[quote author="WestparkRenter" date=1225001807][quote author="WINEX" date=1224918930][quote author="WestparkRenter" date=1224918322][quote author="WINEX" date=1224916505][quote author="WestparkRenter" date=1224914882][quote author="acpme" date=1224913181]i have pretty much accepted the fact that the SS taxes i pay are basically a give-away to the govt. i'm not counting on seeing that money ever again nor am i relying on it when considering my retirement. on top of that i max my 401k because i know whatever i need for retirement i'm going to need to build on my own -- SS isn't going to cut it, if there's even something left in my old age. so i take the big sacrifice in my paycheck, and now the gubment wants to screw with that too???
this idea is wtf level and pretty much guarantees the financial health of americans in the future will be dire. most americans already are far behind in their necessary savings needed for retirement, personal savings rate is zilch, SS is going to go broke, and existing 401ks just took a nice 40% dive in the past month. i already know far too many of my peers who aren't taking advantage of their 401k. now let's get rid the only reason left for americans to save and make panda's prediction this nation and its people go bankrupt come true... because we all know that saving too much money is what got is in this darn mess!</blockquote>
I did a study on the SS. It's not going away, the worst case is that you only get 70% of what you expect.</blockquote>
And 70% of nothing is....</blockquote>
It's not 70% of nothing. If you normally expect around $2300/per month when you retire, you will get around $1600/per month, which is a big discount but it's better than nothing. However, it's best not to count on it.</blockquote>
Did you hear the "wooshing" sound? Or was it too far over your head.
I expect nothing. 70% of nothing is nothing.
As someone who was born in the last 6 months of the baby boom, I think my expectations are closer to reality than what you are trying to tell me what to expect.</blockquote>
I said you can expect nothing but that is not reality. See the above post. Was it too far over your head too?</blockquote>
Apparently the subject is too far over your head.
Social Security doesn't have a "trust fund". Benefits are paid out from current receipts. Anything left over is borrowed by Congress and doesn't officially appear on the budget deficit. Because of retirements of the Baby Boom generation and the smaller pool of workers that will be supporting them, excess Social Security receipts will disappear within the next 10 years. At that point in time, paying out Social Security payments will increase the budget deficit.
Don't expect it to last. Ponzi schemes always collapse.