PFRDA

How should we change social security?

I believe that reality will force us to change Social Security in the future. A couple of my relatives are drawing close to $2,000 a month in benefits and they become indignant about the possibility of changing their benefit. They claim that they paid in and now deserve to draw the benefit. They ignore the fact that benefits paid to them in about 2 years exceed the amount that they paid in during their entire lifetimes. To be frank, I will fall in the same group. My benefits will be about $2,500 per month and I will very quickly recoup my original payments and pull in much more over my life expectancy. Please don't rant about what brought us to this point...that doesn't contribute to a solution. People shouldn't expect the government to give them help that they simply don't need AND which is entirely out of proportion to the payments that they made during their lifetimes. We will all suffer from a failed economy and we have to consider realistic solutions to address the problem. Simply put, we can not expect the children of the boomers to pay huge portions of their income to support the boomers in their old age...unless there is no other alternative. And to the ranters: No. I'm not going to be the only Boomer who voluntarily declines a benefit that I'm qualified for. However, I do support changing the system to provide a reasonable, modest benefit for those who need it and to eliminate or reduce the benefit for those who don't. How should Social Security be changed? Bemmer71: I agree that most receive less. However, unless the system is changed, it puts at risk those people who receive and need the modest benefit they now get. Who's Sane: I'm sorry that you are experiencing so many difficulties. Your case proves my point that the system must be kept solvent to preserve a safety net for the people who really need it. However, I acknowledge that this slightly changes the purpose of the system. Right now it awards a larger benefit to those who paid more into the system. The system currently disregards need. I believe that the system should emphasize need when establishing benefits. For those who lose pension or 401K benefits in the future, their benefit should then be restored. Just an idea. Solvency comes first or everyone loses.

Public Comments

1. Talking about it is a start. For far too long social security has been a political third rail. Now that we have a President who doesn't need the elderly vote to get re-elected, the issue will finally get some attention!
2. Take the money that is paid in and invest it in interest-bearing accounts. That was the original plan, but congress, in all their infinite wisdom, decided to use it for pork.
3. Your relatives are the exception rather than the norm ! Average working people who retire only receive around $800 or so a month and even less if you're on disability. Before SS people literally worked until they died and we are slowly returning to that same fate as many companies have did away company pension plans and many hourly workers cannot afford to invest in 401k plans.
4. Cancel it. Too many people are too bleeping lazy to save. Cut it off for anyone born after a certain date (1970? - 1980?) giving them plenty of time to save for their own retirement. Start phasing out benefits for people born before the phase out date. Social Security was setup where the average person would collect for a year or two before they passed on based on life expectancy. It's inconceivable to pay so much for so long. Up the age collections can begin to age 70, and start cutting the payouts in a manner that people are aware of them. Tell the people collecting currently that they're lucky we aren't cutting them so don't expect any increases. Eventually we'd have to come up with a system to address the elderly poor, but this would eliminate the expectation of the government funding your retirement and wind down Social Security. The new system should be used to only address the truly poor.
5. Many have lost retirement and have no pension,there are people who have millions like McCain collecting, since he could, yet knocking the system. One of the reasons we are broke in govt, is the many pensions(80% of pay or more) being given to teachers, police,judges,fireman,city workers,etc. People collect both pension and retirement and SSi and get their medical covered. Most do not get this advantage. I do not know about your figures but they base it on what you earned. It has worked well for years, so if it aint ; broke dont fix it! My uncle did not pay into SSI, he worked for govt and has collected more then 20+ per yr since he was 50, he is now 75-retirement like ssi .He would not have done as well with SSI This is longer then I would like sorry, bear with me please Today people cannot afford to pay own medical, bills,and save for retirement to have cleaned out by stock market, your intial investment is gone , they will not get anything if SSI is gone. I think people with millions should not be getting large sums of SSI when there is a max taken for all people, yet based on income some get far more, paid into the same as anyone less making less. I hope the only change they do, is to not cap the amount taken to provide it I worked over 25yrs got into a severe accident and can not work after having surgeries including back that has gone badly with one of the best doctors, it never occured to me,I would not be able bodied again, I applied for temp disability :SSI and was denied. I cannot imagine what they think I can do, when I cannot sit for more then 20 min without having to go to bed for hour most of the time or longer ,( unpredictable), stand, walk, little relief from laying or drugs either.My husband gets no pension,, we lost big in 401k, we have to carry our blue cross and we have no money to save. I thought paying bcbs would get me on my feet only to realize I have spent into debt to have insurance (,lost auto lawsuit from which this happened and was the victim of high speeder, causing my car airborne and roll 3x. Numerous injuries. have always been working since I was 12 and responsible" like this) only to now realize that I may never, after 8yrs, be able to get better then this, I could never understand why they kept telling me the "trauma of something like this is worse on your body then you know " If this is what is my future, I will check out,this is not living and I do not know why you pay insurance to be stuck with tens of thousands of bills and no better. I think doctors are crooks, they work with insuranace to collect and govt protects them both and we pay! If SSI is bust,people like us, that have worked hard for yrs to get no where, will be on the street. We both made good money,now have to pay for the wrecklessness of someone else because law protects the wrong and the insurance keeps. SSI will be broke, not having money they borrowed for war and no one has any jobs to bring in taxes! I m with youon this, one never knows how life can be upside down in a minute