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  1. #1
    Social Security Fund Will Be Drained by 2037
    XJ-linux's Avatar
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    Question 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.
    Never judge a man, untill you have walked a mile in his shoes...
    That way you'll be a mile away from him, and you'll have his shoes.

  2. #2
    Social Security Fund Will Be Drained by 2037
    iggibar's Avatar
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    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.
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  3. #3
    Social Security Fund Will Be Drained by 2037
    XJ-linux's Avatar
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    Quote Originally Posted by idrinorbarsaku View Post
    Save your own money.
    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.
    Never judge a man, untill you have walked a mile in his shoes...
    That way you'll be a mile away from him, and you'll have his shoes.

  4. #4
    Social Security Fund Will Be Drained by 2037
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    We've been hearing about SS going broke for years & years & years...they just keep readjusting the "going broke" date.

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  5. #5
    Social Security Fund Will Be Drained by 2037
    CrimsonRequiem's Avatar
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    Good thing I don't plan on living that long?
    死神はリンゴしか食べない。

  6. #6
    Social Security Fund Will Be Drained by 2037
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    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.

  7. #7
    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.

  8. #8
    Social Security Fund Will Be Drained by 2037

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    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.

  9. #9
    Social Security Fund Will Be Drained by 2037
    RavingMac's Avatar
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    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.
    I've always wanted to be smart, handsome and modest. But, I guess I'll have to be satisfied with two out of three . . .

  10. #10
    Social Security Fund Will Be Drained by 2037
    Kash's Avatar
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    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

    June 2007
    July 2009

  11. #11
    Social Security Fund Will Be Drained by 2037
    Doug b's Avatar
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    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.

  12. #12
    Social Security Fund Will Be Drained by 2037
    Village Idiot's Avatar
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    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.
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  13. #13
    Social Security Fund Will Be Drained by 2037
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    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.
    "That's Peter Graves scat! I'd know it anywhere!"

  14. #14
    Social Security Fund Will Be Drained by 2037
    XJ-linux's Avatar
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    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.
    Never judge a man, untill you have walked a mile in his shoes...
    That way you'll be a mile away from him, and you'll have his shoes.

  15. #15
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    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.
    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.

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