Reply to What is the maximum possible future SS payment?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The max possible social security payment if you hit The earnings cap for 35 years and retired at age 67 in 2024 is 3,822. If you waited until 70 and had 35 years of max earnings it would be $4,873[/quote]

I would recommend that you assume that you will only get 75% of this benefit for retirement planning purposes given the current underfunding of The social security program. [/quote]

Stop with the fear mongering.

The SS benefit will be funded from the general treasury if necessary.  Further the money “raided” from the trust fund is owed back and if it’s not paid it destroys the treasury’s credit rating.[/quote]

I am 20-iah years from taking benefits, and that's about what I am assuming. Not that Treasury wouldn't fund payments, but that they will be reduced by legislation. I assume that those at the upper end of benefit will get a haircut in the 20-25% range, through means testing or just slow benefits cuts.[/quote]

You can assume that all you want.  But even if they reduce the benefit, it would be from the date enacted, which means whatever you put in before would be calculated at the current rate.

What will actually happen, if anything, is the retirement age will be raised, the cap will be increased, and any short falls will be covered by appropriations.  But the most likely scenario is simply the latter, if the trust fund runs out (including the significant debt owed by the treasury) then Congress will write a check.  If they do not write a check, the US goes bankrupt.

If social security is ended in some form, it will also only go into effect, at the earliest, the date enacted.

The government can’t just retroactively take away social security benefits already accrued.  It’s a mandatory program with debts accrued for every worker who has contributed.

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