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Posted: 12/30/2006 6:17:34 PM EST
Personally, I think that the Giant Pyramid Scheme will be done for in five to ten years.

What do you think?
Link Posted: 12/30/2006 6:24:54 PM EST
SS will be gone in ten years!

Of course I've been listening to that line for the last forty years. My Dad told me it was the same in his time too.
Link Posted: 12/30/2006 6:26:33 PM EST
I predict 'means testing' before I retire in about 15 years. People like me with a 401K and similar investments will be told we don't 'need' a social security check.
Link Posted: 12/30/2006 6:27:32 PM EST
I guess the question is, "Will it be able to provide me with enough do-rey-mi to take me through my death in addition to my retirement funding?"

My guess is "Yes" - if you've saved up about $1.5 million and can live off the interest or so.
Link Posted: 12/30/2006 6:29:18 PM EST

Originally Posted By TheCommissioner:
I predict 'means testing' before I retire in about 15 years. People like me with a 401K and similar investments will be told we don't 'need' a social security check.


Likely.

Got a Roth IRA started this year. Don't think I'll be able to contribute enough during my lifetime to do anything for my wife except for the insurance, of course. Got about 400k for that op, in case I drop dead or something.
Link Posted: 12/30/2006 6:30:06 PM EST
Link Posted: 12/30/2006 6:30:23 PM EST
I agree with the means testing. And I expect the taxes on earned income from retirees will go up.

And they will increase the benefits if you wait longer before applying for it.

But it will be there. Any politician who kills Social Security will be voted out.
Link Posted: 12/30/2006 6:34:22 PM EST
i am 22 and i don't count on it.
Link Posted: 12/30/2006 6:35:07 PM EST
If they only used it the way it was designed to be used, it would not be running out of money and could have posibly been the most successful government program ever thought of.

But too many people that get that money have never paid a dime into it. And that makes it FUBAR
Link Posted: 12/30/2006 6:39:17 PM EST
YES!!!

But most likely only peanuts, maybe almonds if I'm lucky
Link Posted: 12/30/2006 6:43:30 PM EST
I'm 34 and have already paid almost enough into the system to retire if I'd invested it myself 33% for the last 10 years would be a NICE chunk of change.
Link Posted: 12/30/2006 6:50:40 PM EST

Originally Posted By rainman:
If they only used it the way it was designed to be used...


If they did that, the thing wouldn't even be here now.

It was just a temp program for...crap I can't remember exactly what.

But I figure it filled so many pockets, they kept it around.

I think the system will be around for a long time. There would be a serious uproar of unknown proportions if it disappeared.

But what it will morph into is anyone's guess.
Link Posted: 12/30/2006 6:50:56 PM EST
I'm 19, and have no plans for it. I don't think I'll see a dime.
Link Posted: 12/30/2006 6:52:36 PM EST
I am so thankful that I don't pay into it.
Link Posted: 12/30/2006 6:53:53 PM EST

Originally Posted By Atencio:
I am so thankful that I don't pay into it.


Railroad?
Link Posted: 12/30/2006 6:54:35 PM EST
[Last Edit: 12/30/2006 6:55:03 PM EST by Towely]
I'm 18. Fuck no I aint. I pay into it and get jack shit back. Typical .gov snafu.
Link Posted: 12/30/2006 7:00:37 PM EST

Originally Posted By Towely:
I'm 18. ...... I pay into it and get jack shit back.



If your 18, you should have while to wait before you "get shit back" right?

Just curious.
Link Posted: 12/30/2006 7:01:19 PM EST
Here is what I think will happen. The government will determine what it will take to live comfortably upon your retirement. If you've saved through company pension, 401k, family inheritance, etc., past the point that the government thinks you need, your social security will be sacrificed. This is called income redistribution and it will begin happening in about 20 years (or less).
Link Posted: 12/30/2006 7:02:02 PM EST

Originally Posted By Atencio:
I am so thankful that I don't pay into it.


+1 I'm a teacher. Although I did put into it for 7 years while in college, so I won't see any of that back.
Link Posted: 12/30/2006 7:10:12 PM EST
[Last Edit: 12/30/2006 7:10:34 PM EST by Backstop]

Originally Posted By Midnight-Sniper:
Here is what I think will happen. The government will determine what it will take to live comfortably upon your retirement. If you've saved through company pension, 401k, family inheritance, etc., past the point that the government thinks you need, your social security will be sacrificed. This is called income redistribution and it will begin happening in about 20 years (or less).


Exactly what I think will happen - but in 10 yrs or so.

Somebody will tell you how much $$ they think you need to live/how much of your SS will be returned.

