👴👵 What Are YOUR RETIREMENT CONCERNS today?

[Anonymous]

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***READ comments and/or ADD a comment***

(1) Still WORKING - what are YOUR concerns while planning? 🤔

(2) RETIRED - YOUR concerns? 🤔

Thanks, Nicole 👴👵 (Retirement Forum)

[SpringIsHereSoHappy]

We would luv to hear from YOU!!! Nicole ‌‌👵

[SpringIsHereSoHappy]

(4/28/24) @PhyllisD295263 how are you doing? Were you able to get any answers? Thanks, Nicole  👵

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[*** PHYLLIS @PhyllisD295263 wrote:

I was forced to retire concerned about income. How can i earn from baking homemade desserts? ***]

[AZBlueSkies]

  I’m afraid of the upcoming election.  The Republican party seems determined to destroy Social Security and Medicare.  I have other sources of income, but without Social Security and health care, life would be bleak and probably short.  

[SpringIsHereSoHappy]

(4/14/24) @AZBlueSkies , they said Social Security will NOT be around and ALOT of Medical People are REFUSING to deal with Medicare.  👵

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[*** @AZBlueSkies wrote:

  I’m afraid of the upcoming election.  The Republican party seems determined to destroy Social Security and Medicare.  I have other sources of income, but without Social Security and health care, life would be bleak and probably short.  ***

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[AZBlueSkies]

  Exactly, that’s why I’m afraid.  It’s just crazy that Congress did nothing all those decades, when they knew this day would come.

[GeorgeM80439]

You are right when you say congress did nothing all those decades and now the day is here.  You blame republicans for all the SS woes but the democrats have added more programs that have nothing to do with the original intention of SS and now we have a spending problem. Also, all those "IOUs" that congress made as they spent the SS surplus in the past is the biggest fraud of all.  AARP, why are you not calling out congress on the spending of SS surplus with no plan to pay it back?

[GailL1]

@GeorgeM80439  wrote 

AARP, why are you not calling out congress on the spending of SS surplus with no plan to pay it back?

==================================

I think this is a whole lot bigger than what you think - because it ts the TOTAL DEFICIT that has slurped up this money - 

According to the ledger, Social Security has a surplus of 2.8 BILLION  (end of 2023 - 2,788,463 BILLION  to be exact) but it is declining every year because outgo is greater than income.  

But because we now have a Unified Budget (since President Johnson), the SS surplus that is in these “special treasuries” and gets interest is only a number on the spread sheet because we don’t really have the funds readily available for really anything cause we run deficit spending - there isn’t any savings accounts even in in of the Trust Funds and there are many of them, not just SS.

But the US Treasury does pay the SS Trust Fund interest on this surplus number.

Here’s the Spread sheet 1957 - 2023 - note at the bottom for the last few years on the 1st one, which is the total balance sheet, we are now spending more (in benefits outlay)  than what is coming in from all sources - payroll taxes, taxes on social security benefits and interest on these special treasuries.

SSA.gov - Trust Fund Data 1957 - 2023 

The 2nd and third charts show the income and the expenditures in each of these years and add back up to Chart 1 - which is the income and outgo combined.

[GeorgeM80439]

Thanks for the info. What you state here is exactly what I meant.  Social security and medicare are line item taxes taken out with the promise of benefits when we retire.  Over the years, politicians (both parties) used the surplus to pay for other things the money was not originally intended for and to advance their own political agenda. Now people like me who paid into the program their entire working lives and getting ready to retire are now being told the program is running a deficit and benefits may get cut in the future. Any cut in benefits or change in qualification requirements is nothing but a big ripoff to all the people who worked and played by the rules.  All this points to the fact that politicians cannot be trusted to do what is truly right for the people who contribute in this country.   

[GailL1]

Yes, @GeorgeM80439 - NO TRUST FUND ledgers have any money directly in them - but we have NO reserve for anything - we print money for our needs, and with each printing of more and more - the dollar is worth less and less.

A far cry from those of us who have managed our finances well and have a reserve to fund our retirement, our healthcare, our other needs - 

The Budget details certain spending as discretionary and NON-discretionary (mandatory) - meaning that Congress either has to fund it annually (discretionary) OR  it is suppose to run on its on via various funding sources - NON-discretionary (mandatory).  

In the case of the Social Security and Medicare (Part A) Trust funds, they are funded primarily by payroll taxes and then SS also get funds from the taxes paid on Social Security benefits which some of us have to pay plus interest from the special treasuries where the reserve is shown to be in the bookkeeping of our government.

