Millions face shrinking Social Security payments

[Dakota]

I wouldn't be suprised if they raise the minimum age to 70 in the next few years. As for SS, when I retire. I don't really plan on getting anything, if I do it will be a bonus. Some people are exempt from paying in like Government workers, Police Officers, the Amish. I would love to opt out and invest my own money, but that will never happen.
History Lesson
Social Security was never designed for people to live on for 10, 20, or 30 years. Orginally it was called social security insurance or SSI and if you just happened to live past the age(not sure what it used to be 60 or 65?) then you would help you out for that couple of years. Most men did not live past 65 so the spouses would get the additional income. I think the studies they did showed that the majority of men died two years before they were able to draw. Now people are living into their 80's and 90's and depending on it. That was never the plan.

 

[xiggi]

Yes...I do....sorry....nothing should go to the estate...

It should go to the goverment? Now that my friend is warped thinking.

 

[OntarioVanMan]

I wouldn't be suprised if they raise the minimum age to 70 in the next few years. As for SS, when I retire. I don't really plan on getting anything, if I do it will be a bonus. Some people are exempt from paying in like Government workers, Police Officers, the Amish. I would love to opt out and invest my own money, but that will never happen.
History Lesson
Social Security was never designed for people to live on for 10, 20, or 30 years. Orginally it was called social security insurance or SSI and if you just happened to live past the age(not sure what it used to be 60 or 65?) then you would help you out for that couple of years. Most men did not live past 65 so the spouses would get the additional income. I think the studies they did showed that the majority of men died two years before they were able to draw. Now people are living into their 80's and 90's and depending on it. That was never the plan.

And that is one of the reasons it is going broke....they are paying spouses that never contributed and children under 18.
So say a guy pays into it for 15 years...his wife can collect a survivors amount and any children under 18 and in school get an allowance as well.....the plan can't support that...

 

[OntarioVanMan]

It should go to the goverment? Now that my friend is warped thinking.

Why should the survivor collect twice?

 

[dieseldiva]

It should go to the goverment? Now that my friend is warped thinking.

I agree....KEN....what the heck is wrong with you??

 

[dieseldiva]

Why should the survivor collect twice?

Huh?? Survivors will have paid or will be paying their own into the system. Two different things.

 

[OntarioVanMan]

Now you have my curiosity up...does Canada have a social security equivalent?

Yeah..sure...for short S.I. Social Insurance...but the payoffs are a lot less then the plan down here...
And for those that have never contributed they have what they call Canada Pension Plan...which is like a welfare check set equal to the poverty level BUT realize all health care needs are paid for and 100% of prescriptions...

 

[Dakota]

Well, aside from becoming Amish, Ain't gonna gonna happen or getting a government job, I am stuck paying into this ludacris system that I don't agree with. If they do ever pass an opt out plan, they can keep all that I put in and we can call it even. I still have 25 to 30 years before I retire

 

[dieseldiva]

Yeah..sure...for short S.I. Social Insurance...but the payoffs are a lot less then the plan down here...
And for those that have never contributed they have what they call Canada Pension Plan...which is like a welfare check set equal to the poverty level BUT realize all health care needs are paid for and 100% of prescriptions...

And is the tax a flat tax or staggered percentages?

 

[OntarioVanMan]

Huh?? Survivors will have paid or will be paying their own into the system. Two different things.

But if you use ziggys case....his father passed at 52..did his mom not get survivor benefits?

 

[Dakota]

Yeah..sure...for short S.I. Social Insurance...but the payoffs are a lot less then the plan down here...
And for those that have never contributed they have what they call Canada Pension Plan...which is like a welfare check set equal to the poverty level BUT realize all health care needs are paid for and 100% of prescriptions...

Yeah, but in return the Canadians have a much higher tax rate then us, we are going to be catching up shortly though

 

[dieseldiva]

Well, aside from becoming Amish, Ain't gonna gonna happen or getting a government job, I am stuck paying into this ludacris system that I don't agree with. If they do ever pass an opt out plan, they can keep all that I put in and we can call it even. I still have 25 to 30 years before I retire

You're being pretty generous, probably a sign of your "youth" (in comparison to my lack of). That time will go quickly and I'd guess that by the time you get there, the system won't look anything like it does today.

 

[OntarioVanMan]

And is the tax a flat tax or staggered percentages?

I think it is the same as here..as for payroll deduction employee pays 50% AND Employer pays 50%...based on income

 

[xiggi]

Why should the survivor collect twice?

Do you really understand SS? It is our money that the goverment keeps for us. It is going broke because they spend it as theirs rather than investing it.

 

[OntarioVanMan]

Yeah, but in return the Canadians have a much higher tax rate then us, we are going to be catching up shortly though

Ahhh Do they really? With all the tax credits and rebates ad justed to income level....most get a quarterly rebate check for the GST(federal tax) and then the Provincial Tax reduction program and of they still have the child tax credit...known as baby bonus check also paid quarterly...

 

[Dakota]

You're being pretty generous, probably a sign of your "youth" (in comparison to my lack of). That time will go quickly and I'd guess that by the time you get there, the system won't look anything like it does today.

I agree with you, but I just look at it purely in the sense of numbers and how much I could save in that time and then compare it to what SS would pay me. I know I can do much better. I am not that young(39) but I do believe retirement for people my age is probably a thing of the past and am sure I will be working well into my seventies God willing.

 

[OntarioVanMan]

Do you really understand SS? It is our money that the goverment keeps for us. It is going broke because they spend it as theirs rather than investing it.

Sorry...it was your dads money, not yours....he forfeited that the day he died...thats not the governments problem?

I am sorry for your loss...please don't take this personal...I think in our best interests it is time for me to withdraw from this discussion...

 

[dieseldiva]

Sorry...it was your dads money, not yours....he forfeited that the day he died...thats not the governments problem?

I am sorry for your loss...please don't take this personal...I think in our best interests it is time for me to withdraw from this discussion...

Kitchen getting a little too hot for ya Brudder??

 

[OntarioVanMan]

Kitchen getting a little too hot for ya Brudder??

No DD....I don't feel right referring to ziggys dad...it doesn't feel right...

 

[Turtle]

Actually, now that I think about it, it's old farts like you, the "johnny come lately's" that will make out.

Thanks. That's what I was looking for tonight... a mental image of old farts making out.

I'll refrain from commenting on Johnny's performance.