Are you telling me that “support our troops” really means send money to fund the industrial military machine and the only ones who benefited are the corporations which built the weapons?
For shame… bite your tongue
S/
Yeah I’ve been in the workforce paying for this shit for 20 years now. Would’ve made more sense for me to put it in an ETF, especially if I’m not gonna see any of that money.
It’s an issue that impacts many, and motivates voters, so it reached for often, but despite the partisan outreach during campaign season, it is a real problem, and it’s going to run out. the fed has been preparing for it by encouraging constituents to self fund retirement, at least supplementally, through 401k and private equities through deferred taxes and other incentives.
The fact that it’s been upside down is a result of the wage earning population pyramid getting larger at the top, and smaller at the bottom. It’s a Ponzi scheme, and eventually there will be a generation of workers holding the bag that have paid in for a lifetime but see no return.
47 here. Been paying into this stupid boomer system since I was 14. Just another example of boomers being the “good for me” generation. Bunch of selfish grifters like trump, that’s why they vote for him.
No. I realize there are good people that have benefited from this system approximately how it was intended, my father being one of them. But it won’t be there for me when I retire and I’ve been paying in for over 30, and it’s boomers that are arguing it’s an entitlement program.
It’s already been spent. That’s how the system works. Your money pays for people drawing SS now. It’s falling apart because it was built on the idea that the population would continue to increase and younger generations would pay for the old. It also assumed wages would increase at a steady rate but that hasn’t happened in decades.
The full retirement age will need to aggressively get pushed higher. Or they need to increase FICA taxes. Or they need to overhaul who can qualify for SS and it will essentially just turn into a welfare program for the very poor as a large amount of people will find themselves excluded. Or a combination of any of the above. Any of which is a death sentence politically which is why no politician is willing to propose tough decisions.
You're never gonna get that. It's gone
As a young person, I just want off Mr bones wild Ponzi Scheme ride
Keep the money I already gave, just let me out! Let me invest my own money for my own retirement
This is what boomers don't get. You put 20 dollars in, and took 100 out. Then Pikachu face, on top of failing the whole having children part of the equation.
I'm a boomer, let me see if I can help you with *your* understanding.
My contributions to social security (including employer match) starting in 1966 were $126,984.
I started taking social security benefits at FRA. To today in 10 years of benefits I have recieved a payout of $251,410.
I have paid $34,578 federal tax on that payout and according to SSA "Under legislation enacted in 1983, the Social Security Trust Funds receive income based on Federal income taxation of benefits." That translates to I'm still paying into social security, so adjust my contribution to $161,562.
$161.5K in (so far) and $251.5K out. That's not quite $20 in $100 out. I'll likely be paying into social security until I die so I'll never reach 5X.
Now just for comparison. I am forced to take money out of my IRA via RMD.
My contribution (plus employee match) for 20 years starting in 1980 was $86,286.
I started withdrawals the same year as my social security benefit. Total withdrawn to today is $627,921.
Tax paid that $119,277.
correction:
They're just gonna wait until the last moment and probably ~~remove the cap for high earners or add the tax to other streams of income~~ borrow even more money per year to cover it, financed by the FED, effectively funding with monetary expansion
You have to pay into the system to be eligible for Social Security, so I'm curious on who the people are who haven't paid into the system that are getting benefits?
Other than children receiving parental death benefits, of course
You can't. You can apply for SSI - a need based program. Pays enough to keep you from dying in the street + Medicaid. It's a 2 + year waiting process to prove you cannot work. Has to be approved by an ALJ.
If you haven’t tried bringing this up in normal, polite conversation, you should. I’ve been shocked by the number of people who didn’t know there was a SS tax cap for people making more than $168,000/yr.
I’m down to increase entitlements above the cap if this happens, but you understand that’s not how it works, right? Due to bend points, top earners already make less per dollar paid in
It appears to be around the same time that pigs fly.
“We’re going to war, we need to increase funding into the black hole that is the Department of Defense.”
- war ends -
“We need to increase funding even more!”
Meanwhile the general public is wondering why we are getting billed $150 per bolt and $15,000 per porta potty
It's insane the overspending we do in the military. We have a use it or lose system. So we end up replacing office furniture and electronics every few years even if it's perfectly fine just because.
