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Musicmystery -> RE: Should the age to receive social security be raised? (8/9/2010 8:49:16 AM)
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quote:
ORIGINAL: servantforuse
If I still had minor children and died today, each child would be eligible for a monthly payment of $1,694.00.. My spouse would also be eligible for the same amount. If I were to become disabled I would be eligible to recieve $2,259.00 per month..This info was taken from my yearly SS statement. SS was not intended to support all of this. These costs have nothing to do with a retirement supplement.
Sure it was. Who's going to support them?
But you're presenting the claim as a bankrupting feature. How often does this happen? How much cash are we spending on this? What percentage of overall benefits? And even then, your minor children would grow.
You also claimed we were sending them to college. Nonsense.
And yup, sure, I too have worked long enough to qualify for disability if that happens---see what that say? Worked long enough to qualify, i.e., have been paying in.
It is not, as you present it, money flying out the door. This program is funded.
quote:
ORIGINAL: Musicmystery
I wonder how many of those screaming "bankruptcy" (and SS still has an almost 3 trillion dollar surplus--which the US borrowed from the SS funds via Treasury Bills) have ever read their SS benefits estimate?
Given what I've paid and what my employers paid (which, after all, was paid on my behalf, and is part of my compensation package) combined, and given what I and they will still pay in, whether I retire at 67 or 70, it will still take about ten years just to collect that money back. Then it's a matter of how long and whether I live past 77/80.
But wait--we haven't figured in any interest on all that money for decades! Even at modest rates, say, 5%, this would more than double that benefit pool. Now I'm at 87/90.
But wait! We haven't accounted for inflation yet--I'm getting back 21st century dollars for more more expensive 20th century payments. A 1980 dollar, for example, is worth $2.57 in 2009 dollars--and I've still got a ways to go until retirement! This again more than doubles the pool. Now I'm funded through age 107/110 plus.
And the same is true for you, as your benefits and payments are determined by the same percentages and formulas as mine.
That SS is going to run itself bankrupt is just bull. It doesn't matter how many workers there are per retirees. Or what the retirement age is currently (and it's already changed, from 65 to just under 67). You paid for it. Collect it.
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