The SS law does require that these programs be self-sufficient but currently they aren't because we have too much going out (benefits) and too little coming in - 

Without a correction to these numbers (outgoing or incoming, or some of both) we will reach insolvency in the programs of SS and Medicare not too far into the future.

Insolvency means that the trust fund is unable to pay benefits in full and on time. It does not mean that Social Security will be completely eliminated and unable to pay any benefits. But the law also covers a situation such as this specifying that future benefits could only be paid from taxes collected.  At the present time, the Social Security Trustee Reports says that current benefits would be cut about 20% in order to meet this requirement - The dates of this drift around 2033 - 2034 for Social Security and a bit earlier for Medicare 2031(paying out about 89% when insolvency hits the HI Trust fund).

Numbers Don't Lie - so even if we had the cash readily available in each of these Trust Funds under some lock and key - we would still be short.

Some links for those that are interested:

Social Security Trust Funds Trustee Report 2023 - Summary 

Congressional Reserarch Service - Social Security: What Would Happen If theTrust Funds Ran Out?     ...

SSA.gov - Social Security Trust Fund Data

The problem is easy to describe - it is the solution(s) that we seem to have a problem doing something about.  There are tons of proposals to fix it but it seems many of them want to expand it before any fix.

SSA.gov - Proposals to Change Social Security to fix Insolvency

Happy Reading 

[SpringIsHereSoHappy]

(5/1/24)

@GailL1 , @nctarheel , @GeorgeM80439 and @AZBlueSkies [& anyone else who wants to comment] - do YOU think OUR Retirement Social Security Benefits will become affected by 2035?

Or BEFORE?

Or AFTER?

At this point I have NO IDEA!!! For awhile there I kept hearing it would run out by 2035.

Thanks,

Nicole  👵

[GailL1]

@SpringIsHereSoHappy 

The date comes from the Social Security Trustee Report - last one was dated 03/30/2023 - new one should be out soon.

SSA.gov Social Security Trustee Report SUMMARY 2023

from the link ~ 2023 REPORT

Based on our best estimates, this year's reports show that:

• The Hospital Insurance (HI) Trust Fund will be able to pay 100 percent of total scheduled benefits until 2031, three years later than reported last year. At that point, the fund's reserves will become depleted and continuing program income will be sufficient to pay 89 percent of total scheduled benefits.    This is Medicare Part A - where payroll taxes go

• The Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay 100 percent of total scheduled benefits until 2033, one year earlier than reported last year. At that time, the fund's reserves will become depleted and continuing program income will be sufficient to pay 77 percent of scheduled benefits.  This is Social Security Retirement & Survivors Benefits

• The Disability Insurance (DI) Trust Fund is projected to be able to pay 100 percent of total scheduled benefits through at least 2097, the last year of this report's projection period. By comparison, last year's report projected that the DI Trust Fund would be able to pay scheduled benefits through at least 2096, the last year of that report's projection period.  This is Social Security Disability Insurance (SSDI)      NOT SSI - Supplemental Security Income

• If the OASI Trust Fund and the DI Trust Fund projections are added together, the resulting projected fund (designated OASDI) would be able to pay 100 percent of total scheduled benefits until 2034, one year earlier than reported last year. At that time, the projected fund's reserves will become depleted and continuing total fund income will be sufficient to pay 80 percent of scheduled benefits. (The two funds could not actually be combined unless there were a change in the law, but the combined projection of the two funds is frequently used to indicate the overall status of the Social Security program.)  This is Social Security Retirement, Survivors and Disability ALL added together.

• The Supplemental Medical Insurance (SMI) Trust Fund is adequately financed into the indefinite future because, unlike the other trust funds, its main financing sources--premiums on enrolled beneficiaries and federal contributions from the Treasury--are automatically adjusted each year to cover costs for the upcoming year. Although the financing is assured, the rapidly rising SMI costs have been steadily increasing demands on beneficiaries and general taxpayers.  This is Medicare Part B - comes from premiums paid into it by beneficiaries. - NO deficit cause we just pay more in premiums when needed (every year unless there is no COLA)

. . . . Lawmakers have many options for changes that would reduce or eliminate the long-term financing shortfalls. We urge Congress to consider such options for both Medicare and Social Security, with each year that lawmakers do not act, the public has less time to prepare for the changes.  This is the cautionary statement that has been on this report ever since Obama was President.

