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2023 Social security increase highest in 42 years

Discussion in 'Too Hot for Swamp Gas' started by rivergator, Oct 13, 2022.

  1. rivergator

    rivergator Too Hot Mod Moderator VIP Member

    Apr 8, 2007
    Social Security recipients get 8.7% cost-of-living increase, the highest in more than 40 years | CNN
     
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  2. sas1988

    sas1988 Senior

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    It can't last w/o major overhaul that no pol is willing to even discuss. I plan on it not being there for me or mine as should others.
     
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  3. RIP

    RIP Election Prediction Savant Premium Member

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    I have zero faith I will ever see a penny of the money I put in when it's my time to retire.
     
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  4. QGator2414

    QGator2414 VIP Member

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    You will not see a penny of the money you ever put in. But you will see plenty of pennies from your kids and grandkids.

    The tipping point is coming. No one is willing to truly make the sacrifices necessary for the disaster of this redistribution scheme. I know it is easier for some of us who have been blessed to prepare in a way the SS is just another pot for retirement. But we have to means test this thing and turn it into a true safety net (I am sure we have different definitions of what a true safety net is as well).
     
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  5. ursidman

    ursidman VIP Member

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    These were my thoughts as well when in my 20s and 30s some 30+ years ago. Thought SS was a Ponzi scheme. Because I was convinced SS could not last, it made my save and invest from every paycheck and squirrel away other monies. Now, many years later, SS is still there for me and my investments have increased in value significantly. So keep that thought and invest appropriately. After all us boomers die-off SS should become more fiscally sound.
     
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  6. defensewinschampionships

    defensewinschampionships GC Hall of Fame

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    I plan on not having SS. If it comes, yay for additional income in retirement.
     
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  7. docspor

    docspor GC Hall of Fame

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    I have not paid a penny into SS in 17 years. it's a mess. But, to put things in perspective, retirement is a VERY modern thing. not long ago pretty much everyone worked their asses off until the dropped dead.

    We're victims of our leisure
     
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  8. rivergator

    rivergator Too Hot Mod Moderator VIP Member

    Apr 8, 2007
    As a retiree, let me say that your continued contributions are appreciated
    :cool:
     
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  9. WC53

    WC53 GC Hall of Fame

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    My response, thank you….
     
  10. WarDamnGator

    WarDamnGator GC Hall of Fame

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    My parents used to say the same thing 30-40 years ago... whatever party ends it will be committing political suicide. The adjustments needed to make it last another 100 years are small and will eventually get done.
     
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  11. QGator2414

    QGator2414 VIP Member

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    At the expense of your kids and grandkids it will still be around to a point. But let’s be honest. Your kids will end up paying more for less. The reality of the system….
     
  12. tarponbro

    tarponbro All American

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    Here's something that might make a difference in the shortfall. Install universal basic income of $1100 per month and tax it at 9%. That's $99 per month from about 140,000,000 recipients. This adds up to about $150-$200 billion per year in tax revenue for the US government.
     
  13. ursidman

    ursidman VIP Member

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    I’ll be leaving them something to compensate.
     
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  14. WarDamnGator

    WarDamnGator GC Hall of Fame

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    No it's not ... the Social Security Act of 2100, which democrats are pushing, which would fund it for 80 more years -- while increasing benefits -- and would solve the funding problem simply by raising the yearly contribution to incomes up to $400K. It's currently around $150K... easy fix. It will get done, eventually, and that will be a great thing for Americans, but I expect Republicans to push us even closer to the edge just so they'll have something bitch about in the mean time.
     
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  15. partdopy

    partdopy GC Legend

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    Nah, there's plenty of things they can tax and get votes for it from millions of people who didn't prepare and expect us to take care of them.

    All that's standing between them and your retirement accounts is new legislation, for example. After all, shouldn't a comfortable retirement be a right?
     
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  16. partdopy

    partdopy GC Legend

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    Why don't they fix it by investing the money like every other country with a similar system does rather than using it to fund their irresponsible spending through sub inflation bond purchases?

    If Social Security were a private retirement fund, we’d sue
     
  17. QGator2414

    QGator2414 VIP Member

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    Glad you will be able to. We will as well.

    Unfortunately their peers may not have that luxury.
     
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  18. QGator2414

    QGator2414 VIP Member

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    Yes take more from the younger generations and give to the older generations. It is not a fix…
     
  19. WarDamnGator

    WarDamnGator GC Hall of Fame

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    You mean paying into social security for 40-50 years isn't a form of preparing?
     
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  20. WarDamnGator

    WarDamnGator GC Hall of Fame

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    You are right, that is not a "fix", that is literally how the system has worked from the beginning. I'm paying for the older generation right now.
     
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