Thread: America's retirement crisis is happening

Latest prognosis I read sometime in the past week indicated SS will be going deficit, as in bankrupt, by end of 2026 (as opposed to the 2034 projections I had read earlier in the past year). woohoo, my Longterm Care insurance policy premium going up by leaps and bounds as well, since they aren't earning anything on their investments either-they have to make up the difference between inflows and outgoes by bumping premiums, instead of from interest earned on the premiums already being collected. they may go out of bidness before I ever need to use it. anyone want to play poker?

roots and berries baby, roots and berries. live close to the roots and berries.

side benefit is they also provide bushes to sleep in.

it is coming, just as soon as we spend the last of our hope and change dragging the dead weight along and the bankers cut off the operating loans. sooner than you think. it is coming. get comfortable in the dirt.

and practice with rocks and sticks.

Originally Posted by alevin

Latest prognosis I read sometime in the past week indicated SS will be going deficit, as in bankrupt, by end of 2026 (as opposed to the 2034 projections I had read earlier in the past year). woohoo, my Longterm Care insurance policy premium going up by leaps and bounds as well, since they aren't earning anything on their investments either-they have to make up the difference between inflows and outgoes by bumping premiums, instead of from interest earned on the premiums already being collected. they may go out of bidness before I ever need to use it. anyone want to play poker?

I prefer Blackjack, how about we all go to Vegas?

The party is nearly over. Last person out, turn off the lights.

I don't think Obama approves of Social Security as it is!;swear

Obama Silent on Social Security

Back in 2013, Obama offered a constructive solution to partially solve Social Security’s shortfalls by using a more accurate measure of inflation—the Chained Consumer Price Index (CPI). Since backtracking on that proposal the very next year, the administration has offered no real solutions for Social Security’s massive shortfalls.
With each year of inaction, reforming Social Security becomes more expensive. Since President Obama was elected, Social Security’s shortfall (for the retirement, or OASI, program only) has almost doubled—from $6.6 trillion in 2008 to $12.2 trillion in 2014. (These figures include the 75-year unfunded obligation plus IOUs in the trust fund.)
Not only has Obama ignored Social Security’s shortfalls, but he made them worse by taking $150 billion from the Social Security Trust Fund to bail out the Disability Insurance program (Obama actually wanted to take $330 billion, but Congress passed a $150 billion “reallocation”). Using Social Security money to pay for disability benefits weakens, instead of strengthens, Social Security for future beneficiaries, who are on track to see automatic benefit cuts of 23 percent by 2034.
Social Security should be returned to its original purpose of preventing poverty among elderly individuals who are unable to work. Some ways to do that include using the more accurate chained CPI for cost-of-living adjustments, raising the early and full retirement ages gradually and predictably, phasing in a flat benefit targeted to those most in need, and enabling greater private savings.
– Rachel Greszler, Senior Policy Analyst, Economics and Entitlements

http://dailysignal.com/2016/02/09/he...obamas-budget/

Do Ya know how much Obama took from Medicare? IF I remember correctly it was 1/2 BILLION DOLLARS!

Originally Posted by nnuut

I don't think Obama approves of Social Security as it is!;swear

What Obama Got Wrong in 2017 Budget

I wonder what how many years that will reduce SS solvency.

Another Set of Overly Optimistic Assumptions Fool me once, shame on you. Fool me twice, shame on me. Fool me seven times and, well, that’s just shameful.
The economy has turned out nowhere near as rosy as Obama has consistently portrayed, and these overly optimistic assumptions have led to budgetary disaster.

I wonder what how many years that will reduce SS solvency

If I remember correctly the revised date this year is 2028 for the first cut in Social Security Benefits, somewhere around 30%! What are they going to do about it, SPEND MORE.

Originally Posted by nnuut

If I remember correctly the revised date this year is 2028 for the first cut in Social Security Benefits, somewhere around 30%! What are they going to do about it, SPEND MORE.

somewhere this week I read it will come in 2027.

I think one of the best and most sobering videos to watch is the PBS Frontline episode: The Retirement Gamble

I like the guy who thinks the federal pension system is unfair and bloated too, without having all the facts. Everyone just assumes Feds get benefits like the state of Illinois gives away, which simply isn't the case. I do my best to help friends and family with their retirement accounts and make them aware of long-term benefits, but I fear that there will be a much larger population in the future that rely solely on social security to live. Having spent a lot of time in post-Cold War Eastern Europe the devastation of defaulting on all pensions is stark. It's hard to come to terms with women in their 70s on the street begging for money to heat their homes, it's not a pretty sight.

Don't forget America's hidden welfare for malingerers program, social security disability, which grows red and attracts transfers from what used to be yours for retirement.