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Social Security Disability Going Broke - FAST ! !
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Social Security
Social Security Disability Going Broke - FAST ! !
<font face="arial, helvetica, sans-serif" size="1"><div>You worked hard for it. Now talk to others on how to save Social Security.</div></font>
The FIscal Times 07/27/2012 : Disability Benefit Program Is Going Broke Target date of running out of money 2016. WE HAVE A PROBLEM ! ! ! Some highlights from the link above - "More Americans q
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Cat:7a9899c6-bb01-48a5-bd56-e73d9d7e3998Forum:17f83b76-a805-4002-b497-6dbb421b0b8a
Cat:7a9899c6-bb01-48a5-bd56-e73d9d7e3998Forum:17f83b76-a805-4002-b497-6dbb421b0b8aDiscussion:b4130271-d00c-4779-96f2-063c23beb0f6
Forums » Work & Retirement » Social Security » Social Security Disability Going Broke - FAST ! !
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Re: Social Security Disability Going Broke - FAST ! !
posted at October 24, 2012 8:28 PM EDT
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Posts: 1924
First: November 27, 2011 Last: May 31, 2013 |
In Response to Re: Social Security Disability Going Broke - FAST ! !: In Response to Re: Social Security Disability Going Broke - FAST ! ! : One thing . The higher payers get a much poorer increase in OA benefits for their added FICA paid than low or middle incomes so the payments are VERY progressive going from 100% of the low fraction to 15% of the top !! Raising the limit just exacerbates this.Karl Posted by krlklar You are right - it is definitely not a "retirement plan" and not even a good insurance buy, however many people just look at the bottom line, i.e. "getting a bigger check". |
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Re: Social Security Disability Going Broke - FAST ! !
posted at October 26, 2012 1:34 AM EDT
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Posts: 587
First: May 28, 2012 Last: June 10, 2013 |
like I said raising the cap to include all workers would preserve S.S. for all. Wouldn't that be a nice gesture from all of us to maintain it, especially for those who are struggling and truly need their Social Security to survive with dignity. Response to Re: Social Security Disability Going Broke - FAST ! !: In Response to Re: Social Security Disability Going Broke - FAST ! ! : The earnings cap is already at $ 110,100 for 2012 and will be raised year by year. Remember the higher your earnings record for SS, the higher your benefit ! Some people always pay in the max amount of SS taxes because of their yearly income - these people get the best in benefits because that is how the law is written. Most everybody I know, includes their projected Social Security benefit as part of their total retirement planning - these really aren't the very rich, rather people that have worked and saved, paid their SS & Medicare taxes and at retirement have an income that helps them provide for themselves - Many of them have a pension income or a 401K savings, perhaps an IRA of some sort. Asside from that, they have other funds that they have saved for their golden years. Is there something wrong with this picture? I am of the opinion that this is a good way to live in those golden years? Posted by GailL1 |
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Re: Social Security Disability Going Broke - FAST ! !
posted at October 26, 2012 9:25 AM EDT
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Posts: 1924
First: November 27, 2011 Last: May 31, 2013 |
In Response to Re: Social Security Disability Going Broke - FAST ! !: like I said raising the cap to include all workers would preserve S.S. for all. Wouldn't that be a nice gesture from all of us to maintain it, especially for those who are struggling and truly need their Social Security to survive with dignity. Response to Re: Social Security Disability Going Broke - FAST ! ! : Posted by mandm84 What do you think about this plan that President Obama proposed back in 2009? WSJ 07/2009: Breaking down the Obama IRA Do you want to see the CLASS ACT part of Obamacare initiated? Do you think these plans would help with that dignity later on in life? |
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Re: Social Security Disability Going Broke - FAST ! !
posted at October 28, 2012 9:52 AM EDT
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Posts: 3
First: October 27, 2012 Last: October 28, 2012 |
In Response to Re: Social Security Disability Going Broke - FAST ! !: Not sure what your point is. It's pretty darned tough to qualify for Social Security Disability, you rarely if ever get it because of 'aches and pains'. The article talks about more people applying under Obama (as if he had some kind of control over who applies for it) but does not mention the very large numbers who are turned down. Only about 1/3 are ever approved. My guess is that before the SSDI fund runs out of money they will find a way to transfer money to it, I can't see them cutting payments by 20% when most of these people are living on less than $1200 a month. Here are some good statistics without any political spin about the number of applicants by date and the number of applications approved: http://www.ssa.gov/oact/STATS/dibStat.html Posted by lynneblack My social security check is under S1000.00 a month, and I have the heart problem and is under long term care, I do not apply for Disability. I am living a O.K., look at each case, there are lots peoples, their family has good income and they live together, they can support their disability person in home with no problem and they use the SSDI check as extra income.This because once that person apply and got the benefit, SSDI never keep up and check regularly.They should as least go to the person's home, few time a year to check on them and see if they really need it any more ? |
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Re: Social Security Disability Going Broke - FAST ! !
