Social security

[Frood]

Well, in 1970, the individual median salary in the United States was $4,778. Now it is $54,132. So someone’s gotten a raise since 1970. ;-)

Heh. I thought that you had to switch jobs to get a pay raise...

 

[Dirtrider]

Keep in mind that close to 50% of the people do not pay taxes (for whatever reasons) and that leaves a larger burden on the other 50%. If I had a choice way back when, I would choose private investments over SS for the larger return overall & when I pass, whatever is leftover goes to my estate, not back to the government. Keep in mind that the government has NO money and only uses YOUR money. Are they operating efficiently, profitably, and in your best interest? Me thinks not....

 

[RonDean]

The individual median salary increased by 1100+% since 1970.

And what has the pay scale done since 1970 if you remove the executive salaries?

Pew says: For most U.S. workers, real wages have barely budged in decades...
https://www.pewresearch.org/short-r...rs-real-wages-have-barely-budged-for-decades/

The Economic Policy Institute says:
Rising inequality for the broad American middle class are enormous... The U.S. middle class had $17,867 less income in 2007 because of the growth of inequality since 1979... all while American workers have become more productive... The ability of those at the very top to claim an ever-larger share of overall wages is evident in this figure...Over the entire 34-year period between 1979 and 2013, the hourly wages of middle-wage workers (median-wage workers who earned more than half the workforce but less than the other half) were stagnant, rising just 6 percent—less than 0.2 percent per year...The wages of middle-wage workers were totally flat or in decline over the 1980s, 1990s and 2000s, except for the late 1990s. The wages of low-wage workers fared even worse, falling 5 percent from 1979 to 2013. In contrast, the hourly wages of high-wage workers rose 41 percent.
https://www.epi.org/publication/charting-wage-stagnation/

 

[RvNaut]

, I would choose private investments over SS

In 2008, my Mom died in April. By the time the estate settled in August, her estate lost 60% of it's value. If I had put *my* ssi money in since I started working, I likely would have lost that 60% as well... along with millions ofother Americans gambling on the Stock market....

The drive to take SSI private is a thinly veiled attempt to skim money off the accounts as it passes through their hands.... no thanks.... the investor is not in any way a priority to the market. At least the SSI tries to look out for me.

 

[Camper]

484 posts....

I've worked over 50 years and now getting a check every month.

I'm THANKFUL for what I receive and I won't complain.

 

[mpruet]

And what has the pay scale done since 1970 if you remove the executive salaries?

That’s why I chose to quote median, not average.

 

[mpruet]

In 2008, my Mom died in April. By the time the estate settled in August, her estate lost 60% of it's value. If I had put *my* ssi money in since I started working, I likely would have lost that 60% as well... along with millions ofother Americans gambling on the Stock market....

The drive to take SSI private is a thinly veiled attempt to skim money off the accounts as it passes through their hands.... no thanks.... the investor is not in any way a priority to the market. At least the SSI tries to look out for me.

You only lose money when you sell. The folks that remained calm and stayed in have done quite well since 2008.

I made a post earlier about how humans tended to be much more influenced by negative news than positive. One of the things that happens when there is a down turn is that folks panic and sell their holdings, usually only after it has gone down.

 

[Gr8ful]

In 2008, my Mom died in April. By the time the estate settled in August, her estate lost 60% of it's value. If I had put *my* ssi money in since I started working, I likely would have lost that 60% as well... along with millions ofother Americans gambling on the Stock market....

The drive to take SSI private is a thinly veiled attempt to skim money off the accounts as it passes through their hands.... no thanks.... the investor is not in any way a priority to the market. At least the SSI tries to look out for me.

Sorry to hear that. I got out of mutual funds when it hit over $14,000, got back in at $6900, rode it back over $14,000 then broke my back in so at least my 401k doubled. Late in 2009 my broker called saying he lost $1200 I think day trading with my $$ so I told him to just put it back, he said he couldn't so I told him I be down the next day for the cash which he didn't have but went office to office to borrow so I got it, left & changed from the crooked broker the company used. He told us when Nasdaq went from $8000 to $4000 it couldn't go any lower so we all bought in & it went to $2000 about 2000 but it did make $4000 before the crash. I could buy a dartboard & do better.

 

[RonDean]

Sorry to hear that. I got out of mutual funds when it hit over $14,000, got back in at $6900, rode it back over $14,000 then broke my back in so at least my 401k doubled. Late in 2009 my broker called saying he lost $1200 I think day trading with my $$ so I told him to just put it back, he said he couldn't so I told him I be down the next day for the cash which he didn't have but went office to office to borrow so I got it, left & changed from the crooked broker the company used. He told us when Nasdaq went from $8000 to $4000 it couldn't go any lower so we all bought in & it went to $2000 about 2000 but it did make $4000 before the crash. I could buy a dartboard & do better.

Love your dartboard comment. That's pretty much what I have seen as well.

