Social Security and the Idiot in power. He stated that he will not privatize part of SS. If must be because it cuts into his "give away" funds. I cannot believe anybody would vote for this idiot. No offense to current idiots. I wrote this to my Senator who I am actually proud of. I understand you are heading up changes for Social Security. I am still not understanding why they stop taking Social Security out of your paychecks at the contribution cap. You would think this would be an easy fix to bring additional funds into the program. I would think this would also be any easy sell to Democrats or Republicans. Everybody loves to tax the rich more and I believe this is the worthiest of causes. Any comments on this? fyi I am an independent, but conservatist that will be 61 this year. Senator Cassidy's response: Thank you for your recent letter regarding my plan to fix Social Security. This is an important topic. I appreciate you taking the time to share your thoughts. I agree that Social Security is an incredibly important program, and I am working to save it. The latest annual reports by the Trustees of the Social Security Trust Fund project that the Fund is on track to be depleted by 2033. Under current law, there is an automatic 24% cut in benefits once Social Security goes insolvent, doubling poverty for the elderly. We cannot allow this to happen. If we wish to preserve Social Security for those who have paid into it their whole lives, we must save, strengthen, and secure the underlying fundamentals of the program. That’s why I and a bipartisan group of senators have come up with a “Big Idea.” Our idea is to create a new fund, separate from the Social Security Trust Fund, which invests $1.5 trillion into safe and diversified assets proven to grow over the long-term. We can enable Social Security to grow into solvency and even increase benefits with time. Our plan does not reduce existing benefits and will not raise the retirement age to 70, despite misleading reporting. I urge President Biden to engage with our bipartisan “Big Idea.” In the meantime, I will continue to work with my colleagues in Congress to do what is right for seniors, future generations, and our country. I will continue to represent the views of my state and do so through hearing from constituents like you. Please continue to reach out, either by phone or by email, when you have another question or concern. You can reach my office in Washington DC at 202-224-5824 or submit an email at https://lnkd.in/gwxmGrgM. This affects everybody!!! Well, except politicians.
Herbert Weysham III’s Post
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New Post: Will Social Security Benefits Really Get Slashed by 23% in the Next Decade? - https://lnkd.in/eadFfWh9<p\>A Social Security funding crisis could be on the horizon if policymakers fail to take action to protect the program in the next decade, threatening a 23% cut to all 70 million recipients’ annual benefits, a new report claims.\</p\> \<p\>The \<a href="https://lnkd.in/ezWPKqJT"\>analysis\</a\> by U.S. Budget Watch 2024, a project from the public policy organization Committee for a Responsible Federal Budget, predicts that if the primary trust fund used to bankroll Social Security runs out of reserves by 2033, the average newly retired dual-income couple would see an immediate reduction of $17,400. Single-income couples would lose $13,100.\</p\> \<p\>The CRFB’s projections are based on an \<a href="https://lnkd.in/e_CuFPdC"\>annual report\</a\> released in March by the Social Security Board of Trustees, which predicted in January that the Old-Age and Survivors Insurance \(OASI\) Trust Fund will reach insolvency in the next 10 years without comprehensive revenue and benefits adjustments.\</p\> \<p class="p1"\>\<a href="https://lnkd.in/eR32PYSt" target="_blank" rel="noopener"\>\</a\>\</p\> \<p\>By that time, today’s youngest retirees, who are 62 years old, will be 72, and today’s 57-year-old workers will have reached the minimum retirement age.\</p\> \<p\>Once the trust fund \<a href="https://lnkd.in/gds22bGd"\>is depleted\</a\>, by law, it can only spend as much as it receives in incoming revenue, resulting in cuts for all beneficiaries. The warning comes as candidates in the next presidential election face partisan pressure to promise not to touch Social Security, a move that the CRFB says would spell disaster.\</p\> \<p\>“Any 2024 presidential candidate who pledges not to touch Social Security is implicitly endorsing a 23 percent across-the-board benefit cut for the 70 million retirees when the Social Security retirement trust fund reaches insolvency in just a decade,” the CRFB says in the report.\</p\> \<h2\>How is Social Security financed?\</h2\> \<p\>The Social Security Administration mostly supports retired workers, but it also provides monthly benefits through the smaller Supplemental Security Income \(SSI\) program for people with limited income and resources who are blind, 65 or older, or who have a qualifying disability.\</p\> \<p\>These programs are paid out through two separate trust funds, but the CRFB report is focused on the one for \<a href="https://lnkd.in/eF6uAfAm"\>retirement\</a\> benefits, or the O