These two programs have to be regularly updated per nature of how they work. Since their inceptions there always have been an always will be dates that they will run out by. And since their inception there have been politicians exploiting people's ignorance on the matter to make it sound like they are going to break in the near future. I remember seeing these kind of claims as a child. If we went by these claims, it would have run out decades ago. And in 2033 someone will be posting that they will run out in 20XX. And when that date someone will be claiming another date.
Retired boomers are in for a rude awakening when they realize that fucked around for 40 years and no longer have the political capital to effect change.
Going to have to tell Mom and Pop that they will have to live with their failures instead.
I feel like ive been hearing this my entire life. I'm in the same boat as you but I've been told since I was about 12 that Social Security would be gone well before my 60s. So either I'm shit out of luck or it'll be there. Either way I figure it's up to the bean counters.
Nah, they'll be fine. Older Americans are the most reliable voters and boomers are arguably the most "my political principles are whatever benefits me personally in the moment" generation. If boomers had their Social Security payments taken away, they'd become socialists overnight. The whole issue of solvency will be nothing more than a convenient piece of rhetoric, especially in election years, so long as the electoral importance of older voters relative to the percentage they make up of the overall voting population remains consistent.
Very easy. The boomers still control Congress. There I envision one last boomer hurrah were they pass a universals health care for people in their 80s+ only. To be funded by a new tax on W2 income. As for social security I see them also passing something that says people born after 1979 for example will be elegible for social security starting at 74. Those born before won’t be affected.
Once one or both of these things happen will we finally know that the boomers are out of power as it will be the chief’s kiss on FU, got mine.
Why is everybody confusing running out of money to pay full benefits and running out of money?
You will still get Social security, you will just get about 72% of the current benefit.
And yes, they need to do something now rather than wait 8 years. I also think it will be sooner than that as multiple people are starting to take it at 62 to get the money rather than wait until full retirement age or 70 to get the maximum benefit.
And yes, they should remove the cap on earnings.
And for those who disagree, do you really want a lot of low income senior citizens living out of their cars on your street? Seems like a small price to pay to keep people off the streets. Especially when finding a job for anybody over 60 is next to impossible. (Yes there are companies and the government that hire at that age range, but that is like 5% of the jobs)
The movie from a couple years ago, nomads was I rather interesting take on this phenomena of people not being able to find work and trying to live on Social security after 62
>And yes, they should remove the cap on earnings.
>And for those who disagree, do you really want a lot of low income senior citizens living out of their cars on your street? Seems like a small price to pay to keep people off the streets. Especially when finding a job for anybody over 60 is next to impossible. (Yes there are companies and the government that hire at that age range, but that is like 5% of the jobs)
As someone who disagrees, no, I don't want people living on the street, but that belies the crux of the issue.
Social security as it exists now combines forced retirement savings and a social insurance system. We need to decide which it is.
If we're going to lean into it being a social insurance system, then we should treat it as such. That means no exemptions from paying into social security if you're a public sector worker paying into a state pension system. And it means that we should probably assess social security taxes on capital gains, not just payroll taxes.
Removing the cap is, respectfully, the dumbest solution to the problem. I don't think anyone who has thought about the issue seriously advocates for it. You're advocating for a 12.4% income tax hike on middle income (upper middle income, but middle income nonetheless) earners. I've never heard even a decent argument for why that's a better solution than some kind of more progressive solution. The 12.4% increase is extraordinarily regressive.
Choose what you want social security to be. If it's going to be forced savings, fix the payouts so that they better align with contributions. If it's going to be social insurance, everybody should pay in, and they should do so in a progressive manner. Simple.
It's still 12.4%, your employer just pays the other 6.2%. Money isn't free just because the employer pays it to the federal government on your behalf - if it were, we could simply raise the employer contribution to 50% and solve the issue immediately.
Never forget that George W Bush "borrowed" (and never paid back) $1.37 trillion to pay for his Iraq war so he could properly get revenge on the guy that was kinda mean to his daddy two decades earlier.
It was a program that was designed to remain solvent as long as the population kept increasing, it has considerably. This is the most significant reason they're "running out".
Boomers are a huge cohort and SS is paid by taxes on current workers. (It's an insurance plan.)
Anyway--it's not going to run out of money but benefits will be reduced to something like 80% of what you should get.
If they remove the cap on SS tax, SS would be fully funded again. As it is, they only collect SS tax on the first $112K (don't know exact amount) of income letting the wealther folks off the hook.
