Social Security turns 75 this year. The following was taken from their first pamplet to Americans:
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| Beginning November 24, 1936, the United States Government will set up a Social Security account for you, if you are eligible. To understand your obligations, rights, and benefits you should read the following general explanation.THERE is now a law in this country which will give about 26 million working people something to live on when they are old and have stopped working. This law, which gives other benefits, too, was passed last year by Congress and is called the Social Security Act.Under this law the United States Government will send checks every month to retired workers, both men and women, after they have passed their 65th birthday and have met a few simple requirements of the law.
WHAT THIS MEANS TO YOU THIS means that if you work in some factory, shop, mine, mill, store, office, or almost any other kind of business or industry, you will be earning benefits that will come to you later on. From the time you are 65 years old, or more, and stop working, you will get a Government check every month of your life, if you have worked some time (one day or more) in each of any 5 years after 1936, and have earned during that time a total of $2,000 or more. |
Well, things have sure changed in 75 years. Every president in recent memory has tried, to some degree, to reform Social Security. It isn’t sustainable and with the bumper crop of baby boomers getting ready to hit the system, it ought to be stressed to it breaking point.
But what can be done? President Bush tried to privatize it. I was all favor of his plan. Then came the crash of ’08 and all of a sudden that plan didn’t look so good. President Obama knows something must be done also. He opposes privatization. He also has the benefit of hind sight to show him what would have happened to private accounts if they had been subject to what happened to the 401k plans.
So, what to do. How do we save social security. What can done to make sure those paying into it aren’t taxed to death and that there will be fund available for future retirees? Doing away with it totally is not an option.
I think social security should be made optional for younger folks. Benefits should also not exceed the employee/employer contributions.
Also I’m not sure that requiring employers to match employee contributions is fair or not. Employers can if they want to in order to attaract good employees. Requiring employers to do so seems a bit much.
Who pays for it now if we take away young people and make it optional for employers?
I know if I were a young person, I would say no because young people think they are immortal and forever young.
Understood that the main article says getting rid of it is not an option but that’s the one that I would pick.
The same people that are paying for it now…..us. SS funds are paid from the general fund, since the SS funds are not in a separate account. SS is nothing more than a tax.
Phase it out and let me keep more of my money.
If we can’t do that, put the SS funds into a treasury bill account. The bonds come due on retirement. If you die prior to that, your heirs can inherit. And the government still gets to use your money.
Those t bills fluxuate also.
I think anyone 45 or older gets to stay and stay at current levels. You can’t pull the rug out from under people who have counted on that money half of their working life. That would be a real betrayal.
Social Security turns 75…..is broke and penniless.
@Moon-howler
I’m over 45. If anyone under the age of 60 was expecting that money, they’ve been waiting for fool’s gold. Remember, to save money, the government can just say, “Well, we’re out of money. No more checks.” However, T-Bill are a debt that the government has to pay. If they don’t, NO ONE will ever lend them money again.
And private citizens can buy T-bills at treasurydirect.gov
You can do it all online in increments of 1000.
I don’t think you pay state tax on your earnings. I used to do it until the interest rate got down to nothing. Now it isn’t worth the effort. I don’t have enough money to have it add up.
Cargo, if you are over 45, I wouldn’t give up hope. You could get ss in 17 years if you are only 45.
Marin, there are plenty of women who would be out on the streets begging if it werent for ss.
Are there abuses? Sure. But by and large, I don’t think most people are gouging.
You are mighty easy to give away things that don’t affect you personally. The way I see it, pay me now or pay me later. I am going to say something and I don’t mean it cruely….but we are our brothers’ keepers to some extent. I think you are reading too much political BS and not looking around you, especially outside of Northern Virginia.
We are a huge nation and people are folding. You have been fortunate. Not everyone has been. I think if you were older you might have more compassion for those who haven’t been as lucky as you have been. Your mother’s location at the time of your birth would be a starting point. This wasn’t anything YOU did. It was your mother. (And I hope you thank her daily.)