TOTALLY GEEKED!

ed11563 · Guru

Money Fix: Social Security myths

huskerbb · Guru

Yup--and there's lots more reasons besides those that social security is a complete joke.

I know what to do_sometimes · Frozen Sucks!

huskerbb wrote:
Yup--and there's lots more reasons besides those that social security is a complete joke.

With the exception of the fact that it is severely underfunded due to being raided for other benefits, it isn't a joke. But people are dumb to think they don't have to have other investments to support them in retirement.

ed11563 · Guru

The Ex Spouse thing is kind of a red herring, because what the ex gets does NOT impact the person's SS benefit level.

huskerbb · Guru

I know what to do_sometimese:
huskerbb wrote:
Yup--and there's lots more reasons besides those that social security is a complete joke.
With the exception of the fact that it is severely underfunded due to being raided for other benefits, it isn't a joke. But people are dumb to think they don't have to have other investments to support them in retirement.

its underfunded, anyway. even if all the ious were paid back today, the system will still be bankrupt before 2040. Its unsustainable long term. Too many retirees and not enough young workers to fund it.

Lawyerlady · On the bright side...... Christmas is coming! (Mod)

huskerbb wrote:
I know what to do_sometimese:
huskerbb wrote:
Yup--and there's lots more reasons besides those that social security is a complete joke.
With the exception of the fact that it is severely underfunded due to being raided for other benefits, it isn't a joke. But people are dumb to think they don't have to have other investments to support them in retirement.
its underfunded, anyway. even if all the ious were paid back today, the system will still be bankrupt before 2040. Its unsustainable long term. Too many retirees and not enough young workers to fund it.

Obamacare should take care of that.

jlbear71 · Guru

huskerbb wrote:
I know what to do_sometimese:
huskerbb wrote:
Yup--and there's lots more reasons besides those that social security is a complete joke.
With the exception of the fact that it is severely underfunded due to being raided for other benefits, it isn't a joke. But people are dumb to think they don't have to have other investments to support them in retirement.
its underfunded, anyway. even if all the ious were paid back today, the system will still be bankrupt before 2040. Its unsustainable long term. Too many retirees and not enough young workers to fund it.

Problems started back in the 70s and really increase when Reagan took several trillion dollars from the funds. This is part of the reason why there needs to be SS and Welfare Reform.

huskerbb · Guru

jlbear71 wrote:
huskerbb wrote:
I know what to do_sometimese:
huskerbb wrote:
Yup--and there's lots more reasons besides those that social security is a complete joke.
With the exception of the fact that it is severely underfunded due to being raided for other benefits, it isn't a joke. But people are dumb to think they don't have to have other investments to support them in retirement.
its underfunded, anyway. even if all the ious were paid back today, the system will still be bankrupt before 2040. Its unsustainable long term. Too many retirees and not enough young workers to fund it.
Problems started back in the 70s and really increase when Reagan took several trillion dollars from the funds. This is part of the reason why there needs to be SS and Welfare Reform.

but thw whole system assumed that their would always be plenty of workers to fund the system. Not so. We are down to only about three workers paying in for every retiree drawing out. That is not sustainable.

ed11563 · Guru

Lawyerlady wrote:
huskerbb wrote:
I know what to do_sometimese:
huskerbb wrote:
Yup--and there's lots more reasons besides those that social security is a complete joke.
With the exception of the fact that it is severely underfunded due to being raided for other benefits, it isn't a joke. But people are dumb to think they don't have to have other investments to support them in retirement.
its underfunded, anyway. even if all the ious were paid back today, the system will still be bankrupt before 2040. Its unsustainable long term. Too many retirees and not enough young workers to fund it.
Obamacare should take care of that.

By creating another Baby Boom?

Lawyerlady · On the bright side...... Christmas is coming! (Mod)

ed11563 wrote:
Lawyerlady wrote:
huskerbb wrote:
I know what to do_sometimese:
huskerbb wrote:
Yup--and there's lots more reasons besides those that social security is a complete joke.
With the exception of the fact that it is severely underfunded due to being raided for other benefits, it isn't a joke. But people are dumb to think they don't have to have other investments to support them in retirement.
its underfunded, anyway. even if all the ious were paid back today, the system will still be bankrupt before 2040. Its unsustainable long term. Too many retirees and not enough young workers to fund it.
Obamacare should take care of that.
By creating another Baby Boom?

By delaying or refusing to pay for treatments and having the elderly not live as long.

lilyofcourse · My spirit animal is a pink flamingo.

ed11563 wrote:
The Ex Spouse thing is kind of a red herring, because what the ex gets does NOT impact the person's SS benefit level.

They can figure in the ex's income from when you were together. It can bump up the amount you get.