Ain't it grand?
Link Posted: 12/30/2006 7:10:51 PM EST
I won't hold my breath.
Link Posted: 12/30/2006 7:17:16 PM EST
Since I can (but won't) retire next year, there will definitely be a fund. However, I don't count on it as my sole source of income. I did retire once a couple of years ago, and didn't like it at all. (Yes, I have money).
Link Posted: 12/30/2006 7:18:50 PM EST


Yeah, that's about how sure I am that I'll be getting my SS. Sure, I have my 401K, but I'm sure that once SS completely fails, the .gov will take my retirement away and give it to the needy people who didn't do a damn about their own future .
Link Posted: 12/30/2006 7:22:29 PM EST

Originally Posted By RckClimber:
Sure, I have my 401K, but I'm sure that once SS completely fails, the .gov will take my retirement away and give it to the needy people who didn't do a damn about their own future .


Don't want to hijack, but the SS is gonna get HAMMERED when some (? how many) of our 'instant citizens' file for every fucking hand-out this nation has. They'll drain that fund more than it every has been.

Just my SWAG.
Link Posted: 12/30/2006 7:30:47 PM EST

Originally Posted By CARFan:

Originally Posted By Towely:
I'm 18. ...... I pay into it and will get jack shit back.



If your 18, you should have while to wait before you "get shit back" right?

Just curious.


Fixed..hehe.

Oh well. At least I know now so I can start investing and saving right away.
Link Posted: 12/30/2006 7:48:14 PM EST
I'm about 15 years shy of retirement (hopefully) and I plan on it not being there. If it is, it still won't be enough to live on comfortably, thus I save.
Link Posted: 12/30/2006 8:01:13 PM EST
For me, I really dont count on it much. I am 40, turn 41 in March. I have to work at least another 21 years to ger partial benifits and 26 years to get full benifits.

I seriously doubt I will last that long.

My folks retire in 2 years, I really hope they can get full benifits and hopefully enjoy life a little, alot of that will depnd on if they can get thier house paid for, it aint much, but it is really all they have.
Link Posted: 12/30/2006 8:06:40 PM EST

Originally Posted By FivespeedF150:
I'm 19, and have no plans for it. I don't think I'll see a dime.


26 here same boat it will be taken from me but I will never recieve a cent of it back.

I think to kill social security would be a deathstroke for the party that pushes it through, one party will cease relevence. Too many seniors and not enough other voters to counteract the seniors conflict-of-interests vote.
Link Posted: 12/30/2006 11:49:52 PM EST
Oh I know it will be there, but I also have a Hughes/GM retirement, Navy Reserve Retirement, and a 401k just in case. You have to wonder about people whose retirement is only Social security, it was never meant to be a complete retirement, just to supplement the other retirements and savings folks had.

Link Posted: 12/31/2006 4:24:46 AM EST

Originally Posted By Backstop:

Originally Posted By Midnight-Sniper:
Here is what I think will happen. The government will determine what it will take to live comfortably upon your retirement. If you've saved through company pension, 401k, family inheritance, etc., past the point that the government thinks you need, your social security will be sacrificed. This is called income redistribution and it will begin happening in about 20 years (or less).


Exactly what I think will happen - but in 10 yrs or so.

Somebody will tell you how much $$ they think you need to live/how much of your SS will be returned.

Ain't it grand?


Have to agree with you there. And to boot, I expect the forced contribution to go up substantially once more of the Boomers retire.
Link Posted: 12/31/2006 4:27:30 AM EST

Originally Posted By fight4yourrights:


Exactly what I was going to say.
It's just a tax and I'll never see a dime
ever
it's a damn joke.
Link Posted: 12/31/2006 4:40:49 AM EST

Originally Posted By Backstop:

Originally Posted By RckClimber:
Sure, I have my 401K, but I'm sure that once SS completely fails, the .gov will take my retirement away and give it to the needy people who didn't do a damn about their own future .


Don't want to hijack, but the SS is gonna get HAMMERED when some (? how many) of our 'instant citizens' file for every fucking hand-out this nation has. They'll drain that fund more than it every has been.Just my SWAG.



Yep. I have read before that illegals are allready a huge drain on SS, supposedly in border towns down south the post offices are packed once a month with illegals going to their PO boxes to pickup the SS check from uncle sucker.

I have a pension where I work, and a 401(k) that I put as much in as I can afford everymonth. When I retire I should be able to live off of that.
Link Posted: 12/31/2006 4:41:30 AM EST
Link Posted: 12/31/2006 4:43:26 AM EST
I will never see a dime of it.

I'll be considered too wealthy to collect since I bothered to work hard and sacrificed to save for the future.

Makes me think about offshoring sometimes...
Link Posted: 12/31/2006 4:56:12 AM EST
I am going to work for Wal-Mart when I retire. That way I can pay myself to sit on my Rear when I am 90. I dont know if I could sit home for years on end might have to go ski diving and make sure my chute dont open.

If I am too bored and if you can get it up like my dad told me that is the only thing making you a man (great guy but dang a sick old bastard) then you should die anyway

I am sure they are going to say you are too healthy to go on Social Security it is for people with Heart Disese, fatty's that weight 400+ pounds so we can feed them.

