Americans: Social Security

[lucky 2.0]

Work has kicked me in the as s this week so I was dreaming about retirement. And that got me to thinking about Social Security. I always hear that by the time I need it, it will be a dried up fund and I will not be able to collect on the $ I had to contribute. Well, for some reason today I cannot quit thinking about this. Hopefully it is not true- but if it is, can't we have a class action suit for false promises? But the problem with a class action suit is one gets very, very, very little $. This is making my head spin. Any brilliant thoughts?

[Newyear]

Americans: Social Security

Don't worry about it Lucky. If we run out of money we can just borrow more money from China. No problem

lisa

[lucky 2.0]

Americans: Social Security

Really? Is that how it works?

[Newyear]

Americans: Social Security

Unfortunately...kind of.. The US is basically overdrawn at the moment - we have a big deficit. With some work I think we can have it balanced again.
I think we will have money for whatever we want to have money for. I can't see the govt one day saying 'sorry you can't have any more ss money' It is too engrained in our society - what president is going to be the one to put all the old people out on the street?

I think we will be fine. And I'm generally not an optimist about stuff like this..
Lisa

[IAD]

Americans: Social Security

Lucky,
Get yoursef an IRA & start dumping money into it . You need somrthing to supplment your S.S. benifits. Belive me, S.S. won't be enough. I hope your still young enough to compile a decent amount in a IRA. IAD.

[lucky 2.0]

Americans: Social Security

I have maxed out my 401k for about 15 years now so I am good with it and an IRA too but not so much is in it. And have house. Just want to make sure I get what I am due and just got to stressing about it tonite. It is because a family member just got fired and I will have to start financially supporting them soon, most likely. That is why I am all in a funk about it.

Glad to know about the China factor and I do agree no president would want to put all the old folks on the streets but no president wants to send troops to war either.

[IAD]

Americans: Social Security

Good show then Lucky.....IAD:goodjob:

[Newyear]

Americans: Social Security

oh - I'm definitely not relying only on SS for my retirement.
I'm more thinking of it as a base pay. I'm 44 and think about retirement a lot too.
I have a 15year mortgage and I want to retire with no debt. That's the goal anyway.

[adagirl]

Americans: Social Security

Personally, I just live my life assuming SS is just another tax and I won't ever see that money again in my lifetime. It'll be nice if I actually get something back from it after all I've put in, but I certainly wouldn't count on it. Its best to have your own savings/investments and have some control over it, which it sounds like you already do. Why worry? Are you worried you won't have enough? Is it really so bad if we never get something back, but it goes towards our parents and others who might need it? It doesn't really bother me except for the fact that they do make it out to be a 'security' for us, but it isn't really because we can't count on it. Since we can't depend on it, we have to save/invest like it isn't there which means A) it either goes to our parents and we never see it again or B) we get it, but we don't need it because we already saved elsewhere, and so it ends up going to our kids through inheritance. Either way, it ends up being money we can just kiss away. LOL

[happycamper68]

Americans: Social Security

I have no thoughts on it one way or the other because I never would have relied on it in the first place. It ain't enough to live on. Probably the best thing to do is have as little taxes taken out up front so you get as much as you can, invest as much as you can so it earns money so when tax time come you WILL owe but at least you had control over the money for a year. When you claim "0" and you wait for that big fat refund you never get really what's coming to you.

I do agree about China too. We need them and they need us. I try not to buy anything made in China but at this point my kid may as well have been made there. :H

Actually that wasn't that funny because a lot of people adopt kids from China. Well maybe it was a little funny then.

Duck you are looking for something to worry about. You'll be fine. I'll take care of you if you end up on the street.

[lucky 2.0]

Americans: Social Security

Wow- that camper is nice

i guess i need to read up on the usa relationship with china because i am ignorant and that is so hard for me to admit you just do not even know

i will be a SME (Subject Matter Expert) on USA and China relations in 1 week. This is the timeline I commit to. Anyone interested in a conference call @ that time, please let me know and I will set up a bridge.

Thank you.

[sammys]

Americans: Social Security

I keep sending money every month to an Edward Jones guy and I swear to God I do not trust any of them. I mean they can show you on paper stuff, but you hear all the time about people who get scammed. I really do not know what will happen to alot of us, and social security will be like chicken feed.

Sammys

[lucky 2.0]

Americans: Social Security

shi t sammys

you just made me feel worse

maybe i should hide $ under my mattress?

no, in the safety deposit box

i know people who do that to avoid you know who -

the government and creditors

[happycamper68]

Americans: Social Security

Sammys who the f is Edward Jones? Please tell me he knows Charles Schwab?

[sammys]

Americans: Social Security

Its just like Charles Schwab, investment retirement mutual fund type stuff.

Sammys