11–20 of 117 posts
We've known this was coming for a long time...as a Millennial, I don't expect to ever see a cent of Social Security benefits.
We've known this was coming for a long time...as a Millennial, I don't expect to ever see a cent of Social Security benefits.
This was also the longtime belief of my parents, who both recently began collecting Social Security benefits. Social Security will only die if we let it be killed.
We've known this was coming for a long time...as a Millennial, I don't expect to ever see a cent of Social Security benefits.
The better question to ask is whether you will be happy living out the twilight of your life on a government controlled amount of money. This amount will likely always gravitate toward the prevailing poverty line. Unlikely to lead to a truly comfortable existence. Definitely not enough to live in any high COL location. Average monthly benefit in 2017 was ~$1,300, and MAX was $2,687 [1]. ~$15-$30K will cover the basics in most lower COL parts of the country, but not much more.
[1] http://time.com/money/4644332/maximum-social-security-benefi...
Earlier quoted context omitted.
This was also the longtime belief of my parents, who both recently began collecting Social Security benefits. Social Security will only die if we let it be killed.
I'm pretty sure it can die from math, too.
We've known this was coming for a long time...as a Millennial, I don't expect to ever see a cent of Social Security benefits.
As a Millenial who tries to not hot-take, I do expect to receive Social Security benefits. I'm not planning on it being a requirement to survive, but I am expecting it to be there in a nontrivial form. As is widely noted the trust funds will, at current projected rates of usage, be tapped in 2034, but projected income (hence the "further looting" part) covers around 75% of all benefits at that point. Baby Boomers wil…
We've known this was coming for a long time...as a Millennial, I don't expect to ever see a cent of Social Security benefits.
As a Millenial who tries to not hot-take, I do expect to receive Social Security benefits. I'm not planning on it being a requirement to survive, but I am expecting it to be there in a nontrivial form. As is widely noted the trust funds will, at current projected rates of usage, be tapped in 2034, but projected income (hence the "further looting" part) covers around 75% of all benefits at that point. Baby Boomers wil…
Earlier quoted context omitted.
This was also the longtime belief of my parents, who both recently began collecting Social Security benefits. Social Security will only die if we let it be killed.
I'm pretty sure it can die from math, too.
We've known this was coming for a long time...as a Millennial, I don't expect to ever see a cent of Social Security benefits.
As a millennial, I do. There are just too many easy mitigations here that will extend life several decades: - Remove the cap and tax income above $120k, just like medicare and income tax - Increased tax rate, possibly just on payroll not income (the employer-paid portion) - Limited forms of means-testing (Maybe, attenuated survivor benefits as your estate value clears a certain high mark like $3 million) - Eliminate…
Medicare, however, is another story.
We've known this was coming for a long time...as a Millennial, I don't expect to ever see a cent of Social Security benefits.
As a millennial, I do. There are just too many easy mitigations here that will extend life several decades: - Remove the cap and tax income above $120k, just like medicare and income tax - Increased tax rate, possibly just on payroll not income (the employer-paid portion) - Limited forms of means-testing (Maybe, attenuated survivor benefits as your estate value clears a certain high mark like $3 million) - Eliminate…
Consider the person that could have, but didnt, live a lavish lifestyle and instead responsibly saved. Then a benefit (which they paid into, and maybe rely upon) is removed after the fact? Bad news.