Social Security should only go to those who NEED it

[mefordis]

I believe Social Security checks should be cut for only those who need it. Example: I know someone whose husband died and left her with a couple of million. She STILL collects a social security check. In today's economic times especially they really need to make cuts where they can, and believe me many wouldn't even notice if they stopped getting the checks. I know, they supposedly "paid in", but people need to make some sacrifices in this economy and this would be an easy one to make.

Why don't they qualify social security recipients and those who are worth a million or more no longer get to collect?

 

[sunnyday123]

they are paying into it, why shouldn't they receive it? What if they lose those millions?

 

[kaytieeldr]

sunnyday is right - nobody 'supposedly' paid in; everybody collecting Social Security DID pay in, or otherwise qualifies for the payments.

 

[BuzznBelle'smom]

One of the cornerstones of Social Security is that it's not supposed to be means tested--it's for everyone. Otherwise, it's just another entitlement program, like welfare. Yeah, it's easy to point to wealthier people, but they paid into the system, same as everyone else--on top of their regular taxes, and there's no break for paying into Social Security like there are on regular taxes. That's the way the system was set up.

It's always easy to point at the more fortunate, and think they should be "sacrificing more". But, who are you to judge that? Should they not be rewarded for hard work, saving and taking risks?

 

[Keli]

No way, they paid it in, they should receive the benefits.
Why in the world should the 'rich' be forced to pay in 7%(+) of their income every week as an extra tax? Because if you don't give them the social security that's what those payments would become, an extra tax because you are rich.
Plus that would leave the gov't to decide who is rich and doens't need social security and who isn't. How much you wanna bet that an awful lot of folks that are, at best, middle income would find out the gov't suddenly considers them rich?
Oh yeah, IMHO rich would go from being someone with a few mil to someone with 250 thousand socked away for their entire retirement.

 

[golfgal]

Sorry, but when I see the amount we pay in for SS each paycheck, darn right I am collecting that money when the time comes. Now, given the option of putting it in our OWN investment accounts vs SS, I would do that in a heartbeat. Keep in mind that there is a cap on how much you have to contribute each year and how much you will ever receive so it isn't like they are getting a payout on the million+ dollars. I also say good for them for planning ahead so they don't "need" SS to survive!

 

[mefordis]

Okay, so what about the $$ WE are paying in now (those of us who have 25 or more years before they retire)? Everyone says Soc Security will be depleted by then so the people in our generation who will really need it will get zilch. Or, maybe then they will implement some sort of qualifying criteria?

 

[clh2]

Let's face it, if they are receiving 100% of what SS can pay out, based on what was paid in, it still isn't a lot of money.

Why should someone who "squandered" their money away on vacations, new cars, big houses, fancy jewelry while they were working be rewarded with getting SS, and the people who were frugal and saved lots be penalized?

JMHO...

 

[wall*e2008]

All you plan would do is to encourage those who are nearing retirement to go on a spending spree or to give away all of their money to children so they can get that payment.

The best thing to do for SS is to encourage the workers to save in addition to it so that SS can be a smaller and smaller part of their entire retirement income.

 

[wall*e2008]

Okay, so what about the $$ WE are paying in now (those of us who have 25 or more years before they retire)? Everyone says Soc Security will be depleted by then so the people in our generation who will really need it will get zilch. Or, maybe then they will implement some sort of qualifying criteria?

Since you have 25+ years to save, then you too can have millions and not need it when you retire.

 

[mefordis]

Sorry, but when I see the amount we pay in for SS each paycheck, darn right I am collecting that money when the time comes. Now, given the option of putting it in our OWN investment accounts vs SS, I would do that in a heartbeat. Keep in mind that there is a cap on how much you have to contribute each year and how much you will ever receive so it isn't like they are getting a payout on the million+ dollars. I also say good for them for planning ahead so they don't "need" SS to survive!

So, if they allowed us to set up our own retirement account instead of withholding social security, who would pay for the social security recipients who are collecting now? How would that work?

 

[golfgal]

Okay, so what about the $$ WE are paying in now (those of us who have 25 or more years before they retire)? Everyone says Soc Security will be depleted by then so the people in our generation who will really need it will get zilch. Or, maybe then they will implement some sort of qualifying criteria?

We have never counted SS money into our retirement plans. If it is there, GREAT, more money to spoil the grandkids with, if not, we will be fine. I don't think anyone that is under 50 or so should plan on having SS money there when they retire.

 

[mefordis]

Since you have 25+ years to save, then you too can have millions and not need it when you retire.

But according to everyone here, I will still deserve it, so okay, I'll take it!

 

[CajunDixie]

I believe Social Security checks should be cut for only those who need it. Example: I know someone whose husband died and left her with a couple of million. She STILL collects a social security check. In today's economic times especially they really need to make cuts where they can, and believe me many wouldn't even notice if they stopped getting the checks. I know, they supposedly "paid in", but people need to make some sacrifices in this economy and this would be an easy one to make.

Why don't they qualify social security recipients and those who are worth a million or more no longer get to collect?

