Is social security really at risk of going away ?

[Anonymous]

My take on what might happen (and I’m not an insider or expert). The administration will declare (by fiat) that all workers can opt out of payroll taxes, and invest the savings in private 401k plans. Almost all younger workers would choose this option. Since SS is a pay-go program, younger workers declining to pay in would cripple the ability to pay for current and near-term retirees. Elon says “see… it really was an Ponzi scheme!” and starts ramping down payments. End of SS.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

It will be honored for people age 50+ in full. It'll be partially phased out for the under 50 crowd. They will push back the age for FRA.

I am in my 40s. I fully expect I will only get 50% or so of what was promised, probably because I won't be able to claim until age 70

No there will be nothing.

Musk and Trump will not pay one dime of SS after this coming April if not sooner.

What is the point of trolling like this? You don't honestly believe that SS will stop in a month. That is beyond silly. The entire country would collapse.

[Anonymous]

The current political situation notwithstanding, Social Security has to change, and not in a way that benefits recipients. If you look at the numbers, it is a huge chunk of the federal budget, and, by the late 2030s, it will take in less money than it will distribute, if the current rules remain in effect. The US is already in a crippling amount of debt, so borrowing money to pay off Social Security recipients is not a viable option. At some point, if it wants to survive, the US will have to balance its budget, and that will likely include some mix of tax revenue increases, spending cuts (including entitlements), and inflation. The sooner we start on this, the less painful these changes will be for everyone. The current system is simply unsustainable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

It will be honored for people age 50+ in full. It'll be partially phased out for the under 50 crowd. They will push back the age for FRA.

I am in my 40s. I fully expect I will only get 50% or so of what was promised, probably because I won't be able to claim until age 70

No there will be nothing.

Musk and Trump will not pay one dime of SS after this coming April if not sooner.

What is the point of trolling like this? You don't honestly believe that SS will stop in a month. That is beyond silly. The entire country would collapse.

I’m not the person who made that comment, and I don’t believe that things will change in April. I do believe that to Trump and Musk, the decisions they’re making might as well be video games. I also remember Bannon’s goal of creating chaos. I hope that there’s pushback, but, PP, some of the people now running the country will be fine with “collapse”. You know, like seeing genocide and suffering in Gaza as a real estate opportunity.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

It will be honored for people age 50+ in full. It'll be partially phased out for the under 50 crowd. They will push back the age for FRA.

I am in my 40s. I fully expect I will only get 50% or so of what was promised, probably because I won't be able to claim until age 70

No there will be nothing.

Musk and Trump will not pay one dime of SS after this coming April if not sooner.

What is the point of trolling like this? You don't honestly believe that SS will stop in a month. That is beyond silly. The entire country would collapse.

NP. It wasn’t me but I think there is a legitimate chance that DOGE breaks SS in the next month or just claims people are dead or fraudsters and just stops paying - or both. By firing most of the employees and closing the offices vulnerable people will have no recourse. My widowed mom is 84 and I advised her today to (1) print out hard copies of her SS account and (2) plan her budget without SS for the rest of the year.

[Anonymous]

Anonymous wrote:The current political situation notwithstanding, Social Security has to change, and not in a way that benefits recipients. If you look at the numbers, it is a huge chunk of the federal budget, and, by the late 2030s, it will take in less money than it will distribute, if the current rules remain in effect. The US is already in a crippling amount of debt, so borrowing money to pay off Social Security recipients is not a viable option. At some point, if it wants to survive, the US will have to balance its budget, and that will likely include some mix of tax revenue increases, spending cuts (including entitlements), and inflation. The sooner we start on this, the less painful these changes will be for everyone. The current system is simply unsustainable.

Social security is easily fixed by raising the cap. And these people in power only want more money for their tax cuts . It’s not about balancing the budget

[Anonymous]

Anonymous wrote:The current political situation notwithstanding, Social Security has to change, and not in a way that benefits recipients. If you look at the numbers, it is a huge chunk of the federal budget, and, by the late 2030s, it will take in less money than it will distribute, if the current rules remain in effect. The US is already in a crippling amount of debt, so borrowing money to pay off Social Security recipients is not a viable option. At some point, if it wants to survive, the US will have to balance its budget, and that will likely include some mix of tax revenue increases, spending cuts (including entitlements), and inflation. The sooner we start on this, the less painful these changes will be for everyone. The current system is simply unsustainable.

So remove the cap for wealthier people. Done. I know it’s not quite that simple, but that one change would have an enormous impact.

[Anonymous]

I’d like a rich dessert if I may

[Anonymous]

Anonymous wrote:

Anonymous wrote:The current political situation notwithstanding, Social Security has to change, and not in a way that benefits recipients. If you look at the numbers, it is a huge chunk of the federal budget, and, by the late 2030s, it will take in less money than it will distribute, if the current rules remain in effect. The US is already in a crippling amount of debt, so borrowing money to pay off Social Security recipients is not a viable option. At some point, if it wants to survive, the US will have to balance its budget, and that will likely include some mix of tax revenue increases, spending cuts (including entitlements), and inflation. The sooner we start on this, the less painful these changes will be for everyone. The current system is simply unsustainable.

So remove the cap for wealthier people. Done. I know it’s not quite that simple, but that one change would have an enormous impact.

Exactly . Anyone who really believes this is about balancing the budget is delusional and gullible

[Anonymous]

All the billionaires are libertarians. They don’t believe in a social safety net. They believe that taxes are theft. They believe that all their success is theirs and theirs alone.

Have you considered why Trump and the Republicans want to cut taxes while complaining about a large debt? Have you wondered why Trump keeps adding to the tax cuts - no tax on SS, no tax on tips, no tax on overtime, no tax on first $150k - despite the debt?

Turns out, it’s simple. If everyone gets their tax cuts, there’s no money for a social safety net. When average people complain, Trump will tell them to save for it themselves because he just gave them back a whole lot of money. In essence, if you want tax cuts, you don’t want a social safety net. It’s that simple.

[Anonymous]

Social security is easily fixed by raising the cap. And these people in power only want more money for their tax cuts . It’s not about balancing the budget

Except that Congress has known that this was coming for years and hasn't done anything about it.

And I can only laugh at the notion of upcoming tax cuts. No way that is happening if the US wants to survive as an independent nation.

[Anonymous]

If everyone gets their tax cuts, there’s no money for a social safety net.

There is no money for it now, even without tax cuts. The only way that any of that survives in any form is if we raise more tax revenue.

[Anonymous]

I’m 57. And paid into it my entire working life. Are they planning to pay that back?? 😩

[Anonymous]

I’m 57. And paid into it my entire working life. Are they planning to pay that back?

They already did...to your parents.

[Anonymous]

If you ask this question on this forum you will get a "yes" answer guaranteed. Why are you asking? You want to feel anxious about anything this administration is doing and reflect on the worst case scenarios? You've come to the right place