For Those Of You Living On Social Security Alone

[Mr Lee]

So why do I post this, because I want to give those of you Americans who are living on SS alone or plan to, time to prepare for the future because some members I know went over and tried to live on their SS alone and found they could not make it, and then I know of some who plan to go over and live on SS alone, so what might happen to those who get larger SS and are making it or think they will be able to, but may not be able to survive without SS at all or a reduced SS?

For years, politicians and policymakers have reassured the American public that the Social Security system, which sends monthly checks out to 53 million beneficiaries, is safely solvent -- and will be for decades to come. But federal spending and income data from the Treasury Department reveal that the Social Security program is already deep in the red, with outlays exceeding payroll tax revenues by $76 billion in 2010 alone. This stunning shortfall calls into question the rosy fiscal forecasts made by the Social Security Administration (SSA) about the program's future solvency.The

annual report of the Social Security Trustees, published in August 2010, forecast that the primary Social Security program, the Old Age and Survivors Insurance Trust Fund (OASI), would not exceed its tax receipts until 2018. Unfortunately, it happened in fiscal 2010, which ended in October. That year's outlays for the OASI fund were about $580 billion, while receipts came to only $540 billion -- a whopping $40 billion shortfall.Add in the deficit from the second Social Security fund, Disability Insurance (DI), and the gap between total SSA outlays ($707 billion in 2010, according to the Treasury) and tax receipts ($631 billion) grows to $76 billion -- more than 10% of the program's expenses.Read the complete sad story HERE

Edited January 19, 2011 by Mr. Lee
add content

[Okieboy]

if social security goes so goes the dollar, there will be no retirement 401 K or Military retirement

[Mr Lee]

if social security goes so goes the dollar, there will be no retirement 401 K or Military retirement

I agree, the repercussions will be enormous for not only the US and all US citizens but also for the other countries where US citizens spend their money or send their money to.

[Jake]

if social security goes so goes the dollar, there will be no retirement 401 K or Military retirement

Can you imagine a violent protest of all the senior citizens and military retired veterans taking up armsand marching to the capital? The politicians better get their chit together!Jake

[Mr Lee]

if social security goes so goes the dollar, there will be no retirement 401 K or Military retirement

Can you imagine a violent protest of all the senior citizens and military retired veterans taking up armsand marching to the capital? The politicians better get their chit together!Jake

IMO the only way to save SS, is to have SS tax paid on salaries all the way up to the top and not reduced as they are going to do this year, then also make politicians part of the system and have them pay into it (if they are not already) and have that as part of their retirement pensions so that their pensions are reduced by the amount of SS they get or are supposed to get, so they then have a reason to fix it ASAP. The main problem we all seem to have, is that we actually believe that they give a toot for us seniors because if they did then they would never have taxed SS for fairly low income earners, and would not have refused to give us a cost of living increase, for last year, this year and how many possible years into the future, when we all know the cost of living has gone up, even when they say it has not. For the most part the older generation just takes it laying down and does not really complain about much the govt does and that is why they know they can get away with doing what they always seem to do, cut us first. Edited January 19, 2011 by Mr. Lee
add content

[softail]

IMHO they are going to save SS by delaying benefits, ie making you wait until a much older age to collect. This is already happening as the former age to collect full benefits was 65 now at least for me it’s 66 and a few months.My philosophy in life has always been that the only one that I can count on is myself so I started at an early age to secure myself financially and am not wealthy by any means but can sustain a dignified life without SS. I collect my first check next month , it will be iceing on the cake, you can eat cake without the iceing but it is sure a lot more tasty with it!!!:AddEmoticons04230: Doug and Sally

[Gold Heart]

IMHO they are going to save SS by delaying benefits, ie making you wait until a much older age to collect. This is already happening as the former age to collect full benefits was 65 now at least for me it’s 66 and a few months.My philosophy in life has always been that the only one that I can count on is myself so I started at an early age to secure myself financially and am not wealthy by any means but can sustain a dignified life without SS. I collect my first check next month , it will be iceing on the cake, you can eat cake without the iceing but it is sure a lot more tasty with it!!!:AddEmoticons04230: Doug and Sally

Well that philosphy is definitely better but does not always work either. Banks fail, home values collapse, stocks fall, homes with money under the mattress and individuals with it in their pocket get robbed, Corporations providing pension plans find themselves failing or underfunded. There is no way to provide total security. Best choice is to have all or as many sources as possible -- diversify. Fear is what prevents many from retiring. There are many ways to salvage social security each with its on pain to groups. ---- . ... save some of the cake too ... you might need it.

[Old55]

if social security goes so goes the dollar, there will be no retirement 401 K or Military retirement

Can you imagine a violent protest of all the senior citizens and military retired veterans taking up armsand marching to the capital? The politicians better get their chit together!Jake

This is an understatement to say the least. There will be a revolt unknown to this country and I think our POS government knows that and will find a way to fund SSI.IMO it would be fair to extend the eligibility age somewhat and tighten overall eligibility.Privatization investment option of a PORTION of the payments with held would be worth looking into.SSI was intended as a safety net of last resort not a retirement income. Edited January 20, 2011 by Old55

[Mr Lee]

SSI was intended as a safety net of last resort not a retirement income.

Sometimes things change through no fault of our own. I believe that many once guaranteed pensions, may be a thing of the past, and I know some who have lost their so called guaranteed pensions, so that was my main reason for posting this topic, so people can decide for themselves if they wish to start living below their means now and put away for the rainy day that is almost sure to come, or if they are like most and will be non believers in the reality of it all, so therefore believe that the system will be fixed. While I do believe the govt will try to fix it, it will not be without some or many suffering from the cost to repair. IMHO later retirement alone will not fix what is seriously broken and only put off the inevitable. So who will cause the least stink, the older people and thus the cuts to those already receiving benefits and who can least afford it, such as the no cost of living increases that we have already seen and will most likely continue to see, and so far no riots or revolts correct? and then later retirement for those very far away from receiving benefits as well, so not revolts there either.

[Art2ro]

I worked for the U.S. Government my entire adult life and so therefore didn't contribute entirely into the Social Security system, except partially from my 12 yrs in the military where some taxes was withheld for SS. Instead what the U.S. Government did when I worked for Civil Service, was that for every $1.00 they set aside for my retirement pension plan, they matched it and none to SS! I believe it was 9% every 15 days that was deducted from my pay! Since I retired 6 yrs early at age 49 with 30 yrs of service, I only received 42% of my monthly gross, which was not much at that time in 1997, but it was enough to survive on in the Philippines until I started to collect my other 2 pensions at the age of 60 and 62! I'm 62 now, so things are much better for us financially, we're now somewhat stable and living comfortably! My Social Security pension wasn't much, but my other 3 pensions took up the slack! I have no complaints at this stage in our lives because my pension now is quite adequate in this Philippine economy! I just fear the worst what the U.S. Government has in store for all of us in the near future of all this talk about program budget cuts, the Health Care Reform Act and higher taxes! How much will the changes affect all of our hard earned pensions?

Edited January 20, 2011 by Fil/AmArt