The coming Social Security fight could be 1983 all over again

[billymach4]

Yes... my personal Guarantee that the politicians will not allow SS to be cut. Take that for what it is.

While I share your optimism... I will hunt you down if the politicians fail us

 

[Brett]

While I share your optimism... I will hunt you down if the politicians fail us

Hoping I'm still around in 2032 when politicians declare they will solve the social security funding crisis if you vote for them in 2034

 

[joestein]

While I share your optimism... I will hunt you down if the politicians fail us

I would suggest hunting the politicians. Maybe the replacements will fix it if the current ones did not.

 

[ScoopKona]

Hoping I'm still around in 2032 when politicians declare they will solve the social security funding crisis if you vote for them in 2034

I predict that when the average American finally figures it out that our retirement scheme is going to fail, the only thing that will happen in Washington is a bunch of finger pointing. They won't try to fix the problem. They will try to assign blame and score political points.

Everyone who has been following this story knows we're 9,177 days too late to do anything meaningful.

 

[TolmiePeak]

I would suggest hunting the politicians. Maybe the replacements will fix it if the current ones did not.

Fix it? The problem now is so large that it is unfixable. They might develop a plan to avoid cuts for the poorest seniors but they have no money to avoid cuts for everyone.

 

[ScoopKona]

Fix it? The problem now is so large that it is unfixable. They might develop a plan to avoid cuts for the poorest seniors but they have no money to avoid cuts for everyone.

That would require lifting a finger and doing something -- and admitting this is a massive, unfixable problem. Doing nothing is safest for their career. They're going to keep raising benefits until the money runs out. Watch.

 

[joestein]

Fix it? The problem now is so large that it is unfixable. They might develop a plan to avoid cuts for the poorest seniors but they have no money to avoid cuts for everyone.

It is certainly fixable. But I meant passing a law that says SS shortfalls will be funded through the general fund.

 

[ScoopKona]

The OASDI deficit is roughly $500 billion per year. That's 1.3% of our GDP. And this number is only going to increase until we have equilibrium between retirees and worker's ability to cover the program.

For perspective, the DOD budget that year was just a smidge less than $850 billion.

Have fun with that idea...

 

[easyrider]

That's an interesting way to look at it. I took mine at 62. Crossover age vs taking it at FRA (67) is around 79-80. And that's not counting any return on the money collected over the 5 years. Any reasonable ROI for those 5 years pushes the crossover into the early 80's.

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As a couple , we added it all up so my wife started SS at 62. I'm waiting until fra for two reasons. The first is my wife would be able to collect my higher amount of SS when I pass on. Odds are she outlives me. The second is she gets a bump in SS payments when I start SS.

Until recently, we would have been in a higher tax bracket if I took SS. Next year it won't have as much if any impact because of the OBBBA legislation.

Bill

 

[TolmiePeak]

It is certainly fixable. But I meant passing a law that says SS shortfalls will be funded through the general fund.

Congress won't act. They keep kicking the can down the road.

 

[dagger1]

Hoping I'm still around in 2032 when politicians declare they will solve the social security funding crisis if you vote for them in 2034

 

[TolmiePeak]

We have a ways to go here before we catch up to the offshore wind thread.

 

[joestein]

Congress won't act. They keep kicking the can down the road.

They will act when SS is about to be cut.

 

[Elan]

As a couple , we added it all up so my wife started SS at 62. I'm waiting until fra for two reasons. The first is my wife would be able to collect my higher amount of SS when I pass on. Odds are she outlives me. The second is she gets a bump in SS payments when I start SS.

Until recently, we would have been in a higher tax bracket if I took SS. Next year it won't have as much if any impact because of the OBBBA legislation.

Bill

Everyone's situation is different, for sure. My wife is almost 7 years younger than me , so I didn't really factor her into my decision. By the time she can claim (at 62), I'll be 68.5. Although I don't need the SS income, our time on the top side isn't guaranteed, and I'd much rather have more money while I'm healthy enough to enjoy it than when I'm in a recliner watching Wheel of Fortune. She's obviously also benefiting from having the additional family income now.

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[dagger1]

We have a ways to go here before we catch up to the offshore wind thread.

 

[easyrider]

Everyone's situation is different, for sure. My wife is almost 7 years younger than me , so I didn't really factor her into my decision. By the time she can claim (at 62), I'll be 68.5. Although I don't need the SS income, our time on the top side isn't guaranteed, and I'd much rather have more money while I'm healthy enough to enjoy it than when I'm in a recliner watching Wheel of Fortune. She's obviously also benefiting from having the additional family income now.

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We do enjoy spending my wife's SS check. I tell her thanks for paying our mf's and our Medicare Premiums, lol.

Bill

 

[geist1223]

Our Social Security Checks are 2 of our 5 Retirement Checks. We also have my Military Reserve Retirement Check (1/2) goes to ex-wife. Then we have our 2 State Retirement Checks. Our State Retirement is set up so that if one of us dies the survivor continues to receive both State Retirement Checks. We each take a slightly lower amount to fund this. The survivor then ups their Retirement Check to the Full Amount.