How many of you think SS will be around when you retire?

[disneysteve]

Social Security was as scam by FDR from the beginning.

I don't think it was a scam. It has just come to be something that it was never intended to be. Add in the extended lifespan and the shift in the ratio of workers to retirees and it is simple to see where the problems have come from.

I don't have the answer but I imagine it involves some combination of lower benefits and a higher age for full benefits. Now that people are routinely living into their 90s and beyond, you've got people collecting for 30 years or more. That's a big difference from when the program started and hitting 70 was somewhat of a rarity.

[bjl584]

I would say exactly the same thing. I'm 47 and do not include SS in my retirement planning. If I get it, that will be great. If not, I'll still be prepared on my own. I won't be at all surprised to see means testing that punishes those of us who were responsible with our money and benefits those who spent their lives living beyond their means.

That would be something. If you have a certain net worth you aren't eligible to collect despite you paying in your entire working life. That would be a political hot potato for sure.

[feh]

That would be something. If you have a certain net worth you aren't eligible to collect despite you paying in your entire working life. That would be a political hot potato for sure.

I think there's a decent chance there will be means testing in the future. I will likely be one of the people that receives reduced benefits (or none at all).

I'd be fine with that, if I'm living comfortably off my savings.

[kork13]

I swear I am not picking on you kork, today , BUT social security contributions are 6.2% employee and 6.2% employer.

hehe... okay, you got me there... I totally looked at the wrong number (the 1.45% I was talking about is the individual medicare contribution rate). Well this is embarrassing... I'll blame lack of sleep, and hope the forum can overlook my foolishness. (I also won't comment on the medicare can of worms)

[disneysteve]

That would be something. If you have a certain net worth you aren't eligible to collect despite you paying in your entire working life. That would be a political hot potato for sure.

I don't think it would be based on net worth but on AGI. Just as you now phase out of certain tax deductions, you could phase out of SS eligibility.

[97guns]

social security is one of the biggest ponzi schemes and not the only that the gov't is running.

[MonkeyMama]

I don't think it would be based on net worth but on AGI. Just as you now phase out of certain tax deductions, you could phase out of SS eligibility.

Agreed.

Medicare is already adding a surtax on those with higher AGIs (retirees who are eligible for medicare - if you make more money you pay more into medicare in retirement). Plus, when it comes to taxes, all the IRS knows is your income. IF you have the income and you don't need the SS, then, that is where they will do their means testing. TRacking down your net worth just isn't practical for the IRS.

They will tax it out of us one way or another...

[greenskeeper]

Agreed.

Medicare is already adding a surtax on those with higher AGIs (retirees who are eligible for medicare - if you make more money you pay more into medicare in retirement). Plus, when it comes to taxes, all the IRS knows is your income. IF you have the income and you don't need the SS, then, that is where they will do their means testing. TRacking down your net worth just isn't practical for the IRS.

They will tax it out of us one way or another...

I'm planning on NOT having SS benefits when I retire, if I do then it's a "bonus".

I forget which country, in south america I think, they set their SS system up like this.

You manage your own contribution money (taxes), and if it doesn't return a set rate by the govt then the govt makes up the difference. To date the govt has yet to pay out a penny because the free market investments have out gained the govt payment.

Why can't we implement this here starting at a certain cutoff age?

[PMMM]

I won't be at all surprised to see means testing that punishes those of us who were responsible with our money and benefits those who spent their lives living beyond their means.

Now this is what will really get my dander up and make me flat out mad! Sounds kind of familiar right now.

How many people got home equity loans when the times were good to buy things they really didn't need and then when the times went south they fold and walk away or the government bails them out? Kind of sounds like the same thing only in a different form. I realize some people just bought at the wrong time but there are many that were plain greedy.

[photo]

That would be something. If you have a certain net worth you aren't eligible to collect despite you paying in your entire working life. That would be a political hot potato for sure.

Do I remember correctly that a few years ago, the government asked for extremely wealthy individuals (Warren Buffet, etc) to voluntarily give up social security?

[Mr.Brown]

I honestly don't think it will be around when its my time to retire. I'm only 25 and the way the economy is looking i know that it wont look good when its my time. So aside from savng for my daughter i save separately from my 401k to have a better nest egg.

[Cassius King]

That would be something. If you have a certain net worth you aren't eligible to collect despite you paying in your entire working life. That would be a political hot potato for sure.

Wait til our government gets desperate enough and eventually decides to tax Roth account withdrawals in retirement at some point. Our government is so broke,they'll take the money from wherever they can get it.

[baconexplosion]

I don't depend on SS to be in place when I retire. In fact, I would be amazed if it was. I'll certainly take it if it does but that is a long shot.

[gogirlanime]

I'm 24 and I don't think there will be anything left at all, I think we have 10 more years max on SS. My parents taught me to never rely on it in the first place to save my own money for retirement.

[bennkar]

While I don't plan on it, I expect there to be some type of SS payout in the future, and it should be there for me in some form (I'm 49). That said, I have a growing pension that *should* stand the test of time (a local gov't pension that is often mentioned as one of the most solid in the country) and enough retirement savings that a drop in SS payouts won't hurt me. But if they cut my benefit just because I saved good money over the years (means testing) I am going to be one unhappy camper .