Social Security Insolvency, or Laughing at $700 Billion

[Volunteer]

Social Security might very well be the next big problem. Revenues start going south in 2011. Who wants to bet that we don't do a damn thing about it until the bottom completely falls out? But hey, what's $44 trillion between friends?

http://www.budget.senate.gov/republican/pressarchive/2005/2005-03-07OpEdRollCall.pdf

[Limnos]

I hate all this almost as much as aggy.

[atxtraveler]

I have already started planning to not have any of this money back.... oh well.

[Texas Golfer]

I think I'm going on a major spending spree and then file for welfare. :rolleyes:

[LordByron]

I think I'm going on a major spending spree and then file for welfare. :rolleyes:Just borrow a lot of money and declare banruptcy.

[biggmatt24]

I have already started planning to not have any of this money back.... oh well.I've been paying in for 10 years knowing full well I'd never see a dime in return. Sure sucks.

[Volunteer]

Let's see:

We have known that world wide oil reserves were being depleted for a little over 30 YEARS. Did our government work hard to promote development of alternative energy resources? Hell no.

I seems we have known that there was a looming mortgage/credit crisis for about the past 2 or 3 years. In fact the decisions that helped to foster this train wreck were made in the late 1990's. Did we do anything about it? Hell no.

I'm certain that social security will be addressed and fixed. This is, of course, despite the mountains of evidence that suggest otherwise.



I note that a couple of you mentioned that you don't expect to get a dime out of the system. Clearly that's an intelligent belief - it's BS that reality and past experience prompts you to feel that way, but intelligent nevertheless.

[Volunteer]

I've been paying in for 10 years knowing full well I'd never see a dime in return. Sure sucks.


Yep, it really does suck. It's unacceptable too.

[DONNIE D]

I think I'm going on a major spending spree and then file for welfare. :rolleyes:I've never liked Cheese, free or not. But I did hear Food Stamps are on a Credit Card now. Is that cheaper than the tear out books?

[atxtraveler]

I've never liked Cheese, free or not. But I did hear Food Stamps are on a Credit Card now. Is that cheaper than the tear out books?

Donnie... it makes those who are sucking off society's teet not feel so down on themselves. After all, if you can afford to have a credit card, you must be living the high life. You would hate to look at someone tearing a food stamp out and think less of them.

[ChipOC]

Moving the age seems the best solution to me. It was never meant to be a retirement plan. It was meant more to support the widows who outlived their husbands.

[atxtraveler]

Moving the age seems the best solution to me. It was never meant to be a retirement plan. It was meant more to support the widows who outlived their husbands.

Unfortunately today... we have too many people who look to their parents who have pension funds to support them in their old age, and were too dumb to realize they worked their whole lives not contributing to a pension fund. The IRA was meant to replace that, but people did not consistently contribute 15% of their income to the welfare of their family. Good time Charlies have been letting the good times roll, assuming Social Security will cover them.

This really truly makes me mad. Since I graduated from college, 10% of my salary goes to the church. 15% of my salary goes to my 401(k), 15% goes to Employee Stock Purchase, 20-30% goes to the US government (and is not expected to come back), and my wife and I live on the other 30%. My income to mortgage payment is somewhere in the 20% range, and we actually "live" on 10% of the salary.

[Bexar Fan]

While in the military I earned sufficient qualifying quarters to be eligible for Social Security. I get an annual statement from SS that tells me so. For the last 27 years I have worked for an entity that is exempt from Social Security taxes, but contribute heavily to my retirement plan, and other retirement investment vehicles.

Recently I learned that due to a loophole in the law, I can never draw Social Security benefits that I have an earned qualification for.

Vol is right. Plan to never see a dime of SS, because you never know what may impact your government benefit or "entitlement". Yes I'm ticked, but also very glad I didn't plan that Social Security would be part of my retirement income.