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Report: Social Security to run out by 2035 (1 Viewer)

Stop stealing the money would be a good place to start.

After that, index the retirement age to life expectancy again.

 
I would fund SS with non citizen workers. People want to come here to work , legally and illegally.Legalize the lower skilled illegal workforce 

 
jonessed said:
Stop stealing the money would be a good place to start.

After that, index the retirement age to life expectancy again.
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I don't think the first point is correct.

The second point is part of the solution. But there is a big blue collar white collar divide. A teacher may be able to work until 65 or even 70, but how many heavy equipment operators can work outdoors in the elements until 65 or more. 

 
HellToupee said:
I would fund SS with non citizen workers. People want to come here to work , legally and illegally.Legalize the lower skilled illegal workforce 
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This is already happening in part. Undocumented people pay millions into SS every year which they will never receive. They’d pay a whole lot more if they were given a path to citizenship. But I’m a bit surprised to hear this from you. I wish more in your party agreed with you. 

 
Last I heard it was 2034.  So the outlook has brightened a bit?

Once it "runs out" (nice headline Tim), is the revenue still only 75% of expected obligation, or has that improved a bit as well?  Article doesn't say - just says "about 3/4".

 
proteus126 said:
Once it "runs out" (nice headline Tim), is the revenue still only 75% of expected obligation, or has that improved a bit as well?  Article doesn't say - just says "about 3/4".
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The Motley Fool has been saying the inflows would be adequate to cover 79% of the outlays for a few years now, so based on that reading it's getting worse. Which I'd tend to assume for two reasons: the birth rate in the U.S. (which inversely correlates to the ratio of collectees to payees in the 2030s and beyond) and the fact that by law, the SS trust fund is permitted to invest only in debt obligations of the U.S. Treasury.

Both birth rates and long-term bond yields are well below where they were, say, 20 years ago, so it stands to reason the size of the eventual shortfall would grow.

 
Mr. Irrelevant said:
The Motley Fool has been saying the inflows would be adequate to cover 79% of the outlays for a few years now, so based on that reading it's getting worse. Which I'd tend to assume for two reasons: the birth rate in the U.S. (which inversely correlates to the ratio of collectees to payees in the 2030s and beyond) and the fact that by law, the SS trust fund is permitted to invest only in debt obligations of the U.S. Treasury.

Both birth rates and long-term bond yields are well below where they were, say, 20 years ago, so it stands to reason the size of the eventual shortfall would grow.
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Correct. There were 2.8 workers for every Social Security recipient in 2017. That's down from 3.3 in 2007. In 1960, there were  5.1 workers for every beneficiary.

Also, please change the thread title. 

 
timschochet said:
https://abc7chicago.com/finance/social-security-wont-be-able-to-pay-full-benefits-by-2035/5264880/

Well this will come as a surprise to absolutely nobody. We pay less into it than we take out thanks to the Baby Boomers. Everybody’s been warning our politicians for years to do something- (remember the lockbox?) and of course we never have. Medicare is also in long term trouble. 

Suggestions? 
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Early boomers are now in their 70s so many boomers will be dying and off the payroll in the next 16 years..clearing up cap space for us youngsters.

 
tank said:
Take any of the money that we are wasting on "climate change" and put it into Social Security.
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How much money are we spending on "climate change" at the moment?  Where are we spending the most money and could that be cut?

 
When will it get back to full shares?....and when will the ratio flip back to a more favorable WORKERS PAYING IN  to SOCIAL SECURITY RECEIVEES situation?

 
Eventually the answer will come from one or some mix of means testing, raising the age to receive benefits, or raising the SS cap. Politically, only raising the cap or “taxing the rich” has any footing from any constituency. But given where we are headed on entitlements that can’t be the answer for it all. My guess is eventually there is some raising of the cap along with means testing. So if you’ve saved your money, you are likely going to have to foot some of the bill. 

 
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Eliminate the cap and fund SS for at least the next 70 years. All fixed.

Easy solution to a manufactured crisis.

 
I would be in favor of a compromise.  Keep the cap where it is now but no cap over incomes over $1MM.  No reason to hurt the middle class.

 
timschochet said:
https://abc7chicago.com/finance/social-security-wont-be-able-to-pay-full-benefits-by-2035/5264880/

Well this will come as a surprise to absolutely nobody. We pay less into it than we take out thanks to the Baby Boomers. Everybody’s been warning our politicians for years to do something- (remember the lockbox?) and of course we never have. Medicare is also in long term trouble. 

Suggestions? 
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Bit of a doom and gloom headline.

Social Security will never "run out of money" and anyone who says that is just flat out wrong.

Here is what I genuinely fear will happen.......Progressive democrats will find a way where Americans will not only have to report their income, but their wealth as well.  Once the wealth is known, then they will decide at what threshold of wealth SS benefits begin to decline.  Where that bar is I don't know..but I absolutely believe.this is what will happen.

So if you have say 500K in a 401K that you worked hard to save for, the government will deem you too wealthy for social security and you won't get any, or you will get a reduced amount.  