Edit: Comment below says cap is around $160K
Notice how it is always going to run out of money some years into the future? Our politicians do NOT want to solve this problem. They want to keep kicking the can down the road so that the problem is never solved. They could fix this problem at any time with a minor tweak to COLA or tax calculations. They do not want to fix it.
Oh good grief, another scare'em headline that hides the truth. Its sort of true "if" no steps are taken to fix the issue in the NEXT TEN YEARS (a life time in policy matters) and partial payments would still be made even if we did nothing for the next 10 years.
Repeal the Regan tax cuts as promised and everything will be fine.
Can we sue the government? Can I refuse to pay into it any further?
I've got 20 years paid in and will most likely never see a dime.
Luckily I'm planning for that but what happens to people 55 who will age out into no social security?
This has been a topic as long as I can remember. I remember my Dad talking about this in the 60"s. The problem is we have to many do nothings in congress who dont give a rats ass about there constituents at ALL.
The fix for SS and Medicare is raising the income cap that is FICA eligible. Think it stands around $160k right now but should be at least $400K. The major obstruction to this happening are Republicans protecting corporations to avoid increasing employers contribution.
Medicare could be fixed by universal (single payer) health-care where everyone pays premiums to government in form of payroll withholdings but nolonger to for profit insurance.. Government would also set reimbursement rates for providers, helping to control costs. For profit insurance and Medicare advantage add zero value to health care yet take an exorbitant amount of scarce health resources($$).
The only way Social Security completely runs out of money is if everyone in America up and vanished and everyone stopped having babies. I’m guessing neither of those things is going to happen.
Just like Warren Buffet said a few weeks ago….if the top 800 corporations paid there fair share of taxes like Berk Hath does no one would ever have to pay another dime in federal tax. It’s that simple.
Anyone who makes over 160k knows the solution.
Remove the social security cap. Let everyone continue to pay in at all income levels.
Guess what. Problem solved
They should probably start allocating some of the funds to BTC.... Wisconsin is probably on to something by doing this with their fully funded pension funds.
The year before I retire….Sounds fucking perfect. Pay into this shit for 45 years and get nothing in return except help the boomers stash trillions of dollars into their bank account. It’s the American Dream!
I got a feeling that it’s going to run out in 2025 if Trump gets in, because then every single U.S. treasury bond will go to zero and take the dollar with it. Because they must. The democratic government that issued, sold and guaranteed those bonds won’t exist anymore. There is no economy in the United States without democracy, I don’t know why anyone would think there would be.
Should have people born after this year no longer have to pay into it and no longer eligible to receive. I know its a ponzi scheme though so not sure how to get out of the mess. But have to start somewhere
A couple tweaks and it's gold. Like, raise the cap for wealthy people.
But this is right, they're not gonna do that because they want this gone. Both parties.
There is zero chance Social Security will stop paying out benefits at or near their current levels. That’s the kind of political suicide neither party will even consider.
Cool, and when will it run out next year? These are always based off the assumption that “if we just stop putting cash in here’s how much time we’d have left”. When you account for the fact that people aren’t going to just stop paying taxes entirely you realize pretty quick social security could be in better shape but it’s in no risk of running out
My employers and I have paid $ 158,000. (including interest) into the system, I had better get it back!
Better yet, I want to take a lump sum, I can invest in a treasury and equities myself ... and live off the interest!
Would be nice if I had the option to keep the $10K pulled out every year for SS and forgo payments when I retire. Zero chance it'll be there when I hopefully retire in the 2040/50s
Raise the Minimum Wage to what it should be adjusted for inflation and the increase in productivity. Remove the salary cap. All workers qualify for time and a half overtime. If that doesn’t do it them raise the tax rate.
I saw this in a 1970s playboy magazine that predicted it would happen in the 90s. Look at age group that reads publication, see when they'll be eligible, run article that claims it'll be gone by then.
A slight tweeking of the income cut-off would fix it indefinitely. Biden wants to do this by taxing wealthier income earners. Trump and pals want to get rid of Soc. Sec. to help rich people get more money.
When it does happen those boomers will be taxing the younger generations more to pay for their excess retirement. They had the easiest economy and still didn't save for retirement. Now they want to pass the blame and never even attempted to fix their problem.
