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Originally posted by beezzer
reply to post by jimmiec
Oh the irony!
I'm 49 and can guarantee that if Obama is re-elected, I'll never see it.
Though, to be honest, if Romeny is elected, I doubt I'll see it either.
The 1.7% increase is not as much as the 3.6% cost of living adjustment that was received in 2012. However, since Social Security recipients did not receive any cost of living increase in either 2010 or 2011, it is helpful to be getting any increase at all this coming year.
Unless the government takes steps to change it, the temporary payroll tax cut will expire at the end of this year, meaning that workers will once again return to paying 6.2 % of their income for Social Security, rather than the 4.2 percent that we have been paying for the past couple of years. For many workers, this will mean a substantial decrease in the amount of their take-home pay.
If you define "bankrupt" as not being able to pay your obligations in full, then you might argue Social Security will be bankrupt come 2042, using projections from the Social Security trustees, or 2052, using estimates from the Congressional Budget Office.
That's when they project the system will have exhausted its surplus, which it will begin tapping in 2018 when there is less revenue than needed to cover promised benefits. (Click here to read about the half-truths regarding that surplus.)
By that logic, though, you also might argue that the U.S. government - with its roughly half-trillion-dollar deficit - is or will be bankrupt.
Some people have the impression that "bankrupt" means penniless. A full 50 percent of non-retired respondents in a recent USA Today/CNN/Gallup poll said they didn't think Social Security would be able to pay them a benefit when they retire.
Not true, according to government estimates.
The system still will be taking in enough revenue to cover 75 percent to 80 percent of what is currently promised.
What's more, even if benefits were reduced to that level, they still would be higher in today's dollars than what current retirees are getting, according to CBO estimates.
Originally posted by Destinyone
Interesting and timely thread for my question. This year puts me in the official SS claim age, for early retirement, that is.
I've been receiving notices from SS, practically begging me to file for early retirement, which I won't, as it would be much less than if I wait for full retirement age. Why should I file for early retirement, and lose all those benefits I've spent my whole life paying into. I'm working for myself now, and don't need to file, yet the letters extolling the benefits of early retirement keep coming. Is anyone else getting pressured to take the ding with early retirement? Why would SS even be pushing this concept.
Des
Originally posted by wildtimes
When all of us "Baby Boomers" are retired, it's our kids who will be paying for our benefits. The simple fact is that the benefits depend on WORKING AMERICANS. You don't have a "personal account" with the money you "paid in."
And, yes, Mr. Wizard, we know how it is supposed to work. We also know that there aren't enough employed workers to fund the retiring workers. So where, in your bankrupt government, are you going to pay them from?
Originally posted by wildtimes
reply to post by Valhall
And, yes, Mr. Wizard, we know how it is supposed to work. We also know that there aren't enough employed workers to fund the retiring workers. So where, in your bankrupt government, are you going to pay them from?
"Mr. Wizard"? Really?
Not everyone does know, Mr. Smart-mouth; and it's not MY bankrupt government.
:shk:
Plus, I'm a woman.
Originally posted by beezzer
reply to post by Valhall
I have always considered social security just another way for the government to determine where you live, what you eat, drink, buy, by how much they "allot" back to you.
I'd be giddy if they stopped taking social security!edit on 4-11-2012 by beezzer because: (no reason given)