Worry about social security ?

[Anonymous]

How worry should a 65 year old be worry about social security running out of money in 10 years from now? I became a US Citizen in 2000, and I came to USA in 1990s when I started paying into SS, I didn't know a lot about 401k until 2010, so I don't have a lot of money in my 401k. I have about $50,000. So will I start collecting and they will stop paying me? I want to wait till I am 70, so I can get the max amount, but does it mean I stop getting paid at 75? I don't think I will be able to keep working at that age. I have a home, but I am still making payments to 2040. might sell it and move into a small condo, but will still need to pay HOA fees and other feees, so how worried should someone be about social security ?

[Anonymous]

Anonymous wrote:How worry should a 65 year old be worry about social security running out of money in 10 years from now? I became a US Citizen in 2000, and I came to USA in 1990s when I started paying into SS, I didn't know a lot about 401k until 2010, so I don't have a lot of money in my 401k. I have about $50,000. So will I start collecting and they will stop paying me? I want to wait till I am 70, so I can get the max amount, but does it mean I stop getting paid at 75? I don't think I will be able to keep working at that age. I have a home, but I am still making payments to 2040. might sell it and move into a small condo, but will still need to pay HOA fees and other feees, so how worried should someone be about social security ?

Starting collecting 5 years from now? You will be fine. You get paid the rest of your life.

20-25 years like a lot of us here? We will surely have diminished payouts at some point. The math stops working at some point because of demographic change.

[Anonymous]

It worries me, and I will be eligible to collect in ten years. Raise the wage base already!! It's such a simple solution.

[Anonymous]

Anonymous wrote:It worries me, and I will be eligible to collect in ten years. Raise the wage base already!! It's such a simple solution.

I'm eligible in about 10 years too and I feel like that's when it will be cut or something,...

[Anonymous]

Ss should work that you cash out your balance , not paid indefinitely

[Anonymous]

Anonymous wrote:How worry should a 65 year old be worry about social security running out of money in 10 years from now? I became a US Citizen in 2000, and I came to USA in 1990s when I started paying into SS, I didn't know a lot about 401k until 2010, so I don't have a lot of money in my 401k. I have about $50,000. So will I start collecting and they will stop paying me? I want to wait till I am 70, so I can get the max amount, but does it mean I stop getting paid at 75? I don't think I will be able to keep working at that age. I have a home, but I am still making payments to 2040. might sell it and move into a small condo, but will still need to pay HOA fees and other feees, so how worried should someone be about social security ?

I'm 59 and can start collect anytime after 3 years. The people getting the shaft here would be the young and those in our age group who have a good amount saved in 401Ks (say $1M or above). They will cut benefits for this group and not touch benefits for the relatively poor which is their largest voter base.

[Anonymous]

It's out of your hands/control. Don't waste time worrying about things you can't control.

[Anonymous]

Right now full salaries aren’t taxed for social security. They will raise the amount they tax. Right now they only take out social security on about the first $169k of salary. So those who make $500k don’t pay social security on the extra $331k. They will also raise the age at which you can t start drawing benefits.

[Anonymous]

They also don't get additional benefits above $169K (both contributions and benefits are capped).

Why would anyone be OK with increasing the cap without increasing benefits? Far from a 'simple solution' as someone noted above. It's not a welfare program.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How worry should a 65 year old be worry about social security running out of money in 10 years from now? I became a US Citizen in 2000, and I came to USA in 1990s when I started paying into SS, I didn't know a lot about 401k until 2010, so I don't have a lot of money in my 401k. I have about $50,000. So will I start collecting and they will stop paying me? I want to wait till I am 70, so I can get the max amount, but does it mean I stop getting paid at 75? I don't think I will be able to keep working at that age. I have a home, but I am still making payments to 2040. might sell it and move into a small condo, but will still need to pay HOA fees and other feees, so how worried should someone be about social security ?

I'm 59 and can start collect anytime after 3 years. The people getting the shaft here would be the young and those in our age group who have a good amount saved in 401Ks (say $1M or above). They will cut benefits for this group and not touch benefits for the relatively poor which is their largest voter base.

They should have means tested social security (and Medicare as well) years ago.

[Anonymous]

Anonymous wrote:Right now full salaries aren’t taxed for social security. They will raise the amount they tax. Right now they only take out social security on about the first $169k of salary. So those who make $500k don’t pay social security on the extra $331k. They will also raise the age at which you can t start drawing benefits.

But social security is not like other taxes. You are paying in what you are getting out so if they increased the amount that was taxed that would be mean that people who paid more in would also get more out. Any change to this would fundamentally change the nature of social security (it is basically forced retirement savings via a tax). With demographic shifts (fewer young people and lots of older baby boomers many of whom do not have retirement savings or enough retirement savings) there will need to be a change so that medicare and social security don't become insolvent. Raising the age at which benefits can be drawn seems like the easiest change to make in the short-term and then if that doesn't work they will need to make structural changes to the program.

[Anonymous]

Anonymous wrote:Right now full salaries aren’t taxed for social security. They will raise the amount they tax. Right now they only take out social security on about the first $169k of salary. So those who make $500k don’t pay social security on the extra $331k. They will also raise the age at which you can t start drawing benefits.

I don't want to participate why should they raise the amount

[Anonymous]

Unless you have other investments, with only 5-10 more work years, you should start pouring money into your 401k if you are not already or you will have a difficult retirement. Try to hold out until 70.

No one thinks SS will stop paying out altogether, but that it would be 70ish% of what was promised if it is not fixed..

[Anonymous]

Social Security won't be shut off instantly. Payouts will decrease over time if funding drops below past payout levels. There is still new money coming in, obviously.

[Anonymous]

Anonymous wrote:They also don't get additional benefits above $169K (both contributions and benefits are capped).

Why would anyone be OK with increasing the cap without increasing benefits? Far from a 'simple solution' as someone noted above. It's not a welfare program.

I’m not ok with it, but it’s the government and we don’t have a choice