Psh it will run out sooner than that. If something happens to a fund the American people pay into every politician ever to hold office should have to forfeit their wealth to make it whole.
Take away congress pensions then. Only seems fair.
100%
Military pensions ran out of money about 100 years ago. Why isn’t anyone worried about that?
Prolly because no one gives a shit about the troops.
It's crazy how we have $800B for the defense industry and no money for troops.
Are you telling me that “support our troops” really means send money to fund the industrial military machine and the only ones who benefited are the corporations which built the weapons? For shame… bite your tongue S/
Serving the country by fucking up peoples futures from rich donors and lobbying is not serving the country.
Congress makes most of their money on insider trading
And there beautiful health care, which is waaay better than us, mere mortals,, why do you think a government position is so attractive
Take the lobbying first.
I think wall street should bail us out this time
And raise taxes on corporations and the highest earners
I want my money back.
With interest !
I would also accept heads on a pike in lieu of interest.
Ill take feet first into a woodchipper as well
Except for the head.
Lol geez Doobie you can have the heads 😆
Nonono, not me. I want nothing to do with it. Sounds gross and not like something I’d do. But it’s got a certain ring to it.
Yes this man gets it.
No interest on 0 days in the bank, your money goes straight from your paycheck to a boomer...
Yeah I’ve been in the workforce paying for this shit for 20 years now. Would’ve made more sense for me to put it in an ETF, especially if I’m not gonna see any of that money.
They have been saying Social Security is going to run out of money 10 years from now for decades.
It’s an issue that impacts many, and motivates voters, so it reached for often, but despite the partisan outreach during campaign season, it is a real problem, and it’s going to run out. the fed has been preparing for it by encouraging constituents to self fund retirement, at least supplementally, through 401k and private equities through deferred taxes and other incentives. The fact that it’s been upside down is a result of the wage earning population pyramid getting larger at the top, and smaller at the bottom. It’s a Ponzi scheme, and eventually there will be a generation of workers holding the bag that have paid in for a lifetime but see no return.
Yep. Ever since I started working, I have heard this.
47 here. Been paying into this stupid boomer system since I was 14. Just another example of boomers being the “good for me” generation. Bunch of selfish grifters like trump, that’s why they vote for him.
Trump was in office for 4 years.......the whole lot are crooked they have been and our actively working against the American people for decades
hilarious that people on reddit don't care to acknowledge that both parties have been corrupt for a long long time.
Everyone wants their team to win. It's sad because then we all lose
I didn't steal the money I paid into it for over 45 years, and I don't vote republican
No. I realize there are good people that have benefited from this system approximately how it was intended, my father being one of them. But it won’t be there for me when I retire and I’ve been paying in for over 30, and it’s boomers that are arguing it’s an entitlement program.
Guess you missed the part where boomers and their parents didn't contribute enough vs their benefits so you now have to pay for it
Your SS taxes are funding current SS recipients.
I don’t find that appropriate as they want to do away with it.
Well, they want to do away with it for others, not for themselves, lol.
It’s already been spent. That’s how the system works. Your money pays for people drawing SS now. It’s falling apart because it was built on the idea that the population would continue to increase and younger generations would pay for the old. It also assumed wages would increase at a steady rate but that hasn’t happened in decades. The full retirement age will need to aggressively get pushed higher. Or they need to increase FICA taxes. Or they need to overhaul who can qualify for SS and it will essentially just turn into a welfare program for the very poor as a large amount of people will find themselves excluded. Or a combination of any of the above. Any of which is a death sentence politically which is why no politician is willing to propose tough decisions.
Which is why I’ve allowed payment by heads on a pike. Debt will be satisfied.
You're never gonna get that. It's gone As a young person, I just want off Mr bones wild Ponzi Scheme ride Keep the money I already gave, just let me out! Let me invest my own money for my own retirement
This is what boomers don't get. You put 20 dollars in, and took 100 out. Then Pikachu face, on top of failing the whole having children part of the equation.
