social security trust fund balance 2020

a week of being infected, instead of normal life expectancy of 15Y – 20Y. Social Security trust funds at the start of 2020; they do not include potential effects of the Coronavirus Disease 2019 (COVID-19). But just to note: In 2019, it paid benefits to 10 million disabled workers and dependents of disabled workers. And if no adjustments to contributions or payouts are made, and if demographic shifts continue, at some point, the Trust Fund will be depleted. Medicare, Medicare Set-Aside Blog, Social Security on April 27, 2020 Posted by Jean S. Goldstein, JD, CMSP. Poor countries with low labor costs benefit the most in the increase in standard of living. I’m not one of the Chicken Littles here, but as Gen Omar Bradley told Gen Patton in the WWII Sicily Campaign, “I can read a map.”. You are somewhat incorrect with respect to Medicare. From my collection: The Trust Fund just keeps track of the surplus or deficit that month–but doesn’t have any other effect except it directs a trickle of interest each month to go from general tax fund to the Trust fund. transferred from the Treasury to war profiteers) is currently estimated at $5.2T. During 2019, an estimated 178 million workers had earnings covered by Social Security and paid payroll taxes. It is all there, a public record of their voting hx, online! No endorsement of them. But they will lose purchasing power. Thrift seems a distance star. The phone in your pocket now would have cost billions of dollars in the 1960s. TOTALLY NUTS, is more accurate. Although legally distinct, they are often referred to collectively as “the Social Security trust fund.” All of Social Security’s payroll taxes and other earmarked income are deposited in the trust funds, and all of Social Security’s benefits and administrative expe… Read my lips, No more surpluses. In terms of semantics: I wouldn’t call it “value” because that’s expressed as “face value.” Your $1,000 bond will be paid back with $1,000. Find a hobby. This seems an insolvency unresolvable. the Social Security trust fund investments. BLS is on it with its bogus inflation numbers and Fed is on it with its active devaluation of currency. Numerous billionaires have been printed by it. Second, once you read up on that THEN comment: get your ducks in a row. The money placed into SS was gold backed prior and worth more prior to 1971, Worth MUCH more indeed Back when gasoline was 25 cents a gallon and I earned over 3 dollars an hour as a high school kid Let that sink in a minute and you will understand how far our standard of living has collapsed Without all the debt we would be in big trouble. Treat all income the same (I.e. How cruel. We should start a national property tax! It aggravates any common sense we collectively have but we continually want more spending that includes individuals, corporate welfare and USG procurements. Probably not a good time to think of a career as merchant mariner based out of any nation…you’ll never collect those retirement benefits. It’s time for Americans to wake up and demand the society we deserve. The Social Security Admin shows that the taxpayer-to-SS Beneficiary ratio in 2013 was 2.8 and has been slowly dropping. @ KK “Life is a lively process of becoming.” – Douglas MacArthur It will be hard since so many of our products have increased so much in value compared to then, but I’m sure that if you just bought the worst and least reliable of any item available today, you could approximate your 1960’s standard of living. The Social Security program will run cash deficits of nearly $1.8 trillion over the next decade, the equivalent of 1.8 percent of payroll or 0.6 percent of GDP. “our money” but that has not been upheld by the SC They’re gone. The federal government has no need for your taxes. But this argument, that the Trust Fund money is not there, is made by supposedly reputable blogs. Some Americans may believe that if the trust funds were depleted, Social Security would be unable to pay benefits at all. No, the US is a Republic. The upper income thresh hold subject to tax has not been raised for a long time by deliberate policy choice by or governing elites, so as to accomplish their objective to undermine and eventually destroy Social Security. My sons friend graduated with the Same degree in 2014 and went to work in the same company in the same job in 2014, for which he was paid $60,000 The same house will now cost him $525,000 and the same car will cost him $27,000. The growth of the asset reserves from the end of December 1986 through the end of December 2020 is shown below by calendar quarter. Bottom line is that taxes and disbursements must balance each month. “Sometimes life hits you in the head with a brick. Blind ideological slavery (polarization) has triumphed over critical thinking, which is hard to graduate in, for many! Just my logic. The Trust Fund has vacillated in the same range since 2016, after growing substantially over the past decade. From what I see, with all the small improvements that came with technological advances since the microprocessor game started, the end result always ends up heading toward reduced asset values, higher taxation on everything, more spying on everybody, more rules designed to lock out those without access while protecting the controllers of rules, and wholesale destruction of entire enterprises or sectors. You lose 50 cents for each dollar income above that amount until you get zip!!! It’s a pay as you go program. Lots of Van people nowadays Look on youtube you will see that their numbers are exploding Coming to a Kroger’s parking lot near you Thanks FED. The USG is not going to do with less money. Another one who thinks that the SS Trust Fund isn’t real because it’s not divided up into boxes with names on it and with $100 bills inside, and each time you make a contribution, someone sticks your contribution in form of some bank notes into your box for safekeeping, hahahahaha…. 