It Is Past Time To Raise The SS And Medicare Eligibility Ages

[Fort Fun Indiana]

The only fantasy here is the one that you're living: The State is your friend.

No, again, that's just your fantasy, tinfoiler. I recognize that our institutions are only as good as we force them to be. but that is a reasonable position, unaffected by goofy, NWO wingnut fantasies, so it probably seems completely foreign to you.

When you have to invent a bunch of little boogeymen to justify your own behavior, it's time to start reevaluating your position.

 

[kyzr]

I support raising the retirement ages by 1-year. Also, eliminating the cap on contributions. Entitlements need to be fixed and soon to protect the earned benefits.

 

[Skull Pilot]

The simple fact is that 35 percent of the elderly were living in poverty before Social Security. Today, 9 percent.

If you also consider the fact that the income gap has widened tremendously, you have to be pretty stupid to believe those people on the wrong end of the stick have money to invest in their retirement.

On top of that, the days of 8 percent ROI are long gone.


And when you consider the millions who were stupid enough to vote for a huckster Democratic limousine liberal from New York, then it becomes pretty obvious what kind of disaster would result from a return to the days before Social Security.

"Call now to buy your one ounce gold-plated Trump commemorative coin for only $39.95!"

And the definition of living in poverty has never changed in that time?

And I don't know about you but I sure as hell am getting better than 8% in my retirement portfolio

Start a hedge fund then.

Why would I do that and have to deal with the fucking government and the SEC?

 

[mikegriffith1]

I would be okay with that IF people still had the option to start drawing the reduced SS benefit at 62.

Here is another reform that is badly needed: a needs/means test. If someone has a retirement income of $80K or more, they should get a reduced SS benefit on a sliding scale, depending on how much more than $80K their retirement income is, with the lowest benefit being 10% of regular benefits. That would save a ton of money. Plus, if the person's circumstances changed, they could apply for a lower reduction or for the full benefit, if applicable.

 

[C_Clayton_Jones]

It's time to offer everyone an opportunity to opt in or out.

Ignorant nonsense.

That's not how SS works.

 

[g5000]

Invest the SocSec Trust Fund in US Equities

I'd rather invest "my share" in pocket aces....Higher probability of a ROI.

The problem is that people like you would invest in get-rich-quick scams like Trump University courses, and then march on Washington to support you after you were wiped out.

SS is a stay poor scam

The FACTS contradict you. But don't let that stop you from parroting the bullshit fed to you by your propagandists.

The FACT is that if a person had control over the money confiscated for SS they would live a far more financially secure retirement.

For example the per capita income in the US ( of people 15 and over) is just over 50K a year

But let's use a more realistic number

35K

If a person makes 35 K a year every year for the duration of his working life say 21 to 66 what would his monthly SS check be?

Well the average SS check is just over 1400 a month so let's use that but we should consider that the person in this example would most likely get less since his income is below the average.

So 35 k a year

That's 181 a month taken out for Fica and the employer matches it

so 362 a month

Lets invest that at the 7% average return of the S&P 500

362 a month for 45 years

That's 1,381,290 dollars

Now how long will that last if he earns 3% on it in a bond fund for example

Let's say our person lives on 35 K a year in retirement

Notice he didn't have to decrease his standard of living in retirement

That money would last forever as he would not live long enough to spend it all

Compare that to the less than 1400 a month he will get from SS

and you should come to the conclusion that SS is a keep you poor scam

Your big mistake is that you invested the employer and the person's contribution.

Try going back and just investing the individual's $181 a month.

At your optimistic 7 percent ROI, that comes to $435,283 after 40 years. That's only 12 years on $35,000 a year.

And that assumes in that 40 year investing period the low income individual won't have car repairs, illnesses, etc.

 

[mikegriffith1]

One, SS disability is a terribly abused benefit that needs to be cleaned up. I personally know someone who is perfectly able to work but who got himself declared "incompetent" and is now receiving SS disability.

Two, I think people should be able to opt out of SS, **but** with the provision that they **must** select an investment vehicle in which their SS taxes would be invested, and that they could not touch the money until they were 62. This way, they could pass their investment fund onto their kids, via a will or a beneficiary stipulation, if they died before 62.

 

[anynameyouwish]

Just for ease of writing purposes, I am henceforth going to call the Social Security and Medicare eligibility age the "retirement age".

In 1982, a very cowardly Congress raised the retirement age from 65 to 67. I call them cowardly because the 67 retirement age would not take full effect until 40 years in the future, after most of them were dead. They did not raise the retirement age immediately because they did not want to piss off the voters, and the 20 year olds who would be affected didn't vote in large numbers.

But consider the following facts.

1) In 1935, when Social Security was enacted, the average life expectancy was 60.

2) In 1935, only 5.4 percent of the US population was over the age of 65. Social Security was intended to support those who lived past the average. It was not an "entitlement" for everyone. It was INSURANCE.

