Reply to My 60 year old dad is "going to retire on social security"

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[quote=Anonymous][quote=Anonymous][b][quote=Anonymous]The fact that he has no savings or retirement and he's announced he's retiring at 62 when his social security will be lower says a lot.  OP, you have to be tough and keep saying "no." He will do whatever he can to wear you down.  Don't fall for it.[/quote][/b]

You do know that social security could be stopped by Congress at any time at its choosing?  There is no fund of money out there allocated for your dad.  Congress has been borrowing against it forever.  The idea that you actually have this allowance is false.  Remember in House of Cards, the Democrats took the social security away from the seniors and redistributed to the younger workers.  Republicans have been predicting that there will be NO social security in a few years.  We are not counting on it.  And the amount your dad will be receiving = should he receive it - will be shockingly small.[/quote]

No, no, no, stop listening to Fox. Also, House of Cards is not real life.

Social Security can pay full benefits until 2033 - nearly 20 more years--which should take OP's dad into his late 70s. After that, Social Security has enough funds to pay about 3/4 of benefits from payroll tax revenues alone. And that's if Congress does absolutely nothing. Ideally, Congress will get its act together and pass some balanced package of modest benefit cuts and tax increases to ensure that the system is funded after 2033.

Here's the threshold question:  do you really believe those craven cowards in Congress are going to trash Social Security and pay pennies on the dollar to current retirees in their districts or states? Because Congress would have to take affirmative action to do this. For example, Congress could pass an Act to cut benefits below the 3/4 payments after 2033, but further reductions in benefit levels aren't going to happen without Congress actually voting to do this. Alternatively, Congress could repudiate the IOUs that Social Security holds, and thereby make it impossible for Social Security to pay that 75% of benefits. But do you think Congress, being the political cowards they are, would actually dare do such a thing? [/quote]

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