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Respected Social Butterfly
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Re: Social Security Cost of Living

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Plong wrote-Why should those who make below the top figure for Social Security have to pay SS out of all they make while upper income folks don't?  --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------The upper income pay the maximum payout for SS on earned income($128,400). Most Americans don`t earn that much and pay much less on a yearly basis then those who do. They also receive less when they do start collecting -62 0r 67.  Just the fairest system the government can come up with.

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Re: Social Security Cost of Living

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Message 2 of 71

I agree Jordina. I remember a time since between the 1960's and now when the federal government did "borrow" money from the funds that were in the Social Security surplus that was suppose to be there to help pay SS benefits. I believe this happened more than once. Now granted if paid back these funds would probably not add too many years, but it was suppose to be paid back. Also if the income top amount for paying Social Security out of paychecks was raised so that everyone paid the same percentage of their income this would help tremendously. Why should those who make below the top figure for Social Security have to pay SS out of all they make while upper income folks don't? That is a solution to most of the funding instead of cutting benefits!

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Re: Social Security Cost of Living

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Message 3 of 71

two things: the cap placed on SS payments on earnings must be eliminated soon if SS is to survive another decade...and, the income limits after which taxes are paid on SS benefits should be doubled, since there has been no adjustment for inflation for 25 years!! ...what, at one time (and maybe still) the IRS called "substantial income" no longer is...these are simple steps to keep SS alive and beneficial into the coming years...why these two things have not been done already boggles my mind...

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Silver Conversationalist
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Re: Social Security Cost of Living

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Message 4 of 71

GailL1 wrote:

easyed598 wrote:



Social Security Beneficiaries Hit Record 61,859,250


Interesting article and data - graphic was kind of scary.

Not so very long ago, there were upwards of 5 workers supporting each beneficiary.,,,,

 


Here's the history of the worker v. beneficiary ratio.  I didn't realize we haven't seen 5:1 since the 1960s, almost 60 years.  However, I was a little surprised the ratio hovered at about 3.3:1 for years from 1975 through 2008 (34 years), then it started dropping when the recession hit.  Maybe the current economy surge will push it back up. We can only hope.  The nice thing about the article is it showed 2017 non-interest income to the Trust is increasing from a 2016 $53 Billion shortage to a projected 2017 $27 Billion shortage.  Unfortunately, it's a good/bad situation.  If the economy contiues to better and non-interest income starts paying annual expenses again, all interest and income tax revenue to the Trust will return to increasing the National Debt by $150-200 Billion a year, up from the current $30+ Billion per year now.

 

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

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Valued Social Butterfly
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Re: Social Security Cost of Living

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Message 5 of 71

easyed598 wrote:



Social Security Beneficiaries Hit Record 61,859,250


Interesting article and data - graphic was kind of scary.

Not so very long ago, there were upwards of 5 workers supporting each beneficiary.

 

May we ( all 62 million of us) live long and prosper.

Ha,Ha,Ha . . . . . 

Hope we all have some other retirement funds to fall back upon cause I don't see any bipartisan efforts in our Congress to fix the problem.

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Re: Social Security Cost of Living

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Message 6 of 71
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Re: Social Security Cost of Living

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Message 7 of 71

Jodina1103 wrote:

I appreciate the reply, but am smart enough to know that the government has been looting Medicare and Social Security for years and years.  As far as 10,000 people joining a day as mentioned, I would have to see the tally on that one. Senior citizens are dying everyday so they will not be collecting SS and Medicare.  This evens the playing field.  Just read that they are sending billions to Israel and why not spend that on the senior citizen population in America who are struggling to make ends meet. Absolute disgrace what is going on and they pick on the most vulnerable of citizens.


As you say, people do die every day, but it isn't a "level playing field."  The net effect is that the number of SS beneficiaries is increasing currently at a rate of approximately 1 million per year, or a net 2700 a day.  This has been going on for almost a decade.  Link to SS beneficiary totals:

https://www.ssa.gov/oact/STATS/OASDIbenies.html

 

As far as the "billions to Israel", see my post below with links that show the foreign aid to Israel is $3.1 Billion.  That is barely over 1 day of SS benefits, or $4 a month per beneficiary.  

