Ssa Going Broke 2033?

[Buck52]

http://www.msn.com/en-us/news/money/social-security-its-even-worse-than-you-think/ar-BBjqJjz?ocid=U147DHP

[Fat]

I personally don't believe SS retirement is going broke anytime soon.

The principle cure effect is raising the taxable income amount.

Also, I would make sure to separate the different Social Security accounts (Social Security Disability, Social Security Retirement, Social Security Insurance)

I feel the greatest country in the world should have social programs (safety nets), but we need to make sure each has its own funding source.

Congress has previously thought about combining one or two of the accounts but political pressure prevailed.

[free_spirit_etc]

It is hard to tell how dire it is. It depends on who you listen to. I am not sure why MSN is treating this as new news. This 2011 article in the Huffington Post http://www.huffingtonpost.com/sen-don-riegle/post_1901_b_845106.htmlstated that the 2010 SSA trustees report stated SSA has enough surplus funds to pay full benefits through 2037 and after that they project they will be able to pay about 78% of projected benefits if nothing is done to strengthen the program. That is not that far off from the new MSN report. I think everyone knows they need to do something to strengthen the program. The sooner they start, the less drastic the changes need to be. There has been plenty of discussion about delaying the retirement age more, raising SSA taxes, cutting benefits, etc.

Though everyone says it was never meant to be someone's full retirement funds, but only to supplement people's retirement, many people are totally dependent on Social Security for their retirement. There are many low wage workers who have no retirement plans and barely earn enough to get by, let alone save for the future. So Congress needs to find a way to strengthen the program. .

[Andyman73]

A few years ago I had the opportunity to take part in a retirement seminar, at work, to learn about the options, and how buying back my Military time would play into it. The host/presenter was a retired SS administrator. She said that while the system may be heading towards default, in no way does that mean it will stop. Future retirees will end up getting less per dollar of SSI. Like Free Spirit said, about 78%, which is to say 78cents per actual dollar amount...ie $780.00 instead of the full $1,000.00. per month. In order for them to stop paying anything at all, it would take them receiving no new taxes and draining the fund dry. And we all know they aint gonna stop taking our money.

[jbasser]

Several years ago someone stood on top of the heap and saw this account loaded with money. The Creative thinkers and Powers to be decided to use some of these funds for other projects. Now as far as I know this money has never been replaced. That is the real reason SSA is dwindling in its fund stash. Make them put the money back with interest.

J

[Navy04]

Thanks for the info, but I agree with the guys above. SSA is going nowhere as long as the Govt continues to Tax earnings. Just going to see changes in the future, which I hope are good.

[Buck52]

Well by the year 2033 (If I live this long) I'll be over 80 years old and probably won't give a sh***

.............Buck