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Author Topic: Informed opinions on social security?  (Read 175 times)

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Dr. Starcs

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Informed opinions on social security?
« on: April 22, 2019, 06:05:10 pm »

How much longer does it last? When will it be restructured, done away with, etc?

Post your analysis and predictions here.
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majestic

Re: Informed opinions on social security?
« Reply #1 on: April 22, 2019, 07:00:34 pm »

Remove the SS cap and the money comes flowing in.
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ricepig

Re: Informed opinions on social security?
« Reply #2 on: April 22, 2019, 07:00:55 pm »

It will continue, as to when it will be restructured, about 6 months after it becomes insolvent. They’ll raise the percentage paid in, and decrease the percentage paid out. I’m thinking about starting it when I turn 62, just in case they don’t fix it and they do away with it, lol. I don’t need it, but like JG Wentworth........
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grayhawg

Re: Informed opinions on social security?
« Reply #3 on: April 22, 2019, 07:14:29 pm »

We had these discussions in the 60's the 70's and came close in the 80's. SS will remain. Almost went under in the early 80's and we made changes to keep afloat until between 2037 and 2042. I was in panic mode for a while in the late 70's like some are now but SS will survive.

https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html
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ricepig

Re: Informed opinions on social security?
« Reply #4 on: April 22, 2019, 08:04:23 pm »

WSJ article tonight.

—Social Security’s costs are expected to exceed its income in 2020 for the first time since 1982, forcing the program to dip into its nearly $3 trillion trust fund to cover benefits.
The new projection, released Monday by the trustees of Social Security and Medicare, is rosier than one made in their 2018 annual report, which anticipated the program would run in the red by the end of last year.
The improved forecast stems in part from the health of the labor market, which has boosted workers’ paychecks and fueled higher tax revenue. But the programs’ unsustainable long-term outlook is little changed from last year.
By 2035, the trust funds for both programs will be depleted, and Social Security will no longer be able to pay its full scheduled benefits unless Congress steps in to shore up the program, according to the report. The program’s income comes from tax revenue and interest from its trust fund.
“Both Social Security and Medicare face long-term financing shortfalls under currently scheduled benefits and financing,” the trustees wrote, urging lawmakers to take action sooner rather than later to give policy makers enough time to phase in changes.
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