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Social (in)Security: In the red
Topic Started: Aug 6 2010, 07:38 AM (595 Views)
George K
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Finally
Social Security

Quote:
 
Social Security will pay out more this year than it gets in payroll taxes, marking the first time since the program will be in the red since it was overhauled in 1983, according to the annual authoritative report released Thursday by the program's actuary.

A guide to GKSR: Click

"Now look here, you Baltic gas passer... "
- Mik, 6/14/08


Nothing is as effective as homeopathy.

I'd rather listen to an hour of Abba than an hour of The Beatles.
- Klaus, 4/29/18
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Axtremus
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HOLY CARP!!!
What do you think we should do about it?

a. Cut taxes
b. Eliminate Social Security altogether
c. Raise Social Security income cap
d. Raise Social Security retirement age
e. Others - please explain
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Larry
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Mmmmmmm, pie!
That is impossible. D****l is an expert on this subject, and he made it quite clear that Social Security was just fine.

Of the Pokatwat Tribe

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Kincaid
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HOLY CARP!!!
e. Phase out SS in favor of personal savings accounts, maybe over 20 years? Unfortunately, the time to have begun this would have been during the economic boom after WWII.
Kincaid - disgusted Republican Partisan since 2006.
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Axtremus
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HOLY CARP!!!
"Personal savings account" -- what is it? Some sort of tax-deferred account administered either by you or some other private entity where you get to decide what assets to hold in the account? :blink:
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Kincaid
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HOLY CARP!!!
Sure. Like a 401k where I control the assets.
Kincaid - disgusted Republican Partisan since 2006.
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Jolly
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Geaux Tigers!
Kincaid
Aug 6 2010, 09:15 AM
e. Phase out SS in favor of personal savings accounts, maybe over 20 years? Unfortunately, the time to have begun this would have been during the economic boom after WWII.
Bzzzt!

Thank you for playing, but you cannot use answers from the EVIL BOOSH Administration.
The main obstacle to a stable and just world order is the United States.- George Soros
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Copper
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Shortstop
Let all illegals stay here but pay double triple taxes.

Raise the same-sex marraige tax.

Raise the taxes on for free universal healthcare.

Let the Chinese continue to buy all of our debt and then blow them to kingdom come.
The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy
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Kincaid
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HOLY CARP!!!
Copper
Aug 6 2010, 12:25 PM
Let the Chinese continue to buy all of our debt and then blow them to kingdom come.
I refuse to do that to any Chinese guy just to keep them shoring up the economy.

Not that there's anything wrong with that.
Kincaid - disgusted Republican Partisan since 2006.
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Axtremus
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HOLY CARP!!!
Copper
Aug 6 2010, 12:25 PM
Let the Chinese continue to buy all of our debt and then blow them to kingdom come.
Interesting proposition. Do you think the Chinese would want you to blow them? :blink:
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Copper
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Shortstop

Look, it's just a rough idea.

Don't get stuck in the box.

The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy
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jon-nyc
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Cheers
Kincaid
Aug 6 2010, 09:15 AM
e. Phase out SS in favor of personal savings accounts, maybe over 20 years?


How much do you think you would need to save to replicate the income you and your wife can expect from Social Security, under current law?
In my defense, I was left unsupervised.
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Copper
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Shortstop
jon-nyc
Aug 6 2010, 01:09 PM
Kincaid
Aug 6 2010, 09:15 AM
e. Phase out SS in favor of personal savings accounts, maybe over 20 years?


How much do you think you would need to save to replicate the income you and your wife can expect from Social Security, under current law?

About $600-700K
The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy
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Kincaid
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HOLY CARP!!!
Yeah, I was going to say not much.
Kincaid - disgusted Republican Partisan since 2006.
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jon-nyc
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Cheers
Kincaid
Aug 6 2010, 01:17 PM
Yeah, I was going to say not much.
'Not much' is relative. What do *you* think you'd need to have saved, to replicate SS for you and your wife with a high (say 95% chance) likelihood of success?
In my defense, I was left unsupervised.
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Jolly
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Geaux Tigers!
Copper
Aug 6 2010, 12:25 PM
Let all illegals stay here but pay double triple taxes.

Raise the same-sex marraige tax.

Raise the taxes on for free universal healthcare.

Let the Chinese continue to buy all of our debt and then blow them to kingdom come.
Works for me.

