So social security should be a 0% savings account? Even at only a 3% annual interest rate, a $200 monthly SS contribution will yield way over double the total contribution over a 50-year working life ($120,000 in, $270,712 out). Receiving only a 50% increase in SS distributions over one's contributions, isn't an entitlement, it's an absolute *ss r*pe. If one was allowed to keep that $200/month an invest it in the S&P 500 (50-year return = 10.26% annual), they'd be sitting on $3,066,600 at retirement. Almost EVERYONE who draws SS is getting screwed by it, compared to where they'd be if they'd just kept their money. Politicians (like the lottery) rely on people being bad at math!
Cheers, Rex
You shouldn't expect the .gov to be an investment firm and to take care of you, Maybe you're expecting to much........
Originally Posted by TRexF16
Almost EVERYONE who draws SS is getting screwed by it, compared to where they'd be if they'd just kept their money.
Absolute fact but to expect the .gov to grow your money for you is nothing short of crazy.
The problem with allowing people to individually set up a fund for themselves in retirement is that well over half of the population would not do it and without government intervention would end up living outdoors and die. That is not something our society is ready for although we are easing in that direction with some governments already endorsing euthanasia for the ill and elderly.
In particular I know of a case in which an older middle-aged state employee resigned so as to be able to withdraw her many years of contributions to the state system for the relief of her credit card debt. And then went back to work for the same agency after cleaning out the retirement account. The 1/2 of the account that the state had contributed vanished back into the general fund and now the stupid woman doesn't have time to build up a decent retirement and has never paid into SS.
This is why the government set up the SS system. In the 1930s when SS was illegally instituted there were old people actually starving and children going hungry. It may very well happen again in a complete bust. I don't see the young folks supporting their elders anymore.
In any case probably less than half the country has more than a month worth of money to tide them over if they had any money at all.
Patriotism (and religion) is the last refuge of a scoundrel.
SS was never meant to be the sole means of retirement income, it was meant as a supplement. People are supposed to save for retirement, smart people do and dumb people don't...
I am a late Gen X/early Millennial but generally align more with Boomers than those closer to my age. I was ‘friends’ with a lot more of them growing up than with my own age group. I do feel Boomers are who first got credit card debt to be a standard and ‘acceptable’ thing as well as a few other widespread issues but I just don’t understand the blanket hatred for Boomers by the younger crowds these days. To make it more perplexing, many of the Boomer haters are Biden supporters, who is of Boomer age.
The OP is most certainly not a brilliant person based on his posts here, but that is a different discussion. I think a lot of the Boomer hate on this board is just pot stirring but plenty of younger people really do blame Boomers for the US’s current problems.
I just don’t understand it…
Same here
It's simple- it likely was learned by kids in our FedGov school system -->> Divide & Conquer , I'm sure you've heard/seen how well it works.
PRESIDENT TRUMP 2024/2028 !!!!!!!!!!
Posted by Bristoe The people wringing their hands over Trump's rhetoric don't know what time it is in America.
SS was never meant to be the sole means of retirement income, it was meant as a supplement. People are supposed to save for retirement, smart people do and dumb people don't...
Correct, and most people are dumb or ignore the arithmetic (which is dumb).
Patriotism (and religion) is the last refuge of a scoundrel.
Speaking of entitled Boomers and useless young people....
The old woman says there are about a half dozen people taking the CNA class just so they will be able to provide home health care to their in-laws or parents.
Speaking of entitled Boomers and useless young people....
The old woman says there are about a half dozen people taking the CNA class just so they will be able to provide home health care to their in-laws or parents.
Pretty cool deal I think.
Now see, big Jim and his lady are out serving/helping the people. He ain't no worthless boomer.
I dont get the boomer hatred. Both of my parents are/were of the boomer generation and I watched them get up everyday and work a job to provide for us kids. They never asked for or got any kind of handouts. The old man did that for 42 years, retired, got a few good years and died of cancer. That was one of the reasons that I decided to work for myself. There are the boomers that lived like my parents and worked hard and then there are the ones that were protesting hippies in the 60's, dodging the draft and then entering government. Not the same thing at all. The only thing I'll give them shìt about is their naivety to believing what they see and hear online, or falling for photoshopped pics, fake Facebook profiles of hot chick's sending them friend requests, etc...
First SSC check arrived in February. Fishing trip in Alaska booked for this summer and a brown bear hunt a bit later. Panama fishing and Nanimbia next year. A new $30K a year buys some fun.
I didn’t know you were 67… only a fool would draw it at 62.
If you're making taxible money during that time, yes. But otherwise some numbers say the 67 year old drawee will have to live/draw several years to match the money drawn by the 62 year old drawee of the same age.
To late tonight for the correct numbers, but interesting. IMO.
Don't confuse them with simple math....
If one is broke and has no other means to support themselves then by all means start drawing on it at 70% at age 62. But to start drawing on it to pay for your big game hunting trips or other adventures well, I’m sure social security wasn’t meant for that. If you are a big money hustla like some on here proclaim to be just wait until 67 and draw the full 100%.
Depending on your longevity, you're overall payout may be larger by drawing early rather than waiting.
As I posted earlier, my breakeven point is 79 years old, IF I live longer than that it would have made better sense to wait until 66 or 67 to draw VS 65 as I plan to.
IF I die before 79 and had waited until 67, the .GOV "wins" in that my total payout would be less. That's not even taking into consideration that I can take a portion of the money I'm getting early and invest it, with good odds of getting a higher return than the increase in waiting until 67.
Currently the average life expectancy for a male in the US is somewhere around 76 years old. IF I die then, the delta is $21K less in total benefits IF I wait until 67 to start drawing VS. 65.
My expected payments until age 76 (based on my current status and no further payments into SS):
65 2891.00 a month for 132 months = $381,612.00 67 3336.00 a month for 108 months = $360,288.00
Now I can easily use my retirement savings as a bridging strategy until I start SS, but that money right now is doing really well in the market.
“Might does not make right but it sure makes what is.”
No such thing as entitlements for boomers who have paid and paid and paid. Boomers that worked an entire career do not receive entitlements. Boomers get SS insurance as detailed. Those that paid more get more! Those that paid little get little. PERIOD! I virtually get angry when I hear the term ENTITLEMENTS! MTG
This place gets curiouser and curiouser ever dang day.
And hilariouser too.
The desert is a true treasure for him who seeks refuge from men and the evil of men. In it is contentment In it is death and all you seek (Quoted from "The Bleeding of the Stone" Ibrahim Al-Koni)
How come Welfare Programs and USDA Programs are never presented as funding at risk but SS funding going belly up in 2033?
Welfare and USDA are entitlements.
I get a USDA subsidy payment every now and then and a CRP payment every year. USDA payments are NOT entitlements, they are unearned gifts. I take it because I'm not turning down money.
The USDA programs have made 3 married couples I know into millionaires. All the information you would ever want on who gets what from ag programs is available to anyone that cares to look. The place to look is EWG Farm Subsidy Database. You will be amazed at what some folks have drawn in the last 20 odd years.
If you do a search because you are nosy like me it helps to know the grown kids names and their spouses.
I've noticed an odd thing in that the ones that suck up the most USDA money criticize food stamps and welfare the most.
Patriotism (and religion) is the last refuge of a scoundrel.
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