Can Social Security Be Fixed Or Has That Ship Sailed?

OneEyedDiva

OneEyedDiva

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This article from Investopedia offers suggestions to how fixing the system that is forecast to run short by 2032 might be accomplished. Years ago, I saw 24%, then 23%, then 24% again. But this article is saying that the SS cut could be as much as 28%. Check out the Testimony on the subject, linked below. Your thoughts and concerns? Lets not get political with our comments. Thank you.

KEY TAKEAWAYS​

  • Social Security faces a funding shortfall, with benefit cuts expected by 2032 if Congress doesn't act.
  • Solutions include raising the cap on wages subject to the Social Security payroll tax.
  • Lawmakers could also raise the retirement age, means-test benefits, or combine tax increases with more modest benefit cuts.
"As more Americans retire, payroll taxes from today's workers no longer cover benefits going out. The Old-Age and Survivors Insurance trust fund, which has been covering that shortfall, is projected to run out in 2032, according to the most recent estimates by the Congressional Budget Office.1
Congressional Budget Office. "Testimony on Social Security’s Finances."

https://www.investopedia.com/are-we...y-what-experts-say-you-should-do-now-11948701
 
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We can fix anything if we have the will to change it and fund it.

This is a long but interesting read from the SSA.

https://www.ssa.gov/history/briefhistory3.html

I’m wondering if AI may become an effective tool to help trim the costs of the bureaucracy and put the government on a diet so more of our tax dollars go directly into program benefits and less into the ‘system’ that administers them. 🤔

Hopefully young folks will take all of the fear mongering over Social Security and their financial future to heart and change their priorities enough to save and invest for a secure self funded retirement.
 
When I think of cuts to SS benefits, I doubt that will happen no matter what. Think of the votes lost from seniors if that happened.

What would save SS? Perhaps raise the tax limit on workers, raise the benefit age (again), and establish an income cap. Why should the rich collect SS?
 
Aunt Bea said:
Because they believed in the system, obeyed the law, and contributed just like every other hard working American.

“Don’t hate the player; change the game.”
- Steve Harvey
Click to expand...
I agree with you. They paid into the system, too. The "tax the rich" mantra seems to be very popular although I doubt congress would want to disenfranchise their largest donors.
 
The amount of Fraud is the biggest White Elephant War here right now and effecting so many things.
We know about it, but it's too touchy to speak about. It's cost us so much more than anything else
has. Rampant doesn't even begin to touch it.
 
I used to have faith it could be done. Not anymore with this current political system. They are only in it for themselves. The average citizen isn't even on their radar.
 
I believe there will be cuts. The government has spent the last ten years warning us of cuts so in effect have desensitized us to the inevitable, they won't back off now.

I can only hope for some tax consessions offered to us seniors to offset the cuts. Maybe if our benefits are cut $10k then let us earn $10k tax free thru working, or let us withdraw $10k from retirement account tax free.
 
If a group of politicians kept kicking can down the road it will not be fixed until the fix hurts all.
This has been a decades long problem anyone who made suggestions or tried to change was ridiculed. This is used as a fear tool for elections.


This is more than a revenue issue, but no one will address the other issues.
There is NO one size fits all in any fix ... there should have been regular raising top cap all along.
Small changes should have been made thru years instead of patches and pretending it will be ok.
 
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