Social Security COLA rant :(

[Weight]

So, us old guys, your grandparents, got a SS increase of 2% for 2018. Wow. every one will hear about that. What you don't know, is Medicare premiums go up $25 per month. They are prohibited from raising premiums more than benefit increases, so they do raise premiums to the increase. I end up with a whole $13 per month in 2018 compared to 2017, not even a decent bottle of wine. Thanks for nothing. OH. Yep. You are right. It is an entitlement. An entitlement I did pay into for 57 years. NLM

 

[Ballenxj]

I feel your pain, and nobody seems to give a Rats Derriere about we whom paid into it all these years. I don't feel like doing the math right now, but I'm paid into this for a similar number of years. They are busy handing our money to people that have never paid in, but we are the entitlement people? 
Counting down now, this thread will either be deleted or locked soon........

 

[wanderingfreeman]

Sorry guys, BUT it is and always was a Ponzi Scheme. You paid for the retirees while you worked, now we pay for you; BUT there are many fewer of us and many more of you. There is no "trust fund" congress critters looted it long it ago and replaced the money with IOUs. Social Security is unsustainable and eventually must end or crash and burn. We already must borrow heavily to fund it. I am sure that people of my generation, early 50s in age, will not get social security at all.

 

[BadSaver]

Isn't it staying $134 per month for 2018? I've seen the news articles but don't see the increase on the Medicare website.

https://www.medicare.gov/your-medicare-costs/part-b-costs/part-b-costs.html

The explanation is here:
http://justcareusa.org/whats-the-medicare-part-b-premium-in-2018/

 

[Weight]

SS has a trust fund. SS is not funded by US Deficit. SS was forced to invest in US Treasury bonds. This was to keep your income taxes down. Were US Treasury Bonds a bad investment? If all, the rich as well as the mid-class, would pay their fair share into the system there would not need be this hate directed to grandparents.

 

[BadSaver]

Sorry guys, BUT it is and always was a Ponzi Scheme. You paid for the retirees while you worked, now we pay for you; BUT there are many fewer of us and many more of you. There is no "trust fund" congress critters looted it long it ago and replaced the money with IOUs. Social Security is unsustainable and eventually must end or crash and burn. We already must borrow heavily to fund it. I am sure that people of my generation, early 50s in age, will not get social security at all.

It's a Pay Go system, which is different than a Ponzi Scheme. Once the Trust Fund is depleted, it will pay out what comes in. One report has this future amount at 79% of today revenues (if nothing is done). Social Security will be there for you.

https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html

 

[BadSaver]

SS has a trust fund. SS is not funded by US Deficit. SS was forced to invest in US Treasury bonds. This was to keep your income taxes down. Were US Treasury Bonds a bad investment? If all, the rich as well as the mid-class, would pay their fair share into the system there would not need be this hate directed to grandparents.

The Trust Fund doesn't invest in Marketable Treasuries. It invests in Special Issue Treasuries. Marketable Treasuries would have been a better deal.

https://www.investopedia.com/ask/answers/110614/how-social-security-trust-fund-invested.asp

https://www.fedsmith.com/2012/06/22/social-security-money-not-invested-bonds/

 

[mpruet]

I decided long ago that I would not rely on Social Insecurity.

 

[BobBski]

Guess I look at things differently...I’ll still receive more than I did before the raise.

 

[Spaceman Spiff]

SS has a trust fund. SS is not funded by US Deficit. SS was forced to invest in US Treasury bonds. This was to keep your income taxes down. Were US Treasury Bonds a bad investment? If all, the rich as well as the mid-class, would pay their fair share into the system there would not need be this hate directed to grandparents.

Treasury bonds (along with printing money) are funding the deficit.

 

[Burbanlife]

It can survive, If They remove the cap that is set on FICA...I believe it is a 125,000 cap..so if you make more than that you only pay fica up to the 125k So the wealthy still keep getting a kickback per say. Remove the cap SS will and can survive

ere is some more info: https://www.investopedia.com/ask/an...p-federal-insurance-contribution-fica-tax.asp

 

[VanKitten]

Ok...I have no problem with no Medicare or social security....JUst...pay me back what I paid in since I was 16 years old. Plus interest. I'll take care of myself.

I paid for these benefits...paid big time! Not an entitlement....I paid

 

[GotSmart]

I gladly paid my “INSURANCE “ premiums. Now I am collecting my payments. Just quit whining and go along with the program. There were weeks when I payed in much more than I get in a month. 


Ya pays your money and takes your chance.  Welcome to America.

 

[Scout80]

I decided long ago that I would not rely on Social Insecurity.

THIS ^^  I came to that conclusion before I even hit 18.  If, and that's a big IF to me, I actually do get SS when I retire..(heh..when..wishful thinking on my part!) it will just be bonus money to me.  

To me, Social Security is just the government saying "we assume you're too irresponsible to save for retirement, so we'll do it for you with your own money".  Based on the number of complaints I hear 20+ years later, it would appear that the government was right.  It's highly likely that I won't retire rich, but I also won't be trying to decide whether to pay for food or the light bill, regardless of happens with the SS program 20 years from now.

 

[GotSmart]

PPPPPP

Look it up.

Some people have no problem with it.

 

[cyndi]

Haven’t read it but it showed up on my fb feed

How Social Security Will Change in 2018
Whether you're paying into the program or collecting benefits now, these tweaks will affect you

https://www.consumerreports.org/retirement-planning/how-social-security-will-change-in-2018/

 

[user 13531]

Unfortunately, there are millions of people receiving SS benefits similar to yours, who did not pay into the system for 57 years....

I've paid over $260k into SS over my life time. My most recent benefit notice/update states they have sufficient funds to honor 73% of my benefit. I'm sure you've heard on the news, late term baby boomers who have paid into the system their entire lives will not receive their original contribution back prior to death. I can't get my full benefit unit I reach 66 years 8 months of age. 

I'm in that group!

 

[Weight]

Another hijacking. While the pols sing their praise for giving us a COLI, they don't mention they took it back with higher Medicare premiums.

Takes less than 11 years to collect more that we pay in. I hope you live to 80.

 

[Ballenxj]

Another hijacking. While the pols sing their praise for giving us a COLI, they don't mention they took it back with higher Medicare premiums.

Takes less than 11 years to collect more that we pay in. I hope you live to 80.

Hahaha, I hope everybody manages to make it well past the century mark. Good luck everybody, and have a Merry Christmas while you're at it.

 

[mpruet]

I've paid over $260k into SS over my life time. My most recent benefit notice/update states they have sufficient funds to honor 73% of my benefit. I'm sure you've heard on the news, late term baby boomers who have paid into the system their entire lives will not receive their original contribution back prior to death. I can't get my full benefit unit I reach 66 years 8 months of age.

$260K, Really.    Il've paid maximum into SS every year for my life time and the amount that I've paid was $154,456.  True, my company paid $165,466, but the amount that I paid was $154,456.  There is absolutely no reason to believe that the money which my company paid would have been added to my salary if it had not been paid into SS.  In fact I doubt that it would have since the money that a company pays into SS is a tax credit for business, but an increase in salary is not.