‘No one in the US should be retiring at 65’: Ben Shapiro said Social Security was not designed to provide retirement benefits for 20+ years

[rightwinger]

Well, yes I am. I am owed it as that was the agreement when the program was create and the right to take money directly from my paycheck was created.

It is an obligation to make agreed to payments
Yes, you are owed the money

 

[Lisa558]

How is the very real possibility of your kids and grandkids paying into it their whole lives being left high and dry because your generation was too greedy and self serving to take make necessary changes for the betterment of everyone?

So you think Grandma at 74, getting $1100 a month in SS and a small annuity payment of say, $600, and is only getting by because her little cottage is paid off should have her payments reduced? On TOP of the fact that her grocery bill has gone up 20% under Biden?

Nope. Changes need to be phased in gradually to ensure that SS will be there for you young bucks in 30 years. The most obvious is moving the FRA up a year, and perhaps increasing the tax by 1%, split between employer and employee.

 

[White 6]

f

That's fine, but when you consider what the full benefits age was when SS began, do you think it can REALISTICALLY be the same today? I sure don't see how it can be, unless you're ok with the country forever being in debt by the trillions.

For me, maxing more times than not, I can say now, at this age, I would not have been damaged by $2-$10 bucks more out per pay period. Some people never look long term. I never expected I would be live this long, with my vocations, avocations (some of both reasonably hazardous if done wrong or in the wrong place at wrong time) but like any other insurance, I considered it part of the costs of life. Now, I like seeing that deposit going back into my checking account. Whether in the future, there might be another program, possibly like a government 401K, you could direct the mandate dollars into fund plans to build your retirement with some control and possibly better return, I do not know. The answer is not pushing retirement past 65, and somebody's idea of 75 is ludicrous.
I retired at 60, with only corporate and military retirements kicking in until the first day I could draw SS and did not wait to 65 for full SS, as the goal was to get back as much as possible, yet be young enough to enjoy myself, as I see fit. I advise everybody young, to be planning their retirement as young as possible. I know gobs of people in early to mid 60s fat, poor health, out of shape to enjoy after a full life of working, producing and raising families. Find a way to retire early if at all possible and make it happen. If fit and active (including mentally), you will have no problem finding enough to have a good time, doing what you didn't have time (or didn't take time) earlier. Yet, I know people, even a millionaire or two in mid to late 60s, that say they do not know what they would do, if not working, so they just keep on. I guess they will die in that rut. It is sad and pointless.

 

[odanny]

Ummm...

Full SS retirement age of 67 was raised to that level in - IIRC - 1983.


WW

I'm talking about minimum retirement age.

Also, I was talking about the tax limit of $168.600 per year (current as of 2024, it was $160,000 last year)

 

[Concerned American]

Even there you get a stipend that is stipulated lower for the shorter period of time that you paid in.

The benefit is based on your highest 40 quarters (10 years) of earnings. Typically, those years are the last of your career.

 

[rightwinger]

Many state and municipal employees are exempted from paying into social security.

I didn’t pay into SS for 33 years

 

[White 6]

I

There are a lot of contributing other peoples money in SS that lib loons would LOVE to confiscate for illegals and other giveaways to those who contributed nothing.
Libs feel very virtuous when giving away other peoples money or property

I have not heard that plan. Is it something Republicans came up with to dangle like a carrot, in order to kill SS, something hard core conservatives, never wanted started and many would like to kill?

 

[Concerned American]

But you are forced to take 401K withdrawels at age 70.

That has been changed. I believe RMDs are now somewhere after age 73 according to my financial advisor--that's this year for me. Retirement plan and IRA Required Minimum Distributions FAQs | Internal Revenue Service

 

[Lisa558]

Heard this crap since the 70’s. It’s going to fall on younger people’s shoulders is a constant lib loon lament for decades.

They don’t even have to commute to work anymore! They can save the $500 a month they save on that, drop the daily lattes and the second cocktail at dinner for another $500, and put away $12,000 a year.

After 30 years, that is an additional nest egg of $800,000. Buy an annuity, and you’ll get around $4000 or $5000 a month. That will more than make up for a slightly reduced SS payout.

 

[Lisa558]

That has been changed. I believe RMDs are now somewhere after age 73 according to my financial advisor--that's this year for me.

For the younger folks, it’s 75.

 

[odanny]

Close to 10% of whites live near poverty with SS, without it, that number is almost 50%. Close to 50% of black people live near poverty with SS, that number rises to 60% without SS. It's kind of important to society that this program is enhanced and strengthened.

Those numbers are from 1998, I don't know if this is better, or worse, today.

 

[WinterBorn]

I retired at the ripe old age of 60. My girlfriend will retire this summer, at the age of 59.

Shapiro can kiss my ass.

 

[JackOfNoTrades]

No. The GOVT should have saved that SS money somewhere safe. They raided it and spent it. Now they have to repair it.

Now...we have something to talk about. The raiding and spending and borrowing...most certainly needs to be repaired.
If that means removing the caps (for the moment) and passing laws that say politicians can't raid it....you have my fullest support.

 

[Concerned American]

For the younger folks, it’s 75.

Nope. Retirement plan and IRA Required Minimum Distributions FAQs | Internal Revenue Service

 

[Rambunctious]

But we can keep funding wars all over the world?.... doesn't add up....
Its time for our elected leaders to put us first... to put America first... if we can't take care of those who worked their entire lives just to come up empty for whatever reason then we are not a nation for or by the people...
Shapiro is a maniac.... don't listen to his BS....

 

[leftwinger]

But it never ends so long as you aren't dead, and if you die at 61 the system just keeps your money. SS is a wealth thief for minorities who dont live as long and welfare for old white people.

“old people” paid in a lot. Say $350K over 40 years. The GOVT was supposed to collect, save and invest. The messed up, not people. They stole it. At 7% annual interest compounded its a non issue to get back $360K every ten years. Probably not many live 20 yrs getting paid. It was designed self sufficient based on interest growth in bonds or whatever.

 

[WEATHER53]

The benefit is based on your highest 40 quarters (10 years) of earnings. Typically, those years are the last of your career.

However. I don’t think you can only have10-15 years of contributions and get the same monthly as those who contributed longer and more

 

[Concerned American]

But we can keep funding wars all over the world?.... doesn't add up....
Its time for our elected leaders to put us first... to put America first... if we can't take care of those who worked their entire lives just to come up empty for whatever reason then we are not a nation for or by the people...
Shapiro is a maniac.... don't listen to his BS....

Social security should be used as what it was intended for---a safety net that is funded by those who receive it. It was never designed to be the sole support of the retiree. That was forgotten until the 80s when the government encouraged private retirement savings to make up for the shortfall. However, many leftists believe the gub'mit should support everyone because they have no concept of WHO the gub'mit is.

 

[odanny]

I retired at the ripe old age of 60. My girlfriend will retire this summer, at the age of 59.

Shapiro can kiss my ass.

56 for me, but I had employer covered healthcare and a nice 401K. I did half, my employer covered the other half of the two obstacles to early retirement (money and healthcare)

 

[Concerned American]

However. I don’t think you can only have10-15 years of contributions and get the same monthly as those who contributed longer and more

Yup, you can. It is solely based on your highest 40 quarters of earnings. If you never worked more than 40 quarters, you would receive the same benefit as someone who earned the same amount in their highest years even if they worked 40 years. That is what makes SS a ponzi scheme.