OT: Social insecurity

[Midwest redneck]

I have an idea that might work for SS. I just read that the first baby boomer born 1/1/1946 is going to start collecting SS on 1/1/2008. SS is going to go broke so they say.
How does this sound.....What if when you reach 62 or 65 you get a lump sum from the government instead of the monthly payout for the rest of your life. Lets say that if you lived to see 80 you get 18 years of benefits at $1000/month X 12 months = $216K or for a one time payout of 1/2 that amount or $108K, kinda like that car companies are doing with the retirees.
Whadda think?
I am 38 now and I sure would like to see SS when I retire.

 

[jimont]

I must admit that I'm not too familiar with your retirement system in the States. However, I remember when my grandfather first started getting the "cream cheque" here in Canada ($40/month)in 1953/4,they said that the system was gonna go broke for sure!! Big wheel keeps on turnin'.

 

[Tradititonal Farmer]

For anyone that can add and subtract can see Social Security is in deep Do-Do for sure.Either taxes will go sky high or benefits will be cut cause the Chines are tired of lending us monney

 

[Mike (WA)]

Problem with that is that the guvment can't stand to see anyone "needy". So when you give each retiree this lump sum bonanza, and within a year a third of them have blown it at the casino and/or liquor store, Uncle Sugar won't be able to resist some kind of further bailout for them when they come crying, and you'll be even worse off. Other problem is that they really don't have the money to do it- they are paying the monthly benefits from the money that current workers are paying in. If they suddenly had to pay everyone a lump sum (even if only half), it would still be a heavier cash flow hit than they have right now. That's why guys like me (nearly 60) are really pulling for guys like you to hang in there and work hard, so there'll be money in the pipeline when we start to draw. God bless you, every one!

 

[havvey]

well said

 

[roger roland]

now heres my 2 cents worth.... dont hate me for saying this but, the money would last us all if they would stop handing it out to young & not so young girls that go get prego & never worked a day in there life & get more money than me for snaping my back workn & now cant work to keep ends meet but them kids get money & never put in a honest days work thats y its going broke.... sorry needed said

 

[Cue P.]

The problem is SS, Welfare, and soon to be Nat'l Healthcare has or will become a "See what i can do for you so vote for me" card the politicians throw down every election year. The secret is there is no SS fund! It all comes out of the general fund supported by your tax dollars. Your SS tax does not go to SS alone and so the SS fund cannot, per se, "Go broke". Now if congress only had to be on SS, as opposed to their own little privatized investment fund, you can bet they'd fix the whole mess pretty quick.

 

[Midwest redneck]

I think that pregnant woman can only get SS if the Dad dies and then only until the kid is 18. A woman I used to work with her husband died and she got $650/month for her son until he turned 18. SS is a mess because uncle sam has mismanaged it.

 

[Midwest redneck]

I agree with you 100%.

 

[jared in wi]

i think that you hit it right on the head, and it is not only the girls that get pregnant, it is also the ones that are too D@M Lazy to get off of their butts to get a job. There are those out there that are working the system to get money so that they can sit on their butt and watch tv and get fat... maybe if we quit giving free hand outs we can kill 2 birds with one stone.

then those who are truly disabled can get some money to pay the bills.

 

[fixerupper]

The truly disabled can get SS benefits. The rest can apply for Title 19. They can also apply for food stamps for their food staples, like beer and cigarettes. I really shouldn't be sarcastic because there really are young mothers who were deserted by their bum, or man, and who have nowhere to turn.Jim

 

[Walt Davies]

There are a lot of different ways to get retirement funds. Right now you have lots of way to save your money and not pay taxes on it until you use it.
No one should just rely on SS as it was designed to be a suppliment to retirement not a retirement program. Yes it may be hard for a few years or until all those baby boomers pass on but 20 years is a short time in the life of a government program, so hold your shirt on and this will pass and in 30 or so years when you reach my age you will notice that its not all that bad.
One thing you need to work on is building up your Home so that when you reach 65 you can use the money saved in it by getting a reverse mortgage. This will help a lot in your older age.
Just start thinking now about when you want to retire and start working toward that GOAL, if you wait any longer you won't have much an you may need to have lots of kids to help you out.
Walt

 

[bradley martin]

What does this have to do with tractors, farming or other things on this website?

 

[Anonymous-0]

If I would have been elected I would have put all that money in a "LOCK BOX"!!!!!!!!!

And then turned it over to the Chinese.

