Are you worried about your parents losing social security?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nope. Not the least bit concerned. They have pensions and savings and never really relied on SS to begin with. The same for DH and I. We don’t include it in any financial planning.

Well, la di da

Well you asked. Sorry you didnt plan better.

DH and I planned. We're GenX

Don't tell me your parents "planned." They just happened to be rich. That's not "planning."

[Anonymous]

No.
My parent (one of my parents is already deceased), like most boomers, have had far greater opportunities to accumulate wealth than my generation (Gen X) and the generations following.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not worried at all because my parents are still alive.

Constant fear mongering is getting tiresome.

Perhaps you need to spend time reading all the the executive orders and presidential memos.

They don’t read.

Link(s) please? I'd like to read about the likelihood of this happening.

You can look at your media of choice. Just a warning. Some are a little more truthful than others.

Good point, the first article that comes up when you search Google is this one with a misleading headline. I says that Musk and DOGE are going to cut SS benefits. But reading the article they say that cuts to the agency staff could lead to delays in processing new requests but won't likely impact people already receiving payments. A slow down in approvals would not be good, taking a hatchet instead of a scalpel to these agencies is a terrible thing, but once again stop fear mongering, social security is not going away.

https://www.msn.com/en-us/money/retirement/elon-musk-s-d-o-g-e-will-cancel-social-security-benefits/ar-AA1A3KdT

Ugh what kind of crap article did you link

Fine stick your head in the sand

And what is "fear mongering" to you? Why do I need to stop it, because you said so?

Such concern you have for all the people on this board.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not worried at all because my parents are still alive.

Constant fear mongering is getting tiresome.

Perhaps you need to spend time reading all the the executive orders and presidential memos.

They don’t read.

Link(s) please? I'd like to read about the likelihood of this happening.

Joe Rogan podcast with Elon Musk. He calls SS a "ponzi scheme."

Cato Institute calls SS a "ponzi scheme."

Of course, they won't say directly, "We will gut social security" because people would freak out. Cato Institute also does not point out that SS could be funded if they taxed people on earnings above $176,000. Funny how they didn't mention that detail...

In essence, the program operates like a Ponzi scheme: Paying benefits promised to earlier generations depends on new revenues from current and future workers. With an aging population, the worker-to-beneficiary ratio has been decreasing, making Social Security’s finances increasingly unsustainable and placing a growing fiscal burden on workers. According to the Congressional Budget Office (CBO), the payroll tax would need to immediately increase by 4.3 percentage points, from 12.4 percent to 16.7 percent, to cover the program’s long-term funding shortfall. This means an additional $2,600 in annual payroll taxes for a median earner ($61,000 annually), bringing their total payroll tax burden to more than $10,000 each year.

https://www.cato.org/white-paper/cato-institute-report-department-government-efficiency-doge#shrink-social-security

[Anonymous]

Anonymous wrote:Nope. Not the least bit concerned. They have pensions and savings and never really relied on SS to begin with. The same for DH and I. We don’t include it in any financial planning.

You think Elon won't take the pensions away?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Nope. Not the least bit concerned. They have pensions and savings and never really relied on SS to begin with. The same for DH and I. We don’t include it in any financial planning.

You think Elon won't take the pensions away?

I was just thinking that too, but some people like to be smug. I felt bad even mentioning it to them. Like what do I care if their parents have enough

[Anonymous]

Anonymous wrote:Nope. Not the least bit concerned. They have pensions and savings and never really relied on SS to begin with. The same for DH and I. We don’t include it in any financial planning.

For many, their savings is way down since the stock market is tanking due to Trump.

https://www.dcurbanmom.com/jforum/posts/list/1261332.page

[Anonymous]

Anonymous wrote:

Anonymous wrote:Nope. Not the least bit concerned. They have pensions and savings and never really relied on SS to begin with. The same for DH and I. We don’t include it in any financial planning.

For many, their savings is way down since the stock market is tanking due to Trump.

https://www.dcurbanmom.com/jforum/posts/list/1261332.page

The Dow Jones is up compared to six months ago. That’s hardly “tanking”.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nope. Not the least bit concerned. They have pensions and savings and never really relied on SS to begin with. The same for DH and I. We don’t include it in any financial planning.

For many, their savings is way down since the stock market is tanking due to Trump.

https://www.dcurbanmom.com/jforum/posts/list/1261332.page

The Dow Jones is up compared to six months ago. That’s hardly “tanking”.

You should really get some help managing your money in this new environment

[Anonymous]

Anonymous wrote:

Anonymous wrote:Nope. Not the least bit concerned. They have pensions and savings and never really relied on SS to begin with. The same for DH and I. We don’t include it in any financial planning.