4X income. experiment we are currently conducting goes sideways, the United States government will selectively default on its obligation to make it whole again. I could be wrong, I am no expert, but that’s how I thought it worked. If the upper income was raised based as always intended, by the rate real actual inflation, you might be able to find a Social Security funding short fall maybe in the next 200 or 300 or 400 years. But each year, this gets harder, and this retiree is going to have to cut back, and cut back, and cut back year after year…. I didn’t think states were withholding OASDI taxes from unemployement benefits? Accordingly, Mr. Nestor’s benefits were terminated. Are you planning to go into cryo sleep so you have a chance to be reanimated as the ultimate debt slave in our cyberpunk future? Why print when you can just type it in? Thank you for outing this out. As a share of the economy as measured by gross domestic product (GDP), the actuarial deficit over the next 75 years is projected to be 1.1 percent. “Is the Social Security Trust Fund a Store Of Value?” “Ignorance” is a bit strong, but it’s fair to say Social Security’s role in the federal budget balance is confusing. too deep, – might end suddenly by the hurricanes season. But this has nothing to do with undermining the viability of Social Security. 12.4% for SS and 2.9% for Medicare. Yes. ‘many people pay into the system but will die either before retirement or shortly thereafter, hence never getting “their money”. Something more workers might want to consider. It is a great turning point in the history of the country. Most people can’t manage their money through life or can get wiped out. That would help limit wealth concentration that is harmful to the economy. That’s really not much of a surplus. Look at your checking account. The company will be bankrupt in 90 days. Liberals (/defacto-quasi socialists) have to defend the deception and failure of the actuarial performance of the program. Thanks to Pres.Clinton for the tax on SS, which the base has not been adjusted for inflation since enacted. As long as they are distributed in a “must be a client” fashion (ie drug/alchohol addiction, select chronic health issues, etc.) So you’re basically saying that minimum wage bought 30 slices of pizza back then. When every elected politician, every single one of them, PLUS every appointed or hired guv mint employee at every level of guv mint has to rely on SS and Medicare, you can bet your bottom dollar those programs will be healthy for eva… And now his wife is collecting his Social Security survivor benefits. Yes, and privatizing education will keep it that way. A lesson for us all. I still don’t think I would be comfortable spending down most of my financial assets so I would have a bigger check at 70 based on a government promise. Any hard asset will help you counter inflation. Using ad blockers – I totally get why – but want to support the site? So a cynical, but completely accurate, conclusion is that the Social Security system will bamboozle you out of over $264,547 a year (the difference between $356,000 and $91,453) during your retirement. A bailout of the airline industry or the banks is called a “bailout”. “WOLF STREET media mogul empire” Here is the link so that you can see the numbers : https://joebiden.com/wp-content/uploads/2020/09/2019-Biden-Delaware-Virginia-Federal-3.pdf. You need them to pay your taxes. If demographics shift in the wrong direction, and if interest rate repression continues, the Trust Fund will eventually pay out more every year than it receives from contributions and interest income, and the balance will begin to decline. Most American will vote for it. When there is an attempt to restructure healthcare costs through Medicare for all or make Social Security contributions more equitable, suddently it is “welfare program” and a “forced wealth transfer”. There is a point to be made to just set your life end-date at (say) 75 and make sure you enjoy the present to the full. If the asset generates an income stream, all the better. Although focusing on these two lenses is sensible, the reality is more complicated; especially when it comes to the role of general revenue. I’ve been travelling around the world and North America since I was 18 on my own, and other times with my ladies. Draw at age 62 don’t be foolish and buy lots of gold and silver and you won’t have to worry about it anyway. When the federal govt taxes income they tax the gross amount less itemized deductions. The creation of the 401k destroyed pensions as a reliable retirement supplement for many. Welfare for most of world history was charity provided voluntarily by church, community, individuals. But that needs further explanation! This has fueled a huge inflation in stock and bond prices but not helped the Social Security recipients. Beyond how social security itself works, they thought America would be too poor in the future, because, the older generations would looot everything. No could do. Part of that ‘why we are 27 trillion in debt’ is due to USA trying to global policeman and maintaining hegemony over the rest of the world lime maintaining over 600 bases, world wide. I am putting off getting my SS until 70 and already to help make ends meet I am learning to sell covered calls for extra case, and will continue practicing my profession on a part time basis to keep me going. I purchased a house for $70,000 and a brand new VW Gti for $7000. Most students back at my high school (late 2000’s including before 2008 recession) thought social security and other pensions won’t be there for them. Fed is the root cause of increased income and wealth inequality since 2009. But there is also the drag on the Fund of the boomers who’re now between 55 and 75 and are transitioning into retirement in ever larger numbers. Both sides are criminals. Nowadays I don’t work for another. I’m glad it’s there for those who need it. And this decline in purchasing power might shave 20% or 30% off your standard of living over the first 20 years of retirement. Safety nets are a real threat to that small group at the top who want to be king. It seems you’re describing my checking account. My opinion is that people would be wise to keep their precious metal holdings below 10% of assets. My Pa ended up needing most of his savings for a hospice-like private living facility toward the end of his life. “How much will you get? Jobs The balance is seasonal and peaks in June. Social Security is part of the overall federal budget, but its benefits are paid from trust funds that are funded from payroll taxes, interest on the trust funds’ balances, and income taxes on Social Security benefits. There is a famous term for such a setup. Have you checked how much health insurance premiums and healthcare costs have increased over the past 40 years? Shocking. You are entitled to your opinion however in this environment I would think a higher allocation than 10% would be more prudent I own real estate as well but I believe metals will outperform in the next few years by a lot I have a rather substantial cash hoard and am waiting for a pullback in metals or real estate before I go all in Patience is required, That’s OK I love them so much that I planted some Avocado trees Guacamole here I come. As I age, my physical and mental capabilities decline, but of course I have experience and hopefully some wisdom to offset the loss. After Greece got into the EU and went on a monumental spending and very popular spending spree, they decreed about 140 occupations ‘arduous’ enabling retirement at 55. From Propublica in 2018: Except that the number wasted (i.e. Once you reach full retirement age the limits disappear. Anything else will eventually cause the entire global wealth now delineated in digital dollars, to CONTINUE to be sucked into the criminal and corrupt crony capitalism that we now see growing all around us. That’s welfare I’m very happy to pay. Where is your health insurance going to come from when you’re 75 or 85? 1) TY monthly RSI was extreme @ 77.16, in July 2020. Early retirees outside the USA are subject to a hourly work limit of 40 hours per month. 10) low income should squeeze the system as much as they can, before the booster fade. Funny how that changed when they got into office. “My solution is to put money aside while working, and work as long as possible – way past retirement age, especially if you have something interesting to do.”. And tons of people have gotten immensely rich off it. So money collected way ahead of time can’t help. And there are other ways. That hard earned ‘money has to work for you’ in 2nf half. During 2019, 178 million people paid into Social Security via payroll taxes. You would end up with assortment of staples like rice, bread, wheat, eggs, ready to cook mixes, and whatever fruits and vegetables the agency gets a good price on. I moved out when I got an $8/hour engineering internship. What he collected in SSDI was a drop in the bucket of those expenses….BUT…..as others have stated – you paid it in, so you should get it out, regardless of your income level. Unless it was a union job. Lower-income it is a good deal. . Taxes don’t pay for government spending the way a business pays for its operations out of sales. Mathematically it’s a very complicated decision that only a person good at math or a computer can solve if you have additional income and start running into different tax rates. Globalization is the great equalizer. No one plundered anything. Works the same way. LOL. It wasn’t expected to make up a significant part of a person’s life. I’m not even talking about COVID, which is a special and temporary problem. The empire is starting to fade as are any realistic thoughts of paying off the debt. The maximum you can receive (as I write this) is $23,868, which assumes that your spouse is still alive, or at least appears to be, and also 67 or older. I don’t see how they do worse. TY in a trading range for 6M since Mar 2020. 4) US gov debt can be financed by the shrinking 160M civilian labor force and 100Y bonds paying higher interest rate. As such, it automatically “adjusts” to income changes. Unfortunately, we don’t take enough dollars away from our billionaire class, so they run the entire show. Social Security trusts, including the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds: $2.91 trillion; Office of Personnel Management Retirement: $920.2 billion; Military Retirement Fund: $916 billion. But I still have some at my global HQ, to send out as thank-you gift to folks who donate $100 or more :-]. In January 2019, 68 million Americans received some Social Security … He passed away a few years ago, after having collected Social Security every month during his retirement. I took a video of that, it is like a science fiction movie. Even a part-time job somewhere is helpful in keeping retirees active and supplementing income. With respect, these are all great personal virtues but when only 1 in 10 is regaining their previous earning power it’s a serious policy failure.

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