Re: Saving Social Security

Well said! Until our elected official stop "borrowing" from SS Fund, the problem will never be fixed.

Re: Saving Social Security

There is no pot of money or "fund" that SS taxes get collected in. That is a common misconception. SS taxes go into the general budget and get spent. So far SS taxes coming into the general budget exceed SS payments coming out of the general budget but that gap is closing fast and will soon go the other way. That is the core issue with SS going forward.

Re: Saving Social Security

Well said (About the fund). It's a legal fiction. Has anyone noticed that the politicians who run our school systems somehow don't get around to requiring courses in basic econimics? If they did, most of the politians would be out of business in no time.

Re: Opt Out

I'm with you. Since we can't get rid of Social Security altogether (which I would prefer), those who want out should be able to opt out.

Re: Opt Out

The problem with folks who want to opt out, on the theory that they can manage there finances better than the government, is that they don't.

Then they aggravate the situation by bitterly complaining when they apply for their SS retirment benefit. "How am I supposed to live on $785.00 a month ?"

I can not tell you the number of times I hear this.

Re: Opt Out

SSA, you make a good point about most people not being adept financial managers. That being said, the return on SS is so dismal that even nearly zero risk money market investments beat it.

It is true that most people cannot manage an IRA or a 401K as well as they think they can, but to use this rational to defend the rate of return on SS is an apples to oranges comparison.

Re: Opt Out

True DOD ADMIN- the rate of return is poor. However the argument should be on how to improve the rate of return. Instead the political push is to get rid of social security. The constant bad mouthing of Social Security is designed to make it more palatable to get rid of it.

If they really wanted to fix it, they could do what several of the State systems do, buy stocks and bonds, in addition to the Government Bonds.b

Re: Insolvency of SS

and just how do you propose we fight wars without paying for them?

Re: Insolvency of SS

Another Bush basher with not apparent IQ.

Just what in the heck do financing wars have to do with the Social Security going insolvent? It does not matter whether the money is 'borrowed' to defend our troops or thrown away on welfare. Until legislation stops it there will be no money.

Re: Insolvency of SS

Good idea. We can just go around wearing signs on our backs that say, "PLease don't hurt me!"

I'm sure the rest of the world will honour that.

Re: Insolvency of SS

Let's stop getting into needless wars so we can spend the money domestically on the people who ante up the money. Let's stop giving away billions in foreign aid and help the American people.

Re: Insolvency of SS

Concerned taxpayer, it's never good to get into needless wars. Any war needless or not is expensive. That being said, the subtle implication of your post that the current war is needless is wrong.

Re: Encourage Boomers to Work/Incentivize Employers to Hire Boomers

I appreciate your desire to do your part, but unfortunately it's like the victim of a stock scam saying "I'll do my part to keep the ponzi scheem afloat"

When I studied pension fund accounting, I learned that if social security were held to the same standards as a private fund, the administators would all be wearing orange jump suits.

Re: Encourage Boomers to Work/Incentivize Employers to Hire Boomers

But we're already incentivising boomers to stay on the job. "Keep working or you'll eat dog food" works for me!

As far as incentivising employers, let the economy do that. After all, that's what it's there for. If employers receive more value relative to the cost from older workers, they will hire the older workers.

The question is, how many workers feel the incentive to make themselves more valuable to their employers? I'm 54, and I'm just finishing an MBA. In most cases, an employer must choose between the wisdom of age, or the fresh knowledge of youth. I have both.

Re: Social Security and Medicare

If we don't do something immediately, the giant 500 lb chicken eating toad of South Africa might become extinct, so for God's sake, please, don't anybody do anything!

Re: Increase SS tax limit

Maybe you should stop and do some math. A person making more than $97,000/year pays about $6,045 in SS Tax; a person making $50,000 pays about $3,100 per year. Upon retirement, both will recieve approximately the same payment and in some cases, the higher paid employee will probably be in a higher income bracken which will LESSES his SS payment. So how can raising the maximum amount higher be fair? I'll bet you probably think the govt owes you something and feel it's the govt responsibility to make your comfortable while others have to pay it.