What the difference does it make?! SS benefits amount to a token pittance in the face of today's cost of living. I'm 45 and I know I will have to work until I die.
Any else hear retirement age going to 75?
- Thread starter SomeSoldier
- Start date
TEOTWAWKI inc.
.338 Win Mag
Social Security shouldn't exist.
Again, proper planning is where it should be.,
I will receive my Social Security in 8 years. My wife in 6 years. It will be nothing but bonuses for us. We have planned accordingly. I will not be told when I can and when I cannot retire.
I will receive my Social Security in 8 years. My wife in 6 years. It will be nothing but bonuses for us. We have planned accordingly. I will not be told when I can and when I cannot retire.
I would be talking it is about to explode. There is currently a huge pause in buying or building homes because of mortgage rates. That can't continue for too long without a huge correction.
Cavalry
.338 Win Mag
If you are in the age bracket I believe you to be in, your future benefits have already been forfeited....its just you are still paying.
Cavalry
.338 Win Mag
I agree its all coming to a head but rural sales by me are still strong. In the last 3 months I saw a property sell for 380k that 10 years ago sold for 100k and another that sold for 545k, 3 years ago it was 405k.
Its a shame its going to fall because my place would probably CMA in the 400's
TEOTWAWKI inc.
.338 Win Mag
I was born during Reagan's first term. Social Security will be gone, but I plan to get my money's worth...
RedBreast21
6.5 Creedmoor
It would be interesting to know who is buying and if they're local or moving into your area.
MothMan
.338 Win Mag
I worked till noon on the day of my wedding. Same same???
Truebeliever
6.5 Creedmoor
My understanding of the social security system is that it’s really multiple systems .
One is the old people retirement that we all know. The second is SSI which is the system for those who need ( or claim to need) services who did not pay into the system— this is the 35 year old who claims to too mental to work etc. And there is SSD where the person paid into the system, got hurt and is now disabled( or claims to be disabled).
Not all of it is financially non-viable. SSD is like an insurance program and is viable to the relative paying population. SSI? — that’s the welfare cases and we know that isn’t .
The social security viability is a simple answer but it’s a tax. Just take the cap off. I always maxed out by Social Security for years . Take that cap off and it will be solvent but it is a tax . And will happen. It’s the politics of the thing.
As far as it going to 75 or even 70, the demographics don’t fit. The baby boomers are grandfathered in. Gen X is too small to matter much and the boomers will be dead by the time millennials hit retirement.
One is the old people retirement that we all know. The second is SSI which is the system for those who need ( or claim to need) services who did not pay into the system— this is the 35 year old who claims to too mental to work etc. And there is SSD where the person paid into the system, got hurt and is now disabled( or claims to be disabled).
Not all of it is financially non-viable. SSD is like an insurance program and is viable to the relative paying population. SSI? — that’s the welfare cases and we know that isn’t .
The social security viability is a simple answer but it’s a tax. Just take the cap off. I always maxed out by Social Security for years . Take that cap off and it will be solvent but it is a tax . And will happen. It’s the politics of the thing.
As far as it going to 75 or even 70, the demographics don’t fit. The baby boomers are grandfathered in. Gen X is too small to matter much and the boomers will be dead by the time millennials hit retirement.
Cavalry
.338 Win Mag
The $545k was bought by a group of 4 people 2.5 hours away towards NYC. The $380K was bought by a local family. They are public employees so its known what they make. Unless they had a phenomenal down payment I do not understand how that all happened.
If it remained what it was supposed to be, I think I could have accepted it. It's still a little too "big brother" for me, but at least I would have known I'd have SOMETHING when I hit retirement age.
However, they've robbed from it for various things, including paying people who never paid into it in the first place. SS, as it is now, is merely a pyramid scheme. Those retiring are reliant on those who are still working to get their "pay", and everyone gets the same regardless of how much money they were forced to pay in.
I try very hard not to think about how much money I'll be losing, even if I ever manage to retire.
Cavalry
.338 Win Mag
I agree its become a pyramid scheme but unless I am not understanding how it works the more you make/pay-in the more you get, its not a flat rate of payment. There is some convoluted formula with last pay amount vs pay 35 years prior. My retirement has a calculator that estimates where I will be. SS if it still existed would be well more than double the national average, probably because I make more than double the national average.
I know I will not live to be elderly and that ok, too bad I will never be able to even come close (if it still exists) to getting what I paid in let alone the employer side.
Saltwater60
20×102mm Vulcan
I won’t need my 401K to retire. I have a pension from work and if things go as planned I’ll be debt free by 51-52. I’ll have nothing in loans nor credit and have no issues retiring. My wife and I both plan to work part time during retirement as well.
If the projections are right I’ll make more retired when I can start drawing from my 401K and that’s without any money I’ll get from any inheritance. Both my parents and her parents Will leave us something. It won’t be a ton but supposedly her dad just sold out his company and will be getting 2 million and he’s 75.
Saltwater60
20×102mm Vulcan
My brother is getting a disability retirement and will get 75% pay. He’s truly hurt and disabled from the job.
Gunby thing is he applied for it because they are forcing him out of the job after 1 year on light duty and the states said it will be 18-24 months to process the paperwork. Now the city has to pay him full pay for that time frame until it’s processed and he can’t work. Stupid.