The law governing benefit amounts may change because, by 2033,
the payroll taxes collected will be enough to pay only about 77 percent
of scheduled benefits. Pretty sad isn't it. If you retire and take benefits at 62.5, your looking at another reduction in benefit in 2033.
With an asterisk, my beloved government was informing me that they
will be unable to fulfill their part of a financial arrangement into
which, as their statement attested, I had been making mandatory
contributions.
An interesting thing, I pulled my 2009 statement.
An interesting thing, I pulled my 2009 statement.
The law governing benefit amounts may change because, by 2041, the
payroll taxes collected will be enough to pay only about 78 percent of
your scheduled benefits.
The pain will be much, much greater when monthly Social Security
benefits are rationed. Now is the time for Baby Boomers to force their
elected leaders to confront this issue and take action. The planned
benefit reduction should be a major talking point for every 2016
presidential candidate, but somehow it is not.
Save you money boys and girls. The money you thought the government was going to give back to you in your old age may be less than you expect.
How many people actually read the entire statement?
Of course that asterisk has always been their in the form of the procimate words: " you will get this amount... unless congress decides to change the law".... "and that change can be anything they want it to be".
ReplyDeleteAnd the point is that many people think that they are entitled to the amount. That the SS game will continue and will give them their money back.
DeleteEntitled says it all, the entitlement society.
P O N Z I
DeleteJust like any other progressive wet dream.
People will be disappointed.
DeleteI got involved in a pyramid scheme once.... I was disappointed... they promised me that time as well.
DeleteTS.
DeleteThe SS is a pay as you go system. Money comes in, money goes out excess is kept by the Government and repaced with an IOU. The problem, when not enough money comes in.
1. Government will need to raise the tax.
2. Cut benefits.
3. Means test to exclude some that are qualified as they saved to much while working.
4, Borrow more money.