American elderly about to be thrown under the bus

Archivist · Sep 3, 2018

FenderTL5 said:
The maximum taxable earnings for Social Security withholding for 2018 are $128,700.
iow, a person stops paying any more into ss at 128,700, someone making millions pays the same as if they only made 128,700.

That's one of the changes that could/should be adjusted, imho.

Agreed, that along with ending double and triple dipping.

Arcangl86 · Sep 3, 2018

JIMINZ said:
.
Why do you believe SS is dangerous?

He meant politically. It's considered the political third rail, because trying to touch it is a fairly sure way to kill your political career.

Archivist · Sep 3, 2018

christine40 said:
we don't have one but do have 401 K which is scary as a lot depends on market

I have a 403(b) which is likewise dependent on the market. I’ve done great over these past few years but that could change tomorrow.

Basil the Great · Sep 3, 2018

angeltrue said:
Social Security benefits to be cut by 25%

http://www.thecommonsenseshow.com/a...icas-about-to-throw-its-elderly-under-the-bus

I have been warning people for many years about the real dangers of the Federal Deficit problem. Sadly, it is like talking to a tree. Very few Americans seem concerned about the issue. However, the day will come when they will be concerned and that day is closer than most of us think.

JIMINZ · Sep 3, 2018

Mat 6:30-34
30) Wherefore, if God so clothe the grass of the field, which to day is, and to morrow is cast into the oven, shall he not much more clothe you, O ye of little faith?
31) Therefore take no thought, saying, What shall we eat? or, What shall we drink? or, Wherewithal shall we be clothed?
32) (For after all these things do the Gentiles seek, for your heavenly Father knoweth that ye have need of all these things.
33) But seek ye first the kingdom of God, and his righteousness; and all these things shall be added unto you.
34) Take therefore no thought for the morrow: for the morrow shall take thought for the things of itself. Sufficient unto the day is the evil thereof.

mama2one · Sep 3, 2018

JIMINZ said:
34) Take therefore no thought for the morrow: for the morrow shall take thought for the things of itself.

sadly though many people have little in retirement and have to chose between food or meds

I know someone who has a parent who is homeless and refuses any help at all from relatives
very sad situation

JIMINZ · Sep 3, 2018

christine40 said:
sadly though many people have little in retirement and have to chose between food or meds

I know someone who has a parent who is homeless and refuses any help at all from relatives
very sad situation

.
This is very true in a lot of cases, but SS was never intended to be a program which would be paying for all of the problems connected with Bad Health, that is not why I had money taken out of my paycheck every week.

FireDragon76 · Sep 3, 2018

angeltrue said:
I just read the statistics that most wealth in the country is held by a small group of people.

That's true but it's not directly related to the problems with social security.

angeltrue · Sep 4, 2018

Basil the Great said:
I have been warning people for many years about the real dangers of the Federal Deficit problem. Sadly, it is like talking to a tree. Very few Americans seem concerned about the issue. However, the day will come when they will be concerned and that day is closer than most of us think.

Our children and grandchildren are going to be taxed to death to make up the shortfall. I'm very concerned about the future. Have you contacted legislators?

angeltrue · Sep 4, 2018

Yarddog said:
Here is a site to help see what retirees will make.

https://www-fool-com.cdn.ampproject.org/v/s/www.fool.com/amp/retirement/2018/01/20/heres-the-average-social-security-at-age-62-66-and.aspx?amp_js_v=a2&amp_gsa=1&usqp=mq331AQCCAE=#referrer=https://www.google.com&amp_tf=From %1$s&ampshare=https://www.fool.com/retirement/2018/01/20/heres-the-average-social-security-at-age-62-66-and.aspx

Thank you. I emailed it to my husband and I'm going to read it. I just hope that cuts aren't in the works except for the wealthiest.

angeltrue · Sep 4, 2018

Albion said:
The article you gave us spoke of a plan to cut the benefits only for the wealthy, so from what you have been saying about who you think should suffer any cuts and who, on the other hand, needs to be protected from cuts in their benefits...