posted at October 29, 2012 12:34 PM EDT
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Posts: 14717
First: January 28, 2008 Last: June 17, 2013 |
In Response to Re: Social Security Disability Going Broke - FAST ! !: In Response to Social Security Disability Going Broke - FAST ! ! : The SKY is FALLING !!! Is there anything the republican party won't do to SCARE OLD PEOPLE !!! Enough already. The attacks on S S started in earnest during the Bush Administration and the first thing I heard after Obama was elected was Lindsay Graham on TV saying the republicans were going after Soc Security. I have to wonder if they didn't ram up the deficit during the Bush years so they have an excuse to get rid of SS and medicare which they hated from the time Reagan was in office & said if we passed Medicare we would lose our freedoms. The GOP is stumping for the wealthiest in our country and they just won't let seniors live in peace. Enough is never enough for these greedy billionaires who are trying to buy our Govt...... they are hoarders of money and the leading one is trying to be elected president today--the MORMON ...High Priest of the church.....MYTH Romney. Posted by JANMB Shouldn't everybody be scared about the fact that the SS budget runs at a large deficit? Even Democrats realize something has to be done. I think SSDI should be part of the federal budget paid for from all revenue sources, not only FICA which earners and businesses pay. So you're playing the religion card showing your bias. Republicans want to put Medicare on a sustainable basis, not let it die because of it's budget deficit creating condition now. |
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Re: Social Security Disability Going Broke - FAST ! !
posted at October 30, 2012 10:06 PM EDT
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Posts: 587
First: May 28, 2012 Last: June 10, 2013 |
Romney and Ryan will dismantle Medicare and feed us to the sharks with the " profits over people " voucher system. Why do you think the Private Insurance Industry has spent hundreds of millions of dollars lobbying in Wash DC, including Paul Ryan's Private Healthcare Lobbyist wife, Janna ??? Lets have some common sense here, regardless of how much you hate President Obama. Since when does a Healthcare Company care more about us than its profits ? Independant Senator Bernie Sanders says " The Ryan Voucher healthcare system will be our seniors and disabled's Death Sentence ". Retired Cigna Healthcare company CEO Wendell Potter recently came clean and said Ryan's dismantling of Medicare and turning it into a voucher system is all about profits for CEO's and will cost our seniors and disabled thousands more for care. I'll take an insiders word for it, thank you.Response to Re: Social Security Disability Going Broke - FAST ! !: In Response to Re: Social Security Disability Going Broke - FAST ! ! : Shouldn't everybody be scared about the fact that the SS budget runs at a large deficit? Even Democrats realize something has to be done. I think SSDI should be part of the federal budget paid for from all revenue sources, not only FICA which earners and businesses pay. So you're playing the religion card show ing your bias. Republicans want to put Medicare on a sustainable basis, not let it die because of it's budget deficit creating condition now.
Posted by krlklar |
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Re: Social Security Disability Going Broke - FAST ! !
posted at November 3, 2012 9:26 AM EDT
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Posts: 2
First: October 16, 2012 Last: November 3, 2012 |
Most of the sensational stories that SSD is going broke is very much hype that is used to scare people. If you simply go and look at Wikipedia as a non-biased means of information you will find that SS, Medicare, and Medicaid combined have close to $3 Trillion in assets. The issue is that the Congress has been allowed to borrow from it giving IOUs. The reality is that Congress know's it has to be paid back, and the borrowing of the money going back close to 20 years at the time made sense from a fiscal standpoint. Does SS and Medicare need some tweaking... I believe the answer would be "Yes" because as Americans we are simply living longer. However, I am not in favor of it being turned into a voucher program as the GOP has wanted to do for 30 years so business can make a profit from it. Think about it... |
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Re: Social Security Disability Going Broke - FAST ! !