I know what to do_sometimes · Frozen Sucks!

jlbear71 wrote:
huskerbb wrote:
I know what to do_sometimese:
huskerbb wrote:
Yup--and there's lots more reasons besides those that social security is a complete joke.
With the exception of the fact that it is severely underfunded due to being raided for other benefits, it isn't a joke. But people are dumb to think they don't have to have other investments to support them in retirement.
its underfunded, anyway. even if all the ious were paid back today, the system will still be bankrupt before 2040. Its unsustainable long term. Too many retirees and not enough young workers to fund it.
Problems started back in the 70s and really increase when Reagan took several trillion dollars from the funds. This is part of the reason why there needs to be SS and Welfare Reform.

I disagree, problem started when they started this system in the 30's. I also think public pension metrics and such should be tied to SS. If SS goes down due to lack of funding, so should the pension go down.

Lawyerlady · On the bright side...... Christmas is coming! (Mod)

lilyofcourse wrote:
ed11563 wrote:
The Ex Spouse thing is kind of a red herring, because what the ex gets does NOT impact the person's SS benefit level.
They can figure in the ex's income from when you were together. It can bump up the amount you get.

Actually - you have to choose. You either have to take your ex-spouse's benefit or your own. It can only work to bump yours b/c you can take ex-spouses until you reach 70 and then take yours and you'll get the higher amount as if you had waited. They don't actually combine them.

jlbear71 · Guru

huskerbb wrote:
jlbear71 wrote:
huskerbb wrote:
I know what to do_sometimese:
huskerbb wrote:
Yup--and there's lots more reasons besides those that social security is a complete joke.
With the exception of the fact that it is severely underfunded due to being raided for other benefits, it isn't a joke. But people are dumb to think they don't have to have other investments to support them in retirement.
its underfunded, anyway. even if all the ious were paid back today, the system will still be bankrupt before 2040. Its unsustainable long term. Too many retirees and not enough young workers to fund it.
Problems started back in the 70s and really increase when Reagan took several trillion dollars from the funds. This is part of the reason why there needs to be SS and Welfare Reform.
but thw whole system assumed that their would always be plenty of workers to fund the system. Not so. We are down to only about three workers paying in for every retiree drawing out. That is not sustainable.

We also were a manufacturing country. Now, most of that has been sent overseas for cheaper labor. Service has followed that route as much as that can too. If the jobs had stayed here...

huskerbb · Guru

jlbear71 wrote:
huskerbb wrote:
jlbear71 wrote:
huskerbb wrote:
I know what to do_sometimese:
huskerbb wrote:
Yup--and there's lots more reasons besides those that social security is a complete joke.
With the exception of the fact that it is severely underfunded due to being raided for other benefits, it isn't a joke. But people are dumb to think they don't have to have other investments to support them in retirement.
its underfunded, anyway. even if all the ious were paid back today, the system will still be bankrupt before 2040. Its unsustainable long term. Too many retirees and not enough young workers to fund it.
Problems started back in the 70s and really increase when Reagan took several trillion dollars from the funds. This is part of the reason why there needs to be SS and Welfare Reform.
but thw whole system assumed that their would always be plenty of workers to fund the system. Not so. We are down to only about three workers paying in for every retiree drawing out. That is not sustainable.
We also were a manufacturing country. Now, most of that has been sent overseas for cheaper labor. Service has followed that route as much as that can too. If the jobs had stayed here...

But unemployment isn't THAT high. Even at 8% or whatever the figure is, taking that down to, say, 4% would not add nearly enough workers to the system.

lilyofcourse · My spirit animal is a pink flamingo.

Lawyerlady wrote:
lilyofcourse wrote:
ed11563 wrote:
The Ex Spouse thing is kind of a red herring, because what the ex gets does NOT impact the person's SS benefit level.
They can figure in the ex's income from when you were together. It can bump up the amount you get.
Actually - you have to choose. You either have to take your ex-spouse's benefit or your own. It can only work to bump yours b/c you can take ex-spouses until you reach 70 and then take yours and you'll get the higher amount as if you had waited. They don't actually combine them.

All I have to go on was what my lawyer told me while applying for disability.

Nobody Just Nobody · Rib-it! Rrrib-it!

And if you apply for retirement and still owe child support because you were too lazy or too whatever to pay it they will garnish your retirement. And that, I do know for a fact.

Lawyerlady · On the bright side...... Christmas is coming! (Mod)

lilyofcourse wrote:
Lawyerlady wrote:
lilyofcourse wrote:
ed11563 wrote:
The Ex Spouse thing is kind of a red herring, because what the ex gets does NOT impact the person's SS benefit level.
They can figure in the ex's income from when you were together. It can bump up the amount you get.
Actually - you have to choose. You either have to take your ex-spouse's benefit or your own. It can only work to bump yours b/c you can take ex-spouses until you reach 70 and then take yours and you'll get the higher amount as if you had waited. They don't actually combine them.
All I have to go on was what my lawyer told me while applying for disability.

It's a very easy thing to look up on the social security website.