What in the world is going to happen to those 40% that live entirely on Social Security after retirement, for many different reasons, if it is done away with? There is going to be a lot of homeless senior citizens.
Let us know when SS is done away with…
Even though its a crappy Ponzi scheme, its not going anywhere because no party actually wants to solve the problem.
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You are worrying about something that isn’t going to happen.
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Check out what Clark Howard has to say about Social Security in this video:
Who is doing away with social insecurity?
Anyone who never put anyway anything for their old age was irresponsible. I guess their extended family will have to support them, as it sure ain’t the responsibility of the taxpayers.
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*You are using judgement. You have no clue what a person’s circumstances have been. There are many reasons one doesn’t have money put back for retirement, including medical bills or drugs not covered by medicare, just as one example.
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One has but to work with the chronically poor in the USA for a short time to understand the roots of their predicament.
Of all the flaws evident, chief amongst them is the lack of self discipline and industry.
I don’t think Social Security is headed for demise at all, but…
If they raise the Full Retirement Age (FRA) to 70, then anyone who claims it earlier will get dinged. If you plan to take it at 70, you’re not affected at all.
Closure of offices and telephone lines will mean that customers who are not computer literate, or who have a disability that prevents then from making effective use of technology, and they have no way to get to a SSA office (which could be a long way off from where they live, if they are rural dwellers) are not going to be able to get account and payment issues fixed.
I’m pretty stressed out about the plans to take tens of millions of lines of COBOL code and refactor it into modern code in months, not years. I’m waiting for things to break for my spouse, who is receiving retirement benefits. If she misses payments… how does this get fixed? How quickly? I’m not claiming until late 2030, the new code (if they do the refactoring) should be stable in five years.
If the funding isn’t fixed, then by the mid-2030s everyone gets about a 25% haricut across the board. The people in charge aren’t inspiring confidence in me, so my retirement budget assumes a 25% haircut in Social Security. The next Social Security Trustees report comes out in May.
So, not a demise, but I would say the “en****ification” of Social Security. A decay.
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You say that like it’s a bad thing.
There are several changes to Social Security that can be done alone or in combination to manage a future shortage. These include:
Raising the Social Security tax income cap
Raising the Social Security tax rate
Increasing the age of eligibility for Social Security
Decreasing the inflation adjustment on benefits
Sure…just more band-aids to address the failing Ponzi scheme. We have done these before…for the same reasons. No one actually wants to solve the problem.
NOt to worry. The team making these changes is headed by a genius.
Forgive me Father for I have sinned. I doubted Him.
Not true. You currently can accrue retirement credits each month past full retirement age until age 70 (adds up to 8% per year) by postponing drawing one’s benefits. If full retirement age is pushed off until 70, you will not be able to earn those credits.
Oh heck you are right.
Since we’re discussing imaginary legislation, his interpretation is just as valid as yours.
If I needed to rely on Social Security I would be stressed as well. I think the POTUS will run it to the ground faster than predicted.
A very stable one! 
Back in 1960 I had a friend told me that I would never collect any Social Security because it’s a Ponzi scream and would collapse.
I’ve been on Social Security for more than 20 years and expect to be on it for at least a few more years.
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Never happen, Washington would be stormed by geriatrics.