posted at November 3, 2012 1:44 PM EDT
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Posts: 1924
First: November 27, 2011 Last: May 31, 2013 |
In Response to Re: Social Security Disability Going Broke - FAST ! !: Most of the sensational stories that SSD is going broke is very much hype that is used to scare people. If you simply go and look at Wikipedia as a non-biased means of information you will find that SS, Medicare, and Medicaid combined have close to $3 Trillion in assets. The issue is that the Congress has been allowed to borrow from it giving IOUs. The reality is that Congress know's it has to be paid back, and the borrowing of the money going back close to 20 years at the time made sense from a fiscal standpoint. Does SS and Medicare need some tweaking... I believe the answer would be "Yes" because as Americans we are simply living longer. However, I am not in favor of it being turned into a voucher program as the GOP has wanted to do for 30 years so business can make a profit from it. Think about it... Posted by DRELKE I think you need to review the 2012 Annual Social Securtiy and Medicare Trustee Report. A SUMMARY OF THE 2012 ANNUAL REPORTS Social Security and Medicare Boards of Trustees Both Social Security and Medicare are broken down into separate category Funds and each is measured on its own financial health. Social Security has the Old-Age Insurance, Survivors Insurance and Disability InsuranceTrust Funds (programs) Medicare has the HI (Hospital Insurance - Part A) Trust Fund and the Supplementary Medical Trust Fund (Part B) The 2012 Trustee Report as summarized by the Actuary says (see link) "While the combined OASDI program continues to fail the long-range test of close actuarial balance, it does satisfy the test for short-range financial adequacy. The Trustees project that the combined trust fund assets will exceed one year’s projected cost for more than ten years, through 2027. However, the Disability Insurance (DI) program satisfies neither the long-range test nor the short-range test. DI costs have exceeded non-interest income since 2005, and the Trustees project trust fund exhaustion in 2016, two years earlier than projected last year. The DI program faces the most immediate financing shortfall of any of the separate trust funds; thus lawmakers need to act soon to avoid reduced payments to DI beneficiaries four years from now. We need to be concerned about the financial condition of all of these programs but especially the ones that are getting hardest hit and which ones need remedy rather soon. |
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Re: Social Security Disability Going Broke - FAST ! !
posted at November 3, 2012 1:58 PM EDT
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Posts: 587
First: May 28, 2012 Last: June 10, 2013 |
I agree and I've also studied this issue regarding both Social Security and Medicare. The Republicans, who want to privatize S.S. are being influenced by millions of dollars from Wall Street. Could you imagine the hit Social Security would have taken, if it had been privatized during our recent recession ? How much of a reduction would your check have been hit with ? Forget about any COLA when the market does bad !!! The Republicans are also being influenced to dismantle Medicare and turn it into a voucher system, by the hundreds of millions of dollars of special interest money donated by the big private healthcare companies, who stand to profit big from the voucher system. Wake up seniors, disabled and Veterans !!! Both these changes wanted by today's Republicans is all about " Profits over People ". This isn't Ronald Reagan's party anymore. Sorry to say, but Today's Republican Leadership is full of self interest Plutocrats, who will throw us under the bus in the name of greed.Response to Re: Social Security Disability Going Broke - FAST ! !: Most of the sensational stories that SSD is going broke is very much hype that is used to scare people. If you simply go and look at Wikipedia as a non-biased means of information you will find that SS, Medicare, and Medicaid combined have close to $3 Trillion in assets. The issue is that the Congress has been allowed to borrow from it giving IOUs. The reality is that Congress know's it has to be paid back, and the borrowing of the money going back close to 20 years at the time made sense from a fiscal standpoint. Does SS and Medicare need some tweaking... I believe the answer would be "Yes" because as Americans we are simply living longer. However, I am not in favor of it being turned into a voucher program as the GOP has wanted to do for 30 years so business can make a profit from it. Think about it...
Posted by DRELKE |
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Re: Social Security Disability Going Broke - FAST ! !
posted at November 19, 2012 11:03 PM EST
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Posts: 5
First: November 19, 2012 Last: November 24, 2012 |
In Response to Re: Social Security Disability Going Broke - FAST ! !: Social Security can be preserved by just raising the cap to include workers above $112,000, so what is the hold up ??? It might be that this group of people are the wealthiest and most influential in society, who dont want or need S.S. and may not care enough that others do. Just a hunch.Response to Re: Social Security Disability Going Broke - FAST ! ! : Posted by mandm84 Actually, Social Security is designed to replace a significantly higher percantage of pre-retirement income for lower earners than for those who earned more. Some rough numbers: if you earned the average income in today's dollars (around $45k), then social security replaces around 35-50% of your income during your working years. Averaged less income than this? Then it replaces a higher %. Earned more? Then it replaces a much lower amount of your pre-retirement income. Look, the sad truth is, there really isn't enough $ to go around. I am 41 and will for sure not see a return anywhere near 100% of what I paid in. Simply because the boomer demographic and significant increases in longevity over the last decade are throwing the actuarial calculations off by a wide margin. This is no one's fault, per se, but it means we have to deal with it. That said, I would be willing to forego any future benefits, in exchange for paying a reduced amount of FICA taxes while I am still working, while those older than me accept a reduction in benefits to off-set the fact that I and my co-horts get nothing. We could do a phased approach, the oldest see little or no reduction, with each younger group taking a bigger and bigger reduction. That seems pretty fair, doesn't it? You still get a pension, albeit reduced, I keep paying and get nothing in return but a system that is finally put back into balance. And my kids and your grandkids get a world that actually works again. It will require all of us to make a sacrifice however. |
Forums » Work & Retirement » Social Security » Social Security Disability Going Broke - FAST ! !