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Subject: Urgent Appeal for Social Security Funding -USA ************************************************************ Dear Congressperson, I hope this letter finds you well. As a concerned citizen and taxpayer, I am writing to bring to your attention a matter of utmost importance that affects the well-being and livelihoods of a significant portion of the American population. It has come to my attention that the current state of the Social Security system is dire, with projections indicating that it may only be able to pay around 75% (https://lnkd.in/etwH9iQh) or even less of its obligations in the future. This alarming revelation deeply worries me, as I believe it has the potential to adversely impact the lives of countless seniors who have contributed diligently to our society throughout their working years. Our senior citizens have spent their lives building the foundation of our nation, and it is disheartening to think that they might face financial uncertainty and hardship in their golden years. The Social Security system was established to provide a safety net for retirees, ensuring they can enjoy a dignified and secure retirement. However, the current financial challenges it faces threaten to compromise this fundamental promise. In light of this, I urge you to prioritize the funding of Social Security over other budget allocations, particularly those related to war and conflicts. Our seniors should not have to bear the brunt of financial instability due to circumstances beyond their control. It is our responsibility as a nation to honor the commitment we made to them when they were contributing members of the workforce. I understand the complexities of budgetary decisions and the competing priorities you face. Still, I implore you to consider the human impact of underfunding Social Security. This issue is not merely about numbers on a balance sheet; it's about the lives of our parents, grandparents, and elders who deserve the peace of mind that comes with a reliable and fully funded Social Security system. I believe that by redirecting resources toward securing the future of Social Security, we can ensure that our seniors can age with the dignity and financial security they rightfully deserve. I trust in your commitment to the well-being of the American people and hope you will champion this cause in Congress. Thank you for your attention to this matter, and I look forward to seeing positive action to safeguard the future of Social Security. Sincerely, Note:- Please check bellow link which say -- Only 75% percent of scheduled benefits. https://lnkd.in/etwH9iQh) Thanks Sohail
The Future Financial Status of the Social Security Program
ssa.gov
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A protester interrupted a January congressional committee hearing to consider a bill that would create a bipartisan commission to address Social Security. “A vote for a commission is a vote to cut Social Security,” the man shouted before he was escorted off the floor. While there was a protest of one that day, there has been a chorus of opposition to the idea of creating a commission, as well as strong support — from experts and politicians on both the left and the right. The combined trust funds Social Security relies on to pay benefits are now projected to be depleted in 2035. On that date, the program will be able to pay just 83% of benefits. But another date — the depletion of the trust fund specifically devoted to retirement benefits — is approaching sooner. Less than a decade from now, in 2033, Social Security may pay just 79% of those benefits. Most Americans, 89%, think Congress should act immediately to make sure full benefits are available to both current and future beneficiaries, a 2023 AARP poll found. And 90% said Republicans and Democrats should work together to find a solution. “We all as Americans want to get ourselves into a room, face the facts, make the hard choices and then communicate with the public about how we save this program,” said Rep. Scott Peters, D-Calif., in an interview with CNBC. Peters is pushing for the Fiscal Commission Act alongside Rep. Bill Huizenga, R-Mich., and Sens. Joe Manchin, I-W.Va., and Mitt Romney, R-Utah. The bill would create a commission to provide policy recommendations to address the federal government’s long-term fiscal issues, and those proposals could get expedited consideration from Congress. The commission would also be responsible for a public awareness campaign to educate Americans about the country’s current fiscal situation. Another Democratic leader — Rep. John Larson of Connecticut — has vehemently opposed the proposal, due to the closed-door nature of the negotiations and the priority consideration any ensuing recommendations would receive. “It’s probably one of the most undemocratic things that a Congress has ever put forward,” Larson said. Instead, Larson is championing his own bill, Social Security 2100, to improve the program’s solvency and expand benefits through tax increases targeted at the wealthy. Social Security advocacy groups have also staunchly opposed efforts to create a commission. “This is a thinly veiled effort to avoid political accountability,” Nancy Altman, president of Social Security Works, recently testified in an April congressional committee hearing.
