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(KnoxNews)   Retiring onto Social Security? You are the first to receive less in benefits than you paid in. Lock-box? Guaranteed return? Hahahahahahahaha   ( divider line
    More: Scary, Andrew Biggs, Urban Institute, David Certner, social security  
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575 clicks;  Favorite

32 Comments     (+0 »)
2012-08-07 08:24:07 AM  
obvious tag gone fishin?
2012-08-07 08:25:00 AM  
but we need defense! DEFENSE! MOAR BOMBS AND GUNS!

and free healthcare is communizm
2012-08-07 08:25:02 AM  
So important is this you have to tell us twice in as many days?
2012-08-07 08:25:44 AM  
Wait I know this one, "Social Security is neither social nor secure." err maybe I've got my poli-speak mixed up.
2012-08-07 08:25:52 AM  
2012-08-07 08:26:53 AM  
Lock box
fuzzy math
2012-08-07 08:28:00 AM  
Another day, another work-harder-for-your-masters polemic.
2012-08-07 08:28:18 AM  
Pfft. I'll just be happy if I get any SS when I retire.

I'm sure it will be raided to fund something other than my retirement.
2012-08-07 08:28:18 AM  
Politics aside - If you are in the US and you aren't putting a lot of money away towards retirement, you will have a really lousy time at it. Even if you are maxed out at Social Security today you are pretty much at the poverty level.
2012-08-07 08:28:32 AM  
If Uncle Sam would stop "borrowing" money from the SS system to pay for other programs then SS would be in fine shape.
2012-08-07 08:29:55 AM  
I thought the people yesterday were the first.
2012-08-07 08:30:16 AM  
I never plan to see any of that money. The sooner you realize that, the sooner you can plan accordingly.
2012-08-07 08:30:35 AM  
The government gave you free money and getting free money is popular."
"I'm Barack Obama, and I approve of getting elected that way"
2012-08-07 08:30:45 AM  
Social Security taxes should apply to all income.
Alternative minimum tax for corporations.
Political spending should be taxed.
2012-08-07 08:30:49 AM  

Terrydatroll: If Uncle Sam would stop "borrowing" money from the SS system to pay for other programs then SS would be in fine shape.

And yet these same aholes keep getting voted in.
2012-08-07 08:31:43 AM  
I'll be the first to say it, SS was meant to supplement your retirement, not be your retirement.

/yes, sucks to get less than paid in.
2012-08-07 08:33:06 AM  

6655321: Social Security taxes should apply to all income.
Alternative minimum tax for corporations.
Political spending should be taxed.

^This. We'd be rolling in revenue.
2012-08-07 08:33:21 AM  
I thought Al Gore was Mr. Lock box. Last I heard, he lost the election.
2012-08-07 08:33:39 AM  
Feel free to point out the other revenue positive parts of the budget.

tbhouston: obvious tag gone fishin?

It was used on the Sunday SS fear mongering thread.
2012-08-07 08:33:42 AM  
I supplement my income by serving my GOP masters and so should you.
2012-08-07 08:34:22 AM  
Clearly, it's time to start hunting the elderly for sport.
2012-08-07 08:34:51 AM  

Terrydatroll: If Uncle Sam would stop "borrowing" money from the SS system to pay for other programs then SS would be in fine shape.

Actually, we've been borrowing from the general fund to support SS since Obama gave us a payroll tax cut.
2012-08-07 08:37:15 AM  

Bruce the Deuce: I thought Al Gore was Mr. Lock box. Last I heard, he lost the election.

This is Etta Munson... She's 94, she's a widow living on Social Security in Sparta, Tennessee. Etta was born with only one kidney. She also suffers from poilo, spinal menengitis, lung, liver, and pancreatic cancer, an enlarged heart, diabetes, and a rare form of styctic acne. Now, several recent strokes, along with an unfortunate shark attack, have left her paralyzed and missing her right leg under the knee. Just last week she woke from a coma to find that, due to a hospital mix-up, her left arm had been amputated, infected with syphillis, and then reattached.
2012-08-07 08:37:57 AM  
But, if you get sick or die young, you can come out ahead. My dad died of a heart attack at 56, when my youngest brother was still in high school. He received social security for two years, which was used to pay for college. My mother had to retire early due to bone disease and received SSID for a number of years before she turned 65.