 
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Don't Noonan said:
I would be in favor of a compromise.  Keep the cap where it is now but no cap over incomes over $1MM.  No reason to hurt the middle class.
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If you are breaching the cap now you aren't middle class. The cap is roughly 126000 a year that puts you making more than 85% of wage earners. So making someone pay who makes more than that isn't going to hurt the middle class. 

 
NCCommish said:
If you are breaching the cap now you aren't middle class. The cap is roughly 126000 a year that puts you making more than 85% of wage earners. So making someone pay who makes more than that isn't going to hurt the middle class. 
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Well this brings up an interesting subject that I guess we disagree on.  What do you consider the middle class?

 
By then the millenials will be able to find a job. Especially those vacated by the boomers. There will be an increase in those paying in and a decrease in recipients. Just a blip on the radar.

 
Maybe we can have a day like in the Purge movies but where it is legal to cull the herd of those over 60 rather than just anybody.  Ideally the young would work like wolves do on caribou, taking out the sick and infirm thereby leaving the herd stronger.  We would need less resources for the retired, the young might create job openings to incentivize the economy, though I might get my own money out of hospice care.  Me, I'd be in danger.  Lots of youngsters in my office might like to see some opportunities open up.

 
Ditkaless Wonders said:
Maybe we can have a day like in the Purge movies but where it is legal to cull the herd of those over 60 rather than just anybody.  Ideally the young would work like wolves do on caribou, taking out the sick and infirm thereby leaving the herd stronger.  We would need less resources for the retired, the young might create job openings to incentivize the economy, though I might get my own money out of hospice care.  Me, I'd be in danger.  Lots of youngsters in my office might like to see some opportunities open up.
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Or for something less bloodthirsty.  We could get rid of the cap and lower the retirement age. We are soon going to have a very young workforce and the boomers are going to pass on. So let those who are 60 retire and open up those opportunities without the killing. 

 
NCCommish said:
Or for something less bloodthirsty.  We could get rid of the cap and lower the retirement age. We are soon going to have a very young workforce and the boomers are going to pass on. So let those who are 60 retire and open up those opportunities without the killing. 
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Well I suppose we can try it without the killing, but if that doesn't work I think we should keep that option available, in our back pockets as it were, a back up option.

 
In 2035, I will be well into my planned retirement so I hope whatever changes made include a grandfather provision so my money don't get touched.

Let the millennials who got all their student loans forgiven get less in retirement.  They should have a lot of extra money once we are done giving them stuff.

*said slightly tongue in cheek, but only slightly*

 
NCCommish said:
If you are breaching the cap now you aren't middle class. The cap is roughly 126000 a year that puts you making more than 85% of wage earners. So making someone pay who makes more than that isn't going to hurt the middle class. 
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I"m in favor of raising the cap.  I don't know the effect if it was bumped up to, say, 150,000/year ..or even higher?  But if someone is fortunate enough to be making that kind of money for a number of years, they're also probably contributing to a retirement fund as well.  So I'm comfortable with the imbalance of people in that position paying in more than they'll take out.  

 
tri-man 47 said:
I"m in favor of raising the cap.  I don't know the effect if it was bumped up to, say, 150,000/year ..or even higher?  But if someone is fortunate enough to be making that kind of money for a number of years, they're also probably contributing to a retirement fund as well.  So I'm comfortable with the imbalance of people in that position paying in more than they'll take out.  
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IMO, if I have to point out one massive mistake in the DJT tax cut, it was reducing the top tax rate by that couple percent.  IMO, it should have been diverted over to cover the SS shortfall.  It would have been a fairly seamless way to raise the cap (or remove it altogether).

Anybody who hits that second bend point in the SS actuarial tables will be putting in well more than they take out and it doesn't take a massive salary over 40 years to get there.  I'm also comfortable with that imbalance (I should hit that bend point in a couple years).

 
Sand said:
IMO, if I have to point out one massive mistake in the DJT tax cut, it was reducing the top tax rate by that couple percent.  IMO, it should have been diverted over to cover the SS shortfall.  It would have been a fairly seamless way to raise the cap (or remove it altogether).

Anybody who hits that second bend point in the SS actuarial tables will be putting in well more than they take out and it doesn't take a massive salary over 40 years to get there.  I'm also comfortable with that imbalance (I should hit that bend point in a couple years).
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In 1986, I exceeded the SS cap for my last one and a half pay checks.  It was sweet!  But it was just "free" money.  Then in 1987, I entered higher education and I've literally been chasing the cap ever since.  :kicksrock:

 
timschochet said:
https://abc7chicago.com/finance/social-security-wont-be-able-to-pay-full-benefits-by-2035/5264880/

Well this will come as a surprise to absolutely nobody. We pay less into it than we take out thanks to the Baby Boomers. Everybody’s been warning our politicians for years to do something- (remember the lockbox?) and of course we never have. Medicare is also in long term trouble. 

Suggestions? 
Click to expand...
I love this kind of remark.  I am on the edge of being a boomer (born in 59) and have paid into SS for over 40 years, and with my income still paying into it a heck of a lot more than the average Gen X, Y or Millennial, never taken a dime and somehow the SS mess is my fault.   

 
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