 

[730 virgil]

you already did bozo!

 

[Midwest redneck]

Hey Al, you facist pig---go flush yourself down a toilet.

 

[Anonymous-0]

I dont think the gov or SS can actually go broke as such. After all they have the printing presses that can be turned up if more horse power is needed. Since i just started recieveing SS about a year ago, i like it pretty well. You will to.

 

[730 virgil]

mrs 730 is disabled so i need to stay close to home. she is retired school teacher or we would be in deep dodo as we can't get any gov help we are to rich and not old enough to get ss.
but gov gives money to welfare cheats and illegals by the hand full.

 

[Anonymous-0]

Noted as OT- fair warning. If some small farmers were not also collecting SS monthly checks then they wouldn't be able to keep old tractors running or live on small farm. close enough? RN.

 

[Spook]

Good point! SS has been criticized since it started in 1935.

 

[Pair-a-dice farm]

I think they should give the option of recieving SS or not pay income tax at age 65. I would take the no income tax option.

 

[Steven f/AZ]

(quoted from post at 17:49:16 10/15/07) I think they should give the option of recieving SS or not pay income tax at age 65. I would take the no income tax option.

Added to that we should have the option of NOT paying in any SS tax. I bet I can find much better investments for my money than SS will probably pay out!

 

[Anonymous-0]

Do you have anger issues we need to discuss?

 

[Anonymous-0]

In 1955 when I first started my first real job there were several people that said SS would go broke by the time I could collect it. I started to collect when I was 62 and my wife started four years later. We now get roughly $2000 per month.

I also put about 6% into a 401 for a big portion of that period with my company matching.

At the present I live rather comfortably.

As an added bonus Medicare (Socialized Medicine) kicked in when we reached 65. At the present time I am thankful for the money I put into SS.

 

[Anonymous-0]

If you feel uncomfortable with this subject just skip to the next one.

 

[Anonymous-0]

Close enough. : )

 

[flashback]

If Mrs 730 is disabled she can file for SS disability at almost any age. It takes a lot of time and some effort but there are attorneys who specialize in that and they are paid byn the govt if you win. I know some really disabled people on that now.

 

[Davis In SC]

730, I cannot figure out how they decide who qualifies for disability benefits. Lots of folks on 100% Dis, and working jobs for under the table pay. But lots of folks cannot even get out of the house, but keep getting turned down..

 

[Jimmy King]

If The greedy politicians had have kept their hands out of the SS fund we could be drawing twice as much and it would be in good shape.

 

[Anonymous-0]

It is worth noting that congress does not participate in Social Security. They voted themselves a different plan that is much more rewarding but they fight any change in the system for the common folks. Meanwhile the S.S. system is used for purposes that were never intended in 1935. Make your congressman and senator participate in Social Security and you will see some dramatic changes.

 

[Anonymous-0]

Hey, I mentioned horse power in my post.

 

[Mike (WA)]

I think the fact that Mrs. 730 is retired (and drawing benefits) would disqualify her from SS Disability. And I'm almost certain she does better with teacher retirement than she would with SS Disability.

 

[Eric SEI]

It was on the news yesterday that the first Baby Boomer had filed for SS Retirement.

 

[Dandy Don]

(quoted from post at 18:17:33 10/15/07)

(quoted from post at 17:49:16 10/15/07) I think they should give the option of recieving SS or not pay income tax at age 65. I would take the no income tax option.

Added to that we should have the option of NOT paying in any SS tax. I bet I can find much better investments for my money than SS will probably pay out!

Yes Steve you probably could ,....unless you became disabled, or there was a severe recession, or many other bumps in your retirement plans. What the people DON'T say is we could do better than social securety if everything is as good as it OUGHT to be. I'm almost 70 and I like my SS check and My teamster check and my tractor money. Haven't used medicare yet, ain't sick or unhealthy or take ANY kind of medicine.
Don

 

[Steven f/AZ]

(quoted from post at 10:39:03 10/17/07)
Yes Steve you probably could ,....unless you became disabled, or there was a severe recession, or many other bumps in your retirement plans. What the people DON'T say is we could do better than social securety if everything is as good as it OUGHT to be. I'm almost 70 and I like my SS check and My teamster check and my tractor money. Haven't used medicare yet, ain't sick or unhealthy or take ANY kind of medicine.
Don

Good point, I always forget about the disability benefits and the benefits to my family if something should happen to me... Steven