Hi, All.
I've read from AARP and from other relevant sources that Congress threatens to cut Social Security benefits 20% to all retirees and future retirees in the year 2034 to balance their federal government budgets. If this should happen, what will happen to the millions of our USA citizens who rely on this as our only income? It's bad and cannot happen to us who have worked all our lives for these vital lifeline benefits.
I will turn 79 that year and am scared I may struggle to pay my bills if Congress cuts 20% from my annual income of only about $29,000. Please help with your opinions.
And ss was good for many decades
They raised the age of SS and that was less of a battle. It is known by 2034 they will have to adjust SS again and one way do that is cut benefits but there are many different ways to do it.. like raising the cap on social security taxed
GIve your vote to politicians who support that way of adjusting social security. Then the 20% cut won't happen
Its time to raise the cap as too many people have become obscenely wealthy... tme to throttle that back.
Personally I'm for a maximum
Income then the gov taxes 100,% after that.. to avoid the government from taking all. They would have to invest into their company or donate to charity of their choice.. SS Is not at risk. The wealthy see these alternative and trying to get in first to stop it.
The wealthy have the bucks to direct to conversation.. doesn't mean we have to believe them.
CBS: Debt limit "X-date" could arrive within weeks, new analysis finds - CBS News
From msn.com.com website information:
What happens to Social Security if the U.S. breaches the debt ceiling? (msn.com)
If the U.S. defaults, "it is unlikely that the federal government would be able to issue payments to millions of Americans, including our military families and seniors who rely on Social Security," Yellen said late last month.
Here's what to know about Social Security and the bitter partisan fight over the nation's debt limit.
How close is the U.S. to hitting the debt ceiling?
Estimates vary, but the U.S. is likely just weeks away from breaching the debt ceiling.
The "X date" could arrive as soon as early June to early August, the Bipartisan Policy Center recently projected. And Yellen warned congressional leaders in a letter last week that the U.S. could be unable to pay its bills as soon as June 1.
I have high functioning autism and anxiety and will possibly face problems returning to work to earn some income. Until the Social Security crisis passes, what jobs would be available to me? This is welfare I am talking about, since Social Security is my only income. Thank you for your ideas. Please tell me to not worry. I am also seeing a therapist to help me.
Patathome01
I think we all know what will happen if SS stops. We will have more people on Welfare and Medicaid. The States cannot take that on.
I totally understand your concern, but I don't think you need to be too worried. Someone wants you to be scared. It's manipulation.
Other programs, perhaps run by the states instead of the feds, may come in to take up the slack. In the meantime, save and invest as much as you can. Live frugally as many do. I learned to do so as a child. If you didn't, you still can. Tobacco, alcohol and drugs waste a tremendous amount of money. Designer coffee?? Ridiculous. McDonald's every day? Eat rice and vegetables at home, thus improving your health and saving money to put to work for you.
Have you ever heard the tale of The Richest Man in Babylon? Someone asked him how he became so wealthy. His secret was that of every amount he made, 10% was his to keep and invest. He did that over a lifetime. The interest earned interest.
There are presently rates of 4% and above being paid on CDs. In many ways your financial future is up to you. Your fellow taxpayers were not meant to support you.
Around me I've seen others who were able to save but didn't. They blew their money on foolish things, like fancy new cars every year or two. (I've never ever owned a new car, always used.) They squandered money on cars for their kids, designer breed dogs, Starbucks and jewelry that they never wear. They quit jobs but didn't find a new one and lived off their retirement income before age 50. A friend and his wife turned down a chance to buy a lucrative real estate business from his boss and friend, retired at an early age to fish and travel, and now they are like "Who has $72,000 a year to spend on assisted living?" Wah-wah-wah, and he was a corporate accountant.
Those of us who planned and worked and denied ourselves things so that we could take care of ourselves in our old age feel resentful at having to support those who didn't.
I'm not talking about hardworking widows whose husbands died leaving them no insurance, though that happened to my MIL and she rose from working as a waitress and helping out on a farm to owning income properties that provided well for her in old age. I'm not talking about genuinely disabled folks who haven't been able to work. I'm not talking about moms who are taking care of disabled children. Most of these deserve help.
But those who kept going on European vacations and Caribbean cruises and expect their adult children to take them in because they're destitute, not so much.
The reserves will run out not SS as a whole. Since both my DH and I started collecting at 62, we already only get 75% of our full benefits we would have gotten at 66. So Pata, I don't think u have anything to worry about in ur lifetime.
I worked hard and tried to save more money with over 40 years of employment. If I was able to work the same job for 30-35 years, I feel I would be in a better financial place today. Unfortunately, I got laid off in 2012 from 25 years of service and could not save as much as I had planned for, nor get more in my 401(k) pension. I faced nearly 4 years of unemployment trying to find better-paying jobs and finally forced to take minimum-wage jobs for six years; 2015 to 2021 to retire me at age 66.
I am 67 today. In ten years, I will be 77 and do hope government's SSA benefits will last in my lifetime. Thank you for all your assistance, so I will worry less about the issues and cross the bridge at the time if disaster actually happens.
Prayers and peace to all.