how confident are you about social security?

[WorldWatcher]

From my understanding it is put into the general fund. Even Al Gore around the turn of the century was promoting putting social security surpluses into a lockbox. And from the increases in the 1980'sit was not supposed to go negative until the 2070's. At the time they were saying this if we had 4%growth a year.

Then your understanding is wrong. SS revenues are not put into the general fund. Excess funds by LAW are required to be invested in interest accruing Special US Treasury Bonds. Now, that money is available to Congress.

But, that is what the law was when it was passed in the 1930's.

WW

 

[80zephyr]

LOL 1% of 12.4% is 0.00124.

WW

Yep. Slowly and painlessly is the point.

 

[WorldWatcher]

Yep. Slowly and painlessly is the point.

.000124 is going to do nothing for the Trust fund shortfall in 8 years.

WW

 

[80zephyr]

.000124 is going to do nothing for the Trust fund shortfall in 8 years.

WW

In 8 years, it will be 8%. I am not saying the plan is a cure all, or won't need the government to kick in a bit, I just see it as the easiest way possible to change to a social security account that is personally owned.

 

[WorldWatcher]

In 8 years, it will be 8%. I am not saying the plan is a cure all, or won't need the government to kick in a bit, I just see it as the easiest way possible to change to a social security account that is personally owned.

You said 1% of 12.4% per year, that I was wrong when I repeated 1% year back to you.

1% * 12.4% = 0.01 * 0.124 = 0.000124.

Now you are back to 1% per year converting the 12.4%. So year one the split is 1% | 11.4%, year two is 2% | 10.4%.

Oh and taking money from FICA is going to make the Trust Fund be exhausted FASTER as more money it taken out to make up the shortfall in benefits.

That's 8 years (or less) down the road, not a peaceful 100 year transition.

WW

 

[ThisIsMe]

It's nickel and dime petty bullshit affecting seniors.

Paper checks cost $100 million a year.

Congress spends that much on lunch.

Son of a bitch! Each member of congress is spending $512 per day on LUNCH?!?

 

[Crepitus]

Kudos to you, stepping up and paying for your responsibility!

That's why we pay taxes, just in case you forgot.

 

[scruffy]

Son of a bitch! Each member of congress is spending $512 per day on LUNCH?!?

Why would that not surprise me?

 

[Jarlaxle]

I'm 100% confident.

That is: I have absolute confidence that I will not see a cent from it.

 

[80zephyr]

You said 1% of 12.4% per year, that I was wrong when I repeated 1% year back to you.

1% * 12.4% = 0.01 * 0.124 = 0.000124.

Now you are back to 1% per year converting the 12.4%. So year one the split is 1% | 11.4%, year two is 2% | 10.4%.

Oh and taking money from FICA is going to make the Trust Fund be exhausted FASTER as more money it taken out to make up the shortfall in benefits.

That's 8 years (or less) down the road, not a peaceful 100 year transition.

WW

Do you have a better idea?

 

[Lesh]

It's come to my attention there's a bunch of seniors on this board. So, people getting social security.

Among other changes, President Trump just ordered the SSA to stop sending out paper checks. Does this affect you?

Social Security map shows states most impacted by Trump rule change

Physical checks will no longer be sent by the Treasury Department from September 30, 2025.

www.newsweek.com

And then there's DOGE, whose activities are largely unknown, although it's clear they have access to the SS database.

https://www.sfchronicle.com/personal-finance/article/social-security-problems-musk-20246665.php

And if all this wasn't enough, we keep hearing social security will be broke by 2036.

How confident are you about your monthly SS payments continuing unmolested?

You can answer here in the thread, or in the poll, or both.

With Trump and Elmo fucking with it?!

 

[WorldWatcher]

Do you have a better idea?

On converting to individual accounts. No. There is no conversion plan to individual accounts that doesn’t take 50-75 years. Any type of quick conversion adds trillions to the debt.

If you mean fixing SS in the near term to then buy the time for long term conversion. Yes.

WW

 

[80zephyr]

On converting to individual accounts. No. There is no conversion plan to individual accounts that doesn’t take 50-75 years. Any type of quick conversion adds trillions to the debt.

If you mean fixing SS in the near term to then buy the time for long term conversion. Yes.

WW

The intent of my idea was to convert to individual savings accounts as painlessly as possible.

 

[WorldWatcher]

The intent of my idea was to convert to individual savings accounts as painlessly as possible.

Oh no problem with that. The question of “painlessly” for who?

Working Americans that have paid into the system for 10, 20, 30, 40, 50 years?

Or painlessly for future generations that will be required to pay into their mandatory individual account but then have also pay to support the current obligations sub’s the debt that will result during a 50-75 transition?

That’s the problem with number sticker solutions.

WW

 

[80zephyr]

Oh no problem with that. The question of “painlessly” for who?

Working Americans that have paid into the system for 10, 20, 30, 40, 50 years?

Or painlessly for future generations that will be required to pay into their mandatory individual account but then have also pay to support the current obligations sub’s the debt that will result during a 50-75 transition?

That’s the problem with number sticker solutions.

WW

And this is why we have to end social security. If a system relies on a ratio of greater than 1 to 1 to pay benefits, it means in order for it to be successful, the workforce has to keep expanding...forever. Thats impossible, so...

 

[WorldWatcher]

And this is why we have to end social security. If a system relies on a ratio of greater than 1 to 1 to pay benefits, it means in order for it to be successful, the workforce has to keep expanding...forever. Thats impossible, so...

And again, I support transitioning from pay/go "insurancec" model to mandatory individual accounts with the equivalent of FDIC.

The probem is how to pay for it? That's the question the bumber sticker crowd ignores either accidently or purposely.

In simpelist terms you may have:

1. End it NOW, sorry folks your SS checks stop now.
2. Payout - you get a payout of money + intest to establish the individual account. Then no benefit after that except whatever is derived from the personal account.
3. Slow transition where moneny is diverted to individual accounts and general fund is used to make up the shortfall. The eventual amount of SS would be prorated by age with full transition probably taking 50-75 years.

WW

 

[80zephyr]

And again, I support transitioning from pay/go "insurancec" model to mandatory individual accounts with the equivalent of FDIC.

The probem is how to pay for it? That's the question the bumber sticker crowd ignores either accidently or purposely.

In simpelist terms you may have:

1. End it NOW, sorry folks your SS checks stop now.
2. Payout - you get a payout of money + intest to establish the individual account. Then no benefit after that except whatever is derived from the personal account.
3. Slow transition where moneny is diverted to individual accounts and general fund is used to make up the shortfall. The eventual amount of SS would be prorated by age with full transition probably taking 50-75 years.

WW

I favor no. 3, as I believe it to be the least painful alternative.