 

[mpruet]

Sorry to hear that. I got out of mutual funds when it hit over $14,000, got back in at $6900, rode it back over $14,000 then broke my back in so at least my 401k doubled. Late in 2009 my broker called saying he lost $1200 I think day trading with my $$ so I told him to just put it back, he said he couldn't so I told him I be down the next day for the cash which he didn't have but went office to office to borrow so I got it, left & changed from the crooked broker the company used. He told us when Nasdaq went from $8000 to $4000 it couldn't go any lower so we all bought in & it went to $2000 about 2000 but it did make $4000 before the crash. I could buy a dartboard & do better.

Man, on man! Did you authorize your broker to invest with your funds? If not, then that would be grounds for legal action. The only time that would be acceptable is if you are using a fiduciary management team. Otherwise that would be a big no-no.

 

[wanderlust]

I could buy a dartboard & do better.

I wrote earlier about the famous Yale investor Swensen for private personal investment. Set automated deposit to index fund and forget about it.

This strategy allows you to use other people research to buy stock and have lower fees. Someone got Nobel prize in economics to prove it as a winning strategy

 

[user 22017]

This thread is no longer about social security

 

[Gr8ful]

Man, on man! Did you authorize your broker to invest with your funds? If not, then that would be grounds for legal action. The only time that would be acceptable is if you are using a fiduciary management team. Otherwise that would be a big no-no.

No I didn't & I should have nailed him to the wall. He like most would always say don't try to buy at the bottom but that's what I did for a living,track the lumber & commodities markets & buy at/near the bottom.
We sold Grant brand OSB as it was denser & heavier. Back then if the weatherman mentioned Hurricane the cost would double or more. I'd check the 3 Big Box Stores for ads & make sure it was Grant & check how much they had which was usually 1-3 semi loads of full units. We had a high limit card with my wife's name on it so she'd go in & pay for it & they'd deliver to a church around the corner. It made their salesman very happy. Kept us competitive & our contractors quotes covered & the box store was out of stock on the sale OSB. Small companies can compete & never lie to do it. Best part was Thrill of the hunt & Art of the deal!
Carla's right this isn't about SS so feel free to delete or move it.

 

[quilting22]

I was in Rotary for many years. A local club hosted a group of Russian farmers. The local Rotary club sent a group of local farmers to the USSR to help the Russian farmers & they showed them how to double their hog production. Their response? They said they wouldn't change anything because they'd not make any more if they increased production. This has nothing to do with SS just my only interactions with Russian people so delete it if you wish

Interesting. I wonder what their reasoning was that they wouldn't make more $ .

 

[Gr8ful]

Interesting. I wonder what their reasoning was that they wouldn't make more $ .

The farmers wouldn't make any more $$ from the increased production.
the " Sovkhoz " or Soviet State Farm. The latter is a large agricultural enterprise worked by hired labor, and owned, financed, organized and managed by the government. The state farms are divided into several kinds, such as grain, live- stock, cotton, and a number of other types of lesser importance.

 

[wanderlust]

This thread is no longer about social security

It is about the investing, with returns likely higher than social security. So people have a little bit more than SS only. Because SS was never intended to be THE SOLE resource in retirement.

I remember what you said about your situation (nothing left to invest), and I am sorry it turned that way for you. In many countries, to help families with children, there is monthly financial help. It was in USA also, as a part of COVID help, $350 per child monthly. It was terminated on partisan grounds, even if that was the simplest and cheapest way to improve demographics in USA, IMHO.

 

[user 22017]

It is about the investing, with returns likely higher than social security. So people have a little bit more than SS only. Because SS was never intended to be THE SOLE resource in retirement.

I remember what you said about your situation (nothing left to invest), and I am sorry it turned that way for you. In many countries, to help families with children, there is monthly financial help. It was in USA also, as a part of COVID help, $350 per child monthly. It was terminated on partisan grounds, even if that was the simplest and cheapest way to improve demographics in USA, IMHO.

No matter the original intent of SS, that is no longer the expectation. Forty years of stagnating wages helped cause the SS evolution... along with other reasons.

If anything SS will be increased to compensate for a lifetime of low wages. Because, like I said, nobody should be expected to move and/or learn a new skill .... Or do a job they are not suited for, repeatedly, in order to make a living wage .

 

[user 22017]

It is about the investing, with returns likely higher than social security. So people have a little bit more than SS only. Because SS was never intended to be THE SOLE resource in retirement.

I remember what you said about your situation (nothing left to invest), and I am sorry it turned that way for you. In many countries, to help families with children, there is monthly financial help. It was in USA also, as a part of COVID help, $350 per child monthly. It was terminated on partisan grounds, even if that was the simplest and cheapest way to improve demographics in USA, IMHO.

Also, this thread is no longer about what is happening with social security. If some want to go on and on about investing, the mods should make an investment thread.

 

[Gr8ful]

Why can't we just add "& Retirement Income" behind the Social Security title?
On page 2 it went to paying taxes on state pensions so it went off the rails 4 years ago.

 

[user 22017]

Why can't we just add & Retirement Income behind the Social Security title?

Because this forum was created as Cheap RV Living AND many here are retired. They are concerned about what is happening with Social Security. Not what a few guys think they should have been doing with their money decades ago... So they don't end up using a cheap RV Living forum .