23 Mar 2025 3:14 pm
I don't look at my retirement accounts the same way as SS cause they are two entirely different things. SS is a welfare program and the formula for benefits proves it. No such formula is applied to our retirement accounts.Cannonpointer » Today, 2:04 pm » wrote: ↑ The trust fund is solvent through 2035 with no action taken, and would then be forced to pay only 83% of benefits - if no remediation occurs. And this is in spite of a criminally low return that doesn't even pace inflation. Workers should be asking why the **** SS bonds receive a lower return than other investment bonds. There's your **** skunk - not the 300 year old ghost recipients that do not exist and are pure campfire fiction invented by Trump and Elon.
Throughout the boomer years, SS took in WAY more than it paid out. The boomers retiring reversed that - which is expected. Now it is paying out - from its bonds - more than it is taking in.
You understand this process perfectly as applied to your other retirement savings. Why is it difficult to understand it with SS?
Even if you were right that current workers are funding the retirement of yesterday's workers, the manner in which you present that information is extremely strange. If it were true, it would be an outrage. Where the **** did the money go? This would be the crime of the century. Where did those trillions of dollars go?
And for the record, income FROM the bonds is not what retirees were told to count on. It is the bonds themselves.
Maybe you have never heard of the "pay as you go" system, would surprise the **** out of me!
+2Social Security is called a "pay-as-you-go" program because current workers' payroll taxes directly fund benefits for current retirees, rather than being saved or invested to fund future payments. Here's a more detailed explanation:Current Workers Fund Current Beneficiaries:The core principle of a pay-as-you-go system is that the taxes collected from today's workers (employers and employees) are used to pay the benefits to today's retirees and beneficiaries. No Savings or Investment:Unlike a fully funded pension plan, Social Security doesn't accumulate a large reserve fund or invest the money collected from taxes. Direct Transfer of Funds:The money collected from payroll taxes is immediately used to pay out benefits, creating a direct transfer of funds from current workers to current beneficiaries.
Fact or fiction, you decide.
As far as the 300 year old being on the SS books, why the hell is that name there in the first place? Did some idiot think it was a good idea to go back 200 years and give some dead guy a SS number? Yes, there were idiots who thought all these people were getting checks, bless their hearts! The more important point is the antiquated data base, that's what I took away from it.