Social Security benefits cut. What are your opinions?

You are reading too many conspiracy media. There are a few congressmen making proposals that brings it into the media. These are proposals that are in the future. Do you expect this to pass in Congress? I do not. Did you read the good news that our SS will be increased by the highest amount in history to catch up with inflation, maybe 5%? Sit back for just a little while. Our statements will be out pretty soon.

Work and save, save and work. That was my grandmother’s advice long ago. In her generation, women didn’t work outside the home. She had an 8th grade education and married at age 19 after working in a laundry for 5 years. When she was in her 40s and kids were grown, she went back to school, learning skills that got her a good job with a pension, which was her goal. Few women did that in her time. She worked till age 75 when she got sick and she and grandfather, who had no pension, retired. They sold their house, downsized to a beautiful smaller home with the money, and lived out their lives. No Medicare. No Medicaid. A little Social Security. Work and save. But other people don’t think that way. They expect the government or their kids to take care of them. They spend their money on frivolous things. They don’t plan. Let’s get back to work and save.

I have saved.
I was taught that way.
Add in that I am a former New Englander (frugality is second nature) And I have Scottish heritage. (frugality once again)
I have saved. I have a pension. I also put money into an IRA (sadly the Roth IRA was not available when I started and would have cost to change)
I also purchased Long Term Care Insurance. I did that when I was caring for my Husband and I figured I would not want anyone to do what I was doing.
The Work and Save, method works.
Not living beyond your means is important.
Pay off credit cards each time.
the only debt I have is Auto and Mortgage, both are being paid off early.
BUT What is scrimping and saving if you do not enjoy life.
So allow yourself enjoyment but keep it within your means.

Social Security would be in the black and be able to pay livable checks if the took the income cap off.

Why should someone earning a billion a year only have to pay on 147k?

It's simple math to solve the potential crisis.

Nobody wants it to end but, if there is no money, there is no money. That's what needs to be addressed, the unhinged spending from Washington.

If Congress hadnt made it so social security money wasn't put in the general fund this would not be as much of an issue.

The reality is social security payments were based on life expectancy of seniors so most seniors would never live long enough to get social security or only be on social security for a few years before they died.

Many seniors are living into their nineties or hundreds and this makes social security unsustainable as these seniors are requiring and get expensive medical interventions to keep them alive and warehoused as the living dead in nursing homes. You have elderly with dementia getting cancer treatments and pacemakers just as examples.

Something has to give and since seniors offer no real value from a financial standpoint in our society and to the government it makes sense that they would cut funding in this area. This entire world is about money.

If they cut benefits for people at or near (perhaps within 15 years of retirement age), I fear our country is going to see a dramatic rise in homelessness. Our country can't tolerate that. Not enough people have had the ability to earn enough to save on their own and many people have not saved even though they could have if they were responsible and frugal from their 20's on. I'm 56 and I worry everyday what my life is going to be like if I make it to 70. Am I going to be able to afford a place to live? There is not enough senior subsidized housing, wait lists if they are open, are years long, and market rents keeping rising and rising. Something will have to give and if they cut SS and Medicare you are going to see more and more seniors with no place to live. It is scary.

devils advocate here...
Social Security was not intended to be the only source of income after retirement. It is/was to be a Supplemental Income.
We are also outliving what the "normal" life span was back when it began. (August 1935)
Life expectancy in the 1930's for men, late 50's and women, early 60's.

Now we have people living WELL past 50's and 60's, probably add another 30 to 40 years to that.
Population of the USA in 1935 was 127,250,232
Population of the USA in 2022 is 332,403,650

People can not and should not rely on Social Security for their retirement.
Cutting benefits is one option or increasing the contribution that one pays is another.
And there is a great number of people that have paid into the Social Security pool and will NOT get payments.

Editing this..
contribution to Social Security in 1935 was 4.21% of taxable income in 2022 it is 6.20%
The first payment was for $0.17 in Jan 1937
The average now is $1,657 per month in 2022

Patathome01, my parents were the children of the Great Depression, therefore they always lived below their means, even when my Dad had a good long-term job. Mom could make clothes last over 30 years, no fad styles for her. When their dishwasher failed after 35 years, she and Dad would hand wash dishes. They never got cable TV or cellphones.

My sig-other and I both learned from our parents to save, save, and save some more. Unfortunately his advice to save has fallen on deaf ears of his grown children.

When I was working it was during the glass ceiling time, so I earned less than a man doing the same job who had less seniority and less education.... the company offered 401k dollar to dollar match, I took the max that I could. When I left that company after 20 some years, I couldn't believe how much was saved in that account :) Chances are today the company doesn't have that match option as employees prefer a higher salary instead, too easy to spend.

Both sig-other and I have each a 26 year old Jeep [both bought used] and will keep driving them until the wheels fall off, we loved those vehicles. Hardly any major repairs.

When I see my social security amount hit the bank, I need to remember that the check was higher as Medicare took a percentage out to add to my Medicare account.

I would not waste my time worrying about it. I don't think they will be cutting existing benefits if they cut any at all. Live your life and don't borrow trouble worrying about what some politicians say could happen. Mostly this is done by one party to scare other people away from the party they claim is going to do the horrible thing in question.

My reading indicates that benefits would be cut for FUTURE, not current beneficiaries.