At the end of the financial day, the guy holding the gun dictates who owes who.
The main obstacle to a stable and just world order is the United States.- George Soros
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Axtremus
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HOLY CARP!!!
jon-nyc
Aug 6 2010, 01:22 PM
What do *you* think you'd need to have saved, to replicate SS for you and your wife with a high (say 95% chance) likelihood of success?
This is a very good exercise to do! :)
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George K
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Finally
jon-nyc
Aug 6 2010, 01:22 PM
What do *you* think you'd need to have saved, to replicate SS for you and your wife with a high (say 95% chance) likelihood of success?
My guy at Fidelity says you can withdraw 4.5% of the "nut" per year and have a safe amount for the rest of your life. Assuming a 2 working spouse Social Security benefit withdrawn at age 66, that's an income of about $60K for the couple. You'd need about $1.25 million.

That sound about right?
A guide to GKSR: Click

"Now look here, you Baltic gas passer... "
- Mik, 6/14/08


Nothing is as effective as homeopathy.

I'd rather listen to an hour of Abba than an hour of The Beatles.
- Klaus, 4/29/18
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Horace
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HOLY CARP!!!
Keep in mind that for that exercise to be honest, you should increase your pay by 15% and assume the 15% you saved was fully tax deductible and sheltered from cap gains.

Otherwise we're asking "how much in post tax savings would you need to replicate the benefit of something you're already paying for with 15% pre-tax income", which is a silly question.
As a good person, I implore you to do as I, a good person, do. Be good. Do NOT be bad. If you see bad, end bad. End it in yourself, and end it in others. By any means necessary, the good must conquer the bad. Good people know this. Do you know this? Are you good?
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Copper
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Shortstop
George K
Aug 6 2010, 02:37 PM

That sound about right?

That's a little higher than my guess.

But I forgot to factor in that we will have unlimited, free, excellent health care forever.

That will raise the amount somewhat.

Did you figure that in?

The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy
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Jolly
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Geaux Tigers!
George K
Aug 6 2010, 02:37 PM
jon-nyc
Aug 6 2010, 01:22 PM
What do *you* think you'd need to have saved, to replicate SS for you and your wife with a high (say 95% chance) likelihood of success?
My guy at Fidelity says you can withdraw 4.5% of the "nut" per year and have a safe amount for the rest of your life. Assuming a 2 working spouse Social Security benefit withdrawn at age 66, that's an income of about $60K for the couple. You'd need about $1.25 million.

That sound about right?
I'd like to do a bit better than that. The hyperinflation monster lurks just around the bend...
The main obstacle to a stable and just world order is the United States.- George Soros
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George K
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Finally
Jolly
Aug 6 2010, 04:02 PM
I'd like to do a bit better than that. The hyperinflation monster lurks just around the bend...
I understand that...
A guide to GKSR: Click

"Now look here, you Baltic gas passer... "
- Mik, 6/14/08


Nothing is as effective as homeopathy.

I'd rather listen to an hour of Abba than an hour of The Beatles.
- Klaus, 4/29/18
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Horace
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HOLY CARP!!!
Jolly
Aug 6 2010, 04:02 PM
George K
Aug 6 2010, 02:37 PM
jon-nyc
Aug 6 2010, 01:22 PM
What do *you* think you'd need to have saved, to replicate SS for you and your wife with a high (say 95% chance) likelihood of success?
My guy at Fidelity says you can withdraw 4.5% of the "nut" per year and have a safe amount for the rest of your life. Assuming a 2 working spouse Social Security benefit withdrawn at age 66, that's an income of about $60K for the couple. You'd need about $1.25 million.

That sound about right?
I'd like to do a bit better than that. The hyperinflation monster lurks just around the bend...
There's probably more of a chance of deflation in the shorter term. We have an economy built on loose credit, but it's tightening up, so essentially dollars are evaporating.
As a good person, I implore you to do as I, a good person, do. Be good. Do NOT be bad. If you see bad, end bad. End it in yourself, and end it in others. By any means necessary, the good must conquer the bad. Good people know this. Do you know this? Are you good?
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Kincaid
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HOLY CARP!!!
A little less than $1.25 million is what I am on track for. And that's not counting my wife's retirement.
Kincaid - disgusted Republican Partisan since 2006.
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Steve Miller
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Bull-Carp
The ones that aren't able to save up the $1mil or whatever before they are too old to work.

What do you propose to do with them once Social Security goes away?
Wag more
Bark less
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