It’s Your Money > Social Security and Pensions

No more Social Security at 62?

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Lee2:
What is worse is they say the disability fund will start to be unable to pay everyone on it by 2016. Those on disability may need to start planning ahead and lets hope they fix the problem so it does not happen.

http://www.bankrate.com/financing/retirement/no-more-social-security-at-62/?ec_id=m1078090


--- Quote ---Fuerst offered Congress several suggestions for fixing this problem. His most controversial idea is probably raising the minimum age for collecting Social Security from 62 to at least 64.


   
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--- Quote --- The report projected that the retirement trust fund will be depleted in 2033 -- unchanged from last year's projection. It said that unless Congress acts, at that point the program will be able to pay only 77 percent of promised benefits from ongoing contributions. The disability trust fund will be depleted much sooner -- in 2016 -- when the program will be able to pay only 80 percent of promised benefits.

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coleman2347:
Sounds like the usual "sky's falling" stuff to me.  I think we have all heard that before.  If they did that I doubt anybody who even had a little to do with it would be re-elected...so far Ive been through the Millennium bug, The earth coming to and end in 2012...I guess I'll wait and see...no politician would listen to us anyway.....Lee

Lee2:

--- Quote from: wildbill on June 25, 2013, 06:45:45 AM ---Another Doomsday prediction -------LEE I got this from the same place you did...http://www.bankrate.com/financing/retirement/dont-panic-over-social-security/ I'm not the moderator here nor do I wish Tobe but lets don't posts this crap here some people here live off ssd and SS I would say please don't put unnecessary worry on them for there life is here and now besides its not about the Philippines.

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I know of many people who live day to day and check to check and IMHO they need to know what COULD be in store for them. The title of my post had a question mark in it, so it is questioning whether SS will be there for those people down the road and for those on disability. People can hide their heads in the sand if they prefer or they can open their eyes and try to save a few dollars from each check for the future for a possible escape plan SHOULD the worst happen. We all have choices, I know I would rather know ahead of time to prepare for a possible issue than have it hit me like a brick wall. I also ended my last post with "Those on disability may need to start planning ahead and lets hope they fix the problem so it does not happen" so I think I was pretty clear of my intentions and everyone needs to save for a rainy day and those living in the Philippines should have a reserve fund for emergencies but your wish is my command if members would rather not know.

If our govt keeps spending money we do not have, then the worst WILL happen sooner rather than later.

Oh and let me add, Jack or the other mods are welcome to delete my post if they wish to.

Westernman:
I agree with Lee, better to know the information ahead of time if it is more than just conjecture. This could be nothing, but what if?? Better to be ready. Imagine living the modest dream on your $1200/month SS payment only to hear some news that knocks you off your chair becasue you realize that you are suddenly in big trouble!

Information is power, but it has to be good info. Otherwise it is more damaging than good. The only thing worse than no Intel is BAD Intel!

Jason

Gray Wolf:
At first I read Lee's post much in the same manner as WB and Coleman, another Chicken Little moment.  But after thinking it over and reading it again, especially in light of his further posting I have to agree with the purpose of the topic.  Everyone who is on a fixed income needs to have a backup plan, safety net or at least be aware of the "what if's". 

While I don't for one second believe that the US will actually allow the SS system to go bankrupt, I am concerned over who is drawing money from the coffers.  I think it is a crime to allow people who haven't put a single penny into the system to draw money out of it.  I also think that there should be "means testing", and they should disallow the wealthy from drawing full benefits, if any at all. 

Those of us who are on SS now are drawing money based first on our previous earnings and from what we put into the system during our working years.  We will continue to draw our benefits as long as younger workers continue to pay into the system.  Where a lot of the concern comes from is the notion that the government will allow younger workers to "opt out" of SS.  So far that change has not happened.  But that doesn't mean that it couldn't happen.  Although I firmly believe that if it did, there would be other changes put in place to offset it such as a retirement age of 65-66 instead of 62 as well as means testing for those who earned significantly higher incomes. 

This is all based on my own research and a healthy dose of "what if".  It's always best to have a Plan B and to be aware of changes around us.  Better to know ahead of time than to be caught off guard.

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