The Social Security Black Hole Has Arrived

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This topic contains 3 replies, has 4 voices, and was last updated by  Littlesister 6 months, 1 week ago.

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  • #19274

    Crow Bar
    Keymaster

    https://www.zerohedge.com/news/2019-05-15/social-security-black-hole-has-arrived

    The wife and I have been financially planning as if SS will not be there for us when we retire in another 20 some years.
    Prudent planning.

    One of the big problems is a lot of people, to include some baby boomers, assumed SS would cover all their expenses.
    It will not. It was never intended to be the sole source of income in a persons retirement years. It was to be a supplement to savings/pension/other investment vehicles.
    Even now, there are people who are betting on SS to be their retirement nest egg in 20 years with no additional savings. They put all their faith in the real estate market to sell their home and to provide for them for another 20-30 years.
    Not realistic.

    I find we seem to be coming to a convergence of several issues (I recently posted about our national debt crisis).

    A real fiscal crisis may be on the horizon.

  • #19275

    James Mitchner
    Participant

    Yes, its in bad shape. But if the leftist Democrats had not pilfered the plan as they did to fund liberal social programs the fund would be in much better shape.  Can you even imagine the chaos should the communists succeed in their “Medicare for all” and a “guaranteed income” fantasy?

    How about we stop funding illegal criminals in our midst and divert the money to SS?  How about eliminating the ‘unearned income tax credit” giving checks to non-producers that contribute nothing?  Government subsidies?  Foreign aid?

  • #19302

    Littlesister
    Participant

    Give them time and they will cut what we already are getting in half.  DH and I both are on S.S. but never planned on it being what we live on. Our retirement took care of that. S.S. for us is just a bonus. We had inside info about SS going down the tubes. We are not rich but paying off house and cars and not using credit has helped us go a long way. DH retired in 1994 on disability, I retired about 10 years later. So we had this all planned out before he ended up retiring with full benefits from his company retirement. We live comfortable but we have always been careful. We don’t eat out a lot. That is for special times like birthdays and anniveresy. Our retirement without SS has taken us a long way and I praise the Lord for that.

  • #19304

    Muffy1938
    Participant

    My two cents worth: looking ahead some 18 years ago, I decided to take early SS retirement at 62, sold my 3000+ sq ft home, bought a small 1000 square foot house in a rural area down South, spent the next 15 years or so budget traveling a bit around this amazing globe, and now that the body is past the stress of travel, have settled into making my little space a neat homestead of sorts. New hobbies include gardening, prepping, and studying subjects I think are interesting. SS is not likely to be around for you younger folks, so why not perhaps reevaluate what you think this brief moment in the eternity of time means for you. At 80 I’m getting closer to the end of my journey, though I’m hoping for at least 10 more years to help my grandchildren get a good start, so time spent worrying about anything over which I have absolutely no control, is cheating myself of some peaceful, joy filled days….just my two cents worth….:)

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