past.

Maybe we will have enough, lets hope, maybe. I suspect we have to keep working to offset the decline. Probably be ok, but standard of living decline, that be ideal case.

Am I being too negative, or realistic?

[Daniela1982]

Well, the retirement age goes up every year before you can collect. It used to be 65. It's like 70 now. That must have pissed off the ones who were 64 when it changed. 🤬

[lightbulb27]

I thought was 62...

[Daniela1982]

No, it was 65 for a long time. I don't know what it is now.

[Vegasrunner]

@daniela1982 It's 62 you receive full benifits at 66

[Account]

*Laughs bitterly in millenial*

I won't ever get a pension/retire.

[PsychicBoobs]

If you do your research and keep repubs out of office. Yes.

[AI Opinion]

Concerns about Social Security's future are valid, but it's unlikely to be completely depleted. While reforms may be necessary to ensure its longevity, Social Security is not solely reliant on a savings account; it also depends on ongoing payroll contributions. It's essential to consider diverse retirement strategies and savings to ensure financial stability. Relying solely on Social Security may not be sufficient, so incorporating other forms of retirement savings and investments can also be effective. Staying informed about policy changes and planning ahead can provide more security in retirement.

[blueonblack22]

No and f*ck no. Social security was supposed to be an emergency benefit program started by FDR. Instead it got enshrined as a permanent entitlement program (also a form of wealth redistribution).

The problem is neither the democrats nor the republicans are willing to campaign against it. Even Trump won’t touch it. It’s considered a “political third rail” and political suicide to campaign on reducing/removing this benefit. Only Nikki Haley was brave enough to mention this during the republican primaries (and those primaries were an exercise in futility and we all know why).

Anyway I would be more then happy to tell the federal government to keep all the social security money taken from me but quit f’ing taking more of it considering I won’t likely see a dime of it by the time I retire.

[Massageman]

SS knew about the end of this Ponzi scheme a loooong time ago. Simply require SS payments with no limits on earnings (currently, SS withdrawals from your pay is only on the first $168,600 of your earrings). Several years ago, when the numbers were run on this model, this would take us into 2100! Of course now, it wouldn't last that long.

People think that this is something that is "their" account and of course, it is NOT. It is simply a pool of money to pay off the debt that the feds have ALREADY incurred for those already retired. Stats have also been run on the basis that one's deductions are invested in stock funds and the numbers are much better.

Moral of the story? Have multiple, protected income streams, side jobs, and a lot of perseverance.

[Daniela1982]

I wonder if illegals can tap into that, even though they never paid in?

[DrPepper12]

ABSO-FUCKING-LUTELY!!! Seniors vote in INSANE numbers AND have all the time in the world to meet with, contact, and interact with their representatives. AARP has more clout than teachers unions, K street, the Bar Association and heritage foundation COMBINED. Our elected prostitutes know where the votes are...

[nolabels]

I used to joke about the company that I worked for that if I called in dead, they'd want a written note from the coroner.

I've been retired for some time already, and I'm just about dead, so I guess I'm okay.

As to what the future holds, I don't know.

[Dargil]

It is said that the social security system in the way that its numbers are working which is kind of a pyramid scheme. Will go bankrupt within 20 years. Whether it is Republicans or Democrats, someone is going to have to do something about it or the system is going to collapse. And if the system collapses there is going to be social unrest.

[Dargil]

And it won't be senior citizens. It'll be their kids and grandkids who are paying a great percentage of their income into the system for which they're not going to get any benefits at the end when they retire.

[nawtee_me]

Only if the government puts back the money it borrowed from social security years ago. It would write IOU’s for money borrowed from social security but never pay back the IOU’s. Then they wrote a bill and passed it saying they did not have to pay it back.
That is if you believe the government is crooked. I mean after all they did pass the bill saying they didn’t have to pay the money back….

[Daniela1982]

But they don't excuse us for not paying our taxes when we can't.

[Snakeyes7]

No and that is why I think it should be abolished. At the time it was created, people didn't live past 65 often so it was used quite sparingly.

Now we have old people leeching off of the money supply for the last 35 years of their life and with this many people surviving due to advances in medical technology, we will run out of other people's money very quickly.

[Surely]

I am collecting my pension at the moment. So I will at least get some of my benefits.
Heaven help the younger people. Hope you all can save for retirement on your own!

[exitseven]

I was going to wait before I filed but I wanted ot get at least some before it goes bankrupt.

[Curmudgeon]

The cautionary tale of The Wal-mart Greeter:

https://www.youtube.com/embed/C_jBXDOzZas

[CaptainSmartass]

Probably not. We'll have to keep working until we either die, or qualify for incapacity benefit.

Simples...

[Avicenna]

No, especially because the people who buy politicians don’t need it. And it’s Medicare that you should really be worried about.,

[NathanDavis]

I work on my own retirement, as it should be... lol

[jamesgoldman]

Nope, that why I'm planning privately to at least cover my death expenses given on course to die around 50

[worldscolide]

Doubtful. It's why my 401k is well over 7 figures. I kid you not, 50% of my salary goes into it.

[DextroShade]

If Kamala wins she will give it all away to the illegals.

[msc545]

It will not go bankrupt because it cannot That is a right-wing LIE.

[eagle1951]

well i'm on it now. but y'all may be in trouble

[Daniela1982]

Well don't hog it all. Leave something for us. 😎

[JoeRob67]

Not sure but I have enough in my 401k to retire now.

[Telekinetic-Potato]

I'm not counting on it

[Iron_Man]

We will work till we can’t anymore

[seyfturk]

I have social anxiety, I think I'll become asocial

[Fireguy17]

yeppers.