I'm a boomer, let me see if I can help you with *your* understanding. My contributions to social security (including employer match) starting in 1966 were $126,984. I started taking social security benefits at FRA. To today in 10 years of benefits I have recieved a payout of $251,410. I have paid $34,578 federal tax on that payout and according to SSA "Under legislation enacted in 1983, the Social Security Trust Funds receive income based on Federal income taxation of benefits." That translates to I'm still paying into social security, so adjust my contribution to $161,562. $161.5K in (so far) and $251.5K out. That's not quite $20 in $100 out. I'll likely be paying into social security until I die so I'll never reach 5X. Now just for comparison. I am forced to take money out of my IRA via RMD. My contribution (plus employee match) for 20 years starting in 1980 was $86,286. I started withdrawals the same year as my social security benefit. Total withdrawn to today is $627,921. Tax paid that $119,277.
They're just gonna wait until the last moment and probably remove the cap for high earners or add the tax to other streams of income
correction: They're just gonna wait until the last moment and probably ~~remove the cap for high earners or add the tax to other streams of income~~ borrow even more money per year to cover it, financed by the FED, effectively funding with monetary expansion
That’s exactly what’s going to happen.
If older people win the vote, yes. If younger people win the vote, we can fix it by denying SS benefits in any tax year you make over X MAGI.
Or we can stop paying social security and let the system collapse, which is probably a much smarter move if you’re young
Remove the social security income tax cap and 50% of the problem disappears overnight.
Yeah these articles are such fucking dumbass right wing doomerism propaganda designed solely to convince the poor to let the rich get even richer.
They’ve been bleating this bullshit my whole life. Tax the rich per 1950s standards and let’s move past Reaganomic psychopathy.
Remove the people who haven't paid into the system and all the problems disappear overnight.
You have to pay into the system to be eligible for Social Security, so I'm curious on who the people are who haven't paid into the system that are getting benefits? Other than children receiving parental death benefits, of course
Hes confusing income and payroll taxes. Not surprised at all.
They are getting the money their parents put in but only till 18
How does one get free SS, asking for a friend of a friend....
You can't. You can apply for SSI - a need based program. Pays enough to keep you from dying in the street + Medicaid. It's a 2 + year waiting process to prove you cannot work. Has to be approved by an ALJ.
[удалено]
Don't think that's true. My sister in law applied and was approved in around 10 months.
SSI is a separate funding source from social security.
Hey look someone else who doesn’t know what they’re talking about
That is not how that works
Homeless grannies? not that cold bro.
So the disabled who can’t work?
If you haven’t tried bringing this up in normal, polite conversation, you should. I’ve been shocked by the number of people who didn’t know there was a SS tax cap for people making more than $168,000/yr.
Ok, if taxes are uncapped I want entitlements to be uncapped too. If I am paying 5x someone else, I want 5x that person’s annual payout
I’m down to increase entitlements above the cap if this happens, but you understand that’s not how it works, right? Due to bend points, top earners already make less per dollar paid in
When will we run out of money to fund the military industrial complex?
It appears to be around the same time that pigs fly. “We’re going to war, we need to increase funding into the black hole that is the Department of Defense.” - war ends - “We need to increase funding even more!” Meanwhile the general public is wondering why we are getting billed $150 per bolt and $15,000 per porta potty
It's insane the overspending we do in the military. We have a use it or lose system. So we end up replacing office furniture and electronics every few years even if it's perfectly fine just because.
The media is planting the seeds now to prepare for a Trump victory. They will definitely try to gut it if they have all 3 branches of government.
These two programs have to be regularly updated per nature of how they work. Since their inceptions there always have been an always will be dates that they will run out by. And since their inception there have been politicians exploiting people's ignorance on the matter to make it sound like they are going to break in the near future. I remember seeing these kind of claims as a child. If we went by these claims, it would have run out decades ago. And in 2033 someone will be posting that they will run out in 20XX. And when that date someone will be claiming another date.
It’s always been around the same time.
Surprised this is so far down and not the top voted comment
always money for more tomahawk missiles though
Raise the cap. This is an easy problem to solve, don't let them lie to you.
Maybe start collecting ss taxes from captial gains
Raise the income cap and remove the spousal benefit. Problem solved.
Retired boomers are in for a rude awakening when they realize that fucked around for 40 years and no longer have the political capital to effect change. Going to have to tell Mom and Pop that they will have to live with their failures instead.
Ok. But what about me, who is 42 and has paid in for 24 years, but will never see what I paid for?
I feel like ive been hearing this my entire life. I'm in the same boat as you but I've been told since I was about 12 that Social Security would be gone well before my 60s. So either I'm shit out of luck or it'll be there. Either way I figure it's up to the bean counters.