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Re: Social Security Cost of Living

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Message 8 of 71

Jodina1103 wrote:

I appreciate the reply, but am smart enough to know that the government has been looting Medicare and Social Security for years and years.  As far as 10,000 people joining a day as mentioned, I would have to see the tally on that one. Senior citizens are dying everyday so they will not be collecting SS and Medicare.  This evens the playing field.  Just read that they are sending billions to Israel and why not spend that on the senior citizen population in America who are struggling to make ends meet. Absolute disgrace what is going on and they pick on the most vulnerable of citizens.


Pew Research Center Fact Tank: 12/29/2010 - Baby Boomers Retire

Roughly 10,000 Baby Boomers will turn 65 today, and about 10,000 more will cross that threshold every day for the next 19 years.

 

Sure some are dying off but for the most part we are living longer and longer, especially women.

 

Medicare (Part A) and Social Security are both Trust Funds so no money is coming out except for benefits.  But we do need to figure out what we are gonna do about both of them because the current revenue stream into these programs are not enought to sustain them for the long term.

 

Nobody has been looting Social Security or Medicare - the balance sheets are there for all to see.

What goes in, from where it comes in, where it goes and how much is remaining in the Trust Funds.  In the case of Social Security, the Trust Fund balance is located in Special Treasuries, redeemed when necessary to pay benefits when revenues collected are short.

Here is the balance sheet for Social Security

SSA: Old-Age, Survivors, and Disability Insurance Trust Funds, 1957-2016

 

If you read the Trustee Reports issued annually, you will see that unless something is done, by about 2029, for Medicare (Part A) and by about 2034 for Social Security, we will be forced by the SS law to make cuts in benefits -

Social Security Administration: Status of the Social Security and Medicare Programs - Social Securit...

 

So if you want them to last - some thing has to be done asnd since they are closed Trust Funds only certain things can be done.  Increase revenues or decrease benefits or a little of both.

 

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Re: Social Security Cost of Living

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Message 9 of 71

I appreciate the reply, but am smart enough to know that the government has been looting Medicare and Social Security for years and years.  As far as 10,000 people joining a day as mentioned, I would have to see the tally on that one. Senior citizens are dying everyday so they will not be collecting SS and Medicare.  This evens the playing field.  Just read that they are sending billions to Israel and why not spend that on the senior citizen population in America who are struggling to make ends meet. Absolute disgrace what is going on and they pick on the most vulnerable of citizens.

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Re: Social Security Cost of Living

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Message 10 of 71

Jodina1103 wrote:

They raised my Medicare from $109.00 to $134.00 and I have had the same amount in my check for the last four years.  Something is not right here. We are being bilked and paying for people who are in this country illegally.


No, Jodina1103

You have been protected by the Social Security Hold-Harmless clause preventing your SS benefit amount from being less than the year before because Medicare Part B premiums have gone up.

 

The standard Part B premium for 2017 (this year) was $134, in 2016 it was $122 per month -  so since there was a 2% COLA for 2018, you are just catching up.

 

Illegals don't get Medicare - no part of it.  Part B cost are just going up  - after all we do have 10,000 baby boomers retiring every day for the next few years, plus 50 a 60 million of us already in the system, medical cost for all of us is going up - the older we get, the more health care we will use.

 

i have described several times here that Part B is funded by our premiums and the taxpayers.  Our premiums represent about 25% of the programs cost and matched with 75% taxpayer money from the general fund to cover the complete cost of Medicare Part B.

 

Your payroll taxes for Medicare while you were working, matched by your employer - only covers Medicare Part A and it is going broke because it is a pay as you go type program and there are not enough workers supporting this system compared to the number using it.

 

So when you hear our legislature talk about reigning in healthcare cost, now you know why.  Or we will just have to ask everybody to pay MORE - workers, those on Medicare.  Seniors with higher incomes already pay more in premiums for Medicare Part B and Part D.

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