[SpringIsHereSoHappy]

(5/1/24)

Thanks @GailL1 !!!  👍

IF things DO NOT change, I MAY see a CHANGE to my RETIREMENT Social Security bank deposit and what my Medicare A & B will cover around 2031.

Lol, so I got about 7 years....

Nicole  👵

[SpringIsHereSoHappy]

(4/14/24) @AZBlueSkies , personally I am taking care of myself at age 66 this year. Sometimes we DO NOT and CREATE "issues" that could have been AVOIDED. As far as Retirement Social Security - I am living like I am NOT getting it!!! This way I am NOT "stressing or homeless" IF it goes AWAY BEFORE I die.  👵

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[*** @AZBlueSkies wrote:

  Exactly, that’s why I’m afraid.  It’s just crazy that Congress did nothing all those decades, when they knew this day would come. ***]

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[SpringIsHereSoHappy]

 (Saturday 8/12/23)

So GRATEFUL to my NEW Allstate Agent who EDITED my policy so I got a DISCOUNT.

My PREVIOUS agent from 2018 did a runner/lol 🤣😂

I RETIRED 2020 and should have gotten this DISCOUNT.

Glad I decided to stop by their office.

The premium keeps going UP. Use to go DOWN as my car aged. A 2006 Hyundai Elantra. 😥

[nctarheel]

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@SpringIsHereSoHappy wrote:

(8/10/23) Stop by to read our comments when you can.

And leave a comment..... 😏

Anyone age 50+ welcome!

Nicole 🙃

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Hey Nicole,

Good to hear from you again.

Having been retired for over a decade, I have no pressing concerns.

I planned for retirement from early in life.

I didn't foolishly spend my retirement funds on other things.

The earlier one plans for retirement, the more comfortable their retired life will be.

Comfortable doesn't mean rich; it just means less worrisome.

There is enough to worry about as one ages.

[SpringIsHereSoHappy]

(8/4/23) I HOPE our Retirement Social Security will INCREASE for 2024. 🙏

I guess we fill find out THIS October 2023! 🙄

Nicole 🙃

[GailL1]

Two more months of financial data before we know what the COLA will be for 2024 - currently it looks like we will get one but for around 3% or so.  

The other shoe on the table is how much Medicare Part B premiums for 2024 will slurp this increase up.

KFF.org 07/06/2023 - New Alzheimer’s Drugs Spark Hope for Patients and Cost Concerns for Medicare

Want cures and treatments - somebody has to pay and many pay nothing.

[AZBlueSkies]

Part B went up a little but all other insurances skyrocketed!

[SpringIsHereSoHappy]

(4/14/24) Lol @AZBlueSkies , that is WHY when they INCREASE our Retirement Social Security it means ZERO to me. By the time we receive the INCREASE = Part B and OTHER bills [also go up] takes it and MORE. It is like does America CARE that us Old Folks NEED stuff??? And I am NOT talking about cruises, golf and so on. No, NECESSARY things.  👵

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[*** @AZBlueSkies wrote:

Part B went up a little but all other insurances skyrocketed! ***]

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[Anonymous]

***READ comments and/or ADD a comment***

(1) Still WORKING - what are YOUR concerns while planning? 🤔

(2) RETIRED - YOUR concerns? 🤔

Thanks, Nicole 👴👵 (Retirement Forum)

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[PhyllisD295263]

I was forced to retire concerned about income. How can i earn from baking homemade desserts? 

[Anonymous]

(Tuesday 6/13/23)

Signed up for MEDICARE this morning! 

Now to FIND new primary doctor and dentist as my OLD ones do not "accept" Medicare. 😭😭

Nicole 🙃

[Anonymous]

(Sunday 6/11/23)

The price of food, housing and medical care!

Nicole 🙃

[Anonymous]

(Wednesday 5/31/23)

As I AGE, I am "concerned" about dementia.

Nicole 🙃

[Anonymous]

(Monday 5/22/23)

SO GRATEFUL I made it to 2023 WITHOUT getting COVID 💃🥳 and planning on "returning" to Consulting.

My concern TODAY is the news the media has been printing.

Lol, some say workers are needed - economy is "booming".

While others are predicting "doom and gloom" with more to arrive soon!

So, I am taking my TIME to figure out IF it is worth it TRYING to get back out there.

