Social Security Fund Will Be Drained by 2037

Social Security fund will be drained by 2037 - Yahoo! News

Social Security, Medicare Face Insolvency Sooner - WSJ.com

FoxNews.com - Social Security Fund to Be Empty by 2037

Well, I was born in 1971, so in 2037 (when SS is depleted) I'll be 63. No rational person would pay money for something they know years in advance they will never receive. Honestly, it's seems like a Ponzi Scheme to me. If it wasn't a Ponzi Scheme you wouldn't need new "investors" to keep it solvent as those that have paid in would already have the money required. A $45,000,000,000 deficit for 2011 tells me that for all intent and purposes, there is no Social Security fund.

I read that too on yahoo. That sucks big time for people of my age, but whatever...I too think of it as one HUGE legal panzi scheme. When you have more people taking out than putting in...it's gonna be gone before you know it. Save your own money.

idrinorbarsaku said:

Save your own money.

Click to expand...

Truer words were never spoken my friend. They say that whatever your monthly bills are, double them and put half into savings. That's in addition to 401k, etc... Even then, remember to account for inflation and a devalued dollar of the future.

We've been hearing about SS going broke for years & years & years...they just keep readjusting the "going broke" date.

- Nick

Good thing I don't plan on living that long?

I have a problem with the fact a lot of people unfortunately have paid into the system
and die before retirement age with no dependents and some die shortly after so how do
they come up with these figures.

I think the more immediate issue is the massive spending and borrowing. We can't make it 5-10 more years at the present rate without going under. And winding up a shadow of the old USA. Life will go on, sure, but the SS/2037 thing is not the immediate issue IMO.

It seems Billy Joel was on the right track here. He just got the date wrong by 20 years.

Miami 2017 - a song he wrote in the 1970's about parts of the USA being destroyed. Hard to work out if he meant financially or actually destroyed. But the meaning is there.

I think IF we make it to 2037, Social Security fund being out of money will be the least of our concerns.

Not trying to downplay the issue, but there really hasn't been a true Social Security fund for years, it is mainly a "smoke and mirrors" accounting trick. What ultimately matters most is, is the economy strong enough for the productive base to support the no-longer (or never were) productive component of society?
If the answer is yes, they'll work some more accounting magic and we'll go on with business as usual. If not, then we will face a number of potentially highly unpleasant choices.

This is why I'm going to be building up my retirement fund as soon as I can. No way am I expecting to get even a cent out of SS

Oh, don't worry. All we have to do is put an end to illegal immigration for one, then just legalize the current illegals and not only start taxing their income, but do a retro back tax for all the years they missed out on stimulating the economy as well as increasing the already high taxes in order to support them.

Yep. That will work.

Fortunately my SS deductions dropped more than $40 per check. I'd still be more than happy to invest that extra money into my 401K rather than in something I'm never going to see.

It doesn't help when Presidents, such as Bush, borrow $98b out of the social security surplus.

Personally, I don't care. Getting rid of social security used to be an issue to me, but it's not anymore. I'd gladly take the extra income and automatically throw it into a CD or money-market account, as opposed to letting it sit stagnant in social security. That'll net me alot more than the chicken-feed monthly payments I'll get from the government when I'm old.

I agree... The Boomers and their parents own this one since they were the ones who pretty much spent and mismanaged the money anyhow. The Democrats and Republicans got together in the 80's and pretty much killed whatever merit it might have had. It's basically pile of IOUs backed by the US Government's credit which is written against the then in power's children's future wages. Cut it and let them deal with their own defunding of their retirement.

I'd gladly take the extra income and automatically throw it into a CD or money-market account, as opposed to letting it sit stagnant in social security. That'll net me alot more than the chicken-feed monthly payments I'll get from the government when I'm old.

Click to expand...

Exactly. Our money is just sitting there. It's basically just a tax now that we won't see any benefit of. Seems to me like giving this extra money back to the people would stimulate more spending for the economy and more money in savings or retirement accounts.

SweetCosmicPope said:

It doesn't help when Presidents, such as Bush, borrow $98b out of the social security surplus.

Personally, I don't care. Getting rid of social security used to be an issue to me, but it's not anymore. I'd gladly take the extra income and automatically throw it into a CD or money-market account, as opposed to letting it sit stagnant in social security. That'll net me alot more than the chicken-feed monthly payments I'll get from the government when I'm old.

Click to expand...

That's a major root of the problem is that when the fund was good and strong people dipped there hands into the candy jar. If we repaid the amount that has been borrowed out of it the fund would be a lot better off..

I too am one who will be retiring about that time, all tho i plan on working till I die for the most part, but i have paid into it and **** if I don't want some of that back.

The rate this year for withholding dropped to 4.2% as a business owner I love that for the few employees i have but it hurts the further of the program.