I have 60K so far in my investments but I am going long term wish I started 10 years ago verse 6 years ago. I would have got into the dot com stocks and made a killing . 28 need to invest in more forign stocks. How about the Iran Nuke program. I will get kick backs from the US paying them off.
Link Posted: 12/31/2006 5:08:45 AM EST

Originally Posted By Midnight-Sniper:
Here is what I think will happen. The government will determine what it will take to live comfortably upon your retirement. If you've saved through company pension, 401k, family inheritance, etc., past the point that the government thinks you need, your social security will be sacrificed. This is called income redistribution and it will begin happening in about 20 years (or less).


Bingo. Workers will always continue to pay into social security, they'd never kill that cash cow. The blame for the demise of social security will fall on 'the rich' who are draining the system of money which they don't even 'need'.
Link Posted: 12/31/2006 5:08:49 AM EST
Link Posted: 12/31/2006 5:09:49 AM EST
[Last Edit: 12/31/2006 5:30:29 AM EST by nightstalker]
Pretty sure it will be there in October. Over the years I think I put in around $160K so I won't be getting any interest or gifts for quite a few years, like 15. If the money had been in a 401K or IRA I'd be doing a bit better. I have other retirement and no bills so it will be like fun money of some sort.
Link Posted: 12/31/2006 5:24:24 AM EST

Originally Posted By Backstop:

Originally Posted By RckClimber:
Sure, I have my 401K, but I'm sure that once SS completely fails, the .gov will take my retirement away and give it to the needy people who didn't do a damn about their own future .


Don't want to hijack, but the SS is gonna get HAMMERED when some (? how many) of our 'instant citizens' file for every fucking hand-out this nation has. They'll drain that fund more than it every has been.

Just my SWAG.


You sir, are soooo correct. The politicians know their future is with the instant citizens Bush, the RINOs, and the Democrats are about to create. When they drain that fund, your 401Ks and IRAs will not be safe anymore from more redistribution of wealth. But I betcha the elites' wealth will remain tax sheltered.
Link Posted: 12/31/2006 5:31:24 AM EST
[Last Edit: 12/31/2006 5:31:49 AM EST by MTUSA]
C'mon guys, the 15-20 million new citizens we will be getting will bail us out.
Viva!!!
Link Posted: 12/31/2006 5:37:25 AM EST
Link Posted: 12/31/2006 5:39:36 AM EST
I'm not counting it to be my saving grace when I retire. I am 26 and doubt it will exist. If it is still around, it will not be in the form it is today.
Link Posted: 12/31/2006 5:48:10 AM EST
How do you guys not pay into it? If I knew I could opt out I would never have paid into it in the first place.
Link Posted: 12/31/2006 5:49:07 AM EST
I stand a better chance of being abducted by aliens than to get a dime back out of it.

A lot of the money is going to assholes that are 'disabled' and have 9+ kids by various welfare brood cows that get payments also. It has turned into just another welfare racket.

wganz

Link Posted: 12/31/2006 5:53:07 AM EST
It pisses me off that I have to pay into something I probably wont see dime one from, so no Im not counting on it...
Link Posted: 12/31/2006 5:53:54 AM EST
I'm 49 and receive Social Security benefits. I'll get a 3.5% cost of living increase on my next check in January. SS is a good system. You just have to understand it, that's all.
Link Posted: 12/31/2006 5:54:28 AM EST

Originally Posted By Tannim:
I'm 34 and have already paid almost enough into the system to retire if I'd invested it myself 33% for the last 10 years would be a NICE chunk of change.


Yeah when you look at the money you've put in (that's just your share of the SS, not counting the employer's share.... most people don't even seem to know about that), and then look at what that money could have done in an average IRA over your career, it's pretty damn sad.
Link Posted: 12/31/2006 6:10:23 AM EST

Originally Posted By Backstop:

Originally Posted By Atencio:
I am so thankful that I don't pay into it.


Railroad?


It's run by the same idiots, so what's the difference? We'll see what all that Tier II money buys me?
Link Posted: 12/31/2006 6:12:16 AM EST

Originally Posted By samsong:
Personally, I think that the Giant Pyramid Scheme will be done for in five to ten years.

What do you think?
The same, but that's okay--the libs have got a back-up plan, I'm sure.
Link Posted: 12/31/2006 7:12:36 AM EST

Originally Posted By Backstop:

Originally Posted By Atencio:
I am so thankful that I don't pay into it.


Railroad?


Registered Nurse for a municipality. I put in about $400.00/month into my pension. What I get back is determined by how old I am and how many years of service I have when I retire. If I retire about age 62 I should receive about 65% of my ending monthly salary per month. Toss in the IRA's and I should do ok unless the whole system takes a dump.

Retirement and benefits are one of those things you really have to look at when looking for a job. I make a less than nurses in the private sector but the benefits really make up for it especially in the long run.
Link Posted: 12/31/2006 7:48:46 AM EST
The real question, will SS COLA increase along with the ammo price upswing?
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