So, if your health fails while you are young, you can still come out ahead. However, I prefer to work until I am 70 or so and then retire healthy.
2012-08-07 08:38:43 AM  
I'll never understand why Al Gore was mocked for the lock box and his other views on Social Security when he turned out to be right.
2012-08-07 08:40:11 AM  
Repeat, but what you you expect when moderators auto-green their own submission. Look forward to seeing the posted every day for the next week, then again every week for the next few months.

/Do people not understand how Social Security works?
//Oh noes, people might not be working 40 years from now when I retire, complains one college graduate.
2012-08-07 08:41:33 AM  
We didn't elect the lock box guy. We elected the tax cut guy. Then we started two wars.
2012-08-07 08:43:07 AM  
Borrowing from SS to pay down debt is why Clinton had a "surplus"

but we replaced the cash with treasury securities. the lock box is full of treasury securities. Meaning we borrowed from ourselves to pay our debt and reasoned that the securities would gain interest. Only problem is we are paying the interest!

In other words in the 90s we borrowed from future generations to pay down debt and claimed we had a surplus. Now SS is borrowing from future generations just to pay current retirees less than they paid in.

baby boomers, geniuses.
2012-08-07 08:43:52 AM  

TheGreatGazoo: Even if you are maxed out at Social Security today you are pretty much at the poverty level.

Horsesh*t. Maximum benefits right now are in the $36k range per person.
2012-08-07 08:46:22 AM  
We aren't expecting to have anything left in social security by the time we retire...IF we can retire. Even though we've been investing in retirement for almost 10 years now, our account doesn't have much in it, really. The market crash a few years back really hurt our 401k, and like many other people in this country who tried to do the responsible thing and save, we got screwed. We are a family of four who live on one income (if I worked, I would only be working to pay the daycare, so it's not feasible at this point), and the freeze on gov't pay the past two years has hurt us even more (and my husband doesn't even WORK for the gov't, just a gov't contractor, so we don't even get the gov't benefits, either). The only way we could realistically save more for retirement would be to cut back on essentials now, and we definitely can't do that. But I'm sure in 40 years, when we are struggling to live day-to-day and rely on public assistance for help, politicians will say we deserved it because we didn't plan ahead well enough.

/end rant
//will go back to work after kids start school, but I know I've already hurt my potential earning power by having kids and staying at home
2012-08-07 08:47:42 AM  
FTA: Spouses can get benefits even if they never earned wages. Children can get benefits if they have a working parent who dies. People who are too disabled to work can get benefits for life.

Because of spousal benefits, most married couples with only one wage earner will continue to get more in benefits than they pay in taxes for the foreseeable future.

"You are buying this lifetime inflation-protected benefit that you can never run out of and that will always be there for you," Certner said. "It protects your spouse, protects your family and protects you from disability."

THIS. Its called Social "Security", not Social "Make it Rain Cash". Social Security has done more to protect the average american from abject poverty than any other program/employer/institution...ever. I can't believe that the so called "investor class" that constantly berate SS, haven't learned the basics of a Risk/Return Table a little better.

Does it need fixed? Yes. There are a number of things that could be done to improve it, but the basic premise and the majority of its execution has been one of the better things our government has ever done.
2012-08-07 09:23:57 AM  
Quick solution to the Social Security shortfall:

- Social Security pays out what if can afford to pay out to each eligible recipient, more or less according to means testing
- The difference between what is paid and what is promised to each individual becomes a tax credit against annual income taxes
- In any fiscal biennium where the national debt fails to decrease, all sitting congressmen and senators are disqualified from running for or appointed to any public office, or being employed at public expense, or for being employed privately for the purpose of lobbying, or receiving any payment from benefits deriving from their term in office, for a period of time equal to their current term of office after their current term expires

Why do I think this is a good solution?
1. The working poor get the cash they need, keeping the promise that was made to them
2. The more affluent that have planned ahead for retirement with 401K and other retirement account that defer income to their retirement years (this is something we want to encourage) have their tax burden reduced in lieu of the cash payments that were promised to them
3. The politicians that can't manage the public treasure well enough to balance the promises that they make with the revenue that is collected have to go earn a living as a private citizen for a while, living under the rules and system they intended for the rest of us. I make no exceptions: those that promise bread and circuses funded by debt are kicked out along with those that were not persuasive enough to prevent the bread and circuses. Those that would vote for a war and the expenses that entails will soon have to privately work for a time to pay the taxes to fund that war.
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