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Social Security now expected to run short on funds in 2035, one year later

cnbc.com

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Re: Social Security now expected to run short on funds in 2035, one year later

#11

Post by toomuchtodo »

presidentender wrote: post #7
schrectacular wrote: post #4

Earlier quoted context omitted.

And when it runs out, those of us who have made sacrifices now to provide for old age will be a wealthy, "privileged" target.

Those of us who have the foresight to make such sacrifices should also have the foresight to structure our investments to make them resilient against redistribution.

You can fight taxes, you can’t fight a central bank money printer that inflates it away. There’s only so many hard assets.

Wealth is a shared delusion, and laws are mutable and a function of the times and zeitgeist. Keep this in mind.

Re: Social Security now expected to run short on funds in 2035, one year later

#13

Post by smeej »

OedipusRex wrote: post #5
deadbabe wrote: post #2

Should I give up on any chance at social security in 40 years?

2035 is in 11 years.

Yeah, but the trust fund's running out doesn't mean there are no benefits anymore. It just means the only funds to pay them come from current payroll taxes. The trust fund can no longer make up the shortfall.

SS may very well survive at reduced benefits a lot longer than 2035. Whether someone should give up hope of any benefits in 40 years is a fair question.

Re: Social Security now expected to run short on funds in 2035, one year later

#16

Post by isuckatcoding »

https://www.ssa.gov/oact/trsum/#:~:text=The%20Trustees%20pro....

Not sure why the media is running this title but from the official report:

“ The Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay 100 percent of total scheduled benefits until 2033, unchanged from last year's report. At that time, the fund's reserves will become depleted and continuing program income will be sufficient to pay 79 percent of scheduled benefits”

Re: Social Security now expected to run short on funds in 2035, one year later

#17

Post by littlecosmic »

schrectacular wrote: post #4
AndrewKemendo wrote: post #3

I’m 40 and at no point in my life have I trusted that social security will exist for me or anyone beyond my generation so this is just more reinforcement of that You’re on your own folks

And when it runs out, those of us who have made sacrifices now to provide for old age will be a wealthy, "privileged" target.

Being in a position to make sacrifices for retirement can also be a privilege.

Re: Social Security now expected to run short on funds in 2035, one year later

#18

Post by Jgrubb »

smeej wrote: post #8

Perhaps this is my cynicism showing, but it's the Boomers who caused this problem. Let them suffer the shortfall as the natural consequence. They've been the political decision-makers most of their lives because there were so many more of them than their parents. And they can criticize Millennials for receiving (?!) participation trophies they handed out until their faces are as blue as their hair, but they've system…

It's not gonna be them, it's gonna be Gen X that gets the shaft on this one and probably millennials that raise the capital gains taxes on the old people when they finally age into leadership roles and the old people by that point will be Gen X again.

Re: Social Security now expected to run short on funds in 2035, one year later

#20

Post by Ferret7446 »

presidentender wrote: post #7
schrectacular wrote: post #4

Earlier quoted context omitted.

And when it runs out, those of us who have made sacrifices now to provide for old age will be a wealthy, "privileged" target.

Those of us who have the foresight to make such sacrifices should also have the foresight to structure our investments to make them resilient against redistribution.

I suppose the "our" in that "our investments" is the socialist "our".

Your investments? Nay, comrade. OUR investments.

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