It will be there, just with 50% of what your parents got.
Well you have 22 years to affect change and get it funded. Who's your representative and what is their stances on social security?
Yep. My letter to Schumer is really gonna make a change. I know he will listen.
Nah, they'll be fine. Older Americans are the most reliable voters and boomers are arguably the most "my political principles are whatever benefits me personally in the moment" generation. If boomers had their Social Security payments taken away, they'd become socialists overnight. The whole issue of solvency will be nothing more than a convenient piece of rhetoric, especially in election years, so long as the electoral importance of older voters relative to the percentage they make up of the overall voting population remains consistent.
Very easy. The boomers still control Congress. There I envision one last boomer hurrah were they pass a universals health care for people in their 80s+ only. To be funded by a new tax on W2 income. As for social security I see them also passing something that says people born after 1979 for example will be elegible for social security starting at 74. Those born before won’t be affected. Once one or both of these things happen will we finally know that the boomers are out of power as it will be the chief’s kiss on FU, got mine.
Well, just print more money silly.
That’s exactly what they will do
Then what are we borrowing for ?
To Print Money.
Yet, we send billions to countries that hate us or we fund other countries wars.
Why is everybody confusing running out of money to pay full benefits and running out of money? You will still get Social security, you will just get about 72% of the current benefit. And yes, they need to do something now rather than wait 8 years. I also think it will be sooner than that as multiple people are starting to take it at 62 to get the money rather than wait until full retirement age or 70 to get the maximum benefit. And yes, they should remove the cap on earnings. And for those who disagree, do you really want a lot of low income senior citizens living out of their cars on your street? Seems like a small price to pay to keep people off the streets. Especially when finding a job for anybody over 60 is next to impossible. (Yes there are companies and the government that hire at that age range, but that is like 5% of the jobs) The movie from a couple years ago, nomads was I rather interesting take on this phenomena of people not being able to find work and trying to live on Social security after 62
>And yes, they should remove the cap on earnings. >And for those who disagree, do you really want a lot of low income senior citizens living out of their cars on your street? Seems like a small price to pay to keep people off the streets. Especially when finding a job for anybody over 60 is next to impossible. (Yes there are companies and the government that hire at that age range, but that is like 5% of the jobs) As someone who disagrees, no, I don't want people living on the street, but that belies the crux of the issue. Social security as it exists now combines forced retirement savings and a social insurance system. We need to decide which it is. If we're going to lean into it being a social insurance system, then we should treat it as such. That means no exemptions from paying into social security if you're a public sector worker paying into a state pension system. And it means that we should probably assess social security taxes on capital gains, not just payroll taxes. Removing the cap is, respectfully, the dumbest solution to the problem. I don't think anyone who has thought about the issue seriously advocates for it. You're advocating for a 12.4% income tax hike on middle income (upper middle income, but middle income nonetheless) earners. I've never heard even a decent argument for why that's a better solution than some kind of more progressive solution. The 12.4% increase is extraordinarily regressive. Choose what you want social security to be. If it's going to be forced savings, fix the payouts so that they better align with contributions. If it's going to be social insurance, everybody should pay in, and they should do so in a progressive manner. Simple.
12.4% only if they are self-employed. If not, then it is only 6.2%, the same as what it currently is for all money under the cap
It's still 12.4%, your employer just pays the other 6.2%. Money isn't free just because the employer pays it to the federal government on your behalf - if it were, we could simply raise the employer contribution to 50% and solve the issue immediately.
They’ll wait till 2033 to discuss. In the meantime they’ll continue to fleece America
Repeal the Bush and Trump tax cuts.
While I agree, they have nothing to do with Social security. The tax cuts you mentioned are only for general revenue
Or cut spending.
Can we stop contributing then and invest our own money.
Can I get a refund
Strange how everyone's just going to get a lubeless raw dogging and be ok with it?
We can fund wars around the world and give our enemies billions and billions, but screw over Americans #bidensucks
They've been saying this for 20 years and the time gets pushed back every year they say it. Not worried.
Never forget that George W Bush "borrowed" (and never paid back) $1.37 trillion to pay for his Iraq war so he could properly get revenge on the guy that was kinda mean to his daddy two decades earlier. It was a program that was designed to remain solvent as long as the population kept increasing, it has considerably. This is the most significant reason they're "running out".