...that plan should have you cheering.

Sorry! I read so much that my brain gets glutted and I sometimes miss the main points altogether in an article. If it is just for the wealthiest then I will cheer. I had first listened to a Dave Hodges podcast and he didn't say that the cuts would only be for the wealthiest. I am concerned however how Congress is going to fix the trillion dollar deficit. Something has to get cut or our children and grandchildren will be saddled with such heavy taxation they won't be able to own a home. And they keep sending our tax dollars overseas.

angeltrue · Sep 4, 2018

Archivist said:
It was more than a decade or so. When SS was first set up the life expectancy was 62 for men and 65 for women. That changed significantly over the years. By 1970 men were living to 69 and women to 75. Yet retirement ages weren’t adjusted significantly until the 1980s. By that time SS had dug itself into a hole from which it has never and will never recover.

You are correct that some people don’t get what they paid into SS. However, because of the increase in life span most people currently get more, in some cases far more than they paid in. I feel bad for those currently entering the work force who will pay into SS their whole lives to support others but who will possibly get back nothing or get back only part of what they paid in because SS will be means tested by that time.

Isn't SS slated to go bankrupt?

angeltrue · Sep 4, 2018

Arcangl86 said:
He meant politically. It's considered the political third rail, because trying to touch it is a fairly sure way to kill your political career.

Okay - thank you!

OSAS 101 · Sep 4, 2018

angeltrue said:
Social Security benefits to be cut by 25%

http://www.thecommonsenseshow.com/a...icas-about-to-throw-its-elderly-under-the-bus

your link is an ad to sell you something
If your life is given to Jesus, you need not worry.

angeltrue · Sep 4, 2018

FireDragon76 said:
That's true but it's not directly related to the problems with social security.

Yes. I wonder how SS got into such trouble. I read somewhere that it will go insolvent down the line. I'm concerned for future generations.

angeltrue · Sep 4, 2018

OSAS 101 said:
your link is an ad to sell you something
If your life is given to Jesus, you need not worry.

I don't know. As a Christian I still believe that God expects us to practice fiscal responsibility. But yes, God is the ultimate decider of what will happen. I always wonder what our responsibility is as opposed to God's.

angeltrue · Sep 4, 2018

Archivist said:
I have a 403(b) which is likewise dependent on the market. I’ve done great over these past few years but that could change tomorrow.

Our investments have done okay but a few times we lost money. We found a really solid person to review ours. I spoke with a man at our local radiology office who bitterly told me that he lost money in investments and now has to work longer and can't retire.

OldWiseGuy · Sep 4, 2018

Apologetic_Warrior said:
Children cannot apply for them, the purpose of SNAP is supplemental funds exclusively for food, for low income adults or families. This means at least one adult is working, for peanuts. And the point at which they reduce benefits is low, ridiculously low.

Benefits are based on family size. Babies are considered to be "a person" in a household and receives nearly the same food cost allotment as a working adult.

Apologetic_Warrior said:
Could it be that it fails as insurance against absolute poverty? I think so. It is wishful thinking to suppose everyone or even most will have other sources of income when they reach a certain age to sustain their basic needs. Certainly the high costs for medical treatment, including medications, have not helped. And the layers of paper bureaucracy and the long waiting lines are complete nonsense.

Most retirees have other sources of income.

https://www.newretirement.com/retirement/average-retirement-income-2018-how-do-you-compare/

Archivist · Sep 4, 2018

angeltrue said:
Isn't SS slated to go bankrupt?

If nothing is done the Social Security trust fund will be depleted in 2034.

OldWiseGuy · Sep 4, 2018

angeltrue said:
Yes. I wonder how SS got into such trouble. I read somewhere that it will go insolvent down the line. I'm concerned for future generations.

SS isn't in trouble. It is used as a political ploy to scare people into voting for Democrats.

American elderly about to be thrown under the bus

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