As Social Security faces looming fund depletion, there's fierce debate over whether a commission can help
cnbc.com
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Social Security supports more than 70 million Americans, ranging from retirees to disabled people and children. But it’s also an incredibly complex system, with an operations manual that is 20,000 pages long, covering a tangle of 2,700 rules that can easily trip up claimants and cost them tens of thousands of dollars in lost benefits. Some of the pitfalls are detailed in a new book, “Social Security Horror Stories,” by Boston University economist Laurence Kotlikoff and personal finance writer Terry Savage. In some cases, the errors aren’t the fault of beneficiaries, but stem from the Social Security Administration’s own missteps. Yet claimants have little recourse for fixing the problem or otherwise protecting themselves. There’s a lot at stake in improving the system, Kotlikoff told CBS MoneyWatch. Social Security is often a person’s biggest financial asset aside from homeownership, and the steady stream of monthly income keeps millions of seniors from slipping into poverty. But the program can be opaque and, perhaps unintentionally, encourage certain choices that cause people to lose out on tens of thousand of dollars in benefits, Kotlikoff said. “We probably have about 20% of retirees who are totally dependent on Social Security for their only source of income,” he noted. “This is a big deal. You have to take this seriously, and you have to do your homework.” Kotlikoff, who has published academic research about Social Security and is the co-author of the best-selling “Get What’s Yours: The Secrets to Maxing Out Your Social Security,” said that the mistakes can range from claiming benefits too early to following the wrong advice, such as claiming both a survivors benefit and retirement benefit at the same time, which can also lead to a loss in future payouts. He also cautions people against relying solely on the Social Security Administration for advice, because he and Savage have heard from people who were given wrong or misleading advice by SSA employees, leading to costly mistakes that can be difficult to impossible to fix. (For instance, if you decide you claimed too early, you only have 12 months to reverse the decision.) “People really need to understand that you’re out there on your own,” Kotlikoff said. The Social Security Administration said in a statement to CBS MoneyWatch that improving its business processes “to serve our customers better remains a top priority.” Here are four common mistakes that people often make in claiming Social Security, according to Kotlikoff. Claiming too early This may be the single biggest issue impacting Americans because Social Security allows people to begin collecting their benefits when they turn 62, or about five years before the full retirement age for most people. By claiming Social Security early, though, your monthly benefits will be shaved by 30%. People can also wait to claim Social Security until they are 70, when they receive the
4 Social Security mistakes that can cost you thousands of dollars. Here's what to know.
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TRUE OR FALSE: Social Security will run out of money in just over a decade? The Washington Post claimed that the recently issued Social Security trustees’ report said Social Security will run out of money in just over a decade. Link in the comments To answer the question of whether Social Security will run out of money in about a decade, let’s re-frame it. Imagine that Joe has run out of money. Joe has a personal loan with Acme Bank for $100,000. How much would you expect Acme to collect on that loan? ZERO!!! Normally when we say someone has run out of money, in a general sense we’d expect they couldn’t pay any of their debts other than through liquidations of hard assets (cars, furniture). Is that what would happen in 10 years with Social Security? Would current beneficiaries not get anything from Social Security? In a decade, Social Security will be collecting FICA taxes and self-employment taxes. Projections are that Social Security will bring in something like 70% to 80% of the amount it will pay out every year at that point. That’s hardly “run out of money” even though the legacy media warns “Social Security will be out of money!” In that worst case scenario, beneficiaries would get 70 cents on the dollar of their benefit. Today payroll taxes are less than annual benefits, but trust funds (bonds issued for previous Social Security surpluses lent back to the Fed Gov for military and other spending) more than make up that difference. It's projected that in about a decade those trust funds will be depleted. It’s the Social Security trust fund, not Social Security, that is likely to be out of money in a decade according to the trustees’ report. Do I believe that Social Security benefits will actually face a 20 to 30 percent reduction in annual benefits? Absolutely not, but that’s another story for another day. Today the point is this: it is FALSE that Social Security will run out of money in just over a decade.