For many, their savings is way down since the stock market is tanking due to Trump.

https://www.dcurbanmom.com/jforum/posts/list/1261332.page

If you are young it's a great time to be a buyer, if you are older hopefully your money is not too tied up in stocks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not worried at all because my parents are still alive.

Constant fear mongering is getting tiresome.

Perhaps you need to spend time reading all the the executive orders and presidential memos.

They don’t read.

Link(s) please? I'd like to read about the likelihood of this happening.

Joe Rogan podcast with Elon Musk. He calls SS a "ponzi scheme."

Cato Institute calls SS a "ponzi scheme."

Of course, they won't say directly, "We will gut social security" because people would freak out. Cato Institute also does not point out that SS could be funded if they taxed people on earnings above $176,000. Funny how they didn't mention that detail...

In essence, the program operates like a Ponzi scheme: Paying benefits promised to earlier generations depends on new revenues from current and future workers. With an aging population, the worker-to-beneficiary ratio has been decreasing, making Social Security’s finances increasingly unsustainable and placing a growing fiscal burden on workers. According to the Congressional Budget Office (CBO), the payroll tax would need to immediately increase by 4.3 percentage points, from 12.4 percent to 16.7 percent, to cover the program’s long-term funding shortfall. This means an additional $2,600 in annual payroll taxes for a median earner ($61,000 annually), bringing their total payroll tax burden to more than $10,000 each year.

https://www.cato.org/white-paper/cato-institute-report-department-government-efficiency-doge#shrink-social-security

That is kind of scary, probably they should root out fraud as much as possible in order to minimize risk.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not worried at all because my parents are still alive.

Constant fear mongering is getting tiresome.

Perhaps you need to spend time reading all the the executive orders and presidential memos.

They don’t read.

Link(s) please? I'd like to read about the likelihood of this happening.

Joe Rogan podcast with Elon Musk. He calls SS a "ponzi scheme."

Cato Institute calls SS a "ponzi scheme."

Of course, they won't say directly, "We will gut social security" because people would freak out. Cato Institute also does not point out that SS could be funded if they taxed people on earnings above $176,000. Funny how they didn't mention that detail...

In essence, the program operates like a Ponzi scheme: Paying benefits promised to earlier generations depends on new revenues from current and future workers. With an aging population, the worker-to-beneficiary ratio has been decreasing, making Social Security’s finances increasingly unsustainable and placing a growing fiscal burden on workers. According to the Congressional Budget Office (CBO), the payroll tax would need to immediately increase by 4.3 percentage points, from 12.4 percent to 16.7 percent, to cover the program’s long-term funding shortfall. This means an additional $2,600 in annual payroll taxes for a median earner ($61,000 annually), bringing their total payroll tax burden to more than $10,000 each year.

https://www.cato.org/white-paper/cato-institute-report-department-government-efficiency-doge#shrink-social-security

That is kind of scary, probably they should root out fraud as much as possible in order to minimize risk.

Who is "they?" Un unelected Musk and his teenage coding warriors (who shall remain unidentified(

Sure trust a mega maniac billionaire who answers to no one to "root out fraud."

[Anonymous]

OMG the ignorance. It is not a ponzi scheme as it is government regulated by payroll and has an insured input of $$ as long as it is administered well (and yes that does include rooting out fraud- but last I heard, firing employees won't help with any of that).

SS has a huge legacy of trust associated with it. To remove the trust that those who contributed to it and planned for it and now rely on it is truly 'banana republic'

[Anonymous]

Anonymous wrote:OMG the ignorance. It is not a ponzi scheme as it is government regulated by payroll and has an insured input of $$ as long as it is administered well (and yes that does include rooting out fraud- but last I heard, firing employees won't help with any of that).

SS has a huge legacy of trust associated with it. To remove the trust that those who contributed to it and planned for it and now rely on it is truly 'banana republic'

Agree it's not a ponzi scheme, but it was never marketed correctly to the general public (at least not in recent memory).

Your contributions don't pay for your SS...your contributions pay for current retirees and the system anticipated each generation of workers being larger than the current generation of retirees and much lower life expectancy.

Think about it...how much $$$s did the first SS recipients contribute to the system? If you answered $0, you would be correct.

I was listening to a radio story, and unless something changes (raise the minimum retirement age, raise the amount of $$$s that can be taxed, raise the tax rate, etc.) then SS benefits will automatically have to be cut by like 21% in 6-7 years based on how the system currently works.

[Anonymous]

Yes worried. Social security and Medicare will be gone by the end of year. It will be very hard because they’re also canceling Obamacare.