New Rules: Work 'til You Die

[Corporate Death]

Hell, for the past 15 years I've been saying that SS is nothing more than a tax. My generation (born 1964) and those following will more than likely never see ONE DIME of social security.

 

[Winter_123]

The sad part is that this is not news...this information has been known for a long time maybe with a different date of insolvency but it has been known...They have done nothing but bandaids to the programs...My first step in any solution is the disolution of the Federal and State Pension systems that opt out of Social Security, If a private citizen can't opt out of social security why should federal and state workers and railroad employees...Think if congressmen and senators lost there pensions and where put back into social security that they may actaully do something to fix this?

Either that or let me keep my 15% fica self employment tax make me save it fine but let me keep it for my family not the government dole.

Some of the government workers do not have it pretty either. In fact it is downright ugly. Social Security reduces their payment by the amount of any government pension they get. So if you are a government employee who put in quite a few years in the private sector either before or after your government employment, you basically lose your social security. Allegedly, this is to prevent double dipping, but it is not double dipping. It is actually double earning and I dont know what business the government has in coordinating pension payments. If I work some place and qualify for a pension with a company and then go work at another company for another twenty years and also qualify, it is none of either company's business what I may be getting from the other.

Should be the same for the government.

 

[xrac]

Hell, for the past 15 years I've been saying that SS is nothing more than a tax. My generation (born 1964) and those following will more than likely never see ONE DIME of social security.

It is worse than a tax. It is a grand Ponzi scheme that is about to collapse like all such schemes do eventually.

 

[Crabcake Johnny]

In all fairness, it wasn't created as a Ponzi scheme. At the time there were more people paying in than receiving and the birth rate was higher.

Now the birth rate is lower and they will be more people receiving than paying in but that could not have been foreseen when it was enacted.

 

[xrac]

In all fairness, it wasn't created as a Ponzi scheme. At the time there were more people paying in than receiving and the birth rate was higher.

Now the birth rate is lower and they will be more people receiving than paying in but that could not have been foreseen when it was enacted.

True, but it does not change what our weak willed politicians have allow it to become. What makes it double bad is that it's enactment sent the message that the government would take care of you. Consequently our savings rate had dropped to negative territory. The government takes care of many but also takes away from the rest.

 

[Crabcake Johnny]

I have no plans for a formal retirement like my father.

 

[xrac]

I have to agree with you. In intend to work as long as I am physically and mentally able.

 

[JMO Fan]

I don't plan to retire. But I don't think Social Security will die. Federal budget financing has evolved so that it will be fairly simple to fund it with T-bills, paid for by the future incomes of our children and grandchildren.

Congress will find that easier than fixing it. :(