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Social Security’s finances are in dire straits. An aging population is pushing up the cost of the program as a smaller share of Americans directly pay into it. That imbalance means that Social Security could become unable to provide full retirement and disability benefits to Americans in 2035, the program’s trustees warned on Monday. At that point, without congressional action, elderly and disabled Americans who rely on Social Security could see their payments cut by 17%. Congress could avoid the crisis by raising payroll taxes, trimming benefits or some combination of the two. Those options carry extreme political risks, though, and policymakers have put off embracing an overhaul of the program. But they may not have to. The U.S. government will still likely be able to afford to pay full benefits to retired and disabled Americans in 2035. Whether it does so will in some ways be an accounting decision for lawmakers who control how money is classified within the government—and whether they want to tackle tough questions about federal spending or sidestep the politically radioactive debate. Right now, two Social Security trust funds—one for the disability-insurance program and another for the much larger old-age program, though they are often combined in forecasts—help make up the difference between program benefits and income. Since 2021, paying Social Security benefits has cost more than the program brings in from payroll taxes and other sources, putting the combined trust funds on track to depletion in 2035. To some experts, the end of the trust funds wouldn’t require a substantive change to how Social Security is financed. Congress will have a straightforward option to keep delivering full benefits, they say, though the absence of cost savings or new revenue would mean leaving a significant driver of the overall federal deficit unaddressed. “Having a trust fund does not make it easier for us to pay benefits. It commits the government to pay benefits, but it doesn’t make it easier,” said Andrew Biggs, a senior fellow at the American Enterprise Institute. “This is not gold sitting in Fort Knox in any way at all.” For decades after Congress overhauled the program in 1983, Social Security took in more money than it spent on benefits. The excess accumulated in the trust funds. But money sent to the trust funds didn’t sit there. Instead, Social Security technically lent it back to the rest of the U.S. government, which then used it for anything from funding military operations to paying back bondholders. In return for the cash, the government gave the trust fund special IOUs—Treasury bonds that can’t be traded but are secured by the full faith and credit of the U.S. Those bonds generate interest, supplementing the income Social Security now nets from a 12.4% payroll tax, usually split between employers and employees, on up to $168,600 of income.
Social Security Funds Are Running Dry. Don’t Panic.
wsj.com
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Managing Partner of Harpeth Wealth | Certified Financial Planner™️ | Money Therapist • I build roads to finacial freedom • • My process is kryptonite to finacial anxiety • •wealth+tax+protection+legacy strategist•
My prediction is that SOCIAL SECURITY BENEFITS will be a MAJOR topic of debate amongst 2024 Presidential Candidates. HERE IS WHY: According to the Social Security Administration, "The projected reserve depletion date for the combined OASDI trust funds is 2034, a year earlier than in last year's report. Considered on its own, the OASI Trust Fund can pay full benefits until 2033, a year earlier than projected last year." (https://lnkd.in/gnsVC86w.) If you know me, I am not a guy who believes I need to scare people more than the media already does... so I QUICKLY want to put your fears to rest... There are NUMEROUS solutions to this problem and the fixes are pretty easy. The problem isn't fixing it, the problem is who bears the weight of the solution? We need a LEADER who will step up and make a decision and the fact is that it will probably be an unpopular decision according to about half the country regardless of what solution is made. The fact is that we probably could wait until 2028 to address it... and that would be pretty on target for our Federal Government. However, the quicker we have a leader and a congress get behind a solution, the easier and less 'shock' will be felt as we make the necessary changes to solve the funding gap. I am a BIG BELIEVER in controlling what we can control and only worrying about what we can change or what will have an effect on us. THIS WILL HAVE AN EFFECT ON ALMOST EVERY HUMAN IN THE U.S. So, what can we do to be a part of the solution... 1. Get educated on Social Security Benefits, how we get it, and how we fund it. Here is the thing... for many of you, it's a tax right now and part of that distant place called retirement... for some of you, it's part of your income already. For many though, it's your (our your parent's) livelihood and they will be LOSING SLEEP and yanked onto this emotional roller coaster in 2024. Get educated for the sake of your parents and your future. If you don't have time, point them in my direction. I am happy to educate anyone willing to learn. 2. Don't buy into the hype or the clickbait and convey to those worried that there are EASY solutions to implement and we have time to do it without disrupting anything. We just need to see our elected officials work on this sooner than later. 3. Push your elected officials to start taking this seriously and hold them accountable. Lastly, let me know (comment or message) if you would like to attend a webinar "Overcoming Insecurity around Social Security". The goal is education for you and your parents, and preparing you for what will be a hot-button issue through the 2024 election. #ssi #socialsecurity #socialsecuritybenefits #election2024 #retirementplanning #retirement #retirementincome #finance
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Managing Partner of Harpeth Wealth | Certified Financial Planner™️ | Money Therapist • I build roads to finacial freedom • • My process is kryptonite to finacial anxiety • •wealth+tax+protection+legacy strategist•
