What You Need to Know About Social Security »
Posted By gunnyreef 2 months, 1 week ago in NewsYou've probably spent a lot of time sweating over your 401(k) and IRA. But have you given much thought to the way Social Security will fit into your retirement plans?
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gunnyreef
I am a true conservative, i believe in limited government, low taxes, personal responsibility,states rights and personal freedom! I tow no party lines and ...
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Striker1012 months, 1 week ago
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The article was originated at CNN, which immediately raises a red flag about "the truth, the whole truth".
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The following is quite likely to be at best a half-truth:
"QUESTION 1: Can I count on Social Security to be there?
You can. Despite what you may hear about the system going broke, the funds from workers' payroll taxes will cover all retirees' payments until 2016 even if no changes are made to the current program. After that the Social Security Administration can cover full benefits until 2037 by cashing in its Treasury bonds from the Social Security trust fund. And when the bonds run out, income from payroll taxes would be enough to cover about 75% of payments for decades."
I consider the above to be certainly irrational and perhaps a deliberate lie, because when this government, which has burdened America with impossible debt, goes broke as it must, and long before 2016, it will be bankrupt, which means without money to pay it's obligations. That will include Social Security, of course. Plus, the whole idea of SS selling government the government bonds... to whom, and for what price, if any?
I never wanted to be on SS but all of us were forced, IOW we had no choice, and for myself, it left nothing for alternative investments. So now at age 71 I'm retired and SS my only income. Would you be happy at such disman prospects for your future? -
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Wolfie20072 months, 1 week ago
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Many years ago I realized that social security was never going to pay for my needs when I retired. That's the reason I saved and invested beginning 40 years ago. I took to heart and believed that social security was not intended to be a retirement fund. I feel very sorry for those who thought it was and took no action to save for their later years.
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calitennflo2 months, 1 week ago
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"keep pace with inflation" ? I have friends that are in their 70's...retired...and barely making it...as they receive benefits that were tabulated years ago. This is the trend that I have heard reported by everyone that I talked to. Today's retiring individuals receive more than their older counterparts.
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Then you wonder...if they kept up with inflation...what was the inflation caused by. Physics of the "ever inflating dollar". Each dollar today is worth less than the dollar of (example) 1930.
The solution...remove the use of the dollar. Imagine how much more it costs to produce today's currency...compared to 1930. Then know this taxes us as well as the environment.-
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Striker1012 months, 1 week ago
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You may not know this, but for some years now, we on SS have found our checks increased somewhat for COLA or something like that. Most of that is immediately taken away by increased to the deduction which I believe is for Medicare B. It's government's surreptitious way of apologizing for the inflation it causes year after year, but doesn't equal the truth.
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The future inevitable hyperinflation will render our SS virtually without value. It's gonna get mighty hungry out there!
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