Coronavirus pandemic could wipe out Social Security 4 years earlier than predicted

Knight said:
This isn't about S S going anywhere it's about sustaining the level of payout. As in the expectation is for a reduction sooner than later. The age of the people it will affect & when will be a tough decision for politicians to figure out.
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I highly doubt anyone collecting now will take a hit. There are enough ways to kick the can down the road which is what will likely happen. Nobody in Congress and the senate are going to want to face voters as the guy who voted to cut SS for Grandma. Kiss your career goodbye. They will likely raise the cap on SS deductions , maybe increase the age for full SS to 70, possibly even raise the early collection from 62 , all before there will be any cuts to current recipients. Another possibility is means testing for collecting.
 

fmdog44 said:
Taking SS at 62 is in most cases foolish.
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Ridiculous statement. So many variables. I hate the "You'll get more money in the long run by waiting". Who cares, if you need the money earlier when you can actually enjoy it. If taking SS at 62 allows you to retire then and enjoy life while your capable I'd much rather do that than work till 65 or even retire at 62 but not be able to enjoy myself. What good does it do you to be 85 or 90 and stuck at home and thinking "Well, I'm making more money in SS then if I had taken it early"? Good chance that extra money is going to the nursing home you're currently in, big deal. I'm not interested in maximizing the amount of money I get from SS, I'm interested in maximizing the enjoyment of life that money can give me, while I'm in the condition to use it.
 
garyt1957 said:
I highly doubt anyone collecting now will take a hit. There are enough ways to kick the can down the road which is what will likely happen. Nobody in Congress and the senate are going to want to face voters as the guy who voted to cut SS for Grandma. Kiss your career goodbye. They will likely raise the cap on SS deductions , maybe increase the age for full SS to 70, possibly even raise the early collection from 62 , all before there will be any cuts to current recipients. Another possibility is means testing for collecting.
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Let's hope you're right. A year ago I would have agreed with you. No longer. It's impossible to ignore the number of (previously unthinkable) changes that are being made with a swoop of the pen on executive orders.

House & Senate members may not be willing to touch that third rail, but others who are proving themselves invulnerable to consequences delight in dancing on it.
 

Hub mentioned something interesting. He said "with all the old folks dying from covid, maybe it will make it easier on SS. The old are going, going, gone and the young are paying into the system for many many years.
 
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