SS retirement age increased to 67 for full benefits (for those born after 1960). Thoughts?

I was born less than 50 after Social Security was created and already there's a disclaimer on my Social Security statement which says I won't be receiving full benefits.

The government steals my money and give it back to me worth LESS than it was worth when they stole it.

Future generations will get nothing.

Some what you say is true, but on some level retirees have to have some accountability…Modern day Retirees have many more possessions than this who retired 50 yrs ago, and expect to have a much higher quality of life. they didn’t save money frantically because they did not grow up during WW2 and spent beyond their means. they’re in poor health, because they ate like gluttons for much of their adult lives and didn’t exercise or follow any common sense advice given to them. They don’t accept death, they ‘fight it’ to the bitter end in the ICU racking up millions of dollars they can’t pay at the end of their lives, causing soaring healthcare costs for everyone. Living a dignified life without burdening their family or society when they die is not as important to them, there is no sense of personal or societal responsibility. Their poor planing and lifestyle choices are their problem, not the responsibility of others at or future generations

I get the desire to call it a ponzi scheme as it makes it sound nefarious. A big difference here is that the federal government has means that someone running a ponzi scheme does not have.

The government has ZERO means without stealing money by force.

The disclaimer is based on future accounting. If nothing is done, yes, benefits will eventually be reduced. But we don't have to do nothing. There are easy fixes (i.e. modest payroll tax increases/base broadening measures, mostly on higher-income earners) that would put the program on a sustainable path. And again, the notion that future generations will get nothing is nonsense. As long as there are workers paying into the system, there will continue to be benefits paid out; they'll just be reduced if the trust fund is allowed to run dry. That's still better than nothing.

Cutting Social Security would simply create more poor old people. In turn, this will create more stressed working families. Sounds like a bad idea to me, but I encourage Republicans to keep talking about it. Sounds like a real election winner!

"It is your civic duty to die early and spare society increased healthcare costs. We must leave seniors to die miserable and in poverty to punish them for not saving enough."

Sounds like a sociopathic policy approach to me. Do you realize what this mindset would mean for the millennial generation, which is already struggling massively with saving for retirement?

Not true. Your SS benefits get taxed once you hit a certain level of other income.

Life expectancy for anyone in the workforce is much higher than the general life expectancy figure, since that covers people from birth, whereas people in the workforce have already passed through the dangerous first five years and childhood, and maybe the 20s, 30s, 40s, or 50s even.

Why won't you get full benefits?

Dollars have value only from the backing of the Federal Government. Does that mean that dollars are also a "Ponzi scheme"?

We have always been at war with Eastasia

Incorrect. As SS benefits increase, they will get taxed, even if you have no other income. As was posted previously, the levels at which SS gets taxed have not changed in 40 years. Meanwhile, SS cost of living adjustments, are increasing retiree's benefits.

I'm not sure what the average person thinks. I and everyone I associate myself with understands how social security works.

Again, there is no holding the bag. SS tax is mandatory and paid by working age people. As long as the US doesn't default (it never has) and the tax is mandatory (which it is), the money will keep flowing. If you want to call that a ponzi scheme, you're free to do so. Doesn't affect me that you're wrong.

It’s sociopathic to take some responsibility for your health and healthcare? to expect to pay some of your hospital bills? to go on hospice when your oncologist tells you there are no treatments left instead of demanding ICU care and a second or third opinion? to save for when you’re old? No, I think that’s just part of living responsibly.

Millennials I know, including myself, are saving up as much as possible because we can’t count on social security. I don’t speak for everyone and don’t plan to retire until I’m 65-70 . when it’s my time, I’ll go peacefully. not after a 40 day ICU stay that I can’t pay for.

Ask not what your country can do for you…

Sorry but you are wrong.

To find out if their benefits are taxable, taxpayers should:
Take one half of the Social Security money they collected during the year and add it to their other income.
Other income includes pensions, wages, interest, dividends and capital gains.
If they are single and that total comes to more than $25,000, then part of their Social Security benefits may be taxable.
If they are married filing jointly, they should take half of their Social Security, plus half of their spouse's Social Security, and add that to all their combined income. If that total is more than $32,000, then part of their Social Security may be taxable.
Fifty percent of a taxpayer's benefits may be taxable if they are:
Filing single, single, head of household or qualifying widow or widower with $25,000 to $34,000 income.
Married filing separately and lived apart from their spouse for all of 2019 with $25,000 to $34,000 income.
Married filing jointly with $32,000 to $44,000 income.
Up to 85% of a taxpayer's benefits may be taxable if they are:
Filing single, head of household or qualifying widow or widower with more than $34,000 income.
Married filing jointly with more than $44,000 income.
Married filing separately and lived apart from their spouse for all of 2019 with more than $34,000 income.
Married filing separately and lived with their spouse at any time during 2019.

What an idiotic post. The $25,000, $34,000 for the 50% tax have not changed in 40 YEARS. The $32,000, $44,000 for the 85% tax have not changed in 30 YEARS. Benefits increase every year because they are indexed for inflation (cost-of-living).

Too get a real answer, not your BS simplistic one, use the following calculator (thank you to the person who posted the link. Why the link the correct way? Because it allows to enter other income such as, wages, interest, dividends, long-term gains, IRA/401k distributions.

For example, you get $30,000 in SS benefits and you are single. You have $30,000 in other income, you must pay $3,000 in extra taxes. If you have $60,000 in other income, you must pay $5,600 in extra taxes.

Now assume by the time you retire your SS benefit is $50,000. If you have $60,000 in other income, you must pay $9,400 in extra taxes.

As you SS benefit grows you will pay more in taxes, because the 25/34 and 32/44 values are locked in the distant past.

moneyhelpcenter.com

Social Security Tax Calculator

CalcXML

Social Security is a big part of your retirement plan. Use our free calculator to find out how much of your Social Security benefits will be taxed.

Open link

So, does anyone have thoughts that those born since 1960 have to wait a year longer than those born before 1960 for full SS benefits.

No, you should do all of those things. I am a millennial. I am saving. I am taking care of my health. I pay my hospital bills. What's sociopathic is arguing that people who are unsuccessful at doing some of those things should be left to suffer and die in their dotage, or that they have a responsibility to die in the most cost-effective manner possible.

Many people lead healthy lives and still develop expensive health conditions. Many people save for retirement their whole lives and still get financially screwed over in myriad ways. Many people work their whole lives and still never make enough to save what they need. An ethical society DOES have a responsibility to take care of the elderly and indigent. We need a healthy social safety net. We're the richest country in the world and we can easily afford to provide one. The notion that Social Security is facing a "crisis" has been manufactured by the private insurance industry and anti-worker corporations who stand to benefit greatly from privatization.

* West Asia

East Asia was WWII