Yes, and Congress hasn't done a thing. One contributor to that problem is because president after president, from both parties, runs on a campaign of promising not to touch SS.
In 20 years when you retire you'll receive SS benefits that boomers contributed to.I don’t expect to ever collect a penny of Social Security
Never have and have spent my entire working life anticipating that I won’t.
If I do manage to see it, it will be happy icing on the cake
I’m still more than 20 years away from retirement - and still building my retirement portfolio with the anticipation that I’m on my own. Same with my husband - and we are both Gen X and have NEVER anticipated that we’d ever get a penny from SS.
I don’t even open the mail I get from SS to see what my “anticipated” benefits would be, because I don’t count on ever seeing it.
Hmm… how about a mandate that folks (over 30?) have at least 2 children or pay a FIT penalty?
OK, but the new number is twice as much as (double, or 100% more than) the old number. Of course, you could use ‘liberal math’ and say it was only a 1% tax rate increase.
You should expect to collect Social Security.I don’t expect to ever collect a penny of Social Security
Never have and have spent my entire working life anticipating that I won’t.
Because we have a big shortfall problem and it requires fixing. Sometimes, supposed promises, including financial promises, can't be (fully) kept when situations change.
Yes. If people want the SS system to survive, then they have to pay more into it.
In the U.S. 1.1 million. That's sad but it's not earth shattering for the SSI program. Mismanagement, borrowng from he fund, reinvesting that money to use elsewhere isn't proving to be able to keep SSI afloat. The money invested and the interest earned should have to go into the SSI fund and not be spent elsewhere. Instead of making the system pay for itself they essentially spend money that ought to be invested back into the trust fund. Now we are short funds to keep it going without some changes. What politicians are going to have the balls to vote in increase the SSI tax on income, to eliminate the cap on the amount taxed, and to raise the age for claiming benefits? Cowards.
Yes, that is the liberal Rx for everything--tax the rich. Benefits are also capped so SS is not in trouble because the rich arent paying enough. Its in trouble because no one is paying enough
I was never given an option or an alternative. I was forced into the system as it is. If taxes have to be raised so that the system survives, then the young will have to pay more into it.
Current beneficiaries should give up nothing, They played by the rules as they were. The rule changes will be for future generations
Unfortunately, no one in congress has the guts to increase taxes on anyone but the rich. So if SS is set to collapse in 8 years, we can expect congress to come up with a fix in 7 years, 11 months and 29 days.