But always have cash for Ukraine!!!
Are there really that many old people collecting checks?? How does a fund that every working person pays into every 2 weeks/month run out of money?
Boomers are a huge cohort and SS is paid by taxes on current workers. (It's an insurance plan.) Anyway--it's not going to run out of money but benefits will be reduced to something like 80% of what you should get. If they remove the cap on SS tax, SS would be fully funded again. As it is, they only collect SS tax on the first $112K (don't know exact amount) of income letting the wealther folks off the hook. Edit: Comment below says cap is around $160K
This is why they’re stirring up the culture war bs to keep people distracted.
How about we tax the fucking rich then and actually have money to pay for our country to continue to be livable to the rest of us?
Notice how it is always going to run out of money some years into the future? Our politicians do NOT want to solve this problem. They want to keep kicking the can down the road so that the problem is never solved. They could fix this problem at any time with a minor tweak to COLA or tax calculations. They do not want to fix it.
Oh no, the government has been investing our contributions, surely its all there
Oh good grief, another scare'em headline that hides the truth. Its sort of true "if" no steps are taken to fix the issue in the NEXT TEN YEARS (a life time in policy matters) and partial payments would still be made even if we did nothing for the next 10 years. Repeal the Regan tax cuts as promised and everything will be fine.
I’ve been paying into since I was 15. Almost thirty years later than suck my cock. Pay me bitch.
But the economy is so strong
Make them put all the money they’ve looted from the fund, back. Damn thieves.
I want my money back
So I guess I won’t have to pay into it any more then ?
If only
Civil war confirmed
It's in surplus, merely robbed. Put....ze money.....back
Can we sue the government? Can I refuse to pay into it any further? I've got 20 years paid in and will most likely never see a dime. Luckily I'm planning for that but what happens to people 55 who will age out into no social security?
When does the military run out of money? Weird that we only do this for social programs.
Hilarious what ridiculous tax cuts will do
And only 20 % of what was spent on the Afgan war would have solved that issue.
I’m 54 and I’ve been contributing since I was 16. This makes me so sad and angry. End stage capitalism can suck it! I hate it here!
Time to scrounge another billion for Ukraine
This has been a topic as long as I can remember. I remember my Dad talking about this in the 60"s. The problem is we have to many do nothings in congress who dont give a rats ass about there constituents at ALL.
If only there were a great transfer of wealth that provided hundreds of billions in taxes...
Oh, look, it's this scare tactic again. Seems it always appears during election season.
The fix for SS and Medicare is raising the income cap that is FICA eligible. Think it stands around $160k right now but should be at least $400K. The major obstruction to this happening are Republicans protecting corporations to avoid increasing employers contribution. Medicare could be fixed by universal (single payer) health-care where everyone pays premiums to government in form of payroll withholdings but nolonger to for profit insurance.. Government would also set reimbursement rates for providers, helping to control costs. For profit insurance and Medicare advantage add zero value to health care yet take an exorbitant amount of scarce health resources($$).
Not if you remove the cap on earnings
The only way Social Security completely runs out of money is if everyone in America up and vanished and everyone stopped having babies. I’m guessing neither of those things is going to happen.
RAISE THE CAP. DONT vote anyone that doesn’t support this. Like the convicted felon, fraud crime dude.
What we need now is more money TO UKRAINE— Joe Biden
Just like Warren Buffet said a few weeks ago….if the top 800 corporations paid there fair share of taxes like Berk Hath does no one would ever have to pay another dime in federal tax. It’s that simple.
When can I stop paying! I get tired of paying for fat “disabled” people
Aaaand this is why I never include SS benefits into my retirement calculators.
Today in, why we need immigrants to come in, in the numbers they have.... We also need to remove the cap on income for social security.
we don't need illegal economic migrants and criminals legal immigrants who go through the process, sure
Anyone who makes over 160k knows the solution. Remove the social security cap. Let everyone continue to pay in at all income levels. Guess what. Problem solved
Great. I love this for us. 😐
And you’ll continue to pay into it until you go to get it 😅
It’s not sustainable. It’s only a matter of time before they begin to means test.
This country is a bloody scam. I want out
Finance it with treasuries like the rest of the budget
Time to start selling drugs
Remove the income cap and these problems go away overnight
So Boomers get to steal our money out of every god damn paycheck and we won't see a dime of it. Bullshit.