3) In 1965, when Medicare was added to the entitlement package, only 9 percent of the US population was over the age of 65. Remember that 9 percent figure.

4) Today, around 15 percent of the US population is over the age of 65.


What this means is that we have an unsustainable trend of a greater and greater proportion of Americans being supported by a smaller and smaller proportion of Americans.

Take a look at this: Social Security History

In 1940, there were 159.4 workers for every Social Security recipient.

By 1960, there were 5.1 workers for every Social Security recipient.

Today, there are only 2.8 workers for every Social Security recipient.

And this trend is just going to get worse.

More in the next post.

I'm all for it!

 

[Toro]

[
The problem is that people like you would invest in get-rich-quick scams like Trump University courses, and then march on Washington to support you after you were wiped out.

The problem with fuckwits like you is that you believe politicians and bureaucrats -who have ZERO to lose by wasting money- will make any better decisions than any individual can...

Pound sand up your ass, elitist scum.

The average state pension plan has generated higher returns than the average individual investing their own money.

The average person shouldn't be investing their own money any more than the average person should be their own doctor or their own mechanic.

 

[Fort Fun Indiana]

One, SS disability is a terribly abused benefit that needs to be cleaned up.

Cleaned up... how? IN order to hold that opinion in any meaningful way (outside of your gut), you would have to know the amount of fraud and a reasonable estimate of the cost of correcting it. So you have these things at your disposal?

i am not saying you are strictly incorrect in that opinion, but it's a bit meaningless, if all it is based on is a gut feeling.

 

[Oddball]

The average state pension plan has generated higher returns than the average individual investing their own money.

The average person shouldn't be investing their own money any more than the average person should be their own doctor or their own mechanic.

Couldn't care less...And who says if one keeps their own money, that they wouldn't find an expert on how to handle their financial affairs?

We already know that The State will misallocate it, if not waste it outright, and is 100% insensitive to any market forces and signals.

 

[Toro]

SS is going to go broke one day. It should be run like a real pension plan that invests in stocks, bond, real estate, etc.

Canada does this with the Canada Pension Plan Investment Board. It's returns have been far higher than SS, and it is in much better shape than SS.

There's no reason why Canada should be kicking America's ass like it's the War of 1812 all over again!

 

[Oddball]

SS is going to go broke one day. It should be run like a real pension plan that invests in stocks, bond, real estate, etc.

Canada does this with the Canada Pension Plan Investment Board. It's returns have been far higher than SS, and it is in much better shape than SS.

There's no reason why Canada should be kicking America's ass like it's the War of 1812 all over again!

Canada isn't running a global military hegemony program.

 

[Toro]

The average state pension plan has generated higher returns than the average individual investing their own money.

The average person shouldn't be investing their own money any more than the average person should be their own doctor or their own mechanic.

Couldn't care less...And who says if one keeps their own money, that they wouldn't find an expert on how to handle their financial affairs?

We already know that The State will misallocate it, if not waste it outright, and is 100% insensitive to any market forces and signals.

Most investors either don't or can't save enough for retirement, even with an advisor. That's a simple fact. I was a broker for a time. Most people are clueless. I know this contradicts your ideological worldview, but it's true.

If the state investment plans are doing better than the average investor, then clearly The State is not misallocating funds.

 

[Lesh]

Better idea...raise the cap on Social Security payroll taxes. That solves THAT problem without having to wait till you're near dead to retire

 

[Toro]

SS is going to go broke one day. It should be run like a real pension plan that invests in stocks, bond, real estate, etc.

Canada does this with the Canada Pension Plan Investment Board. It's returns have been far higher than SS, and it is in much better shape than SS.

There's no reason why Canada should be kicking America's ass like it's the War of 1812 all over again!

Canada isn't running a global military hegemony program.

Irrelevant

Canada spends a higher amount on the government than America. You should know this by now.

How Canada chooses to invest its retirement savings has nothing to do with the how the government spends its money elsewhere.

 

[Fort Fun Indiana]

And who says if one keeps their own money

But there is very little reason to believe you will take home significantly more money, should the SS tax be eliminated. You would likely just be paid a lower gross amount, and the people at the top/investors would hoard more of the profit. You can watch a similar phenomenon happening right now with the trump tax cuts.

 

[Lesh]

Couldn't care less...And who says if one keeps their own money, that they wouldn't find an expert on how to handle their financial affairs?

Some might...most won't

Was 2008 not enough of a lesson for you?

 

[Toro]

Better idea...raise the cap on Social Security payroll taxes. That solves THAT problem without having to wait till you're near dead to retire

That turns SS from a savings plan to a welfare plan.

 

[Oddball]

Irrelevant

Canada spends a higher amount on the government than America. You should know this by now.

How Canada chooses to invest its retirement savings has nothing to do with the how the government spends its money elsewhere.

I couldn't care less what the snow Mexicans are doing...It's none of The State's business what I or anyone else does with our earnings...They're not our mommy and daddy.