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  #1  
Old 03-26-2008, 02:00 AM
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Social Security spiraling towards failure.

Our Treasury Secretary said today what I (and many others) have been saying for years: Our Social Security System is failing, and will become unsustainable by the time many of us will reach retirement age, if not before!


http://money.cnn.com/2008/03/25/pf/soc_sec_trustees_report/index.htm?postversion=2008032514


Hate to say "told you so", but.....

Mike

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  #2  
Old 03-26-2008, 06:12 AM
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Its always been obvious to anyone who cared to look. SS is a Ponzi scheme.
Most people think there is an account with "their" money waiting for their retirement. Ha Ha!
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  #3  
Old 03-26-2008, 07:57 AM
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Sadly it will just about take its failure for most people to realize that there needs to be some drastic changes. And undoubtedly our elected officials will feel the need to create the next great gov't retirement plan because most of us aren't smart enough to plan for it on our own.

My retirement plan is based on the assumption that I will not see one red cent from SS by the time I reach retirement age, preferably early. Assuming I make it that far.
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Old 03-26-2008, 08:13 AM
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Thanks for the reminder, Mike. I was looking for a little something else this morning to obsess over. This should do nicely . . . .
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  #5  
Old 03-26-2008, 08:30 AM
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Quote:
Originally Posted by SwampYankee View Post
My retirement plan is based on the assumption that I will not see one red cent from SS by the time I reach retirement age
Excellent plan and I'm doing the same but lately I've had the feeling it might all be for naught. When the politicians discover they are out of money they are going to have to face some tough choices. Instead of doing the right things I predict they will see this huge pool of 401K retirement money and decide that "Well, people are suffering and we don't think its fair that all these "rich people" with private retirement accounts should be able to hoard all this wealth... So we are going pass additional taxes on 401k withdrawals to help people (and of course their children) that are suffering... blah blah"

Or maybe they will do what they have done lately and just print more money to cover whatever expenses they have - you will get your $1500 SS check and it will just about cover your electric bill for the month due to inflation.

It's hard to succeed when politicians can change the rules at any time for any reason - and they have a long history making choices that don't encourage people to be self sufficient.
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Old 03-26-2008, 08:31 AM
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My one kid will have to support the both of us. He'd better bring four kids into this world.
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Old 03-26-2008, 08:32 AM
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I've pretty much done the same. I figure any SS money I collect will have to be gravy. This is what happens when we entrust something important to the gummit.

Who's in favor of nationalized healthcare? Raise you hands, please.
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  #8  
Old 03-26-2008, 08:38 AM
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I'm 46 and have been following current events since the mid to late 1970's - since that time it seems like we have "fixed" Social Security about 5 times and apparently its still on a collision course with disaster.

Before we "fix" it again I think maybe somebody should ask the question "Since me need to fix the system for the 4th or 5th time who or what broke it?"

Who can honestly believe that the people that have run the SS system into the ground can "fix" it this time around.
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Old 03-26-2008, 08:42 AM
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Quote:
Originally Posted by Kuan View Post
My one kid will have to support the both of us. He'd better bring four kids into this world.
Why do you think we've had so many?
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  #10  
Old 03-26-2008, 08:45 AM
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Originally Posted by Dee8go View Post
Who's in favor of nationalized healthcare? Raise you hands, please.
Anyone? Surely they can get it right on that.
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  #11  
Old 03-26-2008, 08:45 AM
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Quote:
Originally Posted by SwampYankee View Post
Why do you think we've had so many?
The promise of social security? NOT! I can think of better carrots.
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  #12  
Old 03-26-2008, 09:29 AM
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Good grief. Such doom and gloom.

For one thing, since when is the Bush administration a reliable source of information about Social Security? I am not saying whether anything Secretary Paulson said is or is not accurate, but I sure as heck wouldn't take his word for it. The administration has been putting out false information on Social Security since W took office.

More to the point, even Secretary Paulson doesn't say that "Social Security is spiraling towards failure". He says:
Quote:
..."This year's Social Security Report again demonstrates that the Social Security program is financially unsustainable and requires reform," Paulson said at a briefing. "The sooner we take action ... the less drastic needed changes will be."...
Thankfully, 300 days from now we will have a new President. Maybe then something can be done to save Social Security, which is on the short list of the greatest accomplishments in the history of mankind.

Having said all that, no, I am not expecting to rely on Social Security for my retirement.
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  #13  
Old 03-26-2008, 10:03 AM
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Retire? The key component of my retirement strategy is the cessation of breathing.
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  #14  
Old 03-26-2008, 10:07 AM
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I'm just looking for the day when I go to work because I want to, not because I HAVE to.
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  #15  
Old 03-26-2008, 11:01 AM
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Quote:
Originally Posted by TimFreeh View Post
Excellent plan and I'm doing the same but lately I've had the feeling it might all be for naught. When the politicians discover they are out of money they are going to have to face some tough choices. Instead of doing the right things I predict they will see this huge pool of 401K retirement money and decide that "Well, people are suffering and we don't think its fair that all these "rich people" with private retirement accounts should be able to hoard all this wealth... So we are going pass additional taxes on 401k withdrawals to help people (and of course their children) that are suffering... blah blah"

Or maybe they will do what they have done lately and just print more money to cover whatever expenses they have - you will get your $1500 SS check and it will just about cover your electric bill for the month due to inflation.

It's hard to succeed when politicians can change the rules at any time for any reason - and they have a long history making choices that don't encourage people to be self sufficient.
The economic stimulus tax rebate is exactly such a wealth redistribution scheme. I don't consider myself 'rich' but I make too much, so I won't see a penny of it. I paid in my fair share, but my rebate is going to someone else. I guess this is why the dems signed off on the package.

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