Turning 65 this September and MEDICARE "decisions" will come before a job. 😉

Nicole 🙃

[fffred]

My concern is that the front line representatives at the Social Security Administration are nowadays generally rude, disinterested, and uninformed. This is a change from 5 years ago when the reverse was true. 

When I signed up for Medicare at age 65 I had to work with an SSA representative...I don't recall exactly why, but this was after I had worked with some Medicare representatives who impressed me as being not too swift. The SSA representative at that time wholly impressed me! very capable, knowledgeable, and friendly. 

Over the past 2 years I've dealt a lot with the SSA when applying for my own retirement benefit and also on an issue that had come up with my wife's SS account. That latter required, well, it induced a lot of heartburn, as we had to send her passport to the SSA office, from Canada to the SSA office in the US. In this latter case one smug SSA representative claimed that other original, irreplaceable, documentation was required as well as the passport. But this wasn't my view from the SSA documents. I later spoke with another representative who had been very helpful for me and she confirmed that only the passport was required.

(In fact, in that particular passport incident the SSA actually highly impressed me! I sent the passport by Federal Express 2-Day business from Canada to the SSA US office on a Monday. We received the passport back from the SSA on Friday that week. Amazing!)

But I digress. In the months waiting for my retirement benefit I spoke numerous times with a number of representatives who were rude, slow, uninformed, unhelpful, uncaring, disinterested, well, you get the idea. Further, what's more maddening is their distributing false and incorrect information! That is the killer.

I also had another issue that I wanted information on. I had searched all through the SSA's documentation on-line and not found my needed information...and they really do a great job with their online documentation, in my opinion. Those interested can really dig into the POMS, the directions by which SSA operates, and even the "CFRs", the Code of Federal Regulations, which are the laws established by Congress addressing Social Security. This information is golden. I digressed again. 

So the SSA indicates to call their friendly helpful representatives when our questions aren't answered by the online references. So I called about my question. A high-energy lady answered, full of enthusiasm. I thought this was great! I start asking my question, she interrupts to give me an answer...to an entirely different question! Granted, her answer was correct. But unhelpful. I finished my question and she paused and said "That's a good question. I really don't know". She then put me on hold for a moment, then came back and authoritatively gave me an answer that was obviously and patently incorrect; maybe in her mind she had further information that may have justified her spoken reply. In any case, her reply along with some further babble once I questioned her answer, was obviously wrong and she obviously had no clue. I thanked her and "have a great day!" and hung up.

I would say that I've spoken with 12-15 representatives over the past 2 years. Most were lazy and uninterested. Some had energy but ended up being rude and their information incorrect. I can recall 2 who were actually friendly and helpful with accurate information. So 2 out of 12? that's not a good ratio.

So that is my retirement concern today:   The exceptionally poor customer service provided by the SSA by their front line staff. But again, I view their website as being very helpful, bearing in mind that it's a continuing work in progress.

[AZBlueSkies]

  I never worked at Social Security but I did work at the Federal Gov’t for over 40 years.  Since about 2017 and until I retired in 2021, our organization was always lacking funding and was always shorthanded.  They weren’t replacing people who left and those who remained had more and more work with shorter and shorter deadlines.  We did our very best under the circumstances.  I suspect Social Security is facing similar challenges.

[GailL1]

@AZBlueSkies 

Never worked for government but lots of dealings with government.

Worked for national companies for 15 years - finance and nursing - yea, I know real different and then for over 30 years my husband and I had our own business - and did really well in it.

The government ( any level ) does not put the same emphasis on keeping the technology up to date - which of course, could help people do their jobs - better and perhaps faster and maybe with a fewer ratio of workers.

They also don’t beta check things out before launch very well - thus they spend a lot of time back tracking and fixing things that were launched incorrectly and fixing the mess ups.

They also do a poor job in giving and getting out important info to the public - which the public needs for efficiency in understanding the [whatever] benefit or government program.  Yes, plenty of us want to know this because only then can one see the logic - or ill-logic which might also be the case in government.  Sometimes I wonder if they can even add and subtract.  

[AZBlueSkies]

   Your assumptions are mostly right, but for the wrong reasons.  If Congress fails to fund Government departments adequately, then they won’t be able to buy the latest technology or hire enough people to provide excellent customer service.  The Trump administration made it clear that they hated the Government, were determined to destroy it, and they did a pretty good job of meeting their goals.  You, as a customer of a Government organization, are left with horrible customer service.  I suspect the Biden admin has been trying to fix the damage that was done, but it takes longer to fix things than to break them.