Article

2021-09-01 Economy

Social Security trust funds now projected to run out of money sooner than expected due to Covid, Treasury says

[CNBC] The Social Security trust fund most Americans rely on for their retirement will run out of money in 12 years, one year sooner than expected, according to an annual government report.

The circumstances, which were exacerbated by the Covid pandemic, threaten to shrink retirement payments and increase health-care costs for Americans in old age sooner than expected.

The financial outlook for Social Security and Medicare, two of the nation’s preeminent safety net programs, has deteriorated over the past year.

Posted by Hupeth Henbane6225 2021-09-01 04:21|| || Front Page|| [11131 views ] Top

#1 So much for the myth. It's a tax, that's how it passed it's first SCOTUS challenge long ago. They did keep two books till the '60s when the Donks combined the SSA books to the general treasury. As long as the government can print money (or the Fed pushes some button) it won't "run out of money".

Posted by Procopius2k 2021-09-01 10:13|| 2021-09-01 10:13|| Front Page Top

#2 'Needs based requirements' coming soon.

Posted by Besoeker 2021-09-01 10:16|| 2021-09-01 10:16|| Front Page Top

#3 Either that or Affordable Retirement Planning Act. (i.e. Government 'manages' your IRA / 401K / Pension much like they do your Healthcare.)

So that everyone can 'fairly' benefit from your blood, sweat, and tears.

Posted by CrazyFool 2021-09-01 10:49|| 2021-09-01 10:49|| Front Page Top

#4 ...I'm betting on a combination of the two - your SSA payments will be cut back based on what you have in your retirement accounts or by other pensions (for instance, military) you have coming in.

Then, when that doesn't work, they'll 'manage' the retirement accounts for you.

Mike

Posted by Mike Kozlowski 2021-09-01 11:08|| 2021-09-01 11:08|| Front Page Top

#5 I thought covid was killing all the grandmas, shouldn't that help the Social Security budget?

Posted by Glenmore 2021-09-01 11:24|| 2021-09-01 11:24|| Front Page Top

#6 'Needs based requirements' coming soon

As long since expected.

Then, when that doesn't work, they'll 'manage' the retirement accounts for you.

Watch masses of people take the tax hit by rolling their IRAs, etc. into regular accounts, whether stock or bank savings accounts.

Posted by trailing wife 2021-09-01 11:29|| 2021-09-01 11:29|| Front Page Top

#7 The Politicians have been drooling over all those IRA, 401K and Retirement funds for decades.

Someone has to fund all the illegal aliens and others who are gulping off the SSA teat without having put a dime into it.

Posted by CrazyFool 2021-09-01 12:01|| 2021-09-01 12:01|| Front Page Top

#8 But...but...but....when I was a youngster I was told it would never run out so don't worry about that skim off the top of the paycheck.

Covid. Sure.

Posted by swksvolFF 2021-09-01 16:05|| 2021-09-01 16:05|| Front Page Top

#9 Of the CDC's 614,531 claimed COVID-19 deaths.
485,290 were shown to be 65+
not counting how many of the other 129K were on SSD due to Health Reasons also.

Shouldn't losing a 1/2 million SSA payees reduce the drain on the SSA fund, NOT hasten it?

So why is the SSA Fund running out sooner?

Simple Answer:
Fed's paid people more to sit in their Butts from 2020---> than their employers paid and hence NO SS Taxes were collected.

YES Congress shot itself in the foot again.

Posted by NN2N1 2021-09-01 16:36|| 2021-09-01 16:36|| Front Page Top

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