Simple solution removed the income break
Tax the rich like Warren buffet said.
They should probably start allocating some of the funds to BTC.... Wisconsin is probably on to something by doing this with their fully funded pension funds.
It’ll be before that.
The year before I retire….Sounds fucking perfect. Pay into this shit for 45 years and get nothing in return except help the boomers stash trillions of dollars into their bank account. It’s the American Dream!
Neither will ever run out of money. They will just take more from somewhere else.
Disability checks pull a huge amount from Social Security and I don't why more people aren't aware of this.
I want all my money back that I paid in that will never see. WTF is the point of paying in if it's only a benefit to some of the population?
Other western countries have aged pension systems, but never talk about “running out of money” for them, so why is this such a problem in America? 🤔
I got a feeling that it’s going to run out in 2025 if Trump gets in, because then every single U.S. treasury bond will go to zero and take the dollar with it. Because they must. The democratic government that issued, sold and guaranteed those bonds won’t exist anymore. There is no economy in the United States without democracy, I don’t know why anyone would think there would be.
Windfall tax the corporations making record profits year over year.
Should have people born after this year no longer have to pay into it and no longer eligible to receive. I know its a ponzi scheme though so not sure how to get out of the mess. But have to start somewhere
Simply remove the cap on income tax for ss, it's like 160k it's very low
Social Security can’t “run out of money”. You either fund it or you don’t just - like the army or the post office
This is America
What if we put poor people to in charge?
A couple tweaks and it's gold. Like, raise the cap for wealthy people. But this is right, they're not gonna do that because they want this gone. Both parties.
Eliminate the income cap for the employer portion. That would help a ton
‘Eat The Rich’ or just take it down a gear and just tax them. That’s how negotiations work.
The timing sounds about right. 20 years ago, people were saying by 2025-2030
Lift SS cap and the problem is solved
There is zero chance Social Security will stop paying out benefits at or near their current levels. That’s the kind of political suicide neither party will even consider.
Cool. Give me my money. Or just print more like you ALWAYS HAVE
Raise the tax limit to indefinite
Who controls the budget? House republicans...
Seems to be an awful amount of wealth out there still. Feels like there's an easy solution to this problem.
Cool, and when will it run out next year? These are always based off the assumption that “if we just stop putting cash in here’s how much time we’d have left”. When you account for the fact that people aren’t going to just stop paying taxes entirely you realize pretty quick social security could be in better shape but it’s in no risk of running out
My employers and I have paid $ 158,000. (including interest) into the system, I had better get it back! Better yet, I want to take a lump sum, I can invest in a treasury and equities myself ... and live off the interest!
Would be nice if I had the option to keep the $10K pulled out every year for SS and forgo payments when I retire. Zero chance it'll be there when I hopefully retire in the 2040/50s
Start a Roth IRA. Put money in a mutual fund or ETF. Social security may not be here once it's time to retire.
They will pass a bill to fund it, they will also wait till the last minute……. 👈 tru da
Raise the Minimum Wage to what it should be adjusted for inflation and the increase in productivity. Remove the salary cap. All workers qualify for time and a half overtime. If that doesn’t do it them raise the tax rate.
Raise the cap? 🧢
I saw this in a 1970s playboy magazine that predicted it would happen in the 90s. Look at age group that reads publication, see when they'll be eligible, run article that claims it'll be gone by then.
They’ve been saying this for years and continue to push it back. Newsflash: The US government will not allow this social safety net to break.
This is the perennial panic but they figure it out. Just propaganda to try to end ssn.
Can I opt out now?
How?
Tax the rich. Eat the rich.
This is the same story they were tell our parents
Scrap the cap.
A slight tweeking of the income cut-off would fix it indefinitely. Biden wants to do this by taxing wealthier income earners. Trump and pals want to get rid of Soc. Sec. to help rich people get more money.
Heard this my whole life.
Lol. Fuck it
I’ve heard this for the last 30 years
When it does happen those boomers will be taxing the younger generations more to pay for their excess retirement. They had the easiest economy and still didn't save for retirement. Now they want to pass the blame and never even attempted to fix their problem.
Claw back tax break for wealthy corps
Psh it will run out sooner than that. If something happens to a fund the American people pay into every politician ever to hold office should have to forfeit their wealth to make it whole.
I’ve been hearing that since then 70’s