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Social Security will run out in 10 years #8826587 03/31/23 05:03 PM
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Just in time for "The Great Reset".

https://finance.yahoo.com/news/soci...estimates-154525572.html?.tsrc=fin-notif

Social Security's reserves are projected to run out in 2033, according to a new report, at which point the entitlement program's trust fund will be able to pay out just 77% of benefits.


(R-TX) .-- " TCNN CURL CRLB VFF VRNO AYR SNDL CGC TLRY MSOS "

_=====___=________==-



Re: Social Security will run out in 10 years [Re: NORML as can be] #8826590 03/31/23 05:05 PM
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Been hearing this same chit since I was in school back in 83.

40 years later and still hearing this same old stuff.....

Re: Social Security will run out in 10 years [Re: NORML as can be] #8826591 03/31/23 05:07 PM
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They will just print more paper!


Originally Posted by Superduty
I am still looking for the perfect apron, one with reinforced knee areas would be perfect.

Re: Social Security will run out in 10 years [Re: RedRanger] #8826594 03/31/23 05:09 PM
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Originally Posted by RedRanger
Been hearing this same chit since I was in school back in 83.

40 years later and still hearing this same old stuff.....



Sounds like another scare tactic for the upcoming election.




LETS GO BRANDON
Re: Social Security will run out in 10 years [Re: NORML as can be] #8826595 03/31/23 05:11 PM
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Thank God we still have the Ozone rolleyes

Just another way to filter money out of hardworking Americans.


Originally Posted by Phil Robertson
Don't let your ears hear what your eyes didn't see, and don't let your mouth say what your heart doesn't feel
Re: Social Security will run out in 10 years [Re: NORML as can be] #8826597 03/31/23 05:12 PM
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just in time


SPACE FOR RENT


Re: Social Security will run out in 10 years [Re: RedRanger] #8826601 03/31/23 05:24 PM
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Originally Posted by RedRanger
Been hearing this same chit since I was in school back in 83.

40 years later and still hearing this same old stuff.....


That's correct and Congress made changes in the '80s to forestall the decline but now we're at the point where we have to make some other changes.

This is the year the last of the Baby Boomers are hitting retirement age and finances in the US are going to get weird because of it. Not only are the people at the absolute top of their earnings game right now they also have saved more money than they will ever have at any other point in their life. That money is going to get pulled out of the stock market because they cannot risk losing money because they have to live on it. They're also going to quit their jobs and the government will not be getting the income tax revenue from them. Those jobs will be filled with people doing the same work but less time on the job and they will be paid significantly less. Also by nature in retirement you quit spending as much money as you were in your earning years and that's going to change every business in the entire country.

Contrary to popular belief the money you pay into Social Security does not belong to you. It is simply an income tax that gets deposited into the general fund. There is no requirement in the law that benefits be paid out to beneficiaries and there are dozens of examples of the government deciding they don't like someone and refusing to pay benefits. That started in the 1950s where they denied a man who was an active communist and when he took the Social Security Administration to Court they simply deported the man to the country he had immigrated to the US from despite him being a naturalized citizen and never being charged with a crime.

The Social Security trust fund filing is a cabinet in an office that is full of US Treasury bonds. That's not even an exaggeration, that's really how it's done. There is also no account with money in it and your name on it in the entire social security system.

Re: Social Security will run out in 10 years [Re: TXHOGSLAYER] #8826622 03/31/23 05:43 PM
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Originally Posted by TXHOGSLAYER
Originally Posted by RedRanger
Been hearing this same chit since I was in school back in 83.

40 years later and still hearing this same old stuff.....



Sounds like another scare tactic for the upcoming election.


Exactly. Same song, 40th verse.


“And what does the Lord require of you? To act justly, to love mercy, and to walk humbly with your God.”
‭‭Micah‬ ‭6:8‬
Re: Social Security will run out in 10 years [Re: NORML as can be] #8826637 03/31/23 06:06 PM
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The 'ran out' of money decades ago and have been stealing from us the people ever since.

Re: Social Security will run out in 10 years [Re: NORML as can be] #8826641 03/31/23 06:21 PM
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Stole it blind.
Now they want your 401k and IRAs. (and they are getting those through inflation)

George Carlin called it.


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"Give me an Army of West Point graduates and I'll win a battle... Give me a handful of Texas Aggies and I'll win a war." - General Patton


Re: Social Security will run out in 10 years [Re: NORML as can be] #8826644 03/31/23 06:24 PM
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The sky is falling, sell everything and head for the hills!! bolt

Re: Social Security will run out in 10 years [Re: NORML as can be] #8826648 03/31/23 06:30 PM
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If you live on SS, don't fret...it will never run out of money.
If you are still working and paying taxes, be very worried.....you're gonna fund the shortfall...tax rates will have to increase...

Last edited by BigLou; 03/31/23 06:30 PM.
Re: Social Security will run out in 10 years [Re: FamousAmos] #8826660 03/31/23 06:47 PM
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Originally Posted by FamousAmos
Originally Posted by TXHOGSLAYER
Originally Posted by RedRanger
Been hearing this same chit since I was in school back in 83.