Anyone watching the GOP debate? Get educated on how to solve the looming #socialsecurity crisis. It will be talked about like it’s an impossible task, but the possible solutions are few and simple. I’m happy to include you on an upcoming webinar if you are interested! #election2024 #gop
Managing Partner of Harpeth Wealth | Certified Financial Planner™️ | Money Therapist • I build roads to finacial freedom • • My process is kryptonite to finacial anxiety • •wealth+tax+protection+legacy strategist•
My prediction is that SOCIAL SECURITY BENEFITS will be a MAJOR topic of debate amongst 2024 Presidential Candidates. HERE IS WHY: According to the Social Security Administration, "The projected reserve depletion date for the combined OASDI trust funds is 2034, a year earlier than in last year's report. Considered on its own, the OASI Trust Fund can pay full benefits until 2033, a year earlier than projected last year." (https://lnkd.in/gnsVC86w.) If you know me, I am not a guy who believes I need to scare people more than the media already does... so I QUICKLY want to put your fears to rest... There are NUMEROUS solutions to this problem and the fixes are pretty easy. The problem isn't fixing it, the problem is who bears the weight of the solution? We need a LEADER who will step up and make a decision and the fact is that it will probably be an unpopular decision according to about half the country regardless of what solution is made. The fact is that we probably could wait until 2028 to address it... and that would be pretty on target for our Federal Government. However, the quicker we have a leader and a congress get behind a solution, the easier and less 'shock' will be felt as we make the necessary changes to solve the funding gap. I am a BIG BELIEVER in controlling what we can control and only worrying about what we can change or what will have an effect on us. THIS WILL HAVE AN EFFECT ON ALMOST EVERY HUMAN IN THE U.S. So, what can we do to be a part of the solution... 1. Get educated on Social Security Benefits, how we get it, and how we fund it. Here is the thing... for many of you, it's a tax right now and part of that distant place called retirement... for some of you, it's part of your income already. For many though, it's your (our your parent's) livelihood and they will be LOSING SLEEP and yanked onto this emotional roller coaster in 2024. Get educated for the sake of your parents and your future. If you don't have time, point them in my direction. I am happy to educate anyone willing to learn. 2. Don't buy into the hype or the clickbait and convey to those worried that there are EASY solutions to implement and we have time to do it without disrupting anything. We just need to see our elected officials work on this sooner than later. 3. Push your elected officials to start taking this seriously and hold them accountable. Lastly, let me know (comment or message) if you would like to attend a webinar "Overcoming Insecurity around Social Security". The goal is education for you and your parents, and preparing you for what will be a hot-button issue through the 2024 election. #ssi #socialsecurity #socialsecuritybenefits #election2024 #retirementplanning #retirement #retirementincome #finance
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HISTORY LESSON ON YOUR SOCIAL SECURITY CARD YOU MIGHT WANNA READ THIS !!!! Just in case some of you young whippersnappers (& some older ones) didn’t know this. It’s easy to check out, if you don’t believe it. Be sure and show it to your family and friends. They need a little history lesson on what’s what and it doesn’t matter whether you are Democrat or Republican. Facts are Facts. Social Security Cards up until the 1980s expressly stated the number and card were not to be used for identification purposes. Since nearly everyone in the United States now has a number, it became convenient to use it anyway and the NOT FOR IDENTIFICATION message was removed. Franklin Roosevelt, a Democrat, introduced the Social Security (FICA) Program. His promises are in black, with updates in brackets. 1.) That participation in the Program would be Completely voluntary [No longer voluntary], 2.) That the participants would only have to pay 1% of the first $1,400 of their annual Incomes into the Program [Now 7.65% on the first $90,000, and 15% on the first $90,000 if you’re self-employed], 3.) That the money the participants elected to put into the Program would be deductible from their income for tax purposes each year [No longer tax deductible], 4.) That the money the participants put into the independent ‘Trust Fund’ rather than into the general operating fund, and therefore, would only be used to fund the Social Security Retirement Program, and no other Government program [Under Johnson the money was moved to the General Fund and Spent], and 5.) That the annuity payments to the retirees would never be taxed as income [Under Clinton & Gore up to 85% of your Social Security can be Taxed]. Since many of us have paid into FICA for years and are now receiving a Social Security check every month — and then finding that we are getting taxed on 85% of the money we paid to the Federal government to ‘put away’ — you may be interested in the following: Q: Which Political Party took Social Security from the independent ‘Trust Fund’ and put it into the general fund so that Congress could spend it? A: It was Lyndon Johnson and the democratically controlled House and Senate. Q: Which Political Party eliminated the income tax deduction for Social Security (FICA) withholding? A: The Democratic Party. Q: Which Political Party started taxing Social Security annuities? A: The Democratic Party, with Al Gore casting the ‘tie-breaking’ deciding vote as President of the Senate, while he was Vice President of the US AND MY FAVORITE: Q: Which Political Party decided to start giving annuity payments to immigrants? A: That’s right! Jimmy Carter and the Democratic Party. Immigrants moved into this country, and at age 65, began to receive Social Security payments! The Democratic Party gave these payments to them, even though they never paid a dime into it! Now, after violating the original contract (FICA), the Democrats turn around and tell you that the Republicans want to take your Social
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