I'd rather see a person that actually worked for the money get it than the slobs that live behind me. They say they are disabled and he gets a good SS payment but his wife then said she was disabled but she only gets $25 because she never worked enough to get more than that. Yet they lie to everyone they meet and cry poor me when they ask for help. It's funny when they ask for help she uses a cane and claims her arms will fall off (yes I said fall off) if she uses them too much. Yet I can sit looking out my kitchen window and see her never using a cane and see her in the summer push mowing their fairly large yard. They have so many wasted resources but because they are disabled we are supposed to just feel sorry for them. Well I don't feel sorry for them and I am glad she only gets $25 a month. She shouldn't even get that much!! Ohhh and several of their previous landlords have taken them to court so if she ever does get a job she'll have 4-5 garnishments on her wages.

 

[Dory's Twin]

Hopefully, I won't NEED it, but seeing as how (hopefully) I will collect it, I think I will give it away to charity. That's what my mom does......

 

[golfgal]

So, if they allowed us to set up our own retirement account instead of withholding social security, who would pay for the social security recipients who are collecting now? How would that work?

It won't unless they set up a transition account of some sort to take care of the people who receive the money now. They would have to do something like everyone who is born in say 1990 and later will not have to pay into SS and will be required to have some kind of 401K or whatever then everyone older then that will have to continue to pay into SS for whatever time. There would have to be some funding for the gap but it would be something that would have to be phased in over many years.

 

[DisneyBamaFan]

Those of you who think that your contributions were meant to fund your SS simply do not understand the program. Your benefits will be paid by those still working when you retire. And you are not guaranteed any payment - NOT A RED CENT. When SS began, there was a 16:1 ratio of workers to collectors. That ratio is now 3.3:1. By 2041, it will 2.2:1.

Those who believe that everyone who paid into SS should receive payments also don't seem to want to understand that this program is going to go under water very soon. Let me help with the math.

There are roughly 75 million bay boomers who will be retiring over the next 20 years. If they receive an average payment of $1500/month, that amounts to 112.5 billion dollars each month. That is 1.35 trillion dollars each year. And that is just SS - doesn't include Medicare costs. Medicare costs will be around 700 billion dollars per year. Combines total - just over 2 trillion dollars per year.

In 2008, we spent $544 billion on SS payments.
In 2008, we spent $325 billion in Medicare
Combined, that = $869 billion.

In other words, these costs will almost triple while the number of taxpayers left to fund them will be cut by 33%. In order to make it work, either benefits will have to be cut, or SS and other taxes will have to be increased by 50%.

This is a math problem - pure and simple - and the numbers are very scary.

So we need to stop thinking about what we "deserve" and start working to save our country from this financial abyss.

I am 42 years old and will gladly give up all future benefits to save this great nation. But America is filled with people who are only interested in themselves, I don't see change on the horizon. At least, not soon enough to make a difference...

 

[mefordis]

Hopefully, I won't NEED it, but seeing as how (hopefully) I will collect it, I think I will give it away to charity. That's what my mom does......

Awesome for your mom!

 

[mefordis]

I agree with everything you are saying. That is why we need to start by looking at the waste -- they payments made to those who do not need the money. Take those away and then start requiring the savings accounts for those who have 15+ years for retirement, half of what is withheld now goes into the personal savings account and the other half goes to pay social security for those who NEED it. Sacrifices should have to be made starting today. By those who currently collect and those who will in the future.

Those of you who think that your contributions were meant to fund your SS simply do not understand the program. Your benefits will be paid by those still working when you retire. And you are not guaranteed any payment - NOT A RED CENT. When SS began, there was a 16:1 ratio of workers to collectors. That ratio is now 3.3:1. By 2041, it will 2.2:1.

Those who believe that everyone who paid into SS should receive payments also don't seem to want to understand that this program is going to go under water very soon. Let me help with the math.

There are roughly 75 million bay boomers who will be retiring over the next 20 years. If they receive an average payment of $1500/month, that amounts to 112.5 billion dollars each month. That is 1.35 trillion dollars each year. And that is just SS - doesn't include Medicare costs. Medicare costs will be around 700 billion dollars per year. Combines total - just over 2 trillion dollars per year.

In 2008, we spent $544 billion on SS payments.
In 2008, we spent $325 billion in Medicare
Combined, that = $869 billion.

In other words, these costs will almost triple while the number of taxpayers left to fund them will be cut by 33%. In order to make it work, either benefits will have to be cut, or SS and other taxes will have to be increased by 50%.

This is a math problem - pure and simple - and the numbers are very scary.

So we need to stop thinking about what we "deserve" and start working to save our country from this financial abyss.

I am 42 years old and will gladly give up all future benefits to save this great nation. But America is filled with people who are only interested in themselves, I don't see change on the horizon. At least, not soon enough to make a difference...

 

[SundancePass]

As one of the first Boomers to be eligible this year to collect but who is not, all I can say is this issue, Social Security beneifts of ALL types, will drown my future grandkids.

There are many many potential solutions, but as one who has worked for it and will collect, the system is so broken and so political that I see no way it can be fixed except to junk it and start over. But then I believe in a 10% flat income tax for personal and corporations, no deductions, no need to file tax returns too. Couple that with a 50% spending reduction by all local, state, and the federal governments and there might be hope at the end of all this.