40 years later and still hearing this same old stuff.....



Sounds like another scare tactic for the upcoming election.


Exactly. Same song, 40th verse.


Yep have they ran out of welfare or food stamps yet?

Re: Social Security will run out in 10 years [Re: BigLou] #8826664 03/31/23 06:54 PM
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Originally Posted by BigLou
If you live on SS, don't fret...it will never run out of money.
If you are still working and paying taxes, be very worried.....you're gonna fund the shortfall...tax rates will have to increase...


That's about it in a nutshell. SS benefits and eligibility age may change but it's funded annually and will keep on paying out.

Re: Social Security will run out in 10 years [Re: NORML as can be] #8826665 03/31/23 06:56 PM
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Never going to happen. But just in case, I`m glad I didn`t wait till 70 to draw my social security. Started mine 2 years ago when I retired at 62 and never looked back. Better get it while you can before they give it away to anyone that will vote democrat now or in the future.

Re: Social Security will run out in 10 years [Re: NORML as can be] #8826667 03/31/23 07:02 PM
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Glad I don’t pay into it anymore


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Re: Social Security will run out in 10 years [Re: NORML as can be] #8826669 03/31/23 07:04 PM
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Every single scrap of information about what Social Security really is is available online. I would start with the various Supreme Court challenges to it early in the life of the program and go from there. I would also take a good gander at the reforms that were done in the 80s and also look at when Clinton doubled the tax rate. Without some kind of change in the next few years what is being predicted about social security having a shortfall will come true and it will probably happen about 2 years sooner than they believe. All of the covid deaths extended the life of the program as it is currently structured.

Re: Social Security will run out in 10 years [Re: reeltexan] #8826684 03/31/23 07:37 PM
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Originally Posted by reeltexan


Stole it blind.
Now they want your 401k and IRAs. (and they are getting those through inflation)

George Carlin called it.



Won't be long and they will have the working mans 401 k and IRAs through ESG investing.

Re: Social Security will run out in 10 years [Re: TPACK] #8826693 03/31/23 08:04 PM
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Originally Posted by TPACK
Never going to happen. But just in case, I`m glad I didn`t wait till 70 to draw my social security. Started mine 2 years ago when I retired at 62 and never looked back. Better get it while you can before they give it away to anyone that will vote democrat now or in the future.

This is my thinking exactly!!

Re: Social Security will run out in 10 years [Re: Paluxy] #8826699 03/31/23 08:27 PM
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Originally Posted by Paluxy
Originally Posted by BigLou
If you live on SS, don't fret...it will never run out of money.
If you are still working and paying taxes, be very worried.....you're gonna fund the shortfall...tax rates will have to increase...


That's about it in a nutshell. SS benefits and eligibility age may change but it's funded annually and will keep on paying out.

I concur. If you are in good health and file at 62 you will regret it if you live a long time IMO/E….


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Re: Social Security will run out in 10 years [Re: NORML as can be] #8826704 03/31/23 08:46 PM
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Never paid into it to any extent and never planned on ever getting it.

Re: Social Security will run out in 10 years [Re: Pitchfork Predator] #8826714 03/31/23 09:11 PM
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Originally Posted by Pitchfork Predator
Originally Posted by Paluxy
Originally Posted by BigLou
If you live on SS, don't fret...it will never run out of money.
If you are still working and paying taxes, be very worried.....you're gonna fund the shortfall...tax rates will have to increase...


That's about it in a nutshell. SS benefits and eligibility age may change but it's funded annually and will keep on paying out.

I concur. If you are in good health and file at 62 you will regret it if you live a long time IMO/E….

Well opinions are like, well, you know. Fortunately some of us made better decisions in life I suppose, and not dependent only on SS. They've raised age requirements in the past, and I'm confident they will do so again.

Re: Social Security will run out in 10 years [Re: BigLou] #8826720 03/31/23 09:33 PM
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Originally Posted by BigLou
If you live on SS, don't fret...it will never run out of money.
If you are still working and paying taxes, be very worried.....you're gonna fund the shortfall...tax rates will have to increase...

X2

Re: Social Security will run out in 10 years [Re: ntxtrapper] #8826724 03/31/23 09:47 PM
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Originally Posted by ntxtrapper
Never paid into it to any extent and never planned on ever getting it.


I wish I had this option.

Re: Social Security will run out in 10 years [Re: RedRanger] #8826730 03/31/23 10:06 PM
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Originally Posted by RedRanger
Been hearing this same chit since I was in school back in 83.

40 years later and still hearing this same old stuff.....


I agree with you - I have friends who started taking their SS the very first chance they could get it because "it will be going away" - silliness.

I delayed mine until age 70 (which I turn next month) to take advantage of a guaranteed 8% increase each year - did not need the income and am in good health so I decided to delay it for the extra return - not for everybody but a smart choice for some folks

Last edited by tlk; 03/31/23 10:06 PM.

You can't fix stupid
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