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Originally Posted by flstf
With the baby-boomers just now reaching retirement age, woe be to the polititian who tries to cut SS benefits, LOL.
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The problem here is not cutting SS, but how much of each of our paychecks goes to the fund. Right now, I believe we are sitting at 15% with a 50/50 split.
That amount isn't going to be able to stand for much longer.
Some economists have figured that, even with raising the cap, we would need INDIVIDUAL rates to be in the twenties in order for SS to be able to pay out.
No one is even going to dare talking about cutting payouts, but we do need to talk about legitimate ways of properly funding SS.
C'mon, SS is sitting at a rate of return of 1.3% right now. Even the stock market, over a period of time, can do much better than that, even if the market isn't doing well.
If you took the money I put in and will put into SS and invested it in the market, my final payout would be many times more than anything SS has to offer me, and that is an absolute fact. Look at averaged rates of return on the market, recession or boom, bull or bear, it always goes up over the long-run.