Are you worried about your parents losing social security?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

You do not sound informed. All they have to do is remove the cap.

You sound like a dipshit. That was one of the options but it requires a change in the law to do so.

Absent that, SS payments will be automatically cut 21%.

[Anonymous]

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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”.

How about since he took office?

We don't care. Of course there's going to be some market volatility with big changes/reductions in government. It's necessary and long overdue.

What’s long overdue? You one of the people that claims to care about the debt and deficits now (vs 8 years ago or 15 years ago or 30 years ago)?

[Anonymous]

No. Mine died in 2020.

[Anonymous]

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Anonymous wrote:No, I'm worried about myself not getting social security which I've paid into and Boomers have stolen.

That's mistake #1 assuming it was going to be there for you in the first place.

Fine, but that is not Trump and Musk's decision.

Let the chicken livered Congressmen put their name down as the ones who killed Social Security.

Whether you think SS should be reduced/changed, the way in which it is being done it wrong. That is the key. So don't just keel over and say oh well I knew it wasn't going to be there. They are ROBBING from you through unorthodox channels. That is the issue.

I assumed we wouldn't be getting it way before Trump took office.

Wise decision

Is there anything else you didn't think you were getting? Like Freedom of Speech, ACA, being told if there is an outbreak near you, tornado or hurricane warnings, not having sewage in your drinking water.

That way you will be prepared not to be disappointed

This thread is about social security. Take it on over to politics for the fight you so desperately seem to want.

You should not talk because your post is off topic. You didn't answer the question. Saying you assume you would not not get it is not really a good answer.

[Anonymous]

Nah. They’re rich.

[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.

Where are their pensions from?

[Anonymous]

Anonymous wrote:In case Musk takes away social security, I've been doing some financial planning for my remaining parent.

The lack of social security will make things very tight. It really angers me that the money my parent made will likely be stolen by billionaires.

I started a thread in this forum on this five days after the inauguration and folks seem pretty chill, i.e., in denial, about the prospects of this happening.

[Anonymous]

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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.

So you spend all your time doom scrolling and felt like adding to the confusion and anxiety?

Hmmm, if Congress passes a budget reconciliation bill directing the House Energy & Commerce Committee, oversight for health care, to find ~$800 billion in cuts to provide money to billionaires, then yes, I am reading the news as 60+% of nursing home residents are sponsored by Medicaid LTC.

And I'm not the PP to whom you are referring.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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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.

Where are their pensions from?

You do realize that most private sector employers booted their employees to 401(k)s decades ago, effectively slicing a benefit from their teams. Right?

[Anonymous]

We did plan well, we thought. DH worked his entire career for the same company and had a very good defined benefit pension plan funded by payroll deductions and company contributions. Company bankruptcy wiped out the pension plan so we’re left with a fraction of what we expected. How were we to prepare for that?

Social security (along with savings)is important for us to not need any future help from our adult children.

[Anonymous]

No, but I’m more worried about it for myself.

[Anonymous]

Anonymous wrote:No, I'm worried about myself not getting social security which I've paid into and Boomers have stolen.

How did they steal it?

[Anonymous]

Anonymous wrote:No, I'm worried about myself not getting social security which I've paid into and Boomers have stolen.

I paid only $20k after working 27 years. If it's still around, I will collect $10k a year at 62 and I plan to live until 92.

[Anonymous]

This won't affect older people. Who it probably will affect are younger people when the government either pushes the benefits age back and/or reduces the amount to receive, or even take away the cap, making the wealthy pay more (which they wouldn't get back) which would pay for more of the less fortunate.

The system was never meant to pay out for decades. Most people retired and died back in the day.

SSI needs to be reformed.

[Anonymous]

Anonymous wrote:We did plan well, we thought. DH worked his entire career for the same company and had a very good defined benefit pension plan funded by payroll deductions and company contributions. Company bankruptcy wiped out the pension plan so we’re left with a fraction of what we expected. How were we to prepare for that?

Social security (along with savings)is important for us to not need any future help from our adult children.

My company was big into wage theft. Invested all by myself. Learned so much and the market has been great. Retired early and now I'm investing for my kids.
If the paychecks hadn't bounced, or had they offered a pension, or a 401k, I'd also be working now.