2023 Social security increase highest in 42 years

It can't last w/o major overhaul that no pol is willing to even discuss. I plan on it not being there for me or mine as should others.

 

I have zero faith I will ever see a penny of the money I put in when it's my time to retire.

 

You will not see a penny of the money you ever put in. But you will see plenty of pennies from your kids and grandkids.

The tipping point is coming. No one is willing to truly make the sacrifices necessary for the disaster of this redistribution scheme. I know it is easier for some of us who have been blessed to prepare in a way the SS is just another pot for retirement. But we have to means test this thing and turn it into a true safety net (I am sure we have different definitions of what a true safety net is as well).

 

These were my thoughts as well when in my 20s and 30s some 30+ years ago. Thought SS was a Ponzi scheme. Because I was convinced SS could not last, it made my save and invest from every paycheck and squirrel away other monies. Now, many years later, SS is still there for me and my investments have increased in value significantly. So keep that thought and invest appropriately. After all us boomers die-off SS should become more fiscally sound.

 

I plan on not having SS. If it comes, yay for additional income in retirement.

 

I have not paid a penny into SS in 17 years. it's a mess. But, to put things in perspective, retirement is a VERY modern thing. not long ago pretty much everyone worked their asses off until the dropped dead.

We're victims of our leisure

 

My response, thank you….

 

My parents used to say the same thing 30-40 years ago... whatever party ends it will be committing political suicide. The adjustments needed to make it last another 100 years are small and will eventually get done.

 

At the expense of your kids and grandkids it will still be around to a point. But let’s be honest. Your kids will end up paying more for less. The reality of the system….

 

Here's something that might make a difference in the shortfall. Install universal basic income of $1100 per month and tax it at 9%. That's $99 per month from about 140,000,000 recipients. This adds up to about $150-$200 billion per year in tax revenue for the US government.

 

I’ll be leaving them something to compensate.

 

No it's not ... the Social Security Act of 2100, which democrats are pushing, which would fund it for 80 more years -- while increasing benefits -- and would solve the funding problem simply by raising the yearly contribution to incomes up to $400K. It's currently around $150K... easy fix. It will get done, eventually, and that will be a great thing for Americans, but I expect Republicans to push us even closer to the edge just so they'll have something bitch about in the mean time.

 

Nah, there's plenty of things they can tax and get votes for it from millions of people who didn't prepare and expect us to take care of them.

All that's standing between them and your retirement accounts is new legislation, for example. After all, shouldn't a comfortable retirement be a right?

 

Why don't they fix it by investing the money like every other country with a similar system does rather than using it to fund their irresponsible spending through sub inflation bond purchases?

If Social Security were a private retirement fund, we’d sue

 

Glad you will be able to. We will as well.

Unfortunately their peers may not have that luxury.

 

Yes take more from the younger generations and give to the older generations. It is not a fix…

 

You mean paying into social security for 40-50 years isn't a form of preparing?

 

You are right, that is not a "fix", that is literally how the system has worked from the